Exceptions Announced to F/X Restrictions in Contracts Between Turkish Residents
The Ministry of Treasury and Finance announced the exceptions to recently introduced restrictions on F/X denominated or indexed contracts between Turkish residents.
The Ministry of Trade introduced the Communiqué on the Implementation of Article 376 of the Turkish Commercial Code Numbered 6102 (“Communiqué”) detailing the measures to be implemented in companies subject to technical bankruptcy.
The Turkish Capital Markets Board (“CMB”) and Borsa Istanbul (“BIST”) rolled out new announcements this week launching measures on OTC derivative transactions - partly found guilty for increasing the vulnerability of the Turkish economy to volatility and exposing it to market players with an appetite to benefit from such conditions by means of these instruments.
The Banking Regulatory and Supervisory Agency (“BRSA”) introduced the Regulation on the Restructuring of Debts in the Financial Sector1 (“Regulation”) in an effort to further facilitate successful financial restructuring in the Turkish market.