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tors. The general manager of the company must have professional
experience in the area of business management or finance of at least 7
years; for the deputy general manager the requirement is at least 5
years. Additionally, they must have completed an undergraduate
degree.
The supervision and auditing of the companies pursuant to the
Law is conducted by the Agency. The Agency is entitled to request any
and all information, even confidential information, which it deems
related to the provisions of the Law from the company, the sharehold-
ers of the company, the corporations controlled by the company and
their branches and from other related real persons and legal entities. In
addition, the Authority may examine all of the books, records and doc-
uments, including tax related records. The companies are obliged to
provide the information requested by the Authority, to keep the books,
records and documents available for examination, to provide access to
all the data processing system to the occupational personnel of the
Authority executing on-site auditing, be in compliance with the pur-
poses of the audit and ensure the data safety. Further, the companies
are obliged to submit for examination any records in microfiche,
microfilm and other similar form with respect to any books, documents
and reports required to be preserved. Companies must submit all
systems of storing and recording information along with the relevant
codes necessary to access these records or to make these records
readable.
Conclusion
Law No. 6361 defining the financial leasing, factoring and financ-
ing companies, which constitute an important part of the financial sys-
tem, together and as financial institutions, is important and essential.
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NEWSLETTER 2012