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NEWSLETTER 2013
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Penalties
With respect to paragraph 12 of Article 562 of the TurkishCommercial
Code, the members of the administrative body of the companies failing to
allocate a section for the aforementioned issues on the company website
in accordance with Article 1524 shall be punished by an administrative
fine equivalent to a period between one hundred to three hundred days; or
failing to post the required content shall be punished by an administrative
fine equivalent to a period of up to one hundred days.
Important Changes in the Regulation
The most important change brought by the Regulation is with regards
to the companies that are a member of a holding. The corporations which
are a member of a holding and which are not directly within the scope of
independent auditing shall not be obliged to open web-sites.
The obligation of the companies that are a member of a holding with
regards to the web-sites may be fulfilled by a company of the group even
though it does not have the MTHS authority. Thereby, the group company
obtaining such service shall be considered as it has opened its website. In
case the company leaves the group, it must have the MTHS authority in
the date of separation in order to carry on such service.
Conclusion
The Regulation sets forth obligations and terms for announcing
certain information which may be deemed as important and necessary for
equity companies that are subject to independent auditing. The aim of the
Regulation is to apply the principles of public disclosure and transparency
to non-public companies.