Amendments To The Turkish Commercial Code

The Law on the Prevention of the Financing of the Proliferation of Weapons of Mass Destruction No. 7262 (the "Law No. 7262") was published in the Official Gazette No. 31351 on December 31, 2020. Although the Law in general sets forth the principles related to implementation of the sanctions of the United Nations Security Council regarding prevention of financing of proliferation of weapons of mass destruction, the same legislation also introduces certain amendments to the Turkish Commercial Code (the "TCC") regarding commercial books and bearer share certificates.

The amendments to the TCC, however, will enter into force on April 1, 2021, except for the additional clause to the 4th paragraph of Article 64 of the TCC, which authorizes the Ministry of Trade to require share ledger, board of directors resolution book and general assembly resolution book to be kept electronically. The latter entered into force on the publication date of the Law No. 7262 and no further