The Turkish Grand National Assembly passed the Code Amending Certain Codes for the Purpose of Ameliorating the Investment Environment” numbered 7099 (“Omnibus Code”), which was published in Official Gazette No. 30356 on March 10, 2018, and the majority of which entered into force on the day of publication, with the remainder entering into force on March 15, 2018 and minor changes to the Municipal Code entering into force on September 10, 2018.
The new legislation amends provisions of several codes, including most notably certain provisions of the Turkish Commercial Code No. 6102 (“TCC“) and the Code on Pledges over Movables by Commercial Operations No. 6750 (“Movable Pledge Code“), in order to ensure the quick resolution of problems encountered by investors, as well as changes to real estate and customs laws in order to promote bureaucratic efficiency and insure predictability, saving both time and money.
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