ERDEM-NEWSLETTER-2018-metin

Important Changes in Capital Markets Legislation* Att. Ekin Ersanli Introduction Two significant pieces of Turkish capital markets legislation 1 , i.e. Decree No. 32 on The Protection of the Value of Turkish Cur- rency that was published in the Official Gazette dated 11.08.1989 and numbered 20249 (“Decree No. 32”), and the related Communique on Decree No. 32 on the Protection of the Value of Turkish Currency numbered 2008-32/34 (“Communique No. 2008-32/34”) published in the Official Gazette dated 28.02.2008 and numbered 3012, were amended through publication in the Official Gazette dated 25.01.2018 and numbered 30312. The Communiqué on Decree No. 32 on the Protection of the Value of Turkish Currency (“Communique No. 2018-32/45”) was published in the Official Gazette dated 30.01.2018 and numbered 30317. 2 In this Article, the amendments to Decree No. 32 and Commu- nique No. 2008-32/34, and important points regarding the new Com- munique No. 2018-32/45, shall be underlined. Amendments to Decree No. 32 The above-mentioned amendments provide limitations, espe- cially with respect to foreign exchange loans. Hereby, it is indicated that persons located in Turkey cannot utilize foreign exchange loans. Moreover, two new concepts are identified; “Foreign exchange income,” which is defined as “ income obtained through export , transit commerce, sales considered as export, sales and deliveries and foreign * Article of January 2018 1 OG, 29.01.2018, No. 30316. 2 OG, 30.01.2018, No. 30317.