Share on LinkedInShare on LinkedIn

ARTICLE · 06 JANUARY 2022

Updates In The Rules Applicable To Authorized Institutions For Foreign Exchange Transactions

Moroglu Arseven
Moroglu Arseven
Contributor
Moroglu Arseven

Moroglu Arseven

Celebrating its 25th year, Moroğlu Arseven is an independent, full-service Turkish law firm...

View firm profile
Explore more from Moroglu Arseven

Communiqué numbered 2021-32/62, 2021-32/64 and 2021-32/65 on amending Communiqué numbered 2018-32/45 regarding Decision Number 32 on the Protection of the Value of the Turkish Currency...

TurkeyFinance and Banking
Dr. E. Seyfi Moroğlu, LL.M.
Dr. E. Seyfi Moroğlu, LL.M.
C. Hazal Baydar, LL.M.
C. Hazal Baydar, LL.M.
Author LinkedIn connections

Communiqué numbered 2021-32/62, 2021-32/64 and 2021-32/65 on amending Communiqué numbered 2018-32/45 regarding Decision Number 32 on the Protection of the Value of the Turkish Currency ("Communiqué") were issued by the Ministry of Treasury and Finance entered into effect.

The prominent changes applicable to authorized institutions for foreign exchange and precious metals ("Authorized Institutions") under the amended Communiqué are as follows:

  • In all transactions over USD 100 or Turkish Lira equivalent of this amount carried out, Authorized Institutions shall take record of the Turkish ID or passport number and/or tax number of the customer.
  • Authorized Institutions are prohibited from acquiring any real estate other than the workplace where they operate.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

Implementation Procedures For Investment Funds Ordered Into Liquidation

With its decision No. 57/1708 dated 17.09.2026, the Capital Markets Board (the “CMB”) set out the liquidation procedures for the 131 investment funds established by Tera, A1 Capital, Atlas, Bulls, Hedef, Pardus and Pusula Portföy Yönetimi, whose liquidation had been ordered under its previous decision, and updated the relevant list of funds in the same decision.
TurkeyFinance and Banking
Gen Temizer Erdogan Girgin Attorney Partnership
Gen Temizer Erdogan Girgin Attorney Partnership
Article

Sweeping Changes Announced For Turkish Portfolio Management Companies

The Capital Markets Board of Türkiye has introduced comprehensive regulatory reforms affecting hedge funds and portfolio management companies, implementing new investment diversification requirements, graduated ownership caps based on free-float ratios, enhanced capital adequacy standards, and stricter personnel qualifications. These changes, effective from August 2026, establish tiered compliance deadlines and fundamentally reshape the operational framework for Turkish portfolio managers.
TurkeyFinance and Banking
KST LAW
KST LAW
Article

Turkish Capital Markets Board Introduces Measures On Investment Funds

Borsa Istanbul’s BIST 100 index came under significant selling pressure over three consecutive trading sessions between 15-17 September 2026. The index closed down 5.54% on 16 September, a move that triggered Borsa Istanbul’s index-linked circuit breaker, and negative momentum continued into the morning of 17 September. The sell-off was primarily triggered by a default at Pusula Portföy Yönetimi A.Ş., a portfolio management company, which failed to meet investor redemption requests from certain funds it manages in a timely manner. A similar liquidity problem emerged at Tera Portföy Yönetimi A.Ş., and this situation put pronounced pressure on the shares of both companies as well as on broader market indices.
TurkeyFinance and Banking
Gen Temizer Erdogan Girgin Attorney Partnership
Gen Temizer Erdogan Girgin Attorney Partnership
Article

Developments Concerning Liquidity Measures In The Capital Markets And The Fund Liquidation Process

On 16 September 2026, the money market funds founded by Pusula Portföy Yönetimi A.Ş. defaulted after failing to meet the cash redemption requests received from investors, triggering a sharp sell off on Borsa Istanbul. The BIST 100 index lost 5.54% that same day and hit a circuit breaker; the selling soon spread to Tera Portföy funds as well. It became apparent that the problem was not confined to those two firms but also extended to Hedef, Atlas, A1 Capital, Pardus and Bulls Portföy.
TurkeyFinance and Banking
Gen Temizer Erdogan Girgin Attorney Partnership
Gen Temizer Erdogan Girgin Attorney Partnership
Article

Tasfiyesine Karar Verilen Yatırım Fonları İçin Uygulama Esasları

Sermaye Piyasası Kurulu (“Kurul”) 17.09.2026 tarihli ve 57/1708 sayılı kararı ile, bir önceki kararında tasfiyesine karar verilen ve Tera, A1 Capital, Atlas, Bulls, Hedef, Pardus ve Pusula Portföy Yönetimi tarafından kurulmuş toplam 131 yatırım fonunun tasfiye usul ve esasları belirlenmiş, ilgili fon listesi de aynı kararla güncellenmiştir.
TurkeyFinance and Banking
Gen Temizer Erdogan Girgin Attorney Partnership
Gen Temizer Erdogan Girgin Attorney Partnership
Article

Commitments And Changing Market Conditions: The Yemeksepeti Case

The Turkish Competition Board has partially lifted commitments previously imposed on Yemeksepeti, finding that the online food delivery market has evolved from a near-monopoly to a competitive multi-player environment. This decision examines how binding commitments may be reassessed when market conditions materially change, and explores the treatment of most-favoured-nation clauses under both antitrust and abuse of dominance provisions.
TurkeyAntitrust/Competition Law
Moroglu Arseven
Moroglu Arseven
Article

New Regulation On Plant Quarantine Was Published

Turkey's new Plant Quarantine Regulation introduces comprehensive digital transformation through the BKKTS system, eliminating wet signatures for entry, exit, and transit procedures. The regulation establishes stricter controls for high-risk products, mandates electronic plant health certificates with QR codes, and implements a three-stage official control process to prevent contamination from harmful organisms.
TurkeyEnvironment
Moroglu Arseven
Moroglu Arseven