The Regulation on Istanbul Finance Center ("Regulation") prepared within the scope of the Law on İstanbul Finance Center ("Law") which had been published in the Official Gazette dated June 28, 2022 and numbered 31880 and entered into force on June 28, 2022, is published in the Official Gazette dated July 7, 2023 and numbered 32241 in order to determine the procedures and principles regarding the implementation of the Law and entered into force on the same day.
The legislation refers to the existence of a management company for the Istanbul Finance Center to exercise the duties and powers under the Law. As can be understood from the Regulation, TVF İFM Gayrimenkul İnşaat ve Yönetim Anonim Şirketi ("the Management Company") operates as the management company for the operation and management of the Istanbul Finance Center. Without prejudice to other duties and powers set forth in the Law and the Regulation, TVF İFM Gayrimenkul İnşaat ve Yönetim Anonim Şirketi has been authorized until 7.7.2043 for certain transactions related to the immovable properties located in the Istanbul Finance Center (e.g. actions and transactions for the leasing of independent sections and areas in the Istanbul Finance Center, etc.).
The Regulation sets out the regulations regarding the participant certificate that financial institutions wishing to take part in the Istanbul Finance Center and benefit from the facilities of the Istanbul Finance Center must obtain from the Presidential Finance Office, as well as the details regarding the suspension and revocation of the said participant certificate. Applications for the participant certificate are made electronically through the Istanbul Finance Center portal. Before applying for a participant certificate, it is necessary to obtain all kinds of permits, licenses, licenses, approvals, authorization procedures, which are obligatory for the activities to be carried out at the Istanbul Financial Center, as per the relevant legislation. It has been covered that companies operating in certain areas will be given priority in applications.
The duties, authorities and working principles of the One-Stop Shop, where applications for permits, licenses, approvals, and similar approvals regarding the activities of the participants, as well as permits and approvals for their employees and their dependents will be carried out are also regulated in detail within the scope of the Regulation. In addition, the procedures and principles regarding the immovables, common areas and independent sections that can be rented at the Istanbul Financial Center are also included. The Management Company is exclusively authorized to lease the immovable properties within the Istanbul Finance Center, negotiate and execute agreements in this respect, collect rental and security fees and pay the collected amounts to the relevant immovable owners. In cases where a lease agreement is mandatory for obtaining an operating license for Istanbul Finance Center Regulation, prospective participants will only be able to complete the operating license process after entering into a lease agreement with the Management Company.
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