Union of Chambers and Commodity Exchanges of Turkey

Hisarcıklıoğlu said, “Thanks to the TTKmetre, company officials are able to resolve their reservations and questions. In order to mend their shortcomings, all companies should set aside time to participate in the TTKmetre. We have time enough to mend shortcomings.”

- Only took 3.5 days to pass instead of 3.5 years

TOBB President Rifat Hisarcıklıoğlu stated that production and trade are governed by laws and that the law governing the framework of trade no longer corresponds to needs and that, as TOBB, they are spearheading the change of the TTK.

Relating that they have also visited the minority political parties in order to ensure a unanimous decision, Hisarcıklıoğlu said, “This law, consisting of 1,535 clauses, would take about 1.5 years to pass. Thanks to the efforts of the government and the opposition this law and the Loans and Code of Civil Procedure laws were passed in 3.5 day instead of 3.5 years.”

Emphasizing that the law concerns traders and industrialists instead of financial consultants, Hisarcıklıoğlu said that the law offers change to everything a company owner does throughout the whole day.

- TTKmetre test

The TTKmetre test, prepared by TOBB and the financial and management consultancy company Deloitte, provides opportunity for companies to see how prepared they are for the new Turkish Trade Law (TTK) which will enter into effect on July 1st.

By using the “TTKmetre” application on TOBB’s website can be accessed by signing up by providing an email address.

40 yes/no questions on the subjects of “General assessment,” “Fiscal situation financial reporting & UFRS unique TMS,” “Information society services and information security,” “Basic structure of the company, branches of governance and shareholder rights,” “Independent supervision,” and “Risk management, internal supervision and control” are presented during the test.

After the questions are answered, readiness for the new TTK is calculated with regards to personnel number and returns parameters.

- Innovations of the new TTK

The changes the new TTK will entail regarding companies include; partners will no longer be able to take loans from companies; independent supervision instead of the board of supervisors, community of companies and consolidation mentioned for the first time in trade law; board of directors consisting of only 1 person; publicly owned companies must maintain websites; the merging, splitting and diverging of companies reformed.
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