New Communique on Advance Dividend Distribution

In today's globalized trade environment, many companies engage in commercial relations with other firms and conduct international trade.

Turkish competition enforcement has entered a phase in which the Authority's most consequential interventions increasingly arrive before, rather than after, a finding of infringement. This Summer 2026 edition covers eight developments spanning digital markets policy, merger remedies, physical access to retail infrastructure, labour market information exchange, AI distribution channels, procedural cooperation obligations and the transition between fining regimes.

Oracle Corporation, the American technology giant, agreed to pay the U.S. Securities and Exchange Commission ("SEC") $22.9 million as the result of the investigation to resolve charges...

One of the economic purposes of joint stock companies is to generate profits through their business activities and to distribute such profits among their shareholders in accordance with the rules stipulated by law and the articles of association.

This article examines the establishment and continuing management of a foreign business presence in Türkiye. It compares subsidiaries, branches and liaison offices, and considers capital, corporate documentation, governance, representative authority, investment reporting, work authorisation and data protection. Judicial decisions concerning corporate organisation and management duties are considered in their relevant context. The analysis argues that the choice of vehicle should follow the proposed activity, ownership arrangements and expected life of the investment. Effective legal preparation connects incorporation with the company's subsequent compliance, financing, decision-making and exit arrangements rather than treating registration as the final objective.

Turkey's e-commerce sector achieved a historic milestone in 2025, with transaction volume reaching 4.57 trillion TL—a 52.2% year-over-year increase. The Ministry of Trade's comprehensive report reveals how artificial intelligence integration, quick commerce models, and sustainability initiatives are reshaping consumer behavior and business operations.

The Capital Markets Board of Türkiye (“CMB” or the “Board”), through its principle decision No. i-SPK.15.2 (dated 03.09.2026 and numbered 54/1614) (“Resolution”), has lowered to 3% the minimum shareholding disclosure threshold under the Material Events Disclosure Commu-niqué No. II-15.1 (“Communiqué”). The Reso-lution will apply as from the end of the day on 11.09.2026.

According to the first paragraph of Article 5 of the Communiqué on Share Buybacks No. II-22.1 (the "Communiqué"), a share buyback program can only be approved by a general assembly resolution.

In any high-stakes investment, Merger & Acquisition (M&A), or private equity deal in Turkey and real estate engagements, the financial statements of the target company are the primary focus. While accountants and financial analysts review these numbers for performance and profitability, an experienced corporate lawyer reads them differently.

Within the scope of the European Green Deal, which constitutes one of the key elements of the European Union’s (“EU”) policies to combat climate change, the EU aims to reduce greenhouse gas emissions and achieve a climate-neutral economy by 2050.

With its decision No. 57/1708 dated 17.09.2026, the Capital Markets Board (the “CMB”) set out the liquidation procedures for the 131 investment funds established by Tera, A1 Capital, Atlas, Bulls, Hedef, Pardus and Pusula Portföy Yönetimi, whose liquidation had been ordered under its previous decision, and updated the relevant list of funds in the same decision.

SPK, halka açık olmayan ortaklıkların halka arz başvurularını ilan edilen sıradan bağımsız olarak önceliklendirmek üzere üç alternatif kriter belirledi

On 16 September 2026, the money market funds founded by Pusula Portföy Yönetimi A.Ş. defaulted after failing to meet the cash redemption requests received from investors, triggering a sharp sell off on Borsa Istanbul. The BIST 100 index lost 5.54% that same day and hit a circuit breaker; the selling soon spread to Tera Portföy funds as well. It became apparent that the problem was not confined to those two firms but also extended to Hedef, Atlas, A1 Capital, Pardus and Bulls Portföy.

Borsa Istanbul’s BIST 100 index came under significant selling pressure over three consecutive trading sessions between 15-17 September 2026. The index closed down 5.54% on 16 September, a move that triggered Borsa Istanbul’s index-linked circuit breaker, and negative momentum continued into the morning of 17 September. The sell-off was primarily triggered by a default at Pusula Portföy Yönetimi A.Ş., a portfolio management company, which failed to meet investor redemption requests from certain funds it manages in a timely manner. A similar liquidity problem emerged at Tera Portföy Yönetimi A.Ş., and this situation put pronounced pressure on the shares of both companies as well as on broader market indices.

The Capital Markets Board of Türkiye (“CMB” or the “Board”), through its principle decision No. i-SPK.15.2 (dated 03.09.2026 and numbered 54/1614) (“Resolution”), has lowered to 3% the minimum shareholding disclosure threshold under the Material Events Disclosure Commu-niqué No. II-15.1 (“Communiqué”). The Reso-lution will apply as from the end of the day on 11.09.2026.

Sermaye Piyasası Kurulu (“Kurul”) 17.09.2026 tarihli ve 57/1708 sayılı kararı ile, bir önceki kararında tasfiyesine karar verilen ve Tera, A1 Capital, Atlas, Bulls, Hedef, Pardus ve Pusula Portföy Yönetimi tarafından kurulmuş toplam 131 yatırım fonunun tasfiye usul ve esasları belirlenmiş, ilgili fon listesi de aynı kararla güncellenmiştir.

Presidential Circular No. 2026/9, dated 17 August 2026, was published in the Official Gazette on 18 August 2026. The Circular requires public institutions and organisations to carry out the necessary work and provide the support needed to implement the Türkiye Artificial Intelligence Action Plan (the “Plan”), which sets out Türkiye’s artificial intelligence roadmap for the 2026–2030 period.

16.09.2026 tarihinde, Pusula Portföy Yönetimi A.Ş.’nin kurucusu olduğu para piyasası fonlarının yatırımcılardan gelen nakit iade taleplerini karşılayamayarak temerrüde düşmesi, Borsa İstanbul’da sert bir satış dalgasını tetiklemiştir. BIST 100 endeksi aynı gün %5,54 değer kaybederek devre kesici uygulamasına konu olmuş, satış dalgası kısa sürede Tera Portföy fonlarında da görülmüş; sorunun yalnızca iki kurumla sınırlı kalmayıp Hedef, Atlas, A1 Capital, Pardus ve Bulls Portföy’ü de kapsadığı anlaşılmıştır.

Türkiye Emisyon Ticaret Sistemi Yönetmeliği (“Yönetmelik”), 27 Ağustos 2026 tarihli ve 33353 sayılı Resmî Gazete’de yayımlanarak aynı tarihte yürürlüğe girmiştir. Yönetmelik ile 7552 sayılı İklim Kanunu (“İklim Kanunu”) uyarınca Türkiye Emisyon Ticaret Sistemi’nin (“ETS”) kapsamı sera gazı emisyon izni, izleme, raporlama ve doğrulama, tahsisatlandırma ve piyasa işleyişine ilişkin temel kuralları düzenlemektedir.

The Türkiye Emissions Trading System Regulation (the “Regulation”) was published in the Official Gazette No. 33353 dated August 27, 2026, and entered into force on the same date. Pursuant to the Climate Law No. 7552 (the “Climate Law”), the Regulation sets out the fundamental rules governing the scope of the Türkiye Emissions Trading System (“ETS”), greenhouse gas emissions permits, monitoring, reporting and verification, the allocation of allowances, and the operation of the market.