Legal Newsletter Turkey Q4/2010The decision of the BRSA dated 30 September 2010 and numbered 3875 (published in the Official Gazette dated 2 October 2010 and numbered 27717) allows banks in Turkey to issue Turkish lira-denominated notes and bonds and sets forth the terms and conditions for the issuance of such notes and bonds. Such terms and conditions shall be applicable to each issuance regardless of whether there is a public offering. According to the decision, the capital adequacy ratio of banks that seek to issue notes or bonds shall be above a certain percentage, investors (especially small investors) shall duly be informed that the funds paid to issuer banks are not covered under the Savings Deposit Insurance Fund, and a risk analysis report shall be submitted to the BRSA prior to issuance, detailing the benefits and expenses arising from the contemplated issuance.