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Turkey

The following is a summary of recent developments:

  • The Capital Markets Board issued a detailed Regulation on the setting-up of a Free Zone International Market where capital market instruments issued by foreign entities, and bonds and notes issued by the Republic of Turkey and Turkish local authorities are to be marketed out of Turkey. Securities to be traded in the Market should be listed in a stock exchange. At the moment, there is only one stock exchange, in Istanbul. Requirements for listing, disclosure, qualifying as an intermediary, responsibilities of market makers, rules and procedures of trading, safe-keeping of the securities traded and other miscellaneous matters are dealt with in the regulations.
  • A government Decree set forth general principles on the production of electricity. The Decree envisages the sale of electricity to TEAS, a state enterprise involved in the production and distribution of electricity, and establishes the rules for agreements on the sale of electricity between producers and TEAS and allows international arbitration clauses in the sale agreements.
  • A Communiqué issued by the Ministry of Energy and Natural Resources, implementing the above Decree, put into force rules for installation and operation of electricity generating plants. Foreign companies and Turkish companies with foreign shareholders can engage in such projects.
  • The Undersecretary of Foreign Trade initiated anti-dumping investigations into certain iron and steel originating in Russia and Ukraine.
  • Parliament passed a law approving the international agreement on the creation of a Black Sea Trade and Development Bank.
  • Parliament passed laws approving the double taxation treaties with Albania, Kazakhstan and Macedonia.
  • The Ministry of State in charge of the Treasury issued a Communiqué empowering authorized institutions other than banks to pay cash against international credit cards within the framework of regulations to be put into effect by the Central Bank.

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