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ARTICLE · 16 NOVEMBER 2008

Foreign Banks’ Representative Offices

Hergüner Bilgen Üçer Attorney Partnership
Hergüner Bilgen Üçer Attorney Partnership
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Hergüner Bilgen Üçer Attorney Partnership

Hergüner Bilgen Üçer Attorney Partnership

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On 1 April 2008, the Banking Regulatory and Supervision Agency (the “BRSA”) published the Communiqué on Procedures and Principles related to Activities of Representative Offices Established in Turkey (the "Communiqué").

TurkeyGovernment, Public Sector
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On 1 April 2008, the Banking Regulatory and Supervision Agency (the "BRSA") published the Communiqué on Procedures and Principles related to Activities of Representative Offices Established in Turkey (the "Communiqué"). The Communiqué addressed several questions on the reporting obligations and permissible activities of the representative offices of foreign banks (the "Rep Offices").

Banking Law No. 5411 (the "Law") and the Regulation on Transactions Subject to Approval and Indirect Ownership of Banks (the "Regulation") were amended in April 2008. In general, the Law and the Regulation establish the incorporation process and the scope of activities of representative offices. As an adjunct to the Law and the Regulation, the main principles regarding the operations of the Rep Offices were adopted in accordance with the provisions and instructions of the BRSA.

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