Penezoglu Law Firm

The journey to “Industry 4.0” not only brought technological advancements but also generated technical, philosophical, and legal questions and potential problems. Digital technology, blockchain, big data, and artificial intelligence have led to serious discussions in private law, even in commercial law, capital markets, and intellectual property law where there are preestablished and traditional rules. It has become more and more difficult for legislators and jurists to keep up and understand the advancements to prevent problems or find solutions. The slow evolution of law prevents reconciliation with new technology.

In recent years, together with the pandemic, which has radically changed many commercial practices in the world, electronic commerce has developed in our country as well as the world, and this has led to radical changes in consumption habits. Along with these rapid changes, the need for both the protection of consumer rights and the clarification of the rights and obligations of service providers, especially in online sales has developed. As a result of the legislation's inability to keep up with changes in consumption habits, various clauses have been identified as problematic. With this article, we would like to draw attention to these changes and how it is expected to prevent these issues.

Banking Regulation and Supervision Agency (“BRSA”) has the power to make decisions regarding the commercial loan system in accordance with Article 93 of Banking Law No. 5411. In order to strengthen financial stability and efficient operation of the credit system by using resources more efficiently, BRSA decided to limit the cash commercial loans in Turkish Lira (“TRY”) to companies subject to independent audit, with the decision dated June 24, 2022 and numbered 10250 (“Decision No.10250”). Before Decision No.10250 such limitations did not exist. Later, BRSA made a second decision dated July 7, 2022 and numbered 10265 (“Decision No.10265”) regarding the application of Decision No.10250 to be effective as of June 24, 2022. With Decision No.10265, BRSA revised the terms of the restrictions on the use of commercial cash loans in TRY and clarified the application of restrictions. In addition, Decision No.10265 made amendments to ease the procedure for both banks and companies, as well as provided a more effective application of the limitations. In this article, we explained the scope and application of the limitations of commercial loans in detail, starting with the main rule followed by the exceptions.

Authors: Özlem Bulut Penezoğlu and Ece Tok, Penezoğlu Law Firm

Authors: Özlem Bulut Penezoğlu, Yağmur Namazcı Şener and Ayşe Burçak Çoğ, Penezoğlu Law Firm

Authors: Ayşe Uzun and Nazlı Rona, Penezoglu Law Firm

We are happy to announce that Penezoğlu Law Firm has moved to a new office in Istanbul: