Amendments on the Banking Law, the Capital Market Law and other Legislation

26.06.2020

The Law No. 7247 Amending Certain Laws and Decrees published on the Official Gazette dated June 26, 2020 and numbered 31167 (“Law No. 7247”) amends several laws including the Banking Law numbered 5411 (“Banking Law”) and the Capital Market Law numbered 6362 (“Capital Market Law”).

% 0

Pursuant to the amendments on Article 76 of the Banking Law (Customer Rights), the agreements to be executed with customers regarding the banking activities may be executed in written or as distant contracts or through electronic devices which have been deemed as written form by the Banking Regulation and Supervision Agency. Such agreements shall be executed in a way which allows the verification of the customer’s identity. In this sense, execution of agreements through recent technological means has been introduced.

This amendment also applies to the relation between the investment companies and portfolio management companies as one party and the customers as the counterparty under Article 42 of the CML (Principles regarding financial liability limits and employees and the agreements to be executed with customers) and also various contracts under Financial Leasing, Factoring and Funding Companies Law numbered 6361, Bank Carts and Credit Carts Law numbered 5464, Electronic Communications Law numbered 5809 and Law on Payment and Security Systems, Payment Services and Electronic Money Institutions numbered 6493.

Please find the Turkish version of the Law No. 7247 here.


All rights of this article are reserved. This article may not be used, reproduced, copied, published, distributed, or otherwise disseminated without quotation or Erdem & Erdem Law Firm's written consent. Any content created without citing the resource or Erdem & Erdem Law Firm’s written consent is regularly tracked, and legal action will be taken in case of violation.

Other Contents

The Regulation on the Information Systems of the Banks and Electronical Banking Services
Covid-19 Contents
The Regulation on the Information Systems of the Banks and Electronical Banking Services

The Regulation on the Information Systems of the Banks and Electronical Banking Services (“Regulation”) is published in the Official Gazette dated 15 March 2020 and numbered 31069. Regulation will enter into force on 1 July 2020.

Banking and Finance 17.03.2020
Amendments to the Communiqué on Procedures and Principles Regarding the Fees that Banks can charge Their Commercial Clients
Covid-19 Contents
Amendments to the Communiqué on Procedures and Principles Regarding the Fees that Banks can charge Their Commercial Clients

Important amendments are made through the Communiqué ("Communiqué No. 2020/11"), regarding the Amendment of the Communiqué on Procedures and Principles Regarding the Fees That Banks Can Charge Their Commercial Clients ("Communiqué No. 2020/4"), published in the Official Gazette dated March 29, 2020 and No. 31083. The Communiqué No. 2020/11 shall enter into force on April 1, 2020.

Banking and Finance 01.04.2020
Banking Regulation and Supervision Board Decision on Time Extensions due to COVID-19 Outbreak
Covid-19 Contents
Banking Regulation and Supervision Board Decision on Time Extensions due to COVID-19 Outbreak

The Banking Regulation and Supervision Board ("Board") published its decision dated 02.04.2020 and numbered 8976 ("Decision") within the scope of the measures taken against COVID-19 outbreak.

Banking and Finance 04.04.2020
An Overview to Financing Agreements in Terms of COVID-19
Covid-19 Contents
An Overview to Financing Agreements in Terms of COVID-19

As measures against the COVID-19 pandemic impacts business life, the aftermath also brings with it the necessity to re-visit financing agreements by the parties.

Banking and Finance 07.04.2020
Banking Regulation and Supervision Board Decision on the Limitation of TRY Transactions made by the Banks with Financial Institutions Abroad
Covid-19 Contents
Banking Regulation and Supervision Board Decision on the Limitation of TRY Transactions made by the Banks with Financial Institutions Abroad

Through the press announcement (“Announcement”) dated 05.05.2020 and published on the website of the Banking Regulation and Supervision Agency, the measures taken by the Banking Regulation and Supervision Board (“Board”) with the Decision dated 05.05.2020 and numbered 9010 to be implemented until the extraordinary circumstances arising in relation to the COVID-19 outbreak, have been announced.

Banking and Finance 06.05.2020
The Regulation on the Manipulation and Misleading Transactions on Financial Markets entered into force
Covid-19 Contents
The Regulation on the Manipulation and Misleading Transactions on Financial Markets entered into force

The Regulation on the Manipulation and Misleading Transactions on Financial Markets (“Regulation”) entered into force through publication in the Official Gazette dated 07.05.2020 and numbered 31120.

Banking and Finance 11.05.2020
Amendment to the Decree on the State Aids for Investments
Covid-19 Contents
Amendment to the Decree on the State Aids for Investments

The Presidential Decree dated 08.05.2020 and numbered 2501 on the Amendment to the Decree on State Aids for Investments (“Decree”) entered into force through publication in the Official Gazette dated 09.05.2020 and numbered 31122.

Banking and Finance 12.05.2020
Amendments to the Communiqué on the Covered Bonds
Covid-19 Contents
Amendments to the Communiqué on the Covered Bonds

The Communiqué (III-59.1.ç) on the Amendment to the Communiqué on the the Covered Bonds (III-59.1) (“Communiqué”) entered into force through publication in the Official Gazette dated 14.05.2020 and numbered 31127.

Banking and Finance 14.05.2020
Announcement of the Banking Regulation and Supervision Agency dated 21.05.2020
Covid-19 Contents
Announcement of the Banking Regulation and Supervision Agency dated 21.05.2020

Through the Announcement dated 21.05.2020 (“Announcement”) released through the official website of Banking Regulation and Supervision Agency (“Agency”), the decision of the Agency dated 21.05.2020 and numbered 9033 (“Decision”) has been announced.

Banking and Finance 21.05.2020
BITT Rate on Foreign Exchange Transactions is increased to 1%
Covid-19 Contents
BITT Rate on Foreign Exchange Transactions is increased to 1%

Through the promulgation of the Presidential Decision No. 2568 (“Decision”), published in the Official Gazette dated 24th May 2020 and No. 31136, the Bank and Insurance Transactions Tax (“BITT”) rate, which should be calculated over the sale amount of foreign exchange transactions is increased to 1%.

Banking and Finance 27.05.2020
Withholding Tax Rate over the Revenues Gained from Commercial Papers and Lease Certificates With a Maturity Date Less Than 1 Year Issued by Asset Leasing Companies is Increased to 15%
Covid-19 Contents
Withholding Tax Rate over the Revenues Gained from Commercial Papers and Lease Certificates With a Maturity Date Less Than 1 Year Issued by Asset Leasing Companies is Increased to 15%

Through the promulgation of the Presidential Decision No. 2569 (“Decision”), published in the Official Gazette dated 24th May 2020 and No. 31136, the withholding tax rate is increased to 15% for the income to be obtained from those below & the earnings arising from their disposal:

Banking and Finance 27.05.2020
Withholding Rates Related to Deposit Interest and Dividends Paid by Participation Banks are reduced
Covid-19 Contents
Withholding Rates Related to Deposit Interest and Dividends Paid by Participation Banks are reduced

Through the promulgation of the President Decision No. 3032 (“Decision”), published in the Official Gazette dated 30th September 2020 and No. 31260, the withholding tax rates on the interest earned from Turkish Lira deposit accounts and the dividends paid to participation accounts by participation banks are temporarily reduced.

Banking and Finance 30.09.2020
BITT Rate on Foreign Exchange Transactions is Reduced to 2 per Thousand
Covid-19 Contents
BITT Rate on Foreign Exchange Transactions is Reduced to 2 per Thousand

Through the promulgation of the President Decision No. 3031 (“Decision”), published in the Official Gazette dated 30th September 2020 and No. 31260, the Bank and Insurance Transactions Tax (“BITT”) rate, which should be calculated over the amount of foreign exchange (foreign currency) transactions, is reduced to 2 per thousand.

Banking and Finance 30.09.2020

For creative legal solutions, please contact us.