• It is the spirit and not the form of law that keeps justice alive.
    Earl Warren

THE ACT NO. 7144, AMENDING THE FOREIGN EXCHANGE LEGISLATION, WAS PUBLISHED IN THE OFFICIAL GAZETTE ON 25 MAY 2018

The Act No. 7144 Amending Certain Acts (“Act No. 7144”) was published in the Official Gazette on 25 May 2018 and introduced, among others, certain changes to the Act on Protection of the Value of Turkish Currency No. 1567 ("Act No. 1567"). Despite the significant amendment proposals submitted to the parliament in the draft law, it is observed that most of these proposals, which have caused many speculations during the past days, were rejected by the general assembly of the parliament.

 

The enacted amendments to the Act No. 1567 are as follows:

 

Administrative fines, in the amount of TL 50.000 – 250.000, shall be imposed to those conducting commercial activities without obtaining the required activity licence or certificate of authority. Moreover, the Undersecretariat of the Treasury has also been authorised to suspend, temporarily and/or permanently, the activities of such entities.

 

Those joint stock companies which are granted with an authorisation or licence pursuant to the Act No. 1567 shall be deemed as a joint stock company subject to special legislation under the Article 330 of the Turkish Commercial Code No. 6102. Such joint stock companies shall only be incorporated within the context of the economic aims and subjects foreseen under the Law No. 1567 and decisions, regulations and communiqués that have been issued pursuant thereto. By means of this amendment, the activities of such joint stock companies are restricted to those regulated under the Law No. 1567 and its secondary legislations. 

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