Recent Development
As noted in our previous blog on this topic, Turkey’s Council of Ministers was expected to issue an executive order outlining the implementation of a state of emergency. On Saturday, July 23, 2016, the Council of Ministers issued an executive order to take measures to reestablish public security (“Executive Order”). The scope of these measures is limited to restoring public security; as such, these measures were not implemented to regulate or impact the Turkish financial markets or economy. Considering the aim and the scope of these measures, we do not expect them to affect the business environment as a whole, save for the entities whose operations have been halted by the government for suspected terrorist associations.
On Sunday, July 24, 2016, the Prime Ministry issued a circular regarding the communication of the duties set out in the state of emergency regulations, and established a state of emergency communication council composed of ministers. According to the circular, the implementation of the state of emergency orders will be coordinated in the cities by the city governors.