Doing Business in Türkiye: Appendix 1: Table of defined terms
Türkiye | Publication | February 2024
Anti-Money Laundering Regulation | Suç Gelirlerinin Aklanmasının ve Terörün Finansmanının Önlenmesine Dair Tedbirler Hakkında Yönetmelik, published in the Official Gazette dated January 9, 2008, and numbered 26751 |
Banking Law | Bankacılık Kanunu, Law no. 5411 on banking published in the Official Gazette dated November 1, 2005, and numbered 25983 |
Banks Association of Türkiye | Türkiye Bankalar Birliği (“TBB”), a professional organization, founded in 1958, established pursuant to the Banking Law that include all deposit banks and development and investment banks operating in Türkiye |
BDDK | BankaBankacılık Düzenleme ve Sigorta Muameleleri Vergisi (“BSMV”),Denetleme Kurumu, the banking regulation and insurance transaction taxsupervision agency of the Republic of Türkiye |
Bn | Billion |
BLT | Build-lease-transfer |
Borsa Istanbul | Borsa İstanbul Anonim Şirketi, the Istanbul Stock Exchange |
BO | Build-operate |
BOT | Build-operate-transfer |
BOTAŞ | Boru Hatları ile Petrol Taşıma Anonim Şirketi, the state-owned petroleum and gas pipeline corporation of the Republic of Türkiye |
BSMV | Banka ve Sigorta Muameleleri Vergisi, banking and insurance transaction tax (“BITT”) |
BTC | Baku-Tbilisi-Ceyhan crude oil pipeline |
Capital Markets Board | Sermaye Piyasası Kurulu (“SPK”), the capital markets board of Türkiye |
CEE | Central and Eastern Europe |
Central Bank | Türkiye Cumhuriyet Merkez Bankası (“TCMB”), the central bank of the Republic of Türkiye |
Central Registry Agency | Merkezi Kayıt Kuruluşu Anonim Şirketi. (“MKK”), the Central Registry Agency of the Republic of Türkiye |
Civil Code | Türk Medeni Kanunu, Law no. 4721 published in the Official Gazette dated December 8, 2001, and numbered 24607 |
Code of Obligations | Borçlar Kanunu, Law no. 6098 published in the Official Gazette dated February 4, 2011, and numbered 27836, entered into force on July 1, 2012, except for certain provisions that will enter into force on July 1, 2020 |
Commercial Code | Türk Ticaret Kanunu, Law no. 6102 published in the Official Gazette dated February 14, 2011, and numbered 27846, entered into force on July 1, 2012, except for certain provisions entered into force on January 1, 2013, July 1, 2013, and January 1, 2014 |
Commercial Court | Ticaret Mahkemeleri, Commercial Courts of the Republic of Türkiye |
Commercial Enterprise Pledge Law | Ticari İşletme Rehni Kanunu, Law no. 1447 on commercial enterprise pledges published in the Official Gazette dated July 28, 1971, and numbered 13909 |
Competition Authority | Rekabet Kurumu, the competition authority of the Republic of Türkiye |
Competition Board | Rekabet Kurulu, the competition board of the Republic of Türkiye |
Competition Law | Rekabetin Korunması Hakkında Kanun, Law no. 4054 on protection of competition published in the Official Gazette dated December 13, 1994, and numbered 27846 |
Constitution | Türkiye Cumhuriyeti Anayasası, the Constitution of the Republic of Türkiye as entered into force on November 7, 1982 and amended from time to time |
Council of State | Danıştay, the Council of State of the Republic of Türkiye |
Court of First Instance | Asliye Hukuk Mahkemesi, Court of First Instance of the Republic of Türkiye |
Criminal Code | Türk Ceza Kanunu, Law no. 5237 published in the Official Gazette dated October 12, 2004, and numbered 25611 |
Crypto Regulation | Ödemelerde Kripto Varlıkların Kullanılmamasına Dair Yönetmenlik, published in the Official Gazette dated April 16, 2021, and numbered 31456 |
Currency Protection Decree | Türk Parası Kıymetini Koruma Hakkında Karar, Council of Ministers Decree Numbered 32 published in the Official Gazette dated August 11, 1989, and numbered 20249 and amended from time to time |
Data Protection Law | Kişisel Verilerin Korunması Kanunu, Law no. 6698 on the protection of personal data published in the Official Gazette dated April 7, 2016, and numbered 29677 |
Data Protection Board | Kişisel Verileri Koruma Kurumu (“KVKK”), the data protection board of the Republic of Türkiye |
EBC | İcra ve İflas Kanunu, Law no. 2004 published in the Official Gazette dated June 19, 1932, and numbered 2128 |
Electricity Market Law | Elektrik Piyasası Kanunu, Law no. 6446 on electricity market published in the Official Gazette dated March 30, 2013, and numbered 28603 |
Energy Charter Treaty | European Energy Charter adopted in the concluding document of the Hague Conference on the European Energy Charter signed at the Hague on December 17, 1991 |
Environmental Law | Çevre Kanunu, Law no. 2872, published in the Official Gazette dated August 11, 1983, and numbered 18132 |
EPDK | Enerji Piyasası Düzenleme Kurumu, the energy market regulatory authority of the Republic of Türkiye (EMRA) |
EPİAŞ | Enerji Piyasaları İşletme Anonim Şirketi, the energy market management company of the Republic of Türkiye. |
Euratom | The European Atomic Energy Community |
FDI | Foreign Direct Investment |
Foreign Direct Investment Law | Doğrudan Yabancı Yatırımlar Kanunu, Law no. 4875 on foreign direct investment published in the Official Gazette dated June 17, 2003, and numbered 25141 |
GDP | Gross Domestic Product |
General BOT Law | Bazı Yatırım ve Hizmetlerin Yap-İşlet Devret Modeli Çerçevesinde Yaptırılması Hakkında Kanun, Law no. 3996 on build-operate-transfer model published in the Official Gazette dated June 13, 1994, and numbered 21959 |
General Directorate of Mining and Petroleum Affairs | Maden ve Petrol İşleri Genel Müdürlüğü, General Directorate of Mining and Petroleum Affairs which is part of the Ministry of Energy and Natural Resources of the Republic of Türkiye |
General Directorate of Land Registry | Tapu ve Kadastro Genel Müdürlüğü, General Directorate of Land Registry which is part of the Ministry of Environment, Urbanization and Climate Change of the Republic of Türkiye |
ICC | International Chamber of Commerce |
ICSID | International Centre for Settlement of Investment Disputes |
ICSID Convention | Washington Convention on the Settlement of Investment Disputes Between States and Nationals of Other States |
IFRS | International Financial Reporting Standards |
IMF | International Monetary Fund |
Industrial Property Law | Sınai Mülkiyet Kanunu, Law no. 6769 published in the Official Gazette dated January 10, 2017, and numbered 29944 |
Industrial Zones Law | Endüstri Bölgeleri Kanunu, Law no. 4737 on industrial zones published in the Official Gazette dated January 19, 2002, and numbered 24645 |
Intellectual Property Law | Fikir ve Sanat Eserleri Kanunu, Law no. 5846 on intellectual property published in the Official Gazette dated December 31, 1951, and numbered 7981 |
International Accounting Standards Board | An independent, private-sector body, formed in 2001 and operating under the IFRS Foundation, that develops and approves the International Financial Reporting Standards |
International Energy Agency | The intergovernmental organization established in 1974 under the framework of OECD |
International Private and Procedure Law | Milletlerarası Özel Hukuk ve Usul Hukuku Hakkında Kanun, Law no. 5718 on international private law and related procedure published in the Official Gazette dated December 12, 2007, and numbered 26728 |
International Workforce Law | Uluslararası İşgücü Kanunu, Law no. 6735 on international workforce, published in the Official Gazette dated August 13, 2016, and numbered 29800 |
ISDA | International Swaps and Derivatives Association |
ISTAC | İstanbul Tahkim Merkezi, an independent and impartial institution providing dispute resolution services for both international and domestic parties based on the ISTAC Arbitration and Mediation Rules. |
kV | Kilovolt |
KKDF | Kaynak Kullanımını Destekleme Fonu, Resource Utilization Support Fund (“RUSF”), a tax on foreign currency loans |
KDV | Katma Değer Vergisi, value added tax |
Labor Law | İş Kanunu, Law no. 4857 on labor published in the Official Gazette dated June 10, 2003, and numbered 25134 |
Law of Unions and Collective Bargaining Agreements | Sendikalar ve Toplu İş Sözleşmesi Kanunu, Law no. 6356 on unions and collective bargaining agreements published in the Official Gazette dated November 7, 2012, and numbered 28460 |
Law on Bribery and Corruption | Mal Bildiriminde Bulunulması, Rüşvet ve Yolsuzluklarla Mücadele Kanunu, Law no. 3628 on declaration of property and combating bribery and corruption published in the Official Gazette dated May 4, 1990, and numbered 20508 |
Law on Misconduct | Kabahatler Kanunu, Law no. 5326 on misconduct, published in the Official Gazette dated March 31, 2005, and numbered 25772 |
m | Million |
MASAK | Mali Suçları Araştırma Kurumu, Financial Crimes Investigation Board (“FCIB”) |
MENA | Middle East and North Africa |
Mining Law | Maden Kanunu, Law no. 3213 on mining published in the Official Gazette dated June 15, 1985, and numbered 17875 |
Ministry of Energy | Enerji ve Tabii Kaynaklar Bakanlığı, Ministry of Energy and Natural Resources of the Republic of Türkiye |
Ministry of Environment | Çevre Şehircilik ve İklim Değişikliği Bakanlığı, Ministry of Environment, Urbanization and Climate Change of the Republic of Türkiye |
Ministry of Finance | Hazine ve Maliye Bakanlığı, The Ministry of Treasury and Finance of the Republic of Türkiye |
Ministry of Forestry | Tarım ve Orman Bakanlığı, The Ministry of Agriculture and Forestry of the Republic of Türkiye |
Ministry of Health | Sağlık Bakanlığı, Ministry of Health of the Republic of Türkiye |
Ministry of Industry | Sanayi ve Teknoloji Bakanlığı, Ministry of Industry and Technology of the Republic of Türkiye |
Ministry of Labor | Çalışma ve Sosyal Güvenlik Bakanlığı, Ministry of Labor and Social Security of the Republic of Türkiye |
Ministry of Trade | Ticaret Bakanlığı, Ministry of Trade and Customs of the Republic of Türkiye |
Movable Pledge Law | Ticari İşlemlerde Taşınır Rehni Kanunu, Law no. 6750 on movable property pledge in commercial transactions published in the Official Gazette dated October 28, 2016, and numbered 29871 |
MW | Megawatt |
NATO | North Atlantic Treaty Organization |
New York Convention | New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards |
OECD | The Organization for Economic Co-operation and Development |
Official Gazette | Resmî Gazete, the official gazette of Republic of Türkiye that publishes, among others¸ laws, regulations, decrees and international treaties founded by the Regulation on the Publication of the Official Gazette dated June 22, 1927 |
Parliament | Türkiye Büyük Millet Meclisi, Turkish Grand National Assembly |
Participation Banks Association of Türkiye | Türkiye Katılım Bankaları Birliği (“TKBB”), a professional organization, founded in 2002, established pursuant to the Banking Law that include all participation banks operating in Türkiye |
Petroleum Law | Türk Petrol Kanunu, Law no. 6491 published in the Official Gazette dated June 11, 2013, and numbered 28674 |
PPP | Public Private Partnership |
Presidency | President or Office of the President of the Republic of Türkiye |
Privatization Administration | Özelleştirme İdaresi Başkanlığı, the privatization administration of the Republic of Türkiye |
Privatization High Council | Özelleştirme Yüksek Kurulu, the high council of the privatization administration of the Republic of Türkiye |
Producer Price Index | Domestic producer price index as published by TURKSTAT |
Public Disclosure Platform | Kamuyu Aydınlatma Platformu (“KAP”), public disclosure platform of the Republic of Türkiye, a system through which notifications required by the capital markets board and Borsa Istanbul regulations are publicly disclosed |
Public Oversight Authority | Kamu Gözetimi, Muhasebe ve Denetim Standartları Kurumu (“KGK”), public oversight, accounting and auditing standards authority of the Republic of Türkiye |
Renewable Energy Law | Yenilenebilir Enerji Kaynaklarının Elektrik Enerjisi Üretimi Amaçlı Kullanımına İlişkin Kanun, Law no. 5346 on the utilization of renewable energy resources for electricity generation, published in the Official Gazette dated May 18, 2005, and numbered 25819 |
Savings Deposit Insurance Fund | Tasarruf Mevduatı Sigorta Fonu (“TMSF”), the savings deposit insurance fund |
Settlement and Custody Bank | Takasbank İstanbul Takas ve Saklama Bankası Anonim Şirketi, Istanbul Settlement and Custody Bank, Inc. |
Supreme Court of Appeals | Yargıtay, Supreme Court of Appeals of the Republic of Türkiye |
TANAP | Trans-Anatolian Natural Gas Pipeline |
TEDAŞ | Türkiye Elektrik Dağıtım Anonim Şirketi, the electricity distribution company of the Republic of Türkiye |
TEİAŞ | Türkiye Elektrik İletim Anonim Şirketi, the electricity transmission company of the Republic of Türkiye |
TOR | Transfer of operating rights |
Tourism Promotion Law | Turizmi Teşvik Kanunu, Law no. 2634 on tourism promotion published in the Official Gazette dated March 16, 1982, and numbered 17635 |
TPAO | Türkiye Petrolleri Anonim Ortaklığı, the petroleum company owned by the Republic of Türkiye |
Trade Registry Gazette | Ticaret Sicil Gazetesi, the Trade Registry Gazette published by the Union of Chambers and Commodity Exchanges of Türkiye |
Turkish Accounting Standards and Turkish Financial Reporting Standards | Accounting and financial reporting standards as published by the Public Oversight Authority |
₺ (TL) | Türk Lirası, the lawful currency of the Republic of Türkiye |
Turkish Employment Agency | Türkiye İş Kurumu ("İŞKUR"), the employment agency of the Republic of Türkiye |
Turkish Patent and Trademark Office | Türk Patent ve Marka Kurumu, the patent and trademark institute of the Republic of Türkiye |
Turkish Wealth Fund | Türkiye Varlık Fonu (“TVF”), the sovereign wealth fund founded in accordance with the Law no. 6741, published in the Official Gazette dated August 26, 2016, and numbered 29813 |
TURKSTAT | Türkiye İstatistik Kurumu (“TÜİK”), Turkish Statistical Institute as founded in accordance with the Law no. 5429, published in the Official Gazette dated November 18, 2005, and numbered 25997 |
UNCITRAL | Secretariat of the United Nations Commission on International Trade Law |
UNCTAD | United Nations Conference on Trade and Development |
US$ | The lawful currency of the United States of America |
US$ Cent | One hundredth of a US$ |
VERBİS | Veri Sorumluları Sicil Bilgi Sistemi ("VERBİS"), Register of Data Controllers Information System |
Work Health and Safety Law | İş Sağlığı ve İş Güvenliği Kanunu, Law no. 6331 on workplace health and safety published in the Official Gazette dated June 30, 2012, and numbered 28339 |
World Bank Group | The group of international organizations founded on December 27, 1945 following the ratification of Bretton Woods Treaty |
WTO | World Trade Organization |
YEKA | Yenilenebilir Enerji Kaynak Alanı, renewable energy resource areas (“RERA”) |
YMEP | Yeşil Mutabakat Eylem Planı, Green Deal Action Plan (“GDAP”) |
Inside Türkiye
Global Head of Corporate, M&A and Securities
Email
ayse.yuksel@nortonrosefulbright.com
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