Regulation for Istanbul Finance Center (İFM) Signed

Istanbul Financial Centre's (IFC) Regulation Signed The regulation of Istanbul Financial Centre (IFC), a vision project of Turkey's Century, was signed by President Recep Tayyip Erdoğan and entered into force after being published in the Official Gazette on Friday, 7 July 2023. The regulation of Istanbul Financial Centre (IFC), which was launched with the aim of making Istanbul the world's financial centre in Turkey's 100th year, was signed by President Recep Tayyip Erdoğan and entered into force after being published in the Official Gazette. The regulation of Istanbul Financial Centre, which will be managed for 20 years by TVF A.Ş., established with 100% shareholding by Turkey's Wealth Fund (TVF), has been determined. Istanbul Financial Centre aims to increase the financial competitiveness of the Turkish Republic internationally, contribute to the development and deepening of financial markets and products and services, and strengthen integration with international finance and capital markets. With the regulation, all units within Istanbul Financial Centre, including rental of relevant facilities, acceptance of new participants, operation of IFC utilities, security, maintenance, repair and service fees, will be managed by Istanbul Financial Centre A.Ş. for 20 years. The regulation, approved with the signature of President Erdoğan in the Official Gazette, also determines, in addition to all these objectives, the procedures and principles for the management and operation of IFC, issuance of participant certificates and the operation of the single-window office, as well as the implementation of the Istanbul Financial Centre Law dated 22.06.2022 and numbered 7412.

Procedures Will Accelerate with Single-Window Office

In today's world where technological advances have accelerated operations in every field and sector, the ability to conduct processes quickly is of great importance. The regulation drawn up contains 28 articles in six sections, and these articles determine how operations will be conducted in many areas, from participation in IFC to transaction and management processes. Within the scope of the regulation; implementation of the Istanbul Financial Centre Law dated 22.06.2022 and numbered 7412, management and operation of IFC's office areas and areas outside the scope, matters concerning participant certificates and the operation of the single-window office are included. With the Single-Window Office arrangement, the procedures related to permits, licences and similar approvals for the activities of Istanbul Financial Centre's participants and participant candidates, as well as the processes concerning the work of participants and designated matters, will be accelerated.