Introduction
The Turkish Grand National Assembly has promulgated the Act on the Prevention of the Financing of Propagation of Weapons of Mass Destruction (7262), published in the
Official Gazette (31351) on 31 December 2020, which foresees material amendments to the Commercial Code s provisions regarding bearer share certificates. Although these amendments may seem misplaced, they are the result of long deliberation and deep international cooperation. The act aims to implement the United Nations Security Council s measures on this matter.
Key points
The amendments include the following.
The Ministry of Trade may oblige that the share ledger, the board of directors resolution book and the book of the general assembly meeting and discussion be kept electronically – without prejudice to the Capital Markets Law (6362).