Topic: Financial institutions

The Communiqué on Decree No. 32 on the Protection of the Value of the Turkish Currency (“Communiqué”) has been amended with the Communiqué (No: 2024-32/69) Amending the Communiqué.

The amendments introduced the Insurance and Private Pension Supervisory and Audit Authority and Board into the lexicology of the regulation.

A new communiqué introducing the possibility for non-public companies to sell shares to qualified investors through capital increases without a public offering and to be traded on the Venture Capital Market is published.

With its tech-savvy population, Turkey is no exception to the worldwide shift in customer preferences toward digital platforms.

Some of the monetary limits with respect to customer identification requirements and wire transfer limitations are increased to be effective as of February 1, 2023.

The Banking Regulatory and Supervisory Authority’s decision in Turkey, dated July 7th, 2022 and numbered 10265, regarding the restrictions on commercial loans denominated in TRY has been amended by the BRSA’s new decision dated October 21st, 2022 and numbered 10389.

COP27, the 27th Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC), is taking place in Sharm El-Sheikh, Egypt between 7-18 November, 2022.

As inflation creates uncertainty globally, corporate decision makers are working on plans to mitigate its consequences.

Istanbul Finance Center Law (“IFC Law”) entered into force in June 2022.

A new amendment on Turkish Code of Obligations regarding the maximum rate applicable for rental fee increases of residential leases.