The Central Registry Agency (Merkezi Kayit Kurumu (“MKK”)) announced on August 10, 2011 that the Corporate Governance and Investor Relations Portal (e-Yönet Portali) had come into force. With the use of such Portal, investors will be able to reach information on their investments online, will be able to receive such information via email and SMS, and e-general assemblies will be possible. Furthermore the MKK has also introduced the concept of “Shareholder Benefits” which would enable publicly listed companies to reward their public shareholders via certain discounts or promotions.

According to the amendment to the Organized Industrial Zone Regulation (published in the Official Gazette dated August 4, 2011 and numbered 28015), if the time period between the ordinary and extraordinary general assembly meetings is less than six months, only information and documents regarding the agenda will be sent with the invitation to the extraordinary meeting and discharged members of the board of directors and the board of auditors may not be elected in the same general assembly.

The Regulation on the Acquisition of Real Property and Limited Real Rights of Foreign Capital Companies (published in the Official Gazette dated 6 October 2010 and numbered 27721) (the “Regulation”) entered into force and repealed the previous regulation (Regulation on the Acquisition of the Real Property of Foreign Capital Companies). Accordingly, under the condition that there is no foreign partner, companies established by or contributed to by people within the scope of Article 28 of the Law on Turkish Citizenship (Law No. 5901) and Turkish citizens residing abroad may acquire real property and limited real rights within the frame of provisions that apply to Turkish citizens. The Regulation contains application procedures, evaluation of the property’s zone by the Chairmanship of the General Staff (military exclusion zones, military security zones or strategic zones), the acquisition of real property in a security zone, conversion of domestic capital companies to foreign capital companies and the use of properties acquired.

Article 20 of Communiqué No. 2009/1 on the Application of the Decree Concerning Government Subsidies for Investments was amended on 21 October 2010. According to the amendment of sub-clause 8 of Article 34, “Completion of the approval processes for investments relating to aircraft, helicopter and crane services shall be performed directly by the authority issuing the incentive certificate with reference to information and documents indicated under the expertise reports to be prepared by certified public accountants.”

Certain provisions of the Regulation Regarding the Implementation of Organized Industrial Zones (published in the Official Gazette dated 22 August 2009 and numbered 27327) were amended on 12 August 2010. According to the amendments, if two-thirds of the total number of enterprises to be established in an Organized Industrial Zone ( “OIZ”) obtain an occupancy permit and at least half of them certify the manufacturing with a business opening certificate, the general assembly process of the OIZ shall be initiated. The first general assembly shall be held within six months of the obtainment of said certificates when the duty of delegation of entrepreneurs, board of directors and auditors ends. The Regulation also sets forth new conditions, such as the obtainment of an Environmental Impact Assessment Report and approval of the construction project by the OIZ for cancellation of the land allocations.

The Ministry of Public Works and Settlement has announced the Regulation on the Purchase of Immovables and Limited Rights in rem by Foreign Capital Companies (the “Regulation”) (published in the Official Gazette dated 6 October 2010 and numbered 27721), which abrogates the previous regulation on this matter. The application for the purchase of an immovable shall be made to the governorship of the city where the immovable is located. The governorship shall then correspond with other authorities (such as the Armed Forces); these authorities shall respond to the governorship within 15 days, otherwise the governorship shall assume that the authority has approved the application. Furthermore, a new definition has been added to the Regulation consisting of a “Foreign investor” that can purchase immovables in Turkey.