Istanbul Moving Forward To Become International Arbitration Center

The Istanbul Arbitration Center Code Nr. 6570 (the "Code") acknowledged as of November 20, 2014 by the Turkish Parliament has been published on November 29, 2014 in the Turkish Official Gazette Nr. 29190. Publication has been on the agenda for almost three years as part of Istanbul becoming an international finance center strategy along with the initiatives taken by the Turkish Union of Chambers and Commodity Exchanges ("TOBB") in this respect. It is expected that the Code enters into force as of January 1, 2015.

It is envisaged that the Code presents a settlement opportunity within a shorter term particularly with respect to commercial disputes bearing foreign elements and the Code is preferred as a legal remedy with less costs within a longer term. For this purpose, the Code stipulates the constitution of the Istanbul Arbitration Center (the "Center") to enable the settlement of disputes including those bearing foreign elements by virtue of arbitration or