On 10 February 2020, the Central Bank of the Republic of Turkey (the "Central Bank") published the Communiqué on Fees Payable to the Banks by Commercial Clients (No. 2020/4) (the "Communiqué"). The Communiqué authorises the Central Bank to set forth limits and determine caps applicable to the fees chargeable by Turkish banks from their corporate and commercial clients, in a bid to ensure transparency and foreseeability of costs in the Turkish banking sector.
A draft law has been submitted to the Turkish Parliament on 17 February 2020 (the "Draft Law") which proposes amendments to several laws regarding, amongst others, renewable energy, mining, criminal offences, civil registry services (nüfus hizmetleri), individual pension system, foundations and associations. While the Draft Law covers a variety of subjects, there are three notable amendments to the renewable energy legislation:
On 6 February 2020, a bill that introduces significant structural changes to the Banking Law (Law No. 5411) (the “Banking Law”) and Capital Markets Law (Law No. 6362) (the “Capital Markets Law”) of Turkey was submitted to the Turkish Parliament (the “Draft Law”). The Draft Law proposes significant improvements to the legal framework applicable to project bond issuances in Turkish capital markets and Turkish securitisation and debt funds, such as the introduction of security trustees, and adopts new rules that will enable a wider investor base to provide financing directly to Turkish projects.
The long-awaited draft bill regarding the Amendments to the Law on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions (the "Amending Law on Payment Services") has recently been enacted by the Grand National Assembly of Turkey. The amendment meets the need to consolidate payment practices and ensures compliance with the EU’s Payment Services Directive 2 (the "PSD2").
The Data Protection Board of Turkey recently clarified the implementation of data privacy rules and has extended the deadline for compulsory registration with the data controllers' registry (VERBIS).