Turkey Introduces Legislative Regime For Institutions Which Appraise Banks

Turkey has introduced procedures and principles for authorization, activities and abolishment of the institutions which appraise banks within the scope of the Banking Law. Detailed obligations are introduced for banks receiving appraisal services, as well as new obligations for banks' boards of directors.

The Regulation on Appraisal Services for Banks and the Authorization and Operations of Appraisal Institutions ("Regulation") was published in Official Gazette number 29946 on 12 January 2017, entering into effect on the same date.

An appraisal institution will be deemed dependent on the bank if its operations were established by the bank receiving the appraisal service. Such a circumstance mean the services will be deemed to contradict the Banking Law.