25% Limit Extended to Cover Various Types of Derivative Transactions
The Banking Regulation and Supervision Agency (the “BRSA”) has made an announcement on August 15, 2018 and indicated that; total notional principle amount of banks' currency swaps and other similar products.
Finansal Sektörün Borçları Yeniden Yapılandırılacak
Finansal piyasalardaki son gelişmelerin ardından, kredi alanların Türk bankalara ve finansal kiralama, faktoring ve finansman şirketlerine (“Finansal Kuruluşlar”) geri ödeme yapma kabiliyetlerine ilişkin risklerin azaltılması amacıyla, Bankacılık Düzenleme ve Denetleme Kurumu (“BDDK”) tarafından, Finansal Sektöre Olan Borçların Yeniden Yapılandırılması Hakkında Yönetmelik
Debts to Financial Sector will be Restructured
Following the recent developments in the financial markets, the Banking Regulation and Supervision Agency (the “BRSA”) has enacted the Regulation on Restructuring of Debts owed to Financial Sector (published in the Official Gazette dated August 15, 2018 and numbered 30510) (the “Regulation”) with a view to mitigate risks relating to the ability of borrowers to make repayments to Turkish banks
BRSA Facilitated Acquisition of Shares in Certain Companies for Banks
In order to keep Turkish banks unaffected from the recent developments in the financial markets, the Banking Regulation and Supervision Agency (the “BRSA”) has taken certain measures without loss of time.
Mandatory Reserve Ratios have recently been revised
As a preventive measure against recessionary trend in the Turkish economy, the Central Bank of the Republic of Turkey (the “CBRT”) has amended the mandatory reserve ratios to be held by Turkish banks and financing companies.
New Exemptions on FX Loans are introduced by the CBRT
Parallel with the recent amendments in FX borrowing of Turkish residents under the Decree No. 32 on Protection of the Value of Turkish Currency and the Capital Movements Circular, the Central Bank of the Republic of Turkey (the “CBRT”) introduced further exemptions recently in order to meet the real sector’s needs on FX borrowings with the initiation of the Undersecretariat of Treasury.
Recent Amendment to the Articles of Association of the Central Bank
Turkish FX legislation has seen piece-meal amendments over the past year for the purposes of bringing the real sector’s FX indebtedness under control. ın conjunction with the recent amendments, articles of association of the Central Bank of the Republic of Turkey (the “CBRT”) has been amended by the Council of Ministers via a decree (the “Decree”) on June 4, 2018 entered into effect upon its publication in the Official Gazette dated June 23, 2018 and numbered 30457.
Turkish Residents to Notify The Central Bank of their FX Positions
In line with the recent amendments to the Decree No. 32 on Protection of the Value of Turkish Currency (“Decree No. 32”), the Central Bank of the Republic of Turkey (“CBRT”) has enacted the Regulation on the Principles and Procedures regarding the Monitoring of Transactions Affecting Foreign Exchange Position by the Central Bank of the Republic of Turkey (the “Monitoring Regulation”) (published in the Official Gazette dated February 17, 2018 and numbered 30335) with a view to enable the CBRT to monitor the foreign exchange positions (“FX Positions”) of Turkish resident individuals and legal entities.
Regulation on Data Controllers’ Registry has entered into force and the Board of Protection of Personal Data subsequently announced expected next steps with respect to establishment of Data Controllers’ Registry and data controllers’ obligation to register
As is known, Article 16/2 of Law on Personal Data Protection (Law No. 6698) (published in the Official Gazette dated April 7, 2016 and numbered 29677) (“Data Protection Law”) stipulates that real or legal persons, who process personal data, shall be registered before the data controllers’ registry (“Data Controllers’ Registry”) prior to commencing personal data processing and Article 16/5 provides that procedures and principles regarding Data Controllers’ Registry will be determined by a regulation.
New Restrictions in the Turkish Foreign Exchange Legislation on Foreign Currency Loans
A decree and a communiqué amending the Decree No. 32 on Protection of the Value of Turkish Currency (published in the Official Gazette dated August 11, 1989, No. 20249) issued by the Council of Ministers under the Law No. 1567, (the “Decree No. 32”) and the Communiqué on Decree No. 32 on Protection of the Value of Turkish Currency (published in the Official Gazette dated February 28, 2008 and numbered 26801) (“Communiqué No. 2008-32/34”), are published by the Council of Ministers in the Official Gazette dated January 25, 2018.