Regulations Regarding The Operating License Of Payment Institutions And Their Corporate Governance
Introduction
The Law on the Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions[1] (“Law on Payment Services”) and the Regulation on Payment Services and Electronic Money Issuance and Payment Institution and Electronic Money Institutions[2] (“Regulation on Payment Services”) regulates the procedures and principles regarding payment services and electronic money issuance, as well as the activities of payment institutions and electronic money institutions that operate within Turkey. The regulation of payment services is of vital importance in a world where information systems develop each day. Turkey, in order to remain in sync with current developments, has set forth legal regulations on payment services. The Regulation on Payment Services regulates, in detail, transactions that are subject to operating permits, regulations regarding funds, corporate governance of, and agreements concluded by payment institutions. This article specifically examines operating permits granted, and the corporate governance principles that payment institutions abide by.
Payment Services and Payment Institutions
In accordance with Art. 12 of the Law on the Payment Services, (i) all transactions that are required in order to operate a payment account, including services which enable cash to be placed in, and withdrawn from, a payment account, (ii) execution of payment transactions, including the transfer of funds to and from a payment account with the user’s payment service provider, direct debits, including one-off direct debits, payment transactions through a payment card or a similar device, credit transfers, including standing orders, (iii) issuing or acquiring payment instruments, (iv) money remittances, (v) execution of payment transactions, where the consent of the payer to execute a payment transaction is given by means of any telecommunication, digital, or IT device, and the payment is made to the telecommunication, IT system, or network operator, acting only as an intermediary between the payment service user and the supplier of the goods and services, and (vi) corresponding services that enable bill payments, are considered as payment services.
As set forth under the Law on the Payment Services, institutions that may provide payment services are limited to those institutions listed under Art. 13 of the Law. Accordingly, institutions other than the banks, electronic money institutions, and payment institutions may not provide payment services.
Conditions to be Fulfilled by the Institutions
Institutions that seek to provide payment services must satisfy certain conditions. These conditions are stipulated under Art. 14 of the Law on Payment Services. Accordingly, the payment institution is required to (i) be established as a joint stock company, (ii) meet the bank founders’ eligibility criteria as set forth in Banking Law No. 5411 for shareholders who hold ten percent or more shares in that payment institution’s capital, and which have control over the said payment institution, (iii) have shares issued against cash, and which are fully registered in its name, (iv) have a paid-up capital that is comprised of cash and free from all kinds of fictitious transactions, and which is not less than one million Turkish Liras for payment institutions that provide corresponding services, which provide bill payments, and not less than two million Turkish Liras for other payment institutions, (v) have sound and prudent management, adequate personnel, and the technical equipment to perform payment services transactions within the scope of the Law on Payment Services, and to establish necessary units for complaints and objections, (vi) take necessary precautions for the continuity of the activities to be conducted within the scope of Law on Payment Services, and for the security and confidentiality of the payment service user’s funds and information, and (vii) have a transparent and clear partnership structure and organizational system that does not prevent supervision of the Banking Regulation and Supervision Agency (“Agency”).
Institutions that fulfill such conditions may apply for an operating license in order to conduct payment services. Institutions whose operating license application has been granted are entitled to act as payment institutions, and the decision that grants an operating license is published in the Official Gazette.
Application for Operating License
Payment institutions that seek to provide payment services within Turkey are required to apply to the Agency for an operating license. The documents that must be submitted to the Agency are listed in detail under Art. 8 of the Regulation on Payment Services. Documents must be submitted both for the company applying for the operating license, as well as for the real and legal shareholders of the company who hold, directly or indirectly, ten per cent or more shares in the company. These documents generally confirm that the company is not bankrupt, does not have any tax or premium debt, has not been found to be guilty of certain crimes, and, as well, provides the documentation that sets out the capital of the company.
Moreover, the Regulation on Payment Services regulates specific documents if the shareholders who hold, directly or indirectly, ten per cent or more shares in the company who are applying for an operating license, and the controlling shareholders that are banks or financial institutions established abroad. In this case, the documents required by the relevant legislation are limited due to the fact that the shareholder is a bank established abroad, thus being required to abide by the international principles that are established for banking.
As per Art. 8/4 of the Regulation on the Payment Services, if any deficiencies in the information and documents relating to the operating license are not cured within six months as of the date of notification by the Agency, the application for the operating license shall be rendered invalid.
Principles regarding the Corporate Governance of Payment Institutions
Payment institutions must have a developed management network due to their activities. Accordingly, Articles 16-21 of the Regulation on Payment Services sets forth the corporate governance of payment institutions. The board of directors of payment institutions may not be comprised of less than three persons, including the general manager. The board of directors is responsible for determining strategies and policies with respect to the activities of the internal control and risk management units of the payment institutions, determining policies with respect to the management of information systems and determining, managing, monitoring and reporting the relevant risks. The Regulation of Payment Services establishes special conditions for general managers. In accordance with this regulation, a general manager must have at least 7 years of professional experience in management or finance, and have an undergraduate education in the related field.
Moreover, the members of the board of directors and the general manager must satisfy certain conditions in order to be eligible to sit on the board of directors of a payment institution. The members of the board of directors and the general manager must submit the documents listed under Art. 18 of the Regulation on Payment Services, as well as providing certain undertakings.
Internal controls constitute an important part of corporate governance in payment institutions. In order to carry out activities effectively, and procure unity between systems, an internal control system must be established. Another system to be established along with internal controls is the risk management system. The risk management system aims the identification, measurement, supervision, control and reporting of all risks that the payment institutions may be exposed to in line with the scope and structure of the activities of the payment institutions.
In this regard, one of the most important regulations that the payment institutions are subject to are inspections which are conducted by the Agency. The Agency is entitled to conduct on-site inspections and distant surveillance of the payment institutions. This provision aims to control the activities of the payment institutions, as well as to procure the regular performance of activities.
Conclusion
In line with the developing technology, payment systems that have varied and new payment services have come to light. In this regard, the Law on Payment Services and the Regulation on Payment Services that have entered into force regulates the establishment conditions of payment institutions, the operating license which they are subject to, as well as their corporate governance. With this legislation in effect, it may be concluded that the development of payment services is intended.
[1] Published in the Official Gazette dated 27 June 2013 and numbered 28690.
[2] Published in the Official Gazette dated 27 June 2014 and numbered 29043.
All rights of this article are reserved. This article may not be used, reproduced, copied, published, distributed, or otherwise disseminated without quotation or Erdem & Erdem Law Firm's written consent. Any content created without citing the resource or Erdem & Erdem Law Firm’s written consent is regularly tracked, and legal action will be taken in case of violation.
Other Contents
![Regulation on the Trade of Second-Hand Motor Vehicles and Recent Regulations](/uploads/image/8dde3dfb948997beb35fda2934ef007c-1697485091310.jpg)
The Turkish automobile and light commercial vehicle market left the 2000s behind with steadily rising sales figures and the 2010s with high and stable sales figures as well. In this period, the growth of the market was driven not only by high purchase power but also by easy access to credit and product diversity...
![Exit and Squeeze Out from Limited Liability Companies](/uploads/image/e74e107acab38e8cba401353e3c53f59-1697485091745.jpg)
Turkish Commercial Code No. 6102 ("TCC") provides the right to exit from the company to the shareholders of limited liability companies and the right to squeeze out the shareholder from the company, unlike the structure of joint stock companies, with the exit and squeeze out institutions specially regulated for...
![Representation in Joint Stock Companies](/uploads/image/500a516f384ab4aac9f4ec79cbaca467-1695030035528.jpg)
Turkish Commercial Code No. 6102 (“TCC”) preserves the rule that the board of directors shall manage and represent joint stock companies. The TCC regulates how the power of representation shall be exercised, the registration and announcement of the persons authorized to represent, the transfer of the...
![The Concept of Ordinary Partnership and Its Common Types](/uploads/image/633e2acf680869bdf73f8478e2b974a6-1683710209213.jpg)
Ordinary partnerships are regulated under Turkish Law between Articles 620 and 645 of the Turkish Code of Obligations No. 6098 (“TCO” or the “Code”). The Law defines an ordinary partnership contract as a contract where two or more persons undertake to combine their labour or property to achieve a common...
![Representation and Warranty Insurance](/uploads/image/7686ab685b04c225ef13b99af648a4b0-1683707257851.jpg)
Merger and acquisition processes are one of the legal processes that most seriously affect the identities and legal status of companies. After the completion of legal, tax, financial and operational due diligence reports, the parties initiate the negotiation process in case they reach an agreement on proceeding with the...
![Franchise Agreements in Luxury Goods Sector](/uploads/image/7a9a914093ac7effc21f3240864882ef-1681809332310.jpg)
A popular business model for expanding market reach and brand recognition worldwide is franchising. Despite being less common than distribution agreements in the form of mono-brand store agreements, franchising is another significant method for extending luxury brands' distribution networks. Luxury brands use...
![Decision of the General Assembly of Civil Chambers of the Court of Cassation Regarding the Request for the Lifting the Corporate Veil Can Only Be Asserted by Third Parties Who Have Suffered Damages](/uploads/image/225dbc1cd0ebb3fe8f57e2f88b019711-1678882795595.jpg)
In the decision dated 14.06.2022 and numbered 2019/149 E. 2022/894 K., the Court of Cassation General Assembly (“CCGA”) evaluated the theory of piercing the corporate veil in the context of the relationship between the guarantor and the borrowing company in a dispute arising from a loan agreement...
![European Union Foreign Subsidies Regulation](/uploads/image/b385baa21665ef9ced5eeb82f0ba216d-1678882795814.jpg)
The European Union continues to be an important investment center for foreign investors. According to data from the European Commission's "Second Annual Report on the monitoring of foreign direct investment in the European Union", the European Union received €117 billion worth of foreign direct investment in...
![Recent Court of Cassation Decision on “Renting” Company Shares](/uploads/image/16bbad551d0f2075df43391431a13391-1676385502551.jpg)
Transfer of shares is arguably the first legal transaction that comes to mind among the legal transactions regarding the shares of a capital company, and the most common transaction in practice. However, the shares of a capital company may also be subject to various transactions, other than share purchase...
![E-commerce Regulation Entered into Force](/uploads/image/ad33040f4d27f64d2fa78540cba9588b-1673612501741.jpg)
Law No. 6563 on the Regulation of Electronic Commerce (E-commerce Law or Law) has recently undergone a radical change in order to regulate the behavior of the players in the rapidly growing and developing e-commerce sector. The new regulations that came into force as of January 1, 2023 envisage important...
![German Supply Chain Due Diligence Act Entered Into Force](/uploads/image/9bf58c5e26609ca15f1c67430c8ab4fc-1673612573678.jpg)
On 11 June 2021, the German Federal Parliament approved the German Supply Chain Due Diligence Act (Lieferkettensorgfaltsgesetz) (“Act”) which affects not only German entities but also their suppliers in foreign countries (including Turkish entities). The main focus of the Act, which entered into force on...
![Revised Swiss Company Law](/uploads/image/448d4826926b7d31a7999b09a7cfcafa-1671029965366.jpg)
On 21 December 2007, the Federal Council approved the draft revision of the Swiss Code of Obligations, which also includes amendments to company law. On 28 November 2014, the Federal Council referred the draft revision for consultation. Following extensive discussions and a long enactment process, the...
![Decisions on the Carrier's Liability in the Freight Contracts Rendered in 2020 and 2021](/uploads/image/ab4afe8f389516fedcf4f59433335987-1668607690675.jpg)
The Turkish Commercial Code No. 6102 ("TCC") regulates maritime trade contracts under the fourth part of the fifth book of the Code. Among the types of contracts regulated in this section, the most frequently used contract in international maritime transport practice is the freight contract regulated under...
![Prohibition On Hidden Income Shifting](/assets/image/hukuk-postasi-default.jpg)
Prohibition on hidden income shifting is one of the most important issues that is broadly regulated under Capital Markets Law No. 6362 (“CML”). In conjunction with CML Article 21, which has a broader context than Article 15 of the abrogated Capital Markets Law No. 2499, another significant step has been taken...
![The Term Business Partnership And The Legal Status Of Business Partnerships](/assets/image/hukuk-postasi-default.jpg)
As a result of developing commercial activities and large-scale investments, especially concluded in the fields of construction, energy and mining, companies are seeking to participate in these investments by uniting their powers and expertise to take advantage of financial opportunities together. This tendency...
![Transfer Of Assets In Company Spin-Offs](/assets/image/hukuk-postasi-default.jpg)
The Turkish Commercial Code (“TCC” or “Law”) has enabled companies to apply different structural models and to implement new legal formations by including spin-off provisions to its Article 159 et seq. In accordance with the provisions of the law, companies may transfer a certain element, or elements, of their...
![Model Contract Used in The Construction Sector Series](/assets/image/hukuk-postasi-default.jpg)
The International Federation of Consulting Engineers is a professional association established in 1913, known as the FIDIC (Fédération Internationale Des Ingénieurs-Counseils). Its members are duly elected from consultant-engineer associations of various countries, and membership to the association is...
![Formation Of Contracts Under CISG](/assets/image/hukuk-postasi-default.jpg)
![Recent Disputes Regarding Incoterms in terms of Turkish Customs Law](/uploads/image/75d49d043e79af02bf6dd69cb0cd1d53-1665404084903.jpg)
Incoterms are a set of rules introduced by the International Chamber of Commerce (ICC) to explain the commercial terms that are widely used in international trade. The purpose of Incoterms rules is to facilitate and expedite international trade in a safe and secure manner...
![One Regulation Applicable To All Turkish Ports](/assets/image/hukuk-postasi-default.jpg)
The regulation applicable to all Turkish ports prepared by the Ministry of Transport, Maritime Affairs and Communications that entered into force after being published in the official gazette on October 31, 2012 (˝the Regulation˝), consolidates all the bylaws, regulations and instructions in a single Regulation...
![Parties to a Share Transfer Agreement and Privity of Contract](/uploads/image/cde6597872716329750af3b7346427c4-1659968729242.png)
As a rule, rights and obligations arising from an agreement have legal consequences only between the creditor and the debtor which are parties to the agreement. This principle is referred to as "privity of contract." In general, contracts for the benefit of third parties, where the fulfillment of an...
![What Changes Does the Amended E-commerce Law Bring?](/uploads/image/640385a841caf30f6ba07e63c7e50bb7-1659968785604.png)
The rules of e-commerce, which grow and develop with the digitalizing world, are changing. E-commerce has become the driving force of the digital economy. However, considering the growth rate of e-commerce and the transformation it has undergone in a short time, it is obvious that some...
![Lawsuit for Dissolution of Companies for Just Cause](/uploads/image/74e7972b7771027da0b3743feff08cae-1657203126364.png)
The dissolution of a company is a specific type of dissolution, which results in the cancellation of the legal personality which was gained by registration at incorporation. The specific proceeding which leads to the dissolution, and thus, the termination of a company upon the constitutive decision...
![Parting Ways in Family Businesses](/uploads/image/c0b6c0c40bded0127731d56ce83411f8-1657201350430.png)
Companies in which shares or authority to manage is held by members of a family are considered to be “family businesses”. Family members can hold shares that control the company, as well as retain management authority. Having a family business means opportunity, security and income for...
![Carriage of Goods by Road under the Turkish Commercial Code](/assets/image/hukuk-postasi-default.jpg)
Turkey ratified the Convention on the Contract for International Carriage of Goods by Road (“CMR”) in accordance with Act No. 3939 dated 7 December 1993, and the CMR entered into force in Turkey on 31 October 1995. In accordance with Article 1 / 1 of the CMR, the carriage of goods by road...
![Ordinary Partnerships](/assets/image/hukuk-postasi-default.jpg)
Ordinary partnerships are governed by Article 620 et seq. of the Turkish Code of Obligations No. 6098 (“TCO”). An ordinary partnership agreement is defined as an agreement whereby two or more persons undertake to join efforts and/or goods to reach a common goal...
![Nationality Of Legal Entities](/assets/image/hukuk-postasi-default.jpg)
![Board Members’ Financial Rights in the Context of Disguised Profit Transfers](/uploads/image/d2b742a51a901a833e96844885dc622e-1647601264097.png)
The concept of disguised profit transfer in joint stock companies, in its broadest meaning, covers the transfer of company assets to related parties and may occur in different ways. This concept is regulated in detail under capital markets legislation...
![Share Subscription Agreements](/uploads/image/b37141b95c0b668985be7426e89546db-1642354212659.png)
Share subscription agreements, which are commonly encountered in start-up investments, set out the terms and conditions of an investor’s participation in a company as a shareholder by subscribing the new shares issued in a capital increase...
![Electronic Signature Under Turkish And German Laws](/uploads/image/66a4bb77bc026e934b73f508145e3bd4-1642354214048.png)
The electronic signature, which has the same legal consequences as wet signatures if it meets certain conditions, has taken its place in many legal systems and has enhanced commercial life. Although there are various types and applications in different legal systems...
![Receivable Rights in the Context of Capital Contribution](/assets/image/hukuk-postasi-default.jpg)
![The Legal Nature of Representations and Warranties in Share Purchase Agreements](/assets/image/hukuk-postasi-default.jpg)
![General Assembly Summons Lawsuits](/assets/image/hukuk-postasi-default.jpg)
![Null and Void Resolutions of the General Assembly in Joint Stock Companies](/assets/image/hukuk-postasi-default.jpg)
![Articles of Association in Family Businesses](/assets/image/hukuk-postasi-default.jpg)
![Institutionalization in Family Businesses and Family Constitution](/assets/image/hukuk-postasi-default.jpg)
![The Carrier’s Right of Retention on Goods](/assets/image/hukuk-postasi-default.jpg)
![Shareholders’ Agreements in Family Businesses](/assets/image/hukuk-postasi-default.jpg)
![European Union Payment Services Directive and Its Effects on the Turkish Payment Systems Legislation](/assets/image/hukuk-postasi-default.jpg)
![Actual Carrier in Carriage of Goods by Sea](/assets/image/hukuk-postasi-default.jpg)
![Null and Void Resolutions of Boards of Directors in Joint Stock Companies](/assets/image/hukuk-postasi-default.jpg)
![Issues Regarding Use of Right to Vote in Joint Stock Companies](/assets/image/hukuk-postasi-default.jpg)
![Freight Forwarder Contract under Turkish Law](/assets/image/hukuk-postasi-default.jpg)
![Veto Rights in Joint Stock Companies](/assets/image/hukuk-postasi-default.jpg)
![Freezing of Voting Rights in Joint Stock Companies](/assets/image/hukuk-postasi-default.jpg)
![Certain Shareholder Rights in Companies’ Acquisition of its Own Shares](/assets/image/hukuk-postasi-default.jpg)
![Ship Hypothéque under Turkish Law](/assets/image/hukuk-postasi-default.jpg)
![Limitations to Dividend Distributions of Capital Companies and Exceptions Thereof](/assets/image/hukuk-postasi-default.jpg)
![Two Alternatives to Physical Board Meetings: Circulation Method and Electronic Board Meetings](/assets/image/hukuk-postasi-default.jpg)
![Presentation of a Cheque and Force Majeure Pursuant to the Law No. 7226 on the Amendment to Certain Laws](/assets/image/hukuk-postasi-default.jpg)
![Transfer of Pledged Joint Stock Company Shares](/assets/image/hukuk-postasi-default.jpg)
![An Update from the ICC: The ICC Force Majeure and Hardship Clauses 2020](/assets/image/hukuk-postasi-default.jpg)
![Legal Liability of Limited Company Managers](/assets/image/hukuk-postasi-default.jpg)
![Liability from Representations and Warranties under Share Purchase Agreements](/assets/image/hukuk-postasi-default.jpg)
![Delegation of Representation Authority and Appointment of Limited Authorized Representative](/assets/image/hukuk-postasi-default.jpg)
![Employer’s Remedies under FIDIC Silver Book](/assets/image/hukuk-postasi-default.jpg)
![Postponement of General Assembly Meetings in Joint Stock Companies](/assets/image/hukuk-postasi-default.jpg)
![Wholesale of a Significant Amount of Company Asset](/assets/image/hukuk-postasi-default.jpg)
![Restructuring of Debts Owed to the Financial Sector](/assets/image/hukuk-postasi-default.jpg)
![Revision to International Commercial Terms: Incoterms® 2020](/assets/image/hukuk-postasi-default.jpg)
INCOTERMS are a set of rules introduced by the International Chamber of Commerce (ICC) to explain the commercial terms that are widely used in international trade. The purpose of the Incoterms rules is to contribute to and facilitate the safe and swift conduct of international trade...
![Transfer of Employee Rights and Claims in Company Spin-offs](/assets/image/hukuk-postasi-default.jpg)
![The Relation between Contract of Carriage by Sea and Bill of Lading](/assets/image/hukuk-postasi-default.jpg)
![Transfer of Seized Shares](/assets/image/hukuk-postasi-default.jpg)
![Evaluation on Prohibition of Financial Assistance within Certain Scenarios](/assets/image/hukuk-postasi-default.jpg)
![Privilege to be represented on the Board of Directors](/assets/image/hukuk-postasi-default.jpg)
![The Turkish Football Federation Dispute Resolution Committee: Its Organization, Jurisdiction and Procedure](/assets/image/hukuk-postasi-default.jpg)
![Lack of Mandatory Bodies in Joint Stock Companies](/assets/image/hukuk-postasi-default.jpg)
![Corporatization of Football Clubs](/assets/image/hukuk-postasi-default.jpg)
![Secondary Liability of Companies Participating to Spin-off](/assets/image/hukuk-postasi-default.jpg)
![2016 York Antwerp Rules](/assets/image/hukuk-postasi-default.jpg)
![Prohibition of Joint Stock Companies’ Subscription for their own Shares](/assets/image/hukuk-postasi-default.jpg)
![General Assembly of the Court of Cassation Decision that Unification of Judgments where Consent of Spouse for Surety is not required for Aval](/assets/image/hukuk-postasi-default.jpg)
![Amendments on Capital Loss and Insolvency](/assets/image/hukuk-postasi-default.jpg)
![Foreign Currency Payment Ban](/assets/image/hukuk-postasi-default.jpg)
![Premium Capital Increase in Joint Stock Companies](/assets/image/hukuk-postasi-default.jpg)
![Installment Sales Agreements](/assets/image/hukuk-postasi-default.jpg)
![Contractual Guarantees and Exemption Clauses in Commercial Sales Contracts](/assets/image/hukuk-postasi-default.jpg)
![Usufruct Right on Joint Stock Company’s Registered Shares](/assets/image/hukuk-postasi-default.jpg)
![Share Pledges in Limited Liability Companies](/assets/image/hukuk-postasi-default.jpg)
![Arrest of Ships under Turkish Law](/assets/image/hukuk-postasi-default.jpg)
![Share Pledges in Joint Stock Companies](/assets/image/hukuk-postasi-default.jpg)
![Trust Liability in terms of Groups of Companies](/assets/image/hukuk-postasi-default.jpg)
![Updated FIDIC Contracts](/assets/image/hukuk-postasi-default.jpg)
![The Consequences of Late Payment in the Procurement of Goods and Services](/assets/image/hukuk-postasi-default.jpg)
![The Regulation on Application of Industry Cooperation Projects](/assets/image/hukuk-postasi-default.jpg)
![Certain Amendments Projected for the Code on Pledges of Movables in Commercial Transactions](/assets/image/hukuk-postasi-default.jpg)
![Right to Information and Inspection by the Shareholders in Limited Liability Companies](/assets/image/hukuk-postasi-default.jpg)
![Liability of the Sea Carrier for the Carriage of Goods under Turkish Law](/assets/image/hukuk-postasi-default.jpg)
![Features of Joint Venture Contract](/assets/image/hukuk-postasi-default.jpg)
![Capital Increase through Internal Resources in Joint Stock Companies](/assets/image/hukuk-postasi-default.jpg)
![Stock Option Plans in Turkey](/assets/image/hukuk-postasi-default.jpg)
![Voting Agreements under Turkish Law](/assets/image/hukuk-postasi-default.jpg)
![Evaluation of the European Commission E-Commerce Sector Inquiry with regard to Consumer Goods](/assets/image/hukuk-postasi-default.jpg)
![Legal Requirements for Board of Director Membership of Joint Stock Companies](/assets/image/hukuk-postasi-default.jpg)
![Importance of ICC Model Contracts as Part of Soft Law](/assets/image/hukuk-postasi-default.jpg)
![Pre-emptive Right in Joint Stock Companies](/assets/image/hukuk-postasi-default.jpg)
![Holding Company Structure under Turkish Law](/assets/image/hukuk-postasi-default.jpg)
![Lifting the Corporate Veil: An Exceptional Concept of the Shareholders’ Limited Liability Principle](/assets/image/hukuk-postasi-default.jpg)
![European Commission Preliminary Report on the E-commerce Sector Inquiry](/assets/image/hukuk-postasi-default.jpg)
![Important Principles regarding Dividends in Joint Stock Companies](/assets/image/hukuk-postasi-default.jpg)
![Healthcare PPP Projects: Funders’ Direct Agreements](/assets/image/hukuk-postasi-default.jpg)
![Options and Similiar Rights of Shareholders in respect of the Shares of Joint Stock Companies](/assets/image/hukuk-postasi-default.jpg)
![Latest Amendments to the Turkish Commercial Code and the Law on Cheques](/assets/image/hukuk-postasi-default.jpg)
![Indemnity Clauses Under Share Purchase Agreements](/assets/image/hukuk-postasi-default.jpg)
![Consequences Of Non-Attainment Of Guaranteed Minimum Order in Agency And Distribution Contracts](/assets/image/hukuk-postasi-default.jpg)
![A Legal Vehicle in Institutionalization Of Family Companies And Transfer Between Generations: Internal Directive](/assets/image/hukuk-postasi-default.jpg)
![The Regulation On Principles And Procedures To Be Applied İn Factoring Operations](/assets/image/hukuk-postasi-default.jpg)
![Loss Of Capital in Joint Stock Companies](/assets/image/hukuk-postasi-default.jpg)
![Ceasing Commercial Activities versus Liquidation of Legal Entities](/assets/image/hukuk-postasi-default.jpg)
![Termination Agreements For Agency And Distribution Contracts](/assets/image/hukuk-postasi-default.jpg)
![Annulment Of General Assembly Resolutions Of Joint Stock Companies And The Influence Rule](/assets/image/hukuk-postasi-default.jpg)
![Draft Bill On Swiss Corporate Law Reform](/assets/image/hukuk-postasi-default.jpg)
![Leveraged Buyouts Within The Context Of Financial Assistance Ban](/assets/image/hukuk-postasi-default.jpg)
![Goodwill Indemnity Of The Agent Pursuant To The Turkish Commercial Code No. 6102](/assets/image/hukuk-postasi-default.jpg)
![New Instructions in Turkish Retail Business: Law On Regulation Of Retail Trade](/assets/image/hukuk-postasi-default.jpg)
![Joint Stock Companies’ Capacity Of Becoming A Surety](/assets/image/hukuk-postasi-default.jpg)
![Provisions Introduced By The Law On The Regulation Of Electronic Commerce](/assets/image/hukuk-postasi-default.jpg)
![Liability Of Legal Representatives Of Joint Stock Companies From Public Debts](/assets/image/hukuk-postasi-default.jpg)
![Non-Compete Obligation Of The Commercial Agent](/assets/image/hukuk-postasi-default.jpg)
![Right To Request Special Audit](/assets/image/hukuk-postasi-default.jpg)
![Special Committee Of Preference Shareholders](/assets/image/hukuk-postasi-default.jpg)
![Amendments To The Turkish Commercial Code By Omnibus Law No. 6552](/assets/image/hukuk-postasi-default.jpg)
![Termination Of A Limited Liability Company By Just Cause](/assets/image/hukuk-postasi-default.jpg)
![Capital Increase Through Capital Subscription](/assets/image/hukuk-postasi-default.jpg)
![Capital Reduction Within The Scope Of The Turkish Commercial Code](/assets/image/hukuk-postasi-default.jpg)
![Withdrawal And Expulsion From Limited Liability Companies (“LLC”) İncorporated By Two Shareholders](/assets/image/hukuk-postasi-default.jpg)
![Delegation Of Duties Of The Board Of Directors](/assets/image/hukuk-postasi-default.jpg)
![Duties, Obligations And Liabilities Of Liquidators](/assets/image/hukuk-postasi-default.jpg)
![Filing A Claim For Compensation For Shareholders’ Damages Or The Purchase Of Their Shares Pursuant To Art. 202/2 Of The Turkish Commercial Code](/assets/image/hukuk-postasi-default.jpg)
![Conditional Capital Increase](/assets/image/hukuk-postasi-default.jpg)
![Termination Of A Joint Stock Company By Just Cause](/assets/image/hukuk-postasi-default.jpg)
![General Communiqué On Electronic Books](/assets/image/hukuk-postasi-default.jpg)
![Domination Agreements](/assets/image/hukuk-postasi-default.jpg)
![The Contribution Of Receivables As Capital in Commercial Companies](/assets/image/hukuk-postasi-default.jpg)
![Action For Company Damages Pursuant To Art. 202/1 Of The Turkish Commercial Code No. 6102](/assets/image/hukuk-postasi-default.jpg)
![Representation in Joint Stock Companies](/assets/image/hukuk-postasi-default.jpg)
![Squeeze-Out in Group Companies](/assets/image/hukuk-postasi-default.jpg)
![Shareholder Agreements](/assets/image/hukuk-postasi-default.jpg)
![The Regulation On Private Health Insurance](/assets/image/hukuk-postasi-default.jpg)
![Ship Mortgages Under The Commercial Enterprise Pledge](/assets/image/hukuk-postasi-default.jpg)
![New Lawsuits Regarding Mergers, Spin-Offs And Conversions](/assets/image/hukuk-postasi-default.jpg)
![Freedom of Settlement of Foreign Companies](/assets/image/hukuk-postasi-default.jpg)
![Is it Obligatory To Appoint A Corporate Representative İn The General Assemblies Of Joint Stock Companies?](/assets/image/hukuk-postasi-default.jpg)
![Branches And Liaison Offices](/assets/image/hukuk-postasi-default.jpg)
![Preliminary Companies Pursuant to Provisions of the TTC](/assets/image/hukuk-postasi-default.jpg)
![The Transfer Of Commercial Enterprises Pursuant To The Turkish Commercial Code](/assets/image/hukuk-postasi-default.jpg)
![Exit Right And Squeeze Out From Limited Liability Companies](/assets/image/hukuk-postasi-default.jpg)
![Corporations’ Obligation To Build A Website Pursuant To The Turkish Commercial Code](/assets/image/hukuk-postasi-default.jpg)
![Independent Audit of Joint Stock Companies According to The TCC No. 6102](/assets/image/hukuk-postasi-default.jpg)
![Establishment Of A Limited Liability Company Under Law No. 6102](/assets/image/hukuk-postasi-default.jpg)
![Conversion of the Commercial Enterprise](/assets/image/hukuk-postasi-default.jpg)
![The Regulation Amending The Regulation On The Working Procedure And Principles Of Internal Auditors](/assets/image/hukuk-postasi-default.jpg)
![Squeeze-Out, Sell-Out And Exit Rights in Joint Stock Companies](/assets/image/hukuk-postasi-default.jpg)
![Managers in Limited Liability Companies Under The Turkish Commercial Code No. 6102](/assets/image/hukuk-postasi-default.jpg)
![Trade Registry Regulation](/assets/image/hukuk-postasi-default.jpg)
![Appointment of Member to the Board of Directors Pursuant to Article 363 of the TCC](/assets/image/hukuk-postasi-default.jpg)
![Law Numbered 6361 On Financial Leasing, Factoring And Financing Companies](/assets/image/hukuk-postasi-default.jpg)
![Financial Leasing Agreements](/assets/image/hukuk-postasi-default.jpg)
![Communiqué Pertaining To The Principles Related To The Registered Capital System For Non-Public Joint Stock Companies](/assets/image/hukuk-postasi-default.jpg)
![Jouissance Shares For The Founders in The Turkish Commercial Code](/assets/image/hukuk-postasi-default.jpg)
![Agency Contracts Under Turkish Law And Newly Regulated Matters](/assets/image/hukuk-postasi-default.jpg)
![Advance Dividend](/assets/image/hukuk-postasi-default.jpg)
![Regulation Pertaining To The General Assembly Of Joint Stock Companies To Be Held Via Electronic Means](/assets/image/hukuk-postasi-default.jpg)
![Funds To Be Added To The Share Capital Of Companies And Re-Assessment Of Fixed Assets](/assets/image/hukuk-postasi-default.jpg)
![Cumulative Voting in Non-Public Joint Stock Companies](/assets/image/hukuk-postasi-default.jpg)
![Amendments Made in the New TCC with the Law No. 6335](/assets/image/hukuk-postasi-default.jpg)
![Prohibition on Loans by Companies to Their Shareholders Pursuant to the New Turkish Commercial Code](/assets/image/hukuk-postasi-default.jpg)
![Dissolution And Liquidation Of Joint Stock Companies](/assets/image/hukuk-postasi-default.jpg)
![Limited Corporations Under Turkish Commercial Code Numbered 6102](/assets/image/hukuk-postasi-default.jpg)
![The Prohibition Against Financial Assistance under the New TCC](/assets/image/hukuk-postasi-default.jpg)
![Share Buyback of Companies Pursuant to the New TCC](/assets/image/hukuk-postasi-default.jpg)
![The Constitutional Court Have Not Annulled The Provision Pertaining To The Obligation To Recruit An Attorney At Law For Certain Joint Stock Companies](/assets/image/hukuk-postasi-default.jpg)
![Innovations in The New Turkish Commercial Code Concerning Voting Rights](/assets/image/hukuk-postasi-default.jpg)
![Services Provided by Coastal Facilities and Applicable Tariffs](/assets/image/hukuk-postasi-default.jpg)
![A Bizarre Decision of the Assembly of Civil Chambers of the Court of Cassation Regarding Simulated Transaction of Legator](/assets/image/hukuk-postasi-default.jpg)