According to a statement made by the Minister of Treasury and Finance Mehmet Şimşek on June 20, 2024, the Global Minimum Corporate Tax (“GMCT“) is expected to be among the tax regulations that will soon be submitted to the Turkish Grand National Assembly. This development is expected to have significant consequences for multinational companies...

On 5 June 2024, the Financial Crimes Investigation Board (“MASAK”) announced the publication of an updated version of the Suspicious Transaction Reporting Guide (“Guide“) for the Payment and Electronic Money Institutions operating within the scope of Law No. 6493 on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions. The Guide incorporates feedback...

The Law on Amending the Turkish Commercial Code No. 6102 and Some Laws by the Turkish Grand National Assembly (“Law No. 7511”), was adopted on May 23, 2024. Law No. 7511, which is drafted as an omnibus bill and envisages amendments to Article 366, 375, 392, Temporary Article 7 of the Turkish Commercial Code (“TCC”,...

The Law Amending the Turkish Commercial Code No. 7511 and Some Laws by the Grand National Assembly of Türkiye (“Law No. 7511“), is adopted on 23 May 2024. Law No. 7511, which is drafted as an omnibus bill, envisaged amendments to Articles 34, 43, and 45 of Law No. 4054 on the Protection of Competition...

The Law on Amending the Turkish Commercial Code No. 6102 and Some Laws by the Turkish Grand National Assembly (“Law No. 7511”), was adopted on May 23, 2024. Law No. 7511, which is drafted as an omnibus bill and envisages amendments to Article 366, 375, 392, Temporary Article 7 of the Turkish Commercial Code (“TCC”,...

The Law Amending the Turkish Commercial Code No. 7511 and Some Laws by the Grand National Assembly of Türkiye (“Law No. 7511“), is adopted on 23 May 2024. Law No. 7511, which is drafted as an omnibus bill, envisaged amendments to Articles 34, 43, and 45 of Law No. 4054 on the Protection of Competition...

  In a decision, dated 1 February 2024 and numbered E.2023/177 K.2024/30, was published in the Official Gazette on 20 May 2024, the Constitutional Court has rejected the Council of State 10th Chamber’s application for the annulment of the “Regulation on Electronic Commerce Intermediary Service Providers and Electronic Commerce Service Providers” (“E-Commerce Regulation“). As is...

  The Personal Data Protection Authority (“Authority“) announced on its website on May 17, 2024 (“Announcement“) that it has initiated the public consultation process on draft documents related to standard contracts and binding corporate rules (“BCRs“) as the appropriate assurance methods for the transfer of personal data abroad, pursuant to paragraph 4 of Article 9...

The Draft Bill Amending the Capital Markets Law numbered 6362, also known as the Draft Bill on Crypto Assets (“Draft Bill“), was submitted to the Grand National Assembly of Turkey (“TBMM“) on May 16, 2024. The Draft Bill aims to regulate the operations of crypto asset service providers (“CSPs“), the activities of crypto asset platforms,...

The Financial Crimes Investigation Board of Türkiye (“MASAK“) announced on May 14, 2024, that it has updated the Suspicious Transaction Reporting Guide (“Guide“) and the MASAK Online system, which regulate the procedures and principles regarding suspicious transaction reports specific to the banking sector. With the update, new suspicious transaction types, especially those made through social...