The Central Registry Agency Inc. (“CRA”) has recently issued a letter (“General Letter”) on September 25, 2013 regarding support services to be provided by CRA which is a Central Database Service Provider (“MTHS’’) certified by the Ministry of Customs and Commerce.
By way of background, Article 1524 of the Turkish Commercial Code (“TCC”) provides that companies which are subject to independent audit according to Article 397 of the TCC shall establish their websites within three months starting from their date of incorporation (the “Companies”).
At present, only Companies set forth under the Resolution of the Council of Ministers numbered 2012/4213 shall be subject to independent audit.
This being said, the Regulation on Company Websites (“Regulation”) regulates the principles and procedures under which the Companies are obliged to allocate a section of their websites for information community services and publication of the announcements necessary with respect to Article 1524 of the TCC.
By virtue of the Regulation, the necessity for the Companies to establish a website commenced on October 1, 2013.
The Regulation further provides that the Companies may either establish their website on their own or they may choose to obtain these services from a MTHS.
Article 1524 provides further that Companies who fail to establish their company website and their board members and managers who are found to have responsibility may face criminal liability.
You may find more about company websites in our previous articles on the subject.1
Under its General Letter, CRA has announced that it will begin to offer the abovementioned MTHS services to both companies whose shares are being tracked pursuant to the provisions of the Capital Markets Law as well as all other companies that are subject to independent audit.