The regulation of the Istanbul Financial Center (IFC), the vision project of the Century of Turkey, entered into force after being signed by President Recep Tayyip Erdoğan and published in the Official Gazette on Friday, 7 July 2023.
The regulation of Istanbul Finance Center (IFC), which set out with the aim of making Istanbul the financial center of the world in Turkey’s 100th anniversary, was signed by President Recep Tayyip Erdoğan and published in the official gazette and entered into force.
The regulation of the Istanbul Finance Center, which will be managed by TVF A.Ş., which was established with 100% shareholding of the Turkey Wealth Fund (TVF), has been determined. Istanbul Finance Center aims to increase the financial competitiveness of the Republic of Turkey in the international arena, to contribute to the development and deepening of financial markets and products and services, and to strengthen integration with international finance and capital markets.
With the regulation, all elements such as the rental of all relevant units within the Istanbul Finance Center, the admission of new participants, the operation of IFC equipment, security, maintenance, repair and dues will be managed by Istanbul Finans Merkezi A.Ş for 20 years. The regulation, which was approved with the signature of President Erdoğan in the Official Gazette, also includes all these objectives, as well as the procedures and principles regarding the management, operation, issuance of participant certificates, the functioning of the one-stop bureau, and the implementation of the Istanbul Financial Center Law No. 7412, dated 22.06.2022. determines.
Transactions Will Gain Speed With One-Stop Office
With the development of technology, it is of great importance that transactions can be carried out quickly in today’s world, where the operation accelerates in every field and sector. While there are 28 articles in six sections within the scope of the regulation, how the operation will be carried out in many subjects, from participation in IFC to transaction and management processes, has been determined with these articles.
Within the scope of the regulation; It includes the implementation of the Istanbul Financial Center Law dated 22.06.2022 and numbered 7412, the management and operation of the office areas and out-of-scope areas of IFC, the participant certificate and the operation of the one-stop office.
With the One Stop Office arrangement, the Istanbul Finance Center will accelerate the processes related to the work of the participants and the determined issues with the applications for permission, license, license and similar approvals regarding the activities of the participant and participant candidates.