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Transfer of Potential Receivables
Pursuant to Art. 9 of the Regulation, in order for factoring opera-
tions to account for potential receivables, (i) the transferred receivables
must be certified by invoice or other documents substituted for an
invoice, (ii) the factoring companies and banks will confirm the infor-
mation on an invoice or other documents substituted for the invoice on
the date of the commencement of the receivable.
The second paragraph of the same provision stipulates the condi-
tions for the acquisition of receivables arising out of the sale of goods
or services. Such conditions are as follows:
i) Factoring companies and banks shall conclude agreement
with their clients that include the definition of the work, qual-
ity of the receivable, maximum factoring limit and payment
requirements.
ii) The matters concerning the potential receivable shall be certi-
fied via other documents, such as an agreement signed by the
client and the debtor, an order form, a pro forma invoice or
letter of credit.
iii) The accuracy and validity of the documents and information
proving the commercial relation between the debtor and the
client, as well as the fact that the receivable to be transferred
will arise out of such commercial relation, shall be checked
and evaluated.
iv) The factoring companies and banks shall obtain the invoice or
other documents substituting the invoice that shall be issued
following the production of the receivable from the client, and
shall submit such documents to the relevant operations file.
Preservation of the Documents
In accordance with Art. 10 of the Regulation, factoring companies
and banks that are established in Turkey shall be obliged to preserve
the information and documents related to the factoring operations,
which are obtained upon the conclusion of their investigation and
enquiries, for a minimum period of five years, provided that such peri-
od is no less than the durations envisaged under other related regula-
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NEWSLETTER 2015