Recent Development
Amendments to the Financial Restructuring Framework Agreement (the "Framework Agreement"), which was drafted by the Turkish Banks Association (the "TBA") within the scope of the Regulation Regarding the Restructuring of Debts Owed to the Financial Sector (the "Regulation"), were distributed to banks and other financial institutions to be executed.
The Turkish collateralization system was recently updated through the introduction of the Law No. 6750 on Movable Pledges (the “Movable PledgeLaw”).