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August 1, 2016

Turkish Anti-Money Laundering (AML) Measures Tightened

Legal Alerts
Banking & Finance
Compliance

Recent developments As part of its fight against money laundering and financing terrorist acts and organizations, the Ministry of Finance (the “Ministry”) issued the Regulation on Suspension of Suspicious Transactions (the “Regulation”) on July 29, 2016. The Regulation focuses on suspending suspicious fund transfers. Who are the responsible parties? The parties that are responsible for […]

August 1, 2016

Open-ended investment vehicles bring major change to the Turkish investment climate

Legal Alerts
Capital Markets

Background On May 27, 2015, the Turkish Capital Markets Board (the “CMB“) issued the Communiqué on Securities Investment Companies No. III-48.5 (the “ICVC Communiqué“) setting out the rules for investment companies with variable capital (değişken sermayeli yatırım ortaklıkları – “ICVC“) under Turkish law. The rules are similar to those governing UK OEICs (open-ended investment companies) […]

August 1, 2016

Developments on the State of Emergency: New Executive Order Enters into Force

Legal Alerts

Recent Development On July 27, 2016, the Council of Ministers issued the second executive order on the implementation of the current state of emergency (“Executive Order”). The Executive Order amends several laws and regulations; introduces rules related to proceedings against those who participated in the attempted coup; discharges certain members of the military; and closes certain […]

July 25, 2016

Developments on the State of Emergency: New Executive Order Enters into Force

Uncategorized

25 July 2016 Recent Development As noted in our previous alert dated July 21, 2016, Turkey’s Council of Ministers was expected to issue an executive order outlining the implementation of a state of emergency. On Saturday, July 23, 2016, the Council of Ministers issued an executive order to take measures to reestablish public security (“Executive […]

July 25, 2016

Capital Markets Board Removes Limits for Share Buy-Backs

Legal Alerts
Capital Markets

Recent development On July 21, 2016, the Turkish Capital Markets Board (the “CMB”) decided to remove the limits under the Communiqué on Share Buy-backs (the “Communiqué”) that are applicable to public companies’ acquisition of their own shares. This measure is part of the CMB’s efforts to minimize and mitigate the negative effects on the shares […]

July 25, 2016

State of Emergency Declared in Turkey

Legal Alerts

Recent Development Turkey experienced an attempted coup by a faction of the militaryon the night of July 15, 2016. The coup was thwarted by civilian resistance and the intervention of the police forces. As a response to the coup attempt, President Recep Tayyip Erdoğan announced a three-month state of emergency on the night of July […]

July 14, 2016

Bankruptcy protection provides an “easy way out” in Turkey

Legal Alerts
Banking & Finance

Recent development In response to the 2001 Turkish banking crisis, Turkey introduced an insolvency procedure known as “bankruptcy postponement” in 2003. Although Turkish law also provides for a more traditional, court-supervised reorganization, the reorganization procedure requires the approval of a majority of creditors, making bankruptcy reorganization more difficult, time-consuming and, from a debtor’s perspective, often […]

July 14, 2016

Turkish Capital Markets Board decreases fees for equity and debt issuances

Legal Alerts
Banking & Finance

Recent development The Turkish Capital Markets Board (the “CMB“) has decided to implement a 50% discount on fees charged in initial and secondary public offerings as well as real estate and lease certificates (i.e., “sukuk”) on June 24, 2016. This measure is an effort to incentivize savings, increase the depth of Turkish capital markets, decrease […]

July 12, 2016

Turkish banks to provide accessible services to people with disabilities

Legal Alerts
Banking & Finance

Recent development In order to improve the access to banking services by the elderly and the disabled, the Banking Regulation and Supervision Authority (the “BRSA“) published the Regulation on Accessibility of Banking Services on June 18, 2016. Banks must bring their existing services and activities into compliance with the regulation by January 1, 2018; new […]

July 11, 2016

Turkey to introduce a new Tax Draft Law to improve the investment environment

Legal Alerts
Tax

Recent Development In an effort to turn Turkey into an attractive investment center, the government prepared a comprehensive draft law addressing major tax issues. On June 24, 2016, the government submitted to the Turkish Parliament for adoption the draft entitled the “Law Amending Certain Laws to Improve the Investment Climate” (Draft Law). What the Draft […]

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