Doing business in Turkey: Annex 1: Table of defined terms

Turkey Publication April 2022

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 Turkey  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 Turkey 
BDDK BankaBankacılık Düzenleme ve Sigorta Muameleleri Vergisi (“BSMV”),Denetleme Kurumu, the banking regulation and insurance transaction taxsupervision agency of the Republic of Turkey
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 Turkey
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 Turkey
CEE Central and Eastern Europe
Central Bank Türkiye Cumhuriyet Merkez Bankası (“TCMB”), the central bank of the Republic of Turkey
Central Registry Agency Merkezi Kayıt Kuruluşu Anonim Şirketi. (“MKK”), the Central Registry Agency of the Republic of Turkey
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 Turkey 
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 Turkey 
Competition Board Rekabet Kurulu, the competition board of the Republic of Turkey
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 Turkey 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 Turkey 
Court of First Instance Asliye Hukuk Mahkemesi, Court of First Instance of the Republic of Turkey
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 Turkey 
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 Turkey (EMRA)
EPİAŞ  Enerji Piyasaları İşletme Anonim Şirketi, the energy market management company of the Republic of Turkey. 
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 Turkey
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 Turkey
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 Turkey 
Ministry of Environment  Çevre Şehircilik ve İklim Değişikliği Bakanlığı, Ministry of Environment, Urbanization and Climate Change of the Republic of Turkey 
Ministry of Finance  Hazine ve Maliye Bakanlığı, The Ministry of Treasury and Finance of the Republic of Turkey 
Ministry of Forestry  Tarım ve Orman Bakanlığı, The Ministry of Agriculture and Forestry of the Republic of Turkey 
Ministry of Health  Sağlık Bakanlığı, Ministry of Health of the Republic of Turkey 
Ministry of Industry  Sanayi ve Teknoloji Bakanlığı, Ministry of Industry and Technology of the Republic of Turkey 
Ministry of Labor  Çalışma ve Sosyal Güvenlik Bakanlığı, Ministry of Labor and Social Security of the Republic of Turkey
Ministry of Trade  Ticaret Bakanlığı, Ministry of Trade and Customs of the Republic of Turkey 
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 Turkey 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 Turkey Türkiye Katılım Bankaları Birliği (“TKBB”), a professional organization, founded in 2002, established pursuant to the Banking Law that include all participation banks operating in Turkey 
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 Turkey 
Privatization Administration  Özelleştirme İdaresi Başkanlığı, the privatization administration of the Republic of Turkey 
Privatization High Council  Özelleştirme Yüksek Kurulu, the high council of the privatization administration of the Republic of Turkey 
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 Turkey, 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 Turkey 
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 Turkey 
TANAP  Trans-Anatolian Natural Gas Pipeline 
TEDAŞ  Türkiye Elektrik Dağıtım Anonim Şirketi, the electricity distribution company of the Republic of Turkey 
TEİAŞ  Türkiye Elektrik İletim Anonim Şirketi, the electricity transmission company of the Republic of Turkey 
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 Turkey 
Trade Registry Gazette  Ticaret Sicil Gazetesi, the Trade Registry Gazette published by the Union of Chambers and Commodity Exchanges of Turkey
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 Turkey 
Turkish Employment Agency  Türkiye İş Kurumu ("İŞKUR"), the employment agency of the Republic of Turkey
Turkish Patent and Trademark Office Türk Patent ve Marka Kurumu, the patent and trademark institute of the Republic of Turkey 
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”)
   

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