Parliament Enacts the New Law on Pledges of Movable Property in Commercial Transactions with Minor Amendments on the Draft Law:

Reforms to the Law on Pledges of Movable Property: Business Enterprises in Turkey Expected to Enjoy Easier Access to Finance Sources:

The Draft Law on Pledges of Movable Property in Commercial will introduce significant changes to the current legal regime on pledges of moveable property by (i) establishing a specific registry for pledges of movable property, (ii) expanding the scope of the pledge, (iii) allowing for pledges to be established without transferring the possession of movable property from pledgors to pledgees, and (iv) accomodating alternate routes to foreclosure.

New Communique on Security Investment Companies:

The Communiqué on Principles Regarding Security Investment Companies (“Communiqué”) has been published in the Official Gazette dated August 29, 2013 and numbered 28750, replacing the former Communiqué dated August 5, 2011 and numbered 28016 (“Repelled Communiqué”).