It has been an interesting, fruitful, and innovative year for the Turkish financial sector. Most importantly and possibly surprisingly, the Turkish financial regulatory authorities are at full speed in implementing a legal framework to support a more sustainable Turkey.
Wiercinski Kwiecinski Baehr Partners Anna Flaga-Martynek, Marta Midloch, Marcin Smolarek, Maciej Szambelanczyk, Anna Wojciechowska, and Anna Wyrzykowska have become Equity Partners, while Counsels Agata Szczepanczyk-Piwek, Sergiusz Urban, and Jordan Zafirow have been promoted to Partner, as of January 1, 2022.
Many economies, particularly those in the European Union [“EU”], are now centered on the environment-oriented and sustainable economy model known as "Green Transformation," which aims to mitigate the negative environmental consequences of human-induced parameters on the ecosystem. Turkey, also, had signaled that it would not stay out of this shift by ratifying the Paris Climate Agreement in October 2021.
Capital market activities as defined under Article 34 of the Capital Markets Law No. 6362 (the “CML”) are activities of capital market institutions falling within the scope of CML, investment services and activities and other ancillary services falling within the scope of the CML. In order to carry out capital market activities, permission of the Capital Markets Board of Turkey (the “Board”) is required. Obtaining permission is particularly important given that the consequences of determination by the Board that such activities are carried out without the permission from the Board may have severe consequences.
The end of 2021 has marked adoption of the new Law on Capital Market (the “Law”) in Serbia, which was published on 28 December 2021. The Law was adopted in line with the recently enacted Strategy for Development of the Capital Market for the period 2021-2026 and within a wider process of accession of Serbia to the EU.
On October 18, 2021, CEE Legal Matters reported that Lextal has advised Estonian financial technology group IuteCredit on its EUR 75 million senior secured corporate bonds issuance. CEE In-House Matters spoke with Kadi Raudsepp, Head of Legal & Compliance at IuteCredit, to learn more about the matter.