Legislation for Istanbul Finance Center to be drawn up
by Daily Sabah
ISTANBULJan 31, 2017 - 12:00 am GMT+3
by Daily Sabah
Jan 31, 2017 12:00 am
The Turkish government is stepping up its efforts to prepare the legal infrastructure and regulations needed for the much-anticipated Istanbul Finance Center project, the foundations of which were laid down by Prime Minister Binali Yıldırım in October last year in Istanbul's Ataşehir district.
As part of the project, the headquarters of Turkey's major financial institutions, including the Banking Regulation and Supervision Agency (BDDK) and Capital Markets Board (SPK), will be relocated to this center from Ankara.
Accordingly, under the government's directives, the SPK has already begun to receive opinions from different institutions on a draft law regarding the Istanbul Finance Center, according to Para magazine.
So far, it has picked the brains of the institutions and organizations representing the sector, such as the BDDK, Pension Monitoring Center and Financial Institutions Association and collected their sector-related proposals.
Representatives of the sector say the SPK asked questions such as, "What types of regulations should be included in the draft law, what should be in the legal and taxation infrastructure, which products should be introduced and how should the incentive system be," while collecting opinions from different institutions. Sharing information about the Istanbul Finance Center law last October, Finance Minister Naci Ağbal had said they would soon enact the law.
He had also said they were carrying out studies on the institutional structure of the center, support and incentives to be provided to the investors involved, tax advantages and other advantages to be provided regarding tax-like issues, financial transactions to be made in this field and the creation of security platforms and standards for these transactions, before offering the draft law to the Cabinet.
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