Although Switzerland recently decided to facilitate the financing activities of groups operating in or out of Switzerland by easing some restrictions under the Withholding Tax Ordinance, the rather stringent requirements regarding group financings according to corporate law, as well as the rules under banking law and bankruptcy law, remain the same.

April 2018

121Newsletter No.

Although implementation period of Swiss contractual stay requirements ends, FINMA accepts partial conversion for a limited time under certain conditions: FINMA has announced on 21 March 2018 that for a limited period until 1 January 2019 for contracts with domestic and foreign banks and securities dealers and until 1 July 2019 for counterparties other than banks and securities dealers to accept if banks forego declaring a trade stop in order to achieve full compliance with the Swiss contractual stay requirements.

Introduction

Since January 22 2015 the Swiss National Bank has charged a negative interest rate (currently 0.75%) for sight deposit account balances that Swiss banks hold with the Swiss National Bank, provided that the sight deposit account balance exceeds a given exemption threshold.(1)

Year in Review – Thai Law in 2016

During the COVID-19 crisis, with the exception of ensuring the health of their employees, business operators will be primarily concerned with their overall financial condition. Lock down policies and social distancing campaigns may minimize possibilities of the deadly virus to spread more widely; at the same time, however, these policies can also cause various businesses to encounter substantial decline of their revenues due to their inability to operate as usual, which unavoidably leads to illiquidity of internal cash flow, and in the worst case, insolvency.

Recent Developments 

The Law on the Amendment to the Income Tax Law and Certain Laws (the "Omnibus Bill") entered into force upon its publication on the Official Gazette No. 30836 dated July 19, 2019. The Omnibus Bill includes provisions for financial restructuring and tax related matters.

What’s New?

Financial Restructuring

Yeni Gelişme  

Türkiye Bankalar Birliği, hazırladığı Finansal Yeniden Yapılandırma Çerçeve Anlaşması'nı ("Önceki Çerçeve Anlaşma") büyük ölçekli ("Büyük Ölçekli Çerçeve Anlaşma") ve küçük ölçekli ("Küçük Ölçekli Çerçeve Anlaşma") borçlular için iki farklı çerçeve sözleşme olacak şekilde bölmek üzere değişiklik yaptı.

Değişiklik ne getiriyor?

Recent Development

The Financial Restructuring Framework Agreement ("PreviousFA") drafted by the Banks Association of Turkey was revised to be divided into two separate framework agreements for large scale (the "Large Scale FA") and small-scale (the "Small Scale FA") debtors.

What's New?

I. DEFINITIONS

"Banking Law" means the Banking Law of Turkey No. 5411.

"BRSA" means the Banking Regulatory and Supervisory Authority of Turkey.

"Creditors" means Turkish banks, financial leasing companies, factoring companies and financing companies and Foreign Credit Institutions and International Organizations.

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.