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New publication: Memo on Joint-stock Companies Purchasing their Own Shares |
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Date: 19 October 2011
Publication: Memorandum on the Use of Internet Websites by Joint-stock Companies
Publishers: Pekin & Pekin Advisory Department
The latest memo in the series concerning the introduction of the new Turkish Commercial Code in July 2012.
In Turkish Law, joint-stock companies are not principally encouraged to purchase their own shares excluding some minor exceptions in the (old) Turkish Commercial Code which will be repealed on 1 July 2012. The (New) Turkish Commercial Code, which will enter into force right in the middle of 2012, allows, in principle, joint-stock companies to purchase their own shares; provided, however that shares, which will be purchased, may not exceed 10% of the capital stock.
The Capital Market Board ("CMB") has allowed some of the companies whose shares are traded on the Stock Exchange to purchase their own shares since 2009 by exercising its authority granted in its charter. The CMB has renewed its principal decision on this matter in parallel to the provisions of the new Turkish Commercial Code. This memo aims to outline the regulations governing the purchase of treasury shares in light of the aforementioned three statutes.
If you are interested in this publication please contact Charlotte McCrudden for more information via
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New publication: Memo on Rights & Obligations of BoD & Supervisory BoD Members of Banks |
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Date: 19 October 2011
Publication: Memorandum regarding the Rights and Obligations of the Board of Directors and Supervisory Board Members of Banks
Publishers: Pekin & Pekin Advisory Department
The latest memo in the series concerning the introduction of the new Turkish Commercial Code in July 2012.
Since banks are subject to the Turkish Commercial Code as joint-stock companies, along with the Banking Act, it is necessary to examine the responsibilities of the directors of joint-stock companies according to both sets of legislation.
In this memorandum, we will attempt to summarise the responsibilities of members of boards of directors and boards of auditors according to the regulations set by the Turkish Commercial Code, which will be in effect by 01.07.2012, and the legislation on banking. As is known, the New Turkish Commercial Code does not include the Board of Auditors; therefore this memorandum will be renewed by us as soon as the secondary legislation, which is being prepared, enters into force and before the entry into force of the New Turkish Commercial Code.
If you are interested in this publication please contact Charlotte McCrudden for more information via
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New publication: International Bank and Other Guarantees Handbook |
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Date: 18 October 2011
Publication: International Bank and Other Guarantees Handbook (Africa and Middle East Volume)
Publishers: Wolters Kluwer Law and Business
Link: Available here
The Pekin & Pekin Finance team contributed the Turkey chapter to the latest edition of The International Bank and Other Guarantees Handbook, which provides a practical examination of the laws of 19 countries (and groups of countries) in the Middle East and Africa regions in respect to bank and other guarantees. It also contains, among other things, various guarantees forms. The aim of each country-specific chapter of the Handbook is to provide actionable information designed to guide legal or other practitioners in such jurisdiction.
Contributors: İrem Su, Arzu Basmacı, Banking & Finance
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Turkey Tax Controversy Leaders: Ahmed Pekin, Ali Şanver |
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Date: 30 September 2011
Ahmed Pekin and Ali Şanver join the exclusive list of Turkish tax lawyers highlighted by International Tax Review as Tax Controversy Leaders.
The list features lawyers who have achieved acclaim in three main areas:
- tax-related litigation (various levels of court, administrative proceedings, audits, appeals and competent authority negotiations)
- pre-trial matters (third-party information requests, tax accrual workpapers and documents summonses, document collection and analysis, and preparation of expert testimony and reports)
- mediation and arbitration of tax disputes
Inclusion on the list is via consistently positive feedback from clients and peers, and evidence of outstanding success in the past year. In 2010 Pekin & Pekin became the first Turkish law firm to win International Tax Review's Turkish Tax Firm of the Year in addition to taking International Financial Law Review's Turkish Law Firm of the Year 2010.
Related links
External
International Tax Review
Expertise
Tax
Partners
Ahmed Pekin
Ali Şanver
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New publication: Memo on the Use of Internet Websites by Joint-stock Companies |
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Date: 22 September 2011
Publication: Memorandum on the Use of Internet Websites by Joint-stock Companies
Publishers: Pekin & Pekin Advisory Department
The latest memo in the series concerning the introduction of the new Turkish Commercial Code in July 2012.
Prior to the introduction of the new Turkish Commercial Code ("TCC"), institutions and organisations, which sought to exploit advantages opened up by modern technology, had already enhanced their communication capabilities by setting up and operating their own internet websites, strengthened their relationship with the public and become accustomed to the comfort and convenience brought by the internet. It was also considered customary for public institutions to expect society to overcome some hurdles with respect to accessing information.
The Turkish Code of Obligations ("TCO") and the TCC have been rewritten stipulating that capital stock companies are obliged to have a website open to the public and setting-out which information should be made readily available. This memo discusses the various regulations that set out the requirements for public disclosure on internet websites.
If you are interested in this publication please contact Charlotte McCrudden for more information via
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