76 / 391
NEWS LETTER 2 0 1 0
62
Draft Regulation for Amendment of the Regulation on
Principles for the Establishment and Operation of Financial
Leasing, Factoring, and Financing Companies
*
It is envisaged to make amendments and additions to some of
the articles of the Regulation on Principles for the Establishment and
Operation of Financial Leasing, Factoring, and Financing Companies
(hereinafter referred to as the “Regulation”) which was prepared by the
Banking Regulation and Supervision Agency (hereinafter referred to as
the “BRSA”) and published in the Official Gazette dated 10 October 2006,
numbered 26315. The amendments and additions are in draft form and
have not yet entered into force. They were announced on the web site of the
BRSA. Pursuant to the Draft Regulation, article 4/1 (b) of the Regulation
will be amended as follows:
“b) paid up capital shall not be less than seven million
five hundred thousand Turkish Lira for factoring and
financing companies and the sum prescribed by Article 11
of Financial Leasing Law No. 3226 for financial leasing
companies.”
Therefore, it is envisaged that paid-up capital shall be increased from
five million Turkish Liras to seven million five hundred thousand Turkish
Liras for factoring and financing companies.
The article mentioned below is added to article 7/1 of the Regulation.
“The capital subscribed by the company founders shall
be paid fully in cash up to the minimum capital amount”
By the above referred addition, if case BRSA considers an application
for the establishment appropriate, it is necessary that the capital subscribed
by the company founders shall be paid fully and in cash up to the minimum
capital amount, besides other conditions following the conclusion of the
establishment procedures in order to obtain permission for an operating
license.
Article 20/1 of the Regulation will be amended as follows:
(1) Financing companies conclude general agreements
with suppliers in advance for goods and services for
*
Article of June 2010