Doing Business in Türkiye: Appendix 1: Table of defined terms

Türkiye | Publication | February 2024

Download the PDF

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”)