DRAFT LAW TO DIVERSIFY FUNDING OPTIONS FOR TURKISH PROJECTS

On 6 February 2020, a bill that introduces significant structural changes to the Banking Law (Law No. 5411) (the “Banking Law”) and Capital Markets Law (Law No. 6362) (the “Capital Markets Law”) of Turkey was submitted to the Turkish Parliament (the “Draft Law”). The Draft Law proposes significant improvements to the legal framework applicable to project bond issuances in Turkish capital markets and Turkish securitisation and debt funds, such as the introduction of security trustees, and adopts new rules that will enable a wider investor base to provide financing directly to Turkish projects.