NEWSLETTER-2017

14 NEWSLETTER 2017 management, auditing and disciplinary boards of a building, development and retail societies, public professional organi- zations, provident funds established by law, and duties spe- cified under the special laws, are beyond the scope of such ban. • Regulation under Law No. 3568: Pursuant to Article 45 of Law No. 3568, public accountants with this title, and certi- fied public accountants with this title and certification aut- hority, cannot work for real persons or legal entities or their workplaces that is based on an employment contract, may not engage in commercial activities and businesses that do not comply with the profession and professional ethics. The Regulation on the Working Methods and Principles of Public Accountants and Certified Public Accountants 11 (“Regulati- on”) includes a clear provision facilitating the interpretation of this Article, and explicitly states that public accountants and certified public accountants cannot hold positions as a member or chairman of the board of directors of joint stock companies. An exception to this general rule brought by Article 45/1 of Law No. 3568 is regulated under the third paragraph of the same article. This paragraph was amended in 2010, and was not reflected in the Regulation, which omission created inconsistency with the Regulation 12 . Accordingly, mem- bership and chairmanship of a board of directors, auditing, and expert and liquidation duties of charities and scientific organizations, state-owned enterprises, within the scope of the Decree Law on the State-Owned Enterprises, public economic institutions and their facilities, subsidiaries and affiliates, institutions in which public authorities are affili- ated with, directly or indirectly, and shareholders, as well as the institutions managed by the Savings Deposit Insurance Fund, are not considered as non-compliant with the professi- 11 Regulation (Official Gazette, 03.01.1990, No. 20391) entered into force through its publication. 12 This paragraph was amended through Article 35 of Law numbered 6009, and entered into force on 01.08.2010 (Official Gazette, 01.08.2010, No. 27659).