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Prior to the enactment of Capital Markets Law 6362 and of December 30 2012 (the Law), it was not clear whether over-the-counter (OTC) derivatives were subject to the Capital Markets Board's (CMBs) regulations under the old legislation. This was because the old legislation did not provide clear rules in terms of OTC derivatives. According to the CMB's principle decisions issued under the old legislation, OTC derivatives were not subject to the CMB regulations. Accordingly, it was generally understood that OTC derivatives did not require an authorisation from the CMB under the old legislation. However, given the fact that Article 6/8 of Decree No. 32 requires such transactions to be carried out through CMB-licensed intermediary institutions operating in Turkey, or by intermediary institutions abroad, this gave rise to an uncertainty amongst banks in particular that were willing to execute OTC derivatives with their customers.

Recent progress in proposals to amend the European Insolvency Regulation could change how debt restructurings are carried out in the region

The final version of France’s new insolvency law is a watered down version of the original proposal, but it still greatly enhances creditor rights

Mayer Brown's Alexandria Carr compares recent proposals to improve the resilience of EU credit institutions and the UK's Financial Services (Banking Reform Act) 2013

Europe's equity markets are humming. Despite uncertainty over Russia's Ukrainian exploits, volatility is down and listing windows are open for longer.

George Borovas,

Craig Whitley,

The public auction of the Australian diary company saw local and foreign bidders use regulatory processes to win board votes and stall competitors

The financing of a Scottish roads project could solve the problem of negative carry that has long blocked the infrastructure sector's funding streams.

Cities around the world are looking to replicate Hong Kong’s success as an offshore RMB hub. Here are the top contenders