The omnibus bill including the new regulations relating to spousal consent letter requirement in connection with personal sureties and guarantees has finally been passed by the Parliament.

Turkish business and finance communities welcomed the changes made to the New Turkish Code of Obligations since personal sureties and guarantors are no longer required to obtain letters of consent from their spouses for sureties and guarantees provided that they are shareholders or managers of the companies that are to benefit from the surety or guarantee issued.

It is important to note that he omnibus bill did not obviate the spousal consent letter requirement in case the surety or guarantor is neither a shareholder nor a manager of the company that is to benefit from the surety or guarantee.