Union of Chambers and Commodity Exchanges of Turkey

The new Turkish Commercial Code, which will come into force on the 1st July 2012, will be detailed in seven different regions by the delivery of seminars organised with the cooperation of the Union of Chambers and Commodity Exchanges of Turkey and Deloitte. The first of these seminars was held at the headquarters of the Union in Ankara. In addition to the New Turkish Commercial Code and the Code of Obligations, details concerning the 6111 numbered Code and TCCmetre Project were given at this seminar.

The Chairman of TOBB, Mr. Hisarciklioglu stated at the opening speech that a new competition map in the world is being shaped and those countries, which adapt to the new environment, grow rapidly and become affluent.  He further stated that there is a private sector in Turkey that develops the economy, and provides investment and employment. Therefore, each step, which aims to strengthen the private sector, should become the main item on the agenda.

He has also reminded that both the codes sat on the shelf in the Parliament`s agenda for years. They visited the government and opposition parties for the enactment and explained to them the importance of those regulations for the private sector`s future. He also added that they had not agreed on every article within the codes since there are sections that they had objected to. On the other hand, he expects those problems to be sorted due to the extended enactment dates.

He continued to stress that, “a new curtain in the Turkish economy is opening. Rules at international standards will dominate the commercial life.  Companies, especially the SMEs, need to make important preparations in order to become accustomed to the new era. Those companies that do not make or delay preparations will face difficulties in competition.” 

-Changes in the Code of Obligations

Mr. Hisarciklioglu continued in that the Code of Obligations is in nature of constitution for the contract law, which is the most important tool of business life. He added, that the new Code is a product of 8 years of work and the new Code has important changes in the new terms and conditions, lease agreements, trade law and surety contracts.

He further stated that these two Codes are the fundamental codes that closely concern the business life. He also stressed that the application (implication) of the codes are also as important as the correct preparation of them.

In order to determine to what extent companies are ready for the TCC, a survey called “TTKmetre” has been prepared by TOBB in cooperation with Deloitte. This has been opened for use on the TOBB and Deloitte’s websites. There are 44 questions listed under the 6 main subjects in the survey and once completed the companies will understand to what extent they are ready and what they should do for the new TCC.  
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