• Amendments on Turkish banking Law Draft
  • February 19, 2010
  • Law Firm: D&D Law Office - Istanbul Office
  • Proposed amendments on pending ‘Draft Turkish Banking Law’: Is it constituting a hindrance for new comers to the market? The Banking Regulation and Supervision Agency (a.k.a. BDDK) is planning to introduce new amendments on the draft banking law in order to keep and strengthen its consolidated framework, which has passed its test in the recent recession whereas its former structure suffered severely from the early economic crisis in 2001 and resulted in closures and bankruptcies in the Turkish financial sector. Current Banking Law came into force in late 2005 and has proven a solid composition where Turkish Banks gained value as they announced high profits since then. Nevertheless, BDDK is committed to toughen the regulations in order to maintain the current positive atmosphere. This is in consequence of past experience which strengthens the watchdog’s hand in introducing even stricter measures. In other words, for new comers who wish to enter the Turkish financial market should not harm the present climate.