The Communiqué Amending the Communiqué on Reserve Requirements (No. 2013/15) (No. 2026/10), published in the Official Gazette dated July 1, 2026 and numbered 33297, increased the reserve requirement ratios applicable to foreign currency deposits and participation funds, while abolishing the practice of maintaining additional reserve requirements denominated in Turkish lira for such liabilities.

Under the amendment, the reserve requirement ratio for foreign currency demand deposits and participation funds with maturities of up to one month increased from 30% to 32%, while the ratio for deposits and participation funds with longer maturities increased from 26% to 28%. In addition, the practice introduced in 2023 requiring the maintenance of additional reserve requirements denominated in Turkish lira at a rate of 2.5% for foreign currency deposits and participation funds was abolished.

In its announcement, the Central Bank of the Republic of Türkiye (“CBRT”) stated that the amendments were introduced to strengthen macro financial stability and support the monetary transmission mechanism. It was announced that the first reserve maintenance date under the revised ratios would be July 17, 2026.

Presidential Decision No. 11498, published in the Official Gazette dated July 4, 2026, approved the protocol providing for the renewal of the Memorandum of Understanding between the Government of the Republic of Türkiye and the Organisation for Economic Co-operation and Development (“OECD”) concerning the establishment of the OECD Istanbul Centre, with effect from January 13, 2026.

The General Communiqué on the Repatriation of Certain Assets into the Economy (Serial No. 1), published in the Official Gazette dated July 4, 2026 and numbered 33300, established the procedures and principles governing the declaration and recording of certain assets held abroad by individuals and legal entities, including cash, gold, foreign currency, securities and other capital market instruments, as well as assets held in Türkiye but not recorded in statutory books.

Under the Communiqué, such assets may be declared to banks or, depending on the relevant asset type, intermediary institutions until July 31, 2027. Assets held abroad are required to be brought into Türkiye or transferred to accounts held with banks or intermediary institutions in Türkiye within two months following the declaration date.

A general tax rate of 5% was introduced for declared assets, subject to reduced rates where the declarant undertakes to maintain the assets in time deposit accounts, government domestic debt securities, lease certificates or venture capital investment funds for specified periods. Accordingly, the applicable tax rate will be 4% where the assets are retained for at least one year, 3% for two years, 2% for three years, 1% for four years and 0% for five years. In addition, these rates will be increased by 0.5 percentage point for declarations made on or after January 1, 2027.

The Communiqué also provides that declared assets may, subject to the relevant conditions, be included in a business without being taken into account when determining taxable income for the relevant period and may be withdrawn from the business without taxation, provided that two years have elapsed from the declaration date. Furthermore, subject to compliance with the applicable declaration, payment, accounting and holding-period requirements, no tax audits or assessments will be conducted in respect of the amounts corresponding to the declared assets.

The Regulation Amending the Regulation on the Investor Compensation Center, published in the Official Gazette dated July 16, 2026 and numbered 33311, introduced amendments concerning the management of assets and receivables held by the Investor Compensation Center (“ICC”), reporting obligations, statute of limitations procedures and application processes.

Under the amendment, precautionary measures, attachments and similar administrative and judicial requests relating to assets and receivables transferred to the ICC for custody are to be executed by İstanbul Settlement and Custody Bank A.Ş. (“Takasbank”), irrespective of whether the relevant assets have been dematerialized, and the ICC is to be informed of the transactions carried out on a monthly basis. In addition, such transactions are to be included in the relevant reporting processes, and investment institutions are required to submit lists of beneficiaries of assets and receivables that became time-barred during the preceding year to the ICC and Takasbank by the end of February each year.

It was decided that applications for the return of time-barred assets would primarily be submitted electronically through the e-Government platform, while applications that cannot be submitted electronically would be subject to the procedures and principles to be determined by the Capital Markets Board of Türkiye (“CMB”). Furthermore, for investment institutions whose activities have been permanently suspended and whose accounts have not been transferred to another investment institution, the commencement of the limitation period will be determined by reference to the earliest date among the decisions on suspension of activities, gradual liquidation, liquidation or bankruptcy. Transitional provisions were also introduced regarding the procedures and principles applicable to existing applications during the transition to the electronic application system. The amendments entered into force on July 16, 2026.

In its announcement, the Turkish Capital Markets Association (“TCMA”) stated that the practice of submitting monthly lists of time-barred assets and receivables had been discontinued and replaced with annual submissions. Accordingly, no monthly notifications will be required for the remaining months of 2026, and lists of assets and receivables that became time-barred during 2026 must be submitted to the ICC collectively, in both printed and electronic form, by the end of February 2027 at the latest.

Board Decision No. 11537 of the Banking Regulation and Supervision Agency (“BRSA”), dated July 30, 2026, introduced new limitations on the financial instruments in which amounts accumulated in the savings fund pools and company accounts of savings financing companies may be invested, as well as on high-value contracts, customer and risk group concentrations and the number of contracts.

Under the Decision, amounts accumulated in savings fund pools and company accounts may only be invested in Turkish lira-denominated special current or participation accounts held with participation banks operating in Türkiye, Turkish lira-denominated domestic lease certificates not backed by gold and issued by the Ministry of Treasury and Finance, and Turkish lira-denominated participation-based investment funds that do not contain equities, have a risk rating of 1 or 2 and satisfy certain conditions. In addition, the daily amount that may be held in the savings fund pool without generating any return was limited to two per thousand of the savings fund pool calculated as of the end of the preceding month.

The thresholds for high-value contracts were set at TRY 5 million for vehicle financing and TRY 12,5 million for housing or roofed commercial premises financing, while the share of high-value contracts in total contract amounts was limited to 5%. However, a transitional period was introduced for companies established after January 1, 2025, under which the applicable ratio will be 15% until June 30, 2027 and 10% between July 1 and December 31, 2027.

In addition, the number of contracts that may be entered into with a natural or legal person or a risk group was limited to a maximum of two, one relating to vehicle financing and the other to housing or roofed workplace financing. In this context, the Decision established upper limits of TRY 6.25 million for vehicle financing contracts, TRY 62.5 million for housing or roofed workplace financing contracts, and TRY 62.5 million for the aggregate amount of all contracts.

It was decided that these regulations would apply as of October 1, 2026.

The Communiqué Amending the Communiqué on Supporting the Conversion into Turkish Lira of Foreign Currency Obtained by Companies from Abroad (No. 2023/5) (No. 2026/11), published in the Official Gazette dated August 1, 2026 and numbered 33327, revised the duration and implementation conditions of foreign currency conversion support. Accordingly, the temporarily applicable foreign currency conversion support rate of 3% was extended until January 31, 2027.

The amendment abolished the requirement for companies to undertake not to purchase foreign currency for one month in order to benefit from the support and instead introduced a condition that the ratio of liquid foreign currency assets to the higher of net sales revenue and total assets must not exceed 10%. The CBRT was also authorized to determine upper limits on the amounts of foreign currency that companies may sell under the support scheme or the support amounts they may receive, taking into account company profitability, labor costs and the added value derived from these factors.

Furthermore, to facilitate access to the support scheme for supplier companies producing goods for export, it was made possible for support payments relating to foreign currency conversions carried out by intermediary exporters on behalf of suppliers to be made directly to the supplier companies.

The obligations of intermediary banks to verify that foreign currency originates from abroad, review documents relating to companies’ foreign currency position requirements and report suspicious transactions to the CBRT were expanded. In addition, where false declarations are made or support is improperly obtained, the regulation provides for the recovery of support payments together with exchange rate differences and interest, as well as restrictions on access to foreign currency conversion support and CBRT-funded credit facilities by the relevant companies and, under certain conditions, other companies within the same control structure.

In an analysis published by the CBRT on September 28, 2026, it was stated that approximately 44,000 companies had benefited from foreign currency conversion support since 2023 and that the proportion of companies benefiting from the support among all exporting companies had reached 34% in 2026. The new regulation aims to direct support toward companies generating high added value and to make the contribution of foreign currency conversions to the CBRT’s reserves more permanent.

The amendment extending the duration of the support rate entered into force on August 1, 2026, while the new implementation conditions entered into force on October 1, 2026.

The Communiqué Repealing the Communiqué on Integrating Physical Gold Assets into the Financial System (No. 2022/11) (No. 2026/12), published in the Official Gazette dated August 22, 2026 and numbered 33348, repealed the regulation that had been in force since March 14, 2022.

The repealed Communiqué governed the procedures and principles concerning the conversion of physical gold deposited by domestic residents into gold accounts through authorized jewelers and refineries or directly at bank branches into Turkish lira deposit or participation accounts, as well as the support to be provided to account holders. The scope of the regulation had been limited to domestic resident natural persons in 2025.

An amendment dated August 23, 2025 had discontinued the opening of new accounts and the renewal of existing accounts under the system. The latest regulation, which entered into force on August 22, 2026, completely repealed the regulatory framework relating to the scheme under which new account openings had previously been discontinued.

Presidential Decision No. 11723, published in the Official Gazette dated September 5, 2026 and numbered 33361, amended the Decision on Tax, Duty and Fee Exemptions for Exports, Transit Trade, Sales and Deliveries Deemed Exports, and Foreign Exchange-Earning Services and Activities. The relevant secondary legislation was also updated through Communiqué on Exports No. 2026/3, published on the same date.

The amendment expanded the scope of the exemption, which had previously applied only to short-term bill rediscount loans extended by the CBRT to Türkiye İhracat Kredi Bankası A.Ş. (“Türk Eximbank”), to include bill rediscount loans extended by the CBRT to Türk Eximbank and other banks. In addition, the previous restriction to “short-term” loans was removed, allowing long-term bill rediscount loans to benefit from the exemption.

Accordingly, the Banking and Insurance Transactions Tax exemption now applies to CBRT-funded rediscount loans extended through commercial banks, with the regulation intended to reduce exporters’ financing costs. The amendments entered into force on September 5, 2026.

The Medium-Term Program (2027–2029), approved by Presidential Decision No. 11752 and published in the first supplementary issue of the Official Gazette dated September 6, 2026 and numbered 33362, established regulatory objectives for corporate governance and internal systems legislation in the banking sector.

In the Program section on strengthening the financial sector's institutional structure, amendments to legislation governing banks’ corporate governance principles, internal systems, and internal capital adequacy assessment processes were envisaged to align with international best practices. In addition, the Program aims to update regulations on banks’ public disclosure obligations, taking into account EU legislation, to ensure compliance with the Basel III Final (Basel IV) framework.

These objectives are also consistent with the BRSA’s previous efforts to revise corporate governance and internal systems legislation. Accordingly, the Regulation on Banks’ Corporate Governance Principles and the Regulation on Banks’ Internal Systems and Internal Capital Adequacy Assessment Process are expected to be reviewed in the coming period.

Presidential Decisions Nos. 11777 and 11778, published in the Official Gazette dated September 8, 2026 and numbered 33364, approved the Amendment Protocol to the Financing Agreement for the 2020 Annual Action Program and Addendum No. 4 to the Financing Agreement for the 2016 Annual Action Program, signed between Türkiye and the EU under the Instrument for Pre-Accession Assistance (“IPA II”).

Under Decision No. 11777, the Financing Agreement's implementation period for the 2020 Annual Action Program was set at 162 months, while the operational implementation period was set at 90 months. These amendments aim to complete deferred closure audits resulting from extensions to program implementation and to carry out the relevant audit processes.

Under Decision No. 11778, the annex to the Financing Agreement was updated, and the provisions concerning the program’s financing structure, implementation conditions and activities were revised. In particular, it was envisaged that savings generated from activities in the fields of justice and fundamental rights would be utilized and a contingency reserve would be established for strategic activities aimed at increasing the efficiency of IPA funds for the 2021–2027 period. The other provisions of the Financing Agreement remained unchanged.

The Turkish Green Taxonomy Regulation, published in the Official Gazette dated September 24, 2026 and numbered 33380, established the procedures and principles governing the classification of economic activities in terms of environmental sustainability, technical screening criteria and taxonomy reporting. Based on Climate Law No. 7552, the Regulation aims to encourage financing for sustainable investments and prevent greenwashing.

Under the Regulation, for economic activities to be considered taxonomy-aligned, they must make a substantial contribution to at least one of the six designated environmental objectives, do no significant harm to the other environmental objectives and comply with minimum social safeguards. These objectives include reducing greenhouse gas emissions, climate change adaptation, protecting water and marine resources, transitioning to a circular economy, preventing pollution, and conserving biodiversity. In addition, production activities that use solid fossil fuels will not be considered environmentally sustainable economic activities.

The Regulation makes taxonomy reporting voluntary for institutions, organizations and enterprises carrying out economic activities within its scope, while introducing reporting obligations for banks, intermediary institutions, investment companies, portfolio management companies, and insurance, reinsurance and pension companies. Financial institutions are also permitted to request taxonomy reporting from their customers in relation to transactions that may be subject to their own reporting obligations. Reports must be uploaded to the Online Taxonomy Management System by the end of the sixth month following the end of the relevant financial statement period, while the reporting procedures and principles applicable to financial institutions will be determined by the BRSA, CMB and Insurance and Private Pension Regulation and Supervision Agency, depending on their respective fields of activity.

Although the Regulation entered into force on September 24, 2026, it provides that financial institutions will not be required to conduct taxonomy reporting until January 1, 2029.

Presidential Circular No. 2026/8 on the National Green Finance Strategy and Action Plan (2026–2029) was published in the Official Gazette on July 4, 2026, under number 33300.

The National Green Finance Strategy and Action Plan established three main objectives, 11 targets, and 45 actions to develop Türkiye's green finance ecosystem and direct financial resources toward sustainable, low-carbon, and environmentally friendly investments. In this context, the Strategy and Action Plan identified the establishment of infrastructure for a transparent and measurable green finance ecosystem, the strengthening of institutional capacity and human resources in green finance, and the development of market mechanisms supporting green finance growth as priority areas.

The Strategy and Action Plan sets out the framework for activities to be carried out by public institutions, regulatory authorities and the financial sector during the 2026–2029 period, with the aim of developing green financing instruments and supporting access to financing for sustainable investments.

New principles concerning remote identification and customer onboarding were established through the Communiqué Amending the Communiqué on Remote Identification Methods to be Used by Intermediary Institutions, Portfolio Management Companies and Crypto Asset Service Providers and the Establishment of Contractual Relationships in Electronic Environments (III-42.1.b), published in the Official Gazette dated September 3, 2026 and numbered 33359, and the Regulation Amending the Regulation on Payment Services and Electronic Money Issuance and Payment Service Providers, published in the Official Gazette dated September 4, 2026 and numbered 33360, together with the related Communiqué amendment.

The amendment introduced by the CMB permits intermediary institutions, portfolio management companies and crypto asset service providers to remotely verify the identity of non-Turkish natural persons using passports that comply with International Civil Aviation Organization (“ICAO”) Standard 9303 and are equipped with near-field communication (“NFC”) functionality. In this context, passport information must be verified through NFC, while customers’ address information must be confirmed within three months at the latest, and transfers of funds and crypto assets, as well as transfers of capital market instruments, may not be carried out before address verification has been completed. In addition, customers onboarded through this method must be monitored as high-risk customers; fund transfers involving their accounts may only be conducted through the SWIFT system, subject to specified account ownership requirements; and information concerning such customers must be reported to the Financial Crimes Investigation Board (“MASAK”) on a quarterly basis.

The CMB amendment also established principles for verifying the representation authority of legal entities registered with the trade registry through MERSIS and/or the Turkish Trade Registry Gazette during remote identification procedures, as well as conducting checks to identify the ultimate beneficial owner.

The amendments introduced by the CBRT expressly provide that biometric methods or identification documents with electronic identity verification capabilities may be used for remote customer onboarding by payment and electronic money institutions. The accuracy of identification documents and information must primarily be verified using NFC. Where this method cannot be applied, additional security checks must be conducted using optical character recognition, card readers or other methods to be determined by the CBRT. In addition, remote identification of non-Turkish natural persons using passports that comply with ICAO Standard 9303 and have NFC functionality was permitted in accordance with the principles established under the relevant regulations of MASAK.

Furthermore, under the CBRT Communiqué, certain obligations relating to remote identification were not made mandatory where remote communication tools are used in documentation processes concerning anonymous prepaid instruments, one-off payment transactions that are not subject to identification requirements and do not constitute an ongoing business relationship, and certain electronic money issuance and payment transactions.

Under the CBRT’s Decision No. 12660/21659 dated July 28, 2026, published in the Official Gazette dated August 1, 2026 and numbered 33327, the Central Securities Depository of Türkiye (“CSD”) was authorized to operate the Crypto Asset Central Registry System in addition to its activities as a securities settlement system operator.

The Regulation Amending the Regulation on the Principles Regarding the Exchange Activities of Borsa İstanbul A.Ş., published in the Official Gazette dated September 10, 2026 and numbered 33366, established new principles concerning the validity of transactions for which central clearing services are not provided in the Exchange Repo and Reverse Repo Market.

Under the amendment, where securities subject to repo transactions are not notified by the time determined by Takasbank on the transaction date and are not blocked in the relevant account on behalf of the fund, such transactions will be deemed invalid and cancelled by Borsa İstanbul upon notification by Takasbank. The Regulation entered into force on September 10, 2026.

The Communiqué Amending the General Communiqué of MASAK (Serial No. 5) (Serial No. 33), published in the Official Gazette dated September 23, 2026 and numbered 33379, increased the monetary thresholds applicable to life insurance, prepaid card, electronic money and mobile payment transactions for which simplified customer due diligence measures may be applied. The amendment entered into force upon publication.

Under the amendment, the threshold for the total amount of premiums payable within one year for life insurance transactions was increased from TRY 10,000 to TRY 20,000, while the threshold for single-premium life insurance policies was increased from TRY 25,000 to TRY 50,000. The monetary thresholds for prepaid cards and electronic money transactions were increased from TRY 2,750 to TRY 5,500, while the single transaction limit for mobile payments was increased from TRY 1,000 to TRY 2,500 and the monthly transaction limit from TRY 2,750 to TRY 6,500.

These amendments expanded the monetary scope of transactions eligible for simplified measures, while maintaining the requirement to satisfy the other applicable conditions for the relevant transaction types.

The Communiqué Amending the Communiqué on Precious Metals Standards and Refineries (Communiqué No. 2023/1) (Communiqué No. 2026/1), published in the Official Gazette dated July 29, 2026 and numbered 33324, established principles concerning the digital representation of precious metals using distributed ledger technology and their transfer between Exchange members.

Under the amendment, central clearing institutions may convert unprocessed precious metals of specified purity and weight into digital precious metals, provided they are fully backed one-to-one by physical precious metals held in custody at the Turkish State Mint or the Exchange. Both the conversion and trading on the Exchange are subject to the approval of the Ministry of Treasury and Finance. The Communiqué provides that digital precious metals would not be classified as capital market instruments or crypto assets traded on crypto asset platforms, and that the Exchange would determine the procedures and principles governing the system's operation and record-keeping upon obtaining the Ministry’s approval.

In addition, refineries that are required to produce under the Precious Metals Tracking System (“KMTS”) and whose application assessment processes are ongoing must apply for registration with the Turkish State Mint within one month and register precious metals that were previously produced but remain unsold in the KMTS within one month following approval of their registration. The Communiqué also requires the Ministry’s approval for trading on the Exchange of assets converted into digital precious metals before the Communiqué entered into force

Principle Decision No. 54/1626, adopted by the CMB on September 3, 2026 and published in the CMB Bulletin dated September 8, 2026, established new principles for the calculation of free-float shares and reporting obligations of companies whose shares are traded on the Borsa İstanbul A.Ş. Equity Market.

Under the regulation, free-float shares are defined as a measure of companies’ public float ratios, and the free-float ratio is calculated by dividing the number of free-float shares monitored by CSD by the total number of shares monitored. Shares held by public legal entities, companies and their related entities, shareholders holding 10% or more of the capital, senior executives, and companies’ pension and foundation funds, as well as repurchased shares, shares subject to certain collateral transactions, and legally restricted, prohibited or attached shares, were excluded from the free float. In addition, the principles governing the inclusion of shares held indirectly through hedge funds and publicly traded companies in the free-float calculation were revised, and shares traded on foreign markets were also excluded from the free float.

Under the new criteria, CSD was instructed to calculate and publicly disclose the number and ratio of free-float shares daily from September 11, 2026. In addition, publicly traded companies were required to notify CSD of the identity and trade name information of natural and legal persons falling within the free-float criteria on the first business day of each month.

In a General Letter published by CSD, it was clarified that such notifications must be made through the Central Dematerialized System (“CDS”), together with the registry numbers of the relevant persons. Even where there is no change in the information reported in the preceding month, notifications must be renewed on the first business day of each month by removing the existing records and resubmitting the information. The obligation to notify CSD on the same day of any changes to the reported information also remains in effect.

According to data published by CSD on September 14, 2026, the free-float ratios of 247 companies traded on Borsa İstanbul decreased under the new calculation principles, while the ratios of 343 companies remained unchanged and those of 40 companies increased.

According to the CBRT’s announcement No. 2026-31 dated July 29, 2026, an agreement was signed between the CBRT and the Central Bank of Syria to open a Turkish lira deposit account in the name of the Central Bank of Syria with the CBRT. The agreement was signed by CBRT Governor Dr. Fatih Karahan and Governor of the Central Bank of Syria Mohammad Safwat Raslan.

Freedom Finansal Hizmetler A.Ş., a wholly owned subsidiary of Freedom Holding Corp., completed the acquisition of shares representing 99.31% of Turkish Bank A.Ş.'s share capital on July 31, 2026, following BRSA approval on July 1, 2026.

At the general assembly meeting held after the share transfer was completed, the shareholders resolved to change the bank’s trade name to Freedom Bank A.Ş. and appointed new members of the board of directors. Freedom Holding Corp. announced that, following the acquisition, it aims to strengthen the bank’s capital structure and technological infrastructure and develop the group’s ecosystem model, which integrates financial services and digital lifestyle services, in Türkiye.

On August 3, 2026, the CBRT announced the completion of the evaluation process for applications submitted under the Call for Participation in the Digital Turkish Lira Project Ecosystem. The Call for Participation aims to enable banks and payment and electronic money institutions, together with their collaborating FinTech companies, to develop innovative products and use cases compatible with the digital Turkish lira and test them within the scope of the project.

In the first stage of the three-stage process, 16 banks and 25 payment and electronic money institutions submitted 85 project applications, of which 51 advanced to the second stage. Following the second stage, 23 projects submitted by 12 banks and 6 payment and electronic money institutions were selected to proceed to the third stage. Development activities and sandbox testing will be carried out during the third stage.

The projects advancing to the third stage focus on tokenization, programmable payments, self-sovereign identity, interoperability with existing systems and machine-to-machine payments.

Sersim and BRSA-licensed Team Finansman A.Ş. (“Team Finansman”) entered into a cooperation arrangement to launch the Sersim Credit program for dealers and commercial customers. Team Finansman’s Credit-as-a-Service infrastructure will be integrated into Sersim’s sales channels to provide data-driven financing tailored to dealers.

As of August 26, 2026, the transaction limit for FAST fund transfers and the Request-to-Pay Overlay Service was increased from TRY 100,000 to TRY 300,000, while the limit for merchant payments using FAST-TR QR Code with dynamic authentication was increased from TRY 250,000 to TRY 300,000.

The Türkiye Green Fund, established by the Industrial Development Bank of Türkiye (“TSKB”) with financing from the World Bank and guaranteed by the Ministry of Treasury and Finance, made its third investment in Disera Tıbbi Malzeme Lojistik Sanayi ve Ticaret A.Ş. The entire USD 10 million investment was made through a capital increase and marks the Türkiye Green Fund’s first investment in the healthcare sector.

The investment aims to support Disera’s green transition and growth strategies, including implementing projects to reduce its carbon footprint, increase renewable energy use, improve production efficiency, and strengthen waste and water management. The Türkiye Green Fund aims to reduce greenhouse gas emissions, support companies’ green transition and direct private capital toward climate finance through medium- and long-term investments.

The Payment and Electronic Money Institutions Association of Türkiye (“TÖDEB”) and the European Payment Institutions Federation (“EPIF”) signed a memorandum of understanding in Istanbul. The cooperation aims to promote information sharing, innovation and the exchange of best practices within the payment and FinTech ecosystems.

Minister of Treasury and Finance Mehmet Şimşek announced that Türkiye had submitted an official letter of intent to the European Payments Council (“EPC”) to join the Single Euro Payments Area (“SEPA”). SEPA is a common payment systems framework that enables faster, more secure and lower-cost cross-border euro transfers across Europe.

If Türkiye joins SEPA, the aim is to reduce transaction costs and streamline euro transfers with European countries. In addition, it is expected to strengthen the integration of financial institutions operating in Türkiye with European payment systems and increase competition in cross-border payment services.

The SEPA accession process first requires Türkiye to be admitted to SEPA’s geographical scope, followed by the individual participation of relevant financial institutions in the payment schemes. In this context, Türkiye’s payment services, anti-money laundering, and data protection legislation is expected to be assessed for alignment with relevant European regulations.

Yapı ve Kredi Bankası A.Ş. announced through a disclosure on the Public Disclosure Platform (“PDP”) dated July 29, 2026 that a share purchase agreement had been signed for the sale of all shares in Yapı Kredi Portföy Yönetimi A.Ş. to AZ International Holdings S.A., a member of Azimut Group. The transaction provides for a base purchase price of TRY 16,392 billion, subject to certain adjustments and performance conditions.

The transaction is expected to be completed within 2026, subject to obtaining the necessary regulatory approvals. As part of the transaction, the parties also signed an agreement providing for the distribution of investment products managed by Yapı Kredi Portföy through Yapı Kredi's distribution channels for a period of 15 years.

According to KPMG's "Pulse of Fintech H1 2026" report published on September 7, 2026, global fintech investments reached USD 103,1 billion across 2,100 transactions in the first half of 2026, exceeding the USD 72,2 billion recorded in the second half of 2025.

The report noted that the increase in investment value despite a decline in number of the transactions reflected investors' growing preference for established business models and large-scale transactions. Payment services, digital assets, and artificial intelligence-focused fintech startups were among the prominent investment areas. The report further indicated that, if current investment trends continue, 2026 could record the highest annual fintech investment volume in the past four years.

On August 23, 2026, the CBRT announced its decision to resume one-week repo auctions, which had been suspended on March 1, 2026, as part of its Turkish lira liquidity management operations.

The decision reinstated one-week repo auctions as a mechanism used by the CBRT to provide Turkish lira liquidity to the banking system.

Enerjisa Enerji signed a seven-year loan agreement with the European Bank for Reconstruction and Development (“EBRD”) for a Turkish lira equivalent of USD 207 million. The financing will be supported under the European Union's European Fund for Sustainable Development Plus (“EFSD+”) Hi-Bar Guarantee Program.

The financing is intended to support investments in the development and modernization of electricity distribution infrastructure in the Başkent, AYEDAŞ, and Toroslar regions where Enerjisa Enerji operates.

On August 13, 2026, Borsa İstanbul announced the rules governing the import of unprocessed gold brought into Türkiye from abroad under the asset repatriation regime. Accordingly, such gold may only be imported through precious metals intermediary institutions authorized by the Ministry of Treasury and Finance, while imports carried out on behalf and for the account of third parties will be exempt from the applicable quota restrictions.

The announcement introduced an import limit of 10 kilograms per person per month and an aggregate limit of 50 kilograms until July 31, 2027. These limits may be exceeded upon submission of documentation evidencing the gold's origin and compliance with applicable legislation, subject to the Ministry's approval. The announcement further emphasized that the asset repatriation regime provides only the tax protections prescribed by law and does not eliminate obligations arising under foreign exchange regulations or anti-money laundering legislation.

On July 1, 2026, the Public Oversight, Accounting and Auditing Standards Authority (“POA”) published for public consultation the updated drafts of the "Financial Statement Formats and Implementation Guide" and the "2026 TFRS Taxonomy Financial Statement Outputs", following the introduction of Turkish Financial Reporting Standards (“TFRS”) 18 Presentation and Disclosure in Financial Statements and the forthcoming replacement of Turkish Accounting Standard 1 Presentation of Financial Statements.

Stakeholders were invited to submit their comments and recommendations on the drafts, which aim to reflect the changes introduced by TFRS 18 in financial statement presentation and reporting practices, to the POA by July 30, 2026.

Under Türkiye's Artificial Intelligence Action Plan announced on August 18, 2026, the government set a target of mobilizing at least USD 10 billion in predominantly private-sector investment in data center, cloud computing, and artificial intelligence infrastructure by 2030.

It was also announced that USD 150 million in public funding had been allocated to venture capital funds to facilitate access to financing for artificial intelligence startups. Under the Plan, artificial intelligence research is expected to be supported through the National Artificial Intelligence Research Fund, while startups will be supported through the Artificial Intelligence Growth Fund.

ING Bank A.Ş. announced through a disclosure on the PDP that it had signed a sustainability-linked syndicated loan agreement totaling approximately EUR 150.8 million. The financing comprises USD 86 million and EUR 54 million with a maturity of 367 days, and USD 5 million and EUR 17 million with a maturity of 734 days.

Türkiye İş Bankası A.Ş. (“İş Bankası”) announced through a disclosure on the PDP that it had signed a loan agreement to secure USD 200 million in financing from the Industrial and Commercial Bank of China (“ICBC”) Group. The loan will have a maturity of three years and seven days.

On September 23, 2026, the Ministry of Treasury and Finance mandated BNP Paribas, Citibank, ING Bank, and J.P. Morgan for a US dollar-denominated sustainability bond issuance maturing in 2037. The issuance was completed on the same day for a total amount of USD 1.5 billion. The proceeds were scheduled to be transferred to the Treasury's accounts on September 30, 2026.

TSKB announced that it had signed a EUR 200 million loan agreement with the World Bank (International Bank for Reconstruction and Development) under the “Accelerating the Market Transition for Distributed Energy Program Additional Financing”. The additional financing, secured under the repayment guarantee of the Ministry of Treasury and Finance, is intended to support distributed renewable energy investments across Türkiye, particularly wind and solar energy projects and battery energy storage systems.

The financing builds on the funding obtained from the World Bank in 2024 under the Program for Results implemented in Türkiye and was provided under the World Bank-led Europe and Central Asia Renewable Energy Scale-up Program.

Türk Eximbank secured a syndicated loan totaling USD 830 million, comprising euro- and US dollar-denominated tranches with maturities of one, two, and three years. The syndication was completed with a rollover ratio of 129% and participation from 32 international banks, including nine first-time participants. The one-year tranche was structured as sustainability-linked financing.

The financing is intended to facilitate exporters' access to funding, promote the green transition, and enhance the international competitiveness of small and medium-sized enterprises (“SMEs”).

Through General Letter No. 948 dated July 8, 2026, the TCMA announced that, pursuant to the CMB’s decision dated March 26, 2026, applications and supervisory activities relating to investment funds with the term "participation" in their names and participation pension investment funds would be handled by the Participation Finance Department as of June 30, 2026.

In addition, portfolio custody institutions are required to submit collective portfolio custody notifications concerning participation funds to the Participation Finance Department via the Registered Electronic Mail (“KEP”) system, while notifications concerning other investment funds must be submitted exclusively to the Investment Funds Department through KEP. The subject line of such notifications must include the phrase “Portfolio Custody Notification”.

By its Principle Decision No. 49/1500 dated August 13, 2026, the CMB adopted the Guidelines on Green, Sustainable and Social Capital Market Instruments and the Guidelines on Sustainability-Linked Capital Market Instruments. Based on the relevant principles of the International Capital Market Association , the Guidelines enable the issuance of social-themed capital market instruments and establish a separate regulatory framework for sustainability-linked capital market instruments.

The Guidelines establish five key components for the issuance of sustainability-linked capital market instruments: selection of key performance indicators, determination of sustainability performance targets, characteristics of the capital market instruments, reporting, and verification. Depending on whether issuers achieve their sustainability performance targets, the coupon payments or other financial or structural characteristics of such instruments may be adjusted.

The Guidelines also specify the minimum content requirements for framework documents relating to capital market instruments issued under the Guidelines and update the rules governing applications to the CMB, material event disclosures, and reporting procedures. External review services have been redefined as second-party opinions and verification services.

The CMB further decided to apply a 50% reduction in the Board fees payable for the issuance of capital market instruments under the Guidelines. For lease certificates (sukuk), this reduction will apply in addition to the previously granted fee reduction.

By its Principle Decision No. 54/1614 dated September 3, 2026, the CMB established new rules governing the calculation and disclosure of indirect shareholdings in companies whose shares are traded on the stock exchange, held through hedge funds (including private hedge funds) and other publicly traded companies. Under the decision, the CSD must immediately update the table identifying natural and legal persons holding an indirect shareholding of 10% or more whenever a change occurs.

Through General Letter No. 1075 dated September 11, 2026, the CSD clarified the methodology for calculating the percentages disclosed in the “Natural and Legal Persons Indirectly Holding Shares in the Company's Capital as of the Latest Date” table on the PDP. Accordingly, indirect shareholding percentages arising through hedge funds and other publicly traded companies will be calculated by the CSD, while indirect shareholdings arising from shares held by privately held companies must be reported to the CSD by the relevant issuers. Such information will be calculated cumulatively on an investor-by-investor basis and disclosed on the PDP.

To facilitate these disclosures, a new “Indirect Shareholding Information” menu was introduced in the PDP's BİY application. Issuers are required to submit the relevant notifications to the CSD as of September 14, 2026.

By its Decision No. 52/1589 dated August 28, 2026, the CMB introduced comprehensive amendments to the Guidelines on Investment Funds, particularly concerning the activities of hedge funds.

Under the amendments, investments by hedge funds in a company's free-float shares are restricted to between 2% and 8%, depending on the company's free-float ratio, while aggregate investment limits have also been established for funds managed by the same portfolio manager. In addition, the aggregate value of positions individually exceeding 5% of a hedge fund's portfolio may not exceed 20% of the total portfolio value.

The amendments also introduce new requirements concerning the capital adequacy and organizational structures of portfolio management companies and limit the number of funds that individual portfolio managers may manage. The rules governing portfolio allocations of money market funds, repo and reverse repo transactions, and public disclosure obligations of investment funds have also been updated. Different transitional periods have been established for existing funds and portfolio management companies to comply with the new requirements.

Furthermore, the initial and minimum paid-in capital requirements applicable to portfolio management companies for 2027 have been set at TRY 500 million for portfolio management companies with broad authorization and TRY 250 million for portfolio management companies with limited activities.

By its Principle Decision No. 43/1308 dated July 16, 2026, the CMB introduced an independence requirement for legal professionals preparing legal due diligence reports in connection with lease certificate (sukuk) issuances.

Accordingly, in addition to the professional experience requirements prescribed under the Communiqué on Lease Certificates, the legal professionals preparing such reports must be independent of the asset leasing company, the originator, and the fund user. As a result, independence will also be a mandatory requirement in the preparation of legal due diligence reports for lease certificate issuances.

Through General Letter No. 949 dated July 14, 2026, the TCMA announced the CMB's clarifications regarding the investor consent procedures applicable when investment fund allocation recommendations are updated.

Accordingly, where fund allocation recommendations provided to investors are amended or updated, the revised recommendation must be presented to the relevant investor and renewed consent must be obtained before any automatic fund purchase or sale transactions are executed in the investor's portfolio. The general consent obtained upon enrollment in the system is not sufficient for such transactions. No transactions may be executed in the portfolios of investors who do not provide their consent, and the consents obtained must be retained in accordance with the applicable legislation.

Through General Letter No. 952 dated July 27, 2026, the TCMA announced amendments to the rules governing intermediation in the trading of foreign exchange-traded funds and banks' overseas order transmission activities, pursuant to the CMB's Decision No. 37/1118 dated June 17, 2026.

Accordingly, investment institutions may facilitate transactions involving exchange-traded funds listed on foreign exchanges through order transmission or dealing on behalf of clients, without prejudice to the existing restrictions on crypto asset-related transactions. In addition, deposit and participation banks may not directly provide order transmission services for shares and derivatives based on shares or equity indices traded abroad. However, they may assist customers in opening accounts with authorized brokerage firms abroad or transmit customer orders to such institutions.

Through General Letter No. 954 dated August 13, 2026, the TCMA announced the CMB's clarifications regarding the transfer of proceeds from share sales executed on foreign stock exchanges to customer accounts before the settlement date and the use of zero-commission advertisements by investment institutions.

The CMB clarified that its decision dated July 14, 2017, which permits proceeds from share sales to be credited to customer accounts before the settlement period has elapsed, applies exclusively to transactions executed on Borsa İstanbul. Accordingly, such services may not be provided for share sales executed on foreign stock exchanges under the existing regulatory framework.

The CMB further stated that investment institutions using the term “zero commission” in advertisements, announcements, or promotional materials must provide complete, accurate, and comprehensive information regarding fees and commissions that would ordinarily be charged but are waived for customers under the relevant promotional campaign.

By its Principle Decision No. 49/1489 dated August 13, 2026, published in CMB Bulletin No. 2026/51, the CMB expanded the scope of the requirement to publish material event disclosures in English.

Under the decision, the requirement, which previously applied only to companies classified in the first group under the CMB's corporate governance regulations, will apply to all publicly held companies whose shares are traded on the stock exchange as of October 1, 2026. Accordingly, material event disclosures must be published simultaneously in Turkish and English. The relevant company will be responsible for the accuracy of the English disclosures, which must include a disclaimer stating that the Turkish text will prevail.

Publicly traded companies newly falling within the scope of this requirement were instructed to complete the necessary preparations by October 1, 2026.

Through General Letter No. 2167 dated August 29, 2026, Takasbank announced amendments to the procedures governing markets for which it provides central counterparty services, in order to align them with the CMB's amendments to the Guidelines on Investment Funds.

The amendments update the rules on applying valuation coefficients to the prices used to calculate the nominal value of shares to be delivered in equity repo transactions. They also establish collateralization, notification, and blocking requirements for reverse repo transactions executed on behalf of funds without central clearing services, as well as procedures for reporting non-compliance to the CMB and terminating the relevant agreements. The deadline for securities notifications and blocking transactions on behalf of funds in the Repo and Reverse Repo Market, where central clearing services are not provided, has been set at 5:45 p.m.

In addition, the rules governing open position limits and reductions for transactions without clearing services in the Securities-Preferred Repo Market, Equity Repo Market, and Borsa İstanbul Money Market have been revised in accordance with the Guidelines. Members' outstanding positions as of August 29, 2026 will serve as the applicable upper limits and must be gradually reduced in accordance with the prescribed periods and ratios. The amendments also revise the rules governing the notification of off-exchange repo, reverse repo, and wa'ad agreements to Takasbank, the deposit of securities, and collateral composition limits.

The amendments became applicable on August 29, 2026.

By its Principle Decision No. 51/1568 dated August 27, 2026, the CMB established new criteria for prioritizing the review of initial public offering (“IPO”) applications submitted by privately held companies. Accordingly, companies that meet at least one of the specified criteria and request priority treatment may have their IPO applications reviewed and finalized ahead of the application order announced by the CMB.

The criteria include being the first company to go public and have its shares traded on the stock exchange in the city where its headquarters and factories, production facilities, or service offices generating more than 50% of its revenue are located, provided that its shareholding structure has remained unchanged for the preceding five years; being under the management control of the Ministry of Treasury and Finance, the Türkiye Wealth Fund, or public institutions; or having an IPO market value exceeding TRY 15 billion, provided that at least 50% of the offering is intended to be allocated to foreign investors.

Where shares are to be allocated to foreign investors, a draft set of documents prepared in a foreign language must also be submitted to the CMB to ensure compliance with international regulations.

By its Principle Decision No. 53/1590 dated August 31, 2026, the CMB introduced new restrictions on off-exchange share sales by certain shareholders under the Communiqué on Shares (VII-128.1).

Under the decision, off-exchange share sales conducted by the persons specified in Article 27(1) of the Communiqué on Shares during any 12-month period may not exceed 2% of the share capital or voting rights of companies with a free-float ratio exceeding 50%, or 4% of the share capital or voting rights of companies with a free-float ratio of 50% or less. These restrictions also apply to transactions executed through special orders, the Borsa İstanbul Wholesale Market, and transfers by book entry or assignment.

Share transfers exceeding the applicable thresholds require the preparation of a share sale information form approved by the CMB. Without such approval, the relevant shares may not be converted into shares eligible for trading on the stock exchange or transferred through the specified methods. Both the transferring shareholders and the investment institutions intermediating the transactions are responsible for compliance with these requirements.

Off-exchange share sales executed before August 29, 2026 will not be included in the calculations for the relevant 12-month period. Companies included in the BIST 30 Index and companies under the management control of the Ministry of Treasury and Finance, the Türkiye Wealth Fund, or public institutions are exempt from these restrictions.

Following allegations of market manipulation and regulatory violations in capital market transactions, transactions involving certain portfolio management companies and investment funds came under investigation. Later in the investigations, authorities issued detention and judicial control orders against certain fund managers, while the CMB decided to suspend subscriptions and redemptions and liquidate certain investment funds to protect investors and oversee market operations.

By its Decision No. 57/1707 dated September 17, 2026, the CMB suspended subscriptions and redemptions of investment funds established by seven portfolio management companies and traded on the Turkish Electronic Fund Trading Platform ("TEFAS"), and decided to liquidate 131 designated investment funds. By Decision No. 57/1708 of the same date, the CMB determined the liquidation procedures and principles and appointed İş Bankası and Türkiye Cumhuriyeti Ziraat Bankası A.Ş. to carry out the liquidation.

With Decision No. 59/1710, adopted on September 20, 2026, the CMB extended the liquidation period for the funds from three months to six months. The amendment was made to allow the fund portfolios' assets to be sold on appropriate terms, taking market conditions into account.

In a subsequent announcement, the CMB stated that holders of subscription and redemption orders cancelled as a result of the suspension of trading of the funds subject to liquidation on TEFAS on September 17, 2026 would receive payments from the liquidation balance in proportion to their ownership of fund participation units.

Furthermore, while measures were imposed on the assets of various natural and legal persons and investment funds within the scope of the investigations, it was subsequently announced that asset-related measures imposed on 45 legal entities, 19 funds and 42 natural persons had been lifted.

On September 11, 2026, MASAK published the “Guide on the Detection of Hawala and Similar Alternative Value Transfer Systems and Suspicious Transaction Reporting” to facilitate the identification of hawala and similar alternative value transfer systems and improve the effectiveness of suspicious transaction reporting.

The Guide addresses the risks associated with such systems in relation to unauthorized payment services, laundering of proceeds of crime, terrorist financing and illegal betting, and provides sector-specific suspicious transaction indicators for banks, payment and electronic money institutions, crypto asset service providers and other relevant obliged entities. It also emphasises the importance of considering customer profiles, the source of funds, beneficial owners and links between different financial channels as a whole, rather than examining individual transactions in isolation.

MASAK General Communiqué (Serial No. 34), published in the Official Gazette dated September 23, 2026 and numbered 33379, regulated measures to be taken by obliged entities within the scope of listing decisions of the United Nations Security Council ("UNSC") concerning the prevention of terrorist financing and the financing of the proliferation of weapons of mass destruction.

Under the Communiqué, UNSC listing decisions and information concerning the persons, entities and organizations subject to such decisions are to be transmitted to MASAK through the Ministry of Foreign Affairs and published on MASAK’s website. In addition, obliged entities are required to take the necessary measures to promptly report to MASAK and defer transactions sought to be carried out by such persons, entities and organizations, in accordance with the relevant legislation, particularly Article 19/A of Law No. 5549.

These obligations apply to the obliged entities listed in Article 4 of the Regulation on Measures Regarding Prevention of Laundering Proceeds of Crime and Financing of Terrorism, as well as their branches, agencies, representatives, commercial agents and similar affiliated units. The Communiqué entered into force on September 23, 2026.

Presidential Circular No. 2026/7, published in the Official Gazette dated July 4, 2026 and numbered 33300, brought into force the “Strategy Document on Increasing Effectiveness in Combating Laundering of Proceeds of Crime and Financing of Terrorism and in Confiscation Practices in Türkiye (2026–2030)” (the “Strategy Document”). The Strategy Document, to be implemented under MASAK’s coordination, aims to improve the effectiveness of judicial and administrative processes in combating money laundering and terrorist financing, strengthen seizure and confiscation practices and enhance compliance with obligations.

The Strategy Document envisages prioritizing the analysis of suspicious transaction reports involving high-risk and complex cases, improving the effectiveness of financial investigations and strengthening information sharing and coordination among the relevant institutions. It also aims to improve compliance with obligations such as customer due diligence, suspicious transaction reporting and recordkeeping through risk-based inspections, and to increase controls over the accuracy of beneficial ownership information.

In this context, plans include expanding the obligation to maintain share ledgers electronically and transferring historical records to electronic systems, with joint controls envisaged at least every six months to detect possible discrepancies between the beneficial ownership register and the trade registry. It was also decided to establish inter-agency working groups to assess money laundering and terrorist financing risks and improve legislation and implementation processes.

Burgan Bank renewed its one-year syndicated loan equivalent to USD 132.5 million, obtained in June of the previous year to finance foreign trade, with the participation of 19 banks from 14 countries. Under the transaction coordinated by Emirates NBD Capital Limited, the Bank secured a syndicated loan equivalent to USD 150.5 million in four tranches, comprising one-year tranches of USD 75.5 million and EUR 17 million, and two-year tranches of USD 50 million and EUR 5 million. Emirates NBD Bank acted as facility agent.

Garanti BBVA developed a new derivative-based treasury product to help companies trading with the European Union and falling within the scope of the Carbon Border Adjustment Mechanism ("CBAM") manage carbon cost risks arising from fluctuations in CBAM certificate prices. In one of the first transactions carried out under the product, Medcem Cement Group fixed the price through Garanti BBVA to hedge against price fluctuations in CBAM certificates to be delivered in 2027.

QNB Bank A.Ş. (“QNB Türkiye”) expanded its sustainable financing products and funding structure through a one-year USD 30 million Blue Repo transaction with Barclays Bank PLC. The funds raised under the transaction will finance investments that support the protection of water resources and blue economy activities.

Two additional financing agreements totaling approximately USD 630 million were signed between the Development and Investment Bank of Türkiye ("TKYB") and the World Bank to promote renewable energy investments and support emissions reductions in industry in Türkiye. The financing, provided under the repayment guarantee of the Ministry of Treasury and Finance, is intended to expand the scope of programs implemented by TKYB in cooperation with the World Bank since 2024.

Under the agreements, additional financing of EUR 200 million was provided for the Accelerating the Market Transition for Distributed Energy Project. The funding brings distributed wind energy investments within the scope of the program, alongside distributed solar energy and battery energy storage investments.

Under the Türkiye Industrial Emissions Reduction Project, additional financing equivalent to approximately USD 400 million was provided. The financing is expected to be used for process-integrated investments that support industrial enterprises’ transition to cleaner production technologies and increase energy and resource efficiency, as well as end-of-pipe treatment investments aimed at reducing air emissions.

DenizBank A.Ş. (“DenizBank”), together with its majority shareholder Emirates NBD, published a Transition Finance Framework to support the transition of emissions-intensive sectors to a low-carbon economy. Described as the first separately published guidance document of its kind in Türkiye, the Framework sets out a methodology for identifying, evaluating and classifying activities that contribute to transformation in high-emission and hard-to-abate sectors.

The Framework aims to support financing for transformation investments aligned with the objectives of the Paris Agreement by companies operating in carbon-intensive sectors, particularly manufacturing, iron and steel, cement, mining, real estate, transportation and agriculture. Prepared with reference to international capital and loan market guidelines, the Framework’s alignment with international standards is supported by an independent second party opinion provided by DNV.

DenizBank obtained a one-year USD 50 million social loan under the Sustainable Loan Framework developed with Citi. The transaction represents the first financing transaction under this framework.

The funds are expected to be used to finance farmers and agricultural businesses through DenizBank’s Producer Card, in line with the bank’s sustainable finance approach. The financing aims to support producers’ access to funding, ensure continuity of agricultural production and strengthen food security.

QNB Türkiye entered into a three-year USD 25 million Gender Equality-Focused Repo transaction with Standard Chartered to support access to financing for women-led businesses. The funds raised under the transaction will be used to finance and refinance loans extended to women-led SMEs that meet the criteria specified in the QNB Group Sustainable Finance and Product Framework.

The financed loans will be subject to regular reporting and independent verification. The transaction represents Standard Chartered’s first financing transaction in Türkiye targeting women-led businesses.

Türkiye Finans Katılım Bankası A.Ş. (“Türkiye Finans”) published its 2025 Sustainability Report, prepared in compliance with the Turkish Sustainability Reporting Standards. According to the report, the Bank’s total greenhouse gas emissions decreased by 40% in 2025 compared with the previous year, while financing provided for renewable energy and climate-related investments increased by approximately 45% to TRY 7,1 billion.

Türkiye Finans also began reporting its Green Asset Ratio for the first time in 2025, announcing a ratio of 3.8%. The Bank stated that it continues to assess environmental and sustainability governance criteria in its loan allocation processes and aims to support the green transition of the real economy through sustainable financing.

By a Board Decision adopted on July 30, 2026, the BRSA introduced amendments to lending limits applicable to development and investment banks.

Under the amendment, excluding Takasbank and İller Bankası A.Ş., the ratio of the total risk exposure of loans extended by development and investment banks to a natural or legal person or risk groups, on both consolidated and unconsolidated bases, to their Tier 1 capital was reduced from 50% to 30%. The ratio of the total risk exposure of loans extended to the risk group to which the bank belongs to its Tier 1 capital was reduced from 30% to 25%.

Where the new lending limits are exceeded, existing excesses must be remedied by April 1, 2027 for loans extended to a natural or legal person or risk groups, and by October 1, 2026 for loans extended to the risk group to which the bank belongs.

İş Bankası issued USD 500 million of Tier 2 Eurobonds in international capital markets, with a 12-year maturity and an early redemption option in the seventh year. The coupon rate was set at 8.40% for the first 12-year Tier 2 issuance by a Turkish bank.

The issuance attracted strong demand from international investors, with 46% of the Eurobonds sold to investors in the United Kingdom, 20% in Europe, 17% in the United States, 16% in the Middle East and 1% in Asia. With this transaction, İş Bankası completed three separate Tier 2 Eurobond issuances totaling USD 1,5 billion in international markets over the past year.

By General Letter No. 2161 dated July 30, 2026, Takasbank updated the risk parameters used to calculate transaction collateral in markets where it provides central counterparty and collateral management services, taking market conditions into account. The new parameters were scheduled to apply from the first intraday risk calculation on August 3, 2026.

In this context, the risk parameters used in the relevant markets, particularly the Futures and Options Market, were revised. For the Equity Lending Market, the risk parameter was announced as 114% for BIST 30 shares and 115% for shares outside the BIST 30. In the Takasbank Money Market, the value-at-risk ratio was set at 4.14%, the initial margin risk parameter at 5%, the collateral conversion parameter at 105% and the receivables distribution parameter at 10%. The contribution rate to the cheque clearing guarantee mechanism was announced as 5%, with an additional contribution rate of 2.5%.

It was stated that any changes in collateral obligations arising from the new parameters could be monitored on members’ screens following the first risk calculation on August 3, 2026, and members were requested to perform the necessary checks regarding their collateral obligations.

New principles governing the activities of savings financing companies were established through instructions communicated by the BRSA to the Financial Institutions Association. Effective July 1, 2026, the maximum early delivery ratio was increased from 40% to 45%, while the earliest delivery period was increased from 150 days to 180 days.

The regulation also requires that, in the payment schedules of customer-based savings financing contracts, the lowest installment amount, excluding the down payment, must not be less than one-third of the highest installment amount. Limits were also introduced on the monthly value of new contracts that companies may enter into, based on their size. Companies with a total contract volume between TRY 200 billion and TRY 500 billion may increase this amount by a maximum of 8% of the preceding month’s total, while companies exceeding TRY 500 billion may increase it by a maximum of 5%.

By General Letter No. 2158 dated July 14, 2026, Takasbank published data as of June 30, 2026 to be used by banks in calculating capital requirements for exposures arising from qualifying transactions with central counterparties.

The published data cover transactions in the Futures and Options Market, Equity Lending Market, repo transactions in the Borsa İstanbul Debt Securities Market, Swap Market and centrally cleared over-the-counter derivatives. They include information, by relevant market, on capital allocated by Takasbank for covered exposures, the total guarantee fund and hypothetical capital requirements.

In its announcement, the CBRT stated that liquidity facilities had been reviewed in light of developments in financial markets and that new measures would be taken to support the banking system’s access to liquidity. Accordingly, the amount of funding provided through weekly repo auctions is envisaged to be increased taking liquidity conditions into account, banks’ borrowing limits in the CBRT Interbank Money Market are to be updated in line with their current balance sheet sizes, and collateral haircut rates applicable in CBRT markets are to be reduced.

By Board Decision No. 11571 dated September 17, 2026, the BRSA introduced a temporary regulation concerning the treatment, in own funds and capital adequacy calculations, of treasury shares acquired through repurchases by publicly traded banks whose shares are traded on the Borsa İstanbul A.Ş. Equity Market. Under the regulation, treasury shares repurchased on the exchange by such banks after September 16, 2026 will not be treated as deductions from Common Equity Tier 1 capital under the Regulation on Banks’ Own Funds until December 31, 2026, nor will they be included in the calculation of credit risk-weighted and market risk-weighted amounts under the Regulation on the Measurement and Assessment of Capital Adequacy of Banks.

Garanti BBVA acted as Mandated Lead Arranger and Facility Agent in a USD 40 million project financing package for the data center investment of NGN and Star of Bosphorus. The financing was structured as a Green Loan in line with the data center’s energy efficiency and sustainable operations objectives.

The investment, which addresses increasing demand for data center capacity driven by artificial intelligence and digitalization, aims to achieve performance aligned with international standards in terms of Power Usage Effectiveness, one of the key indicators of the project’s energy efficiency. The transaction forms part of Garanti BBVA’s project financing activities across various sectors within the scope of sustainable finance.

Türkiye Vakıflar Bankası Türk Anonim Ortaklığı (“VakıfBank”) and the Zero Waste Foundation launched a financing package to support the transition of companies and public institutions to a circular economy. The first phase aims to reach more than 500 institutions and projects and provide TRY 10 billion in financing, including TRY 3 billion in Credit Guarantee Fund ("KGF") guarantee support.

Ak Finansal Kiralama A.Ş. (“Ak Lease”) signed a USD 30 million loan agreement with UAE-based Emirates Islamic. The financing, which represents the first lending transaction between the two institutions, is expected to be used to finance leasing investments by Ak Lease customers.

Through the transaction, Ak Lease aims to strengthen its funding structure by diversifying international financing sources and developing cooperation with financial institutions in the Middle East, while increasing its financing capacity for the investment needs of the real economy.

QNB Finansal Kiralama A.Ş. ("QNB Leasing") completed two syndicated loan agreements amounting to USD 117 million and EUR 53 million, in a transaction for which Société Générale acted as sole global coordinator.

The long-term financing is expected to support QNB Leasing’s leasing activities for corporate customers and SMEs and increase its investment financing capacity.

The CMB approved the following applications:

• Freedom Yatırım Menkul Değerler A.Ş.’s application to commence operations as a fully authorized intermediary institution;
• DK Portföy Yönetimi A.Ş.’s application for an operating license and authorization to conduct portfolio management and investment advisory activities;
• Midas Menkul Değerler A.Ş.’s, ING Yatırım Menkul Değerler A.Ş.’s and Aktif Yatırım Menkul Değerler A.Ş.’s applications to conduct brokerage activities in foreign markets under their respective operating licenses;
• Global Menkul Değerler A.Ş.’s application to conduct order transmission activities abroad in relation to other securities, equity derivatives, equity index derivatives and other derivatives;
• Ikon Menkul Değerler A.Ş.’s application for authorization to conduct underwriting activities in connection with public offerings.

The BRSA revoked the operating licenses of Bank Mellat Tehran Istanbul Türkiye Main Branch and BLG Varlık Yönetim A.Ş.

The CBRT also revoked the following operating licenses:

• Vezne24 Tahsilat Sistemleri ve Ödeme Hizmetleri A.Ş.’s authorization to operate as a payment institution;
• Payco Elektronik Para ve Ödeme Hizmetleri A.Ş.’s authorization to operate as an electronic money institution;
• Junomoney Elektronik Para ve Ödeme Hizmetleri A.Ş.’s authorization to operate as an electronic money institution;
• TRPOS Ödeme Kuruluşu A.Ş.’s authorization to operate as a payment institution;
• Papel Elektronik Para ve Ödeme Hizmetleri A.Ş.’s authorization to operate as an electronic money institution.

In addition, the CMB temporarily suspended Tera Yatırım Menkul Değerler A.Ş.’s capital market activities.