Recent Development

On July 27, 2016, the Council of Ministers issued the second executive order on the implementation of the current state of emergency ("Executive Order"). The Executive Order amends several laws and regulations; introduces rules related to proceedings against those who participated in the attempted coup; discharges certain members of the military; and closes certain institutions linked to the Fethullah Terrorist Organization ("FETO").

What is New?

There are a number of changes and measures introduced by the Executive Order; however, most of these changes and measures do not impact the business environment except for the closure of certain private radio stations, TVs, newspapers, journals, publishing houses and distribution channels linked to the FETO. All rights, receivables, assets and properties of these institutions will be confiscated and transferred to the Treasury without their obligations being transferred. We recommend that you review the list of such entities in order to find out if you have a business relationship with them. The full list of the discharged members and closed institutions can be viewed here.

Conclusion

Similar to the previous executive order related to the state of emergency issued on July 23, 2016, the aim of this Executive Order is to eliminate threats against national security during the state of emergency and finalize the proceedings of those participated in the attempted coup. In line with the state of emergency's objective and previous statements released by the government, the Executive Order is limited to the measures directly impacting public security and do not aim to change the day-to-day lives of individuals, nor the country's financial markets, economy and business environment.

We will keep you posted should there be any further development with respect to other upcoming extraordinary measures.