The Law No. 5549 (For Prevention of Laundering of Crime Revenues) has been enacted upon promulgation in the Official Gazette dated 18.10.2006.

The purpose of this Memorandum is to provide concise and brief information about the Insurance Audit Law promulgated in the Official Gazette on 25.06.1987 in order to help develop the insurance industry in Turkey, to ensure safe implementation of insurance procedures, to enable the use of the funds created by the insurance industry for economic development of the country, to guarantee and assure the benefits, receivables and compensations under the insurance contracts, and to regulate the insura

Sub-paragraph (v) of article 22 of the Capital Markets Law pertaining to the duties and powers of the Capital Markets Board allows use of accumulative votes in joint-stock companies. And the "Communiqué About Principles of Use of Accumulative Votes in General Assembly Meetings of Joint-Stock Companies Subject to the Capital Markets Law", Serial IV No. 29, has been published by the Capital Markets Board in the Official Gazette on 18 February 2003, with immediate effect.

The institutions and instruments necessitated by a liberal economy, paralleled with Turkey’s economic growth and development, positive approach to globalization and the process of harmonization with the European Union’s political and economic approaches in line with the prospects for eventual membership therein, have given a boost to the national Turkish economy, opening Turkey’s economic doors to international trade.

The "Law Amending the Banks Law and Some Other Laws", no. 5020, adopted and enacted by the Turkish Grand National Assembly on 12 December 2003 and published in the Official Gazette on 26.12.2003, mainly contains new provisions for facilitating the collection of receivables from customers and owners of the banks which have become insolvent and have been transferred to the Saving Deposits Insurance Fund or of which banking license has been withdrawn.

Memorandum on Foreighn Investors and on Trade of Capital Markets Instruments

The information relating to Turkiye is provided for background purposes only. The information presented herein has been extracted from and is presented on the authority of various public official documents and private publications.

The Law No. 5188 Regarding Private Security Services (the "Law") which establishes the legal basis and procedures about the private security services, and which covers the subjects related with the granting of private security permits, and licensing and audit and supervision of the persons and companies giving these services has been promulgated in the Official Gazette issue 25504 dated June 26, 2004.

It is unequivocal that the developing countries need to make investments in order to develop, and need resources for such investments.

The Turkish economy has undergone significant changes in the last 20 years. It has moved from a highly protected state-directed system to a market-orientated free-enterprise economy.

There have been positive developments in attitudes of foreign real and legal persons, particularly those from European Union Member States, in their approach to buy real properties ("Real Property") in Turkey or to acquire some real rights thereof in the wake of the EU’s decision in December to start membership negotiations with Turkey.

Memorandum on Foreign Investors and on Trade of Capital Markets Instruments

The information relating to Turkiye is provided for background purposes only. The information presented herein has been extracted from and is presented on the authority of various public official documents and private publications.

Joint stock companies, under the Turkish Commercial Code (TCC), may either merge and operate as a new joint stock company or may acquire one or more other joint stock company or companies and merge all such acquired companies under a single existing joint stock company. In addition to the TCC, provisions of communiqués issued and effectuated by the Capital Markets Board (CMB) provide further criteria for mergers and acquisitions of public joint stock companies (PJSC).

The information relating to Turkiye is provided for background purposes only. The information presented herein has been extracted from and is presented on the authority of various public official documents and private publications.

The Banking Act abolishing and replacing Banks Act (Law No. 4389) (as amended by Laws No. 4491, 4672, 4743, 4842 and 5020) came into force upon publication thereof in the Official Gazette dated November 01, 2005

According to the Turkish Commercial Code (Law No. 6762), the Direct Foreign Investment Law (Law No. 4875), the Communiqué Regarding the Implementation of Foreign Direct Investment Law published in the Official Gazette dated August 20, 2003 and numbered 25205 and the Communiqué

The Banking Act abolishing and replacing Banks Act (Law No. 4389) (as amended by Laws No. 4491, 4672, 4743, 4842 and 5020) came into force upon publication thereof in the Official Gazette dated November 01, 2005.

This memorandum of law has been prepared for the purpose of outlining the principles and procedures regarding the overall framework of the Turkish Labour Code and its application in practice in the Republic of Turkiye ("Turkiye").

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