ERDEM-NEWSLETTER-2018-metin

189 CAPITAL MARKETS LAW tion for founding partners, general managers, members of the board of directors, authorized signatories and internal control officers, are determined for both type A and type B institutions. Additionally, in- formation and documents that shall be demanded from the persons located in foreign countries for the permission of foundations are in- dicated. Whereas, Group A authorized institutions are subjected to the permission of the Undersecretariat of Treasury in order to open new branches, opening new branches is not possible for Group B institu- tions. Terms and principles regarding work and operation of the said institutions, including, but not limited to, the institutional management and internal systems, change of address and title, are expressed in de- tail in Communiqué numbered 2018-32/45. Conclusion The amendments in Decree No. 32 shall enter into force on 02.05.2018. The Amendment stipulated under Article 9 of Communi- que No. 2008-32/34 entered into force through publication and other amendments to Communique No. 2008-32/34 shall enter into force on 02.05.2018. According to the temporary provisions added to Decision No. 32, foreign exchange loans that stand open as of 02.05.2018, which is the date of entry into force of the Decision according to the temporary provisions, and which are obtained by persons located in Turkey, or abroad, cannot be renewed as foreign exchange loans, except for those that fall under the established context of the above-mentioned pro- visions. Also, foreign exchange loans cannot be renewed as foreign currency denominated loans. Moreover, according to the temporary provisions, foreign exchange loans and foreign currency denominated loans that have been used prior to 02.05.208 shall be included in the calculation of the credit balance. Amongst the amendments that have been summarized in this Article, especially limitations regarding foreign exchange loans, shall have an impact on the practice with regard to the operation of the capi- tal markets. Thus, these Amendments that have been published in the Official Gazette dated 25.01.2018 should be taken into consideration, especially by the legal persons that plan to use foreign exchange loans and foreign-currency loans.