Newsletter & Legal Alerts

Q3/2014 Corporate: Others – All Sectors

An Amendment on the Regulation Regarding the Procedures and Principles to be followed in Audits, Preliminary Investigations and Investigations in the Petroleum Market has been published in the Official Gazette dated August 30, 2014 and numbered 29104 by Energy Market Regulatory Authority.

An Amendment on the Regulation Regarding the Procedures and Principles to be followed in Audits, Preliminary Investigations and Investigations in the Liquid Petroleum Gases Market has been published in the Official Gazette dated August 30, 2014 and numbered 29104 by Energy Market Regulatory Authority.

An Amendment on the Regulation Regarding the Procedures and Principles to be followed in Audits, Preliminary Investigations and Investigations in the Electricity Market has been published in the Official Gazette dated August 30, 2014 and numbered 29104 by Energy Market Regulatory Authority.

An Amendment on Regulation Regarding the Procedures and Principles to be followed in Audits, Preliminary Investigations and Investigations in the Natural Gas Market has been published in the Official Gazette dated August 30, 2014 and numbered 29104 by Energy Market Regulatory Authority.

A new Regulation on Medical Device Clinical Investigation has been published by the Official Gazette dated September 6, 2014 and numbered 29111 by Turkish Pharmaceutical and Medical Device Institution. 

Published on: October 2014


Q3/2014 Internal Directive Necessary for Commercial Agents and Representatives

The same Omnibus Law has made some amendments in the Turkish Commercial Code (published in the Official Gazette dated February 14, 2011 and numbered 27846) (the “TCC”).

A new clause has been included in the Article 371 and Article 629 of the TCC. Accordingly, the Board of Directors in Joint Stock Companies and Managers in Limited Liability Companies shall have the right to appoint non-representing Board members (or directors in limited liability companies) or employees of the company as the commercial representatives or other commercial agents. Duties and authorities of such people shall be determined by an internal directive which shall be registered before the relevant trade registry and announced in the trade registry gazette. The Board of Directors/Managers is jointly and severally liable for the damages caused by these people to any third party or the company.

Lastly, pursuant to the Provisional Article 123 of the Omnibus Law, dissolution procedures shall not be applied to companies if they have increased their share capitals to minimum amounts stipulated under the TCC three months within the publication date of this Omnibus Law. Furthermore, the same period has been granted to companies which its records have been deleted from the trade registry due to the failure of increasing their share capital to minimum amounts stipulated under the TCC.

Published on: October 2014


Q3/2014 Revocation Not Allowed in Certain Privatization Cases

A provisional clause (Provisional Article 26) has been inserted in the Privatization Law (published in the Official Gazette dated November 27, 1994 and numbered 22124) by the Omnibus Law on the Amendment of the Labour Code as well as Certain Laws and Decrees Law and Configuration of Certain Receivables (published in the Official Gazette dated September 11, 20114 and numbered 29116) (the “Omnibus Law”). Accordingly, no procedure can be started regarding the revocation of establishments which its privatization and transfer has been completed 5 years before the publication date of this Provisional Article other than situations stated under their privatization agreements.

Published on: October 2014


Q3/2014 Completion of the File Allowed at Applications for Environmental Permit and Licenses

A new Environmental Permit and License Regulation (published in the Official Gazette dated September 10, 2014 and numbered 29115) has been published by the Ministry of Environment and Urban Planning in order to be effective as of November 1, 2014 and repealed the former regulation. Pursuant to the Article 8/2 of the new Regulation, applications made for temporary operating certificate shall not be rejected directly anymore by the Ministry in case of a missing report/document in the application documentation. With the new Regulation, the applicant shall have the right to complete such missing report/document in 60 days upon the notification of the Ministry. Furthermore, new areas such as military zones, nuclear plants, waste recycling facilities, etc. have been included within the scope of the new Regulation.

Published on: October 2014


Q1/2014 Commercial Titles

Communiqué on Commercial Titles (published in the Official Gazette dated February 14, 2014 and numbered28913) has been issued by the Ministry of Customs and Trade. The Communiqué regulates principles on determination of the commercial titles of companies. Accordingly, in principal, the commercial title of a company could be determined without any constraints; provided that words showing the subject of activity and type of the Company shall be in Turkish.

Published on: April 2014


Q4/2013 Audit Standards

The Public Oversight Accounting and Auditing Standards Authority issued the following communiqués in order to determine the audit standards with regards to financial statements, independent audit agreements and the related documentation:

Communiqué on the Quality Control Standards of Independent Audit, Limited Independent Audit, and Other Audits of Financial Statements, and for Independent Auditors Performing Related Services, and Independent Auditors (published in the Official Gazette dated October 2, 2013, and numbered 28783) Communiqué on Compromising on the Provisions of the Independent Audit Agreement (published in the Official Gazette dated November 14, 2013, and numbered 28821) Communiqué on Quality Control Standards of the Financial Statements (published in the Official Gazette dated November 14, 2013, numbered 28821) Communiqué on the Documentation of Independent Auditing (published in the Official Gazette dated November 14, 2013, numbered 28821) Communiqué on the Independent Auditor’s Liability With Regards to Fraud Within the Scope of Independent Audit of Financial Statements (published in the Official Gazette dated December 10, 2013, and numbered 28847) Communiqué on Taking into Consideration the Laws Related to Independent Audit of Financial Statements (published in the Official Gazette dated December 10, 2013, and numbered 28847) Communiqué on Communication with the Supervisors of the Audited Company (published in the Official Gazette dated December 10, 2013, and numbered 28847)

Published on: January 2014


Q4/2013 New Principles for Electronic Bookkeeping

An amendment to the General Communiqué on Electronic Books was published in the Official Gazette dated December 24, 2013 and numbered 28861. Article 3 of the General Communiqué on Electronic Books (published in the Official Gazette dated December 13, 2011 and numbered 28141) obliged real person taxpayers, who would like to keep their financial and commercial books in electronic form, to obtain a qualified electronic certificate under the Electronic Signature Law, whereas legal entities with the same objective are obliged to obtain a Financial Seal under the General Communiqué on Tax Procedure Law (Serial No: 397) (published in the Official Gazette dated March 5, 2010 and numbered 27512). By virtue of this amendment, real person tax payers may now choose to obtain a qualified electronic certificate or a Financial Seal for electronic bookkeeping purposes at their own discretion. The amendment also introduced the obligation for taxpayers wishing to create, save, keep and submit electronic books to file an application in accordance with the application guideline published on the websitewww.edefter.gov.tr and to provide any additional technical information and documents that the Revenue Administration or General Directorate of Domestic Trade may request. Furthermore, the period for taxpayers to sign their electronic books, which are formed on a monthly basis, has been increased from one month to three months starting from the end of the relevant month.

Published on: January 2014


Q3/2013 Websites of Equity Companies

Regulation on websites to be Opened by equity Companies (published in the Official Gazette dated May 31, 2013 and numbered 28663) was amended on September 21, 2013. Article 5 of the Regulation has been amended and equity companies which are members of a holding group but not within the scope of direct independent audits are not obliged to open websites. Furthermore, the website opening obligation of companies which are members of a holding group could be fulfilled by another other member company even though the other company is not authorised to Central Database Service Provider. The member company receiving the service is deemed to have its website opened.

Published on: November 2013


Q3/2013 Electronic Signature

Communiqué on the Process and Technical Criteria Regarding Electronic Signature (published in the Official Gazette dated January 06, 2005, No. 25692) has been amended on September 19, 2013. Accordingly, Electronic Certificate Service Providers shall comply with Article 6 of the Communiqué regarding algorithms and parameters by September 15, 2014.

Published on: November 2013


Q3/2013 International Competitiveness

The Communiqué Regarding the Support of the Development of International Competitiveness (Published in the Official Gazette dated September 23, 2010 and numbered 27708) was amended on September 14, 2013. The purpose of the Communiqué is to cover education and consultancy expenses and the expenses of project based work of companies operating in the software sector and carrying out industrial and/or commercial activities from Support and Price Stabilization Fund.

Published on: November 2013