Client Alert: Swift Amendments To The E-Money Regulations: Massive Hikes In Requirements For Institutions

The Central Bank of Republic of Turkey (“CBRT”) has decided to increase the minimum requirements with regard to the own funds1 of institutions set out in the E-Money Regulation2 (“Regulation”), which was published in the Official Gazette in December 2021. This comes as no surprise, as Turkey’s national currency, the Lira, took a huge hit in recent […]

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Your Debtor’s Assets Are Just A Click Away!

The Regulation on Investigating Asset, Right and Receivable through the National Judiciary Informatics System (the “Regulation”) has been published in the Official Gazette. The Regulation sets out the details of the amendments introduced to the Enforcement and Bankruptcy Code, which enables a creditor pursuing a debtor through execution proceedings, to investigate and ascertain the debtor’s […]

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Long Awaited Regulations Introduced For E-Money And Payment Services

The Regulation on Payment Services, Electronic Money Issuance and Payment Service Providers (“Regulation”) has been published in the Official Gazette by the Central Bank of the Republic of Turkey (“Central Bank”). Aiming to introduce provisions in line with Payment Services Directive 2 (PSD2)1 of the European Commission, the Regulation brings in thorough changes and new requirements […]

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Ordeal Of The Crew Members: Record Number Of Bunker Smuggling Cases In Turkey

Overview In a bid to eradicate incidents of bunker smuggling, the Turkish Government is taking the strictest anti-smuggling measures pursuant to which the anti-smuggling units of the police force and customs officers often conduct cold-call inspections on vessels calling at Turkish ports. A Presidential Circular on the topic, published recently in the Official Gazette, serves […]

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ENVIRONMENTAL MARINE POLLUTION FINES REVISED FOR 2022

MARINE POLLUTION FINES REVISED FOR 2022 Pursuant to Article 20 of the Turkish Environmental Code no. 2872 (the “Code”), fines are imposed on vessels for causing pollution in Turkish waters through discharge of petroleum products, dirty ballast, garbage and sewage into the sea. Different from the major increase imposed in December 2018, this is merely an adjustment […]

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