Turkey: Further details of the new pledge and assignment regime announced

Turkey recently introduced a range of secondary legislation, collectively outlining details of major legislative changes to the pledge and assignment regime for commercial transactions. The updated regime facilitates access to finance for SMEs and boosts competitiveness. The most notable aspect of the changes are that possession of the pledged asset no longer needs to physically change hands. The latest announcements include detailed procedures and principles for applying movable pledges, establishing a central registry of moveable pledges, valuing movables subject to pledges, as well as structuring and executing pledge agreements.