White & Case LLP (JD Supra Turkey)

As in the rest of the world, the coronavirus (“COVID-19”) pandemic has caused significant disruption in the Turkish economy and financial markets. In response, the Turkish Government has introduced an economic stimulus package, introducing a mix of financial support, credit support and employment-related measures to help citizens and businesses weather the COVID-19 crisis.

Following the outbreak of COVID-19 and its development into a global pandemic, organizations have been implementing exceptional measures to safeguard the health of employees, customers and others. Organizations are also endeavouring to maintain 'business-as-usual' to the extent allowed by their particular circumstances.

As more Turkish companies begin to report liquidity issues and economic pressures begin to bite, successful financial restructurings are likely to become increasingly critical to the prosperity of the Turkish economy...

Withholding tax rates on income derived from Eurobonds and lease certificates issued outside of Turkey, on interest payments of Tier II loans and securitization financings; as well as BITT applicable to securitizations backed by mortgage-covered bonds have been amended by a Presidential Decree.

Welcome to the Turkey page of our Global Employee Equity at a glance series. Stock Option Plans: Employment - Labor Concerns - There is a risk of employees claiming that they are entitled to compensation for loss of rights under the Plan where the Plan is amended or discontinued or where their employment is terminated.

As the Basel III requirements continue to kick in, Turkish banks are under increased pressure to boost their capital base in order to continuously grow their balance sheet. Various structures for capital securities are being discussed more exigently than ever, and diversification of products is on the horizon.

A detailed new amnesty law entitled "The Law Relating to Restructuring of Tax and Some Other Receivables and Amendments to Various Laws" (the "Law") which offers taxpayers a broad amnesty for most types of unpaid taxes and for unpaid social security insurance premiums relating to the period up to March 31, 2018 was published in the official Gazette on May 18, 2018.

Turkey has passed a new law offering taxpayers the opportunity to restructure their unpaid and overdue taxes, social security payments and some other public receivables and to benefit from a partial amnesty for penalties and delay charges on such amounts. The law was passed on May 27, 2017 and became effective on that date and taxpayers have until June 30, 2017 to apply for benefit from it.

Stock Option Plans: Employment - Labor Concerns - There is a risk of employees claiming that they are entitled to compensation for loss of rights under the Plan where the Plan is amended or discontinued or where their employment is terminated.

In August 2016, Turkey joined the rest of the G20 countries and met the concept of sovereign wealth funds when it passed a law establishing the Turkey Wealth Fund Management Joint Stock Corporation (the “Corporation”) and mandating the establishment of the Turkish Sovereign Wealth Fund (the “Fund”). The Fund now owns key Turkish public assets and the Corporation will manage those assets and use...

Considering Becoming A Board Member? Read This First. Good corporate governance requires fully informed board members who are aware of their duties and the potential legal implications of their actions. Under the Turkish Commercial Code (“TCC”), the board of directors (“Board”) is broadly responsible for the management and representation of a joint stock company (“JSC”). Board members

Turkey, with its unique geostrategic position as the bridge between Europe, the Middle East and Asia, is ideally placed to become one of the most prominent players in the global sukuk market. Having recently implemented significant regulatory and infrastructural reforms in the banking sector, Turkey's government aims to triple the share of participation banks—banks that operate in accordance with

Sukuk have emerged as one of the most significant financing tools in Islamic finance. These securities form a bridge between issuers—primarily sovereigns and corporations—and investors located in the Middle East and Southeast Asia.... According to the IIFM sukuk database, global sukuk issuance has been decreasing (from US$106.96 billion in 2014 to US$60.693 billion in 2015), and is expected

Sukuk typically represent an undivided beneficial ownership interest in certain tangible assets (save for certain receivables, such as zhimam or duyun), the usufruct of an asset or certain projects or investment activities. Although similar to conventional bonds, sukuk replace distributions of interest income with rent or profit which, in general terms, are derived from the assets underlying the

Turkey's government is determined to make Istanbul a financial hub for Islamic finance, regionally and globally. With a GDP of US$733.6 billion in 2015 according to the IMF, Turkey is the 18th largest economy in the world, and is well placed to become one of the major players in the global sukuk market.

On August 3, 2016, Turkey passed a detailed new law entitled "Statutory Proposal on Restructuring of Certain Receivables" (the "Law") which offers taxpayers a broad amnesty for most types of unpaid taxes and for unpaid social security insurance premiums relating to the period up to June 30, 2016.

According to the M&A Attractiveness Index, developed by the M&A Research Centre at Cass Business School, Turkey is now ranked 53rd out of a total of 147 countries in terms of its attractiveness for M&A purposes (i.e., its ability to attract and sustain business activity). The six-year trend data saw Turkey achieve 25th position in 2011, but falling by ten places from last year to its lowest...

After more than five years of litigation between Cukurova of Turkey and Alfa of Russia, the Privy Council has delivered a pivotal ruling in Cukurova’s favour. The decision establishes that a borrower may be entitled to equitable “relief from forfeiture” even after a lender has exercised a power of appropriation under the Financial Collateral Arrangements (No 2) Regulations 2003 (the “FCA...

The Turkish government’s agenda for development is one of the most ambitious in the world. Combined with investor friendly changes in the market, including a new investment incentive regime and new regulation enhancing transparency and certainty for deals under Turkish Law, foreign investors are increasingly looking to Turkey with greater confidence, attracted by the opportunities available.