Turkey is taking a number of concrete steps towards making Istanbul attractive as a location for financial services investment. The government’s wide-reaching Strategy and Action Plan contains 71 ‘action items’, including changes to financial laws that will put the country on par with European standards, including an autonomous arbitration centre that can deal with legal disputes in the financial markets.
“We’re creating a court specifically for the finance sector,” a senior government official told The Banker. The plan also includes updates to regulation that governs financial products and services, such as sukuk bonds, and disclosure requirements to make markets more transparent. Additionally, the government is working on simplifying the country's tax system.
