The terms regulated under Turkish Commercial Code provisional Article 13 paragraph 1, which entails provisions regarding distribution of profits, has been extended by 3 months. Accordingly; “Equity companies may decide to distribute only up to twenty-five percent of the net profit for the year 2019, previous year profits and free reserve funds cannot be distributed, and the board of directors cannot be authorized to distribute dividends until 30/12/2020.”

The Regulation on Commercial Communication and Commercial Electronic Messages has been amended in the Official Gazette dated 28 August 2020 and numbered 31227. In accordance with the amendment, the last date of uploading approval to the Message Management System (IYS) by the service providers, has been postponed to 01 December 2020. Approvals will be checked by citizens until 16 January 2021; in case the right to refuse is not used, the data transferred to the IYS will be deemed approved.


As per the announcement of the Personal Data Protection Authority (“Authority”) dated 10 April 2020, Binding Corporate Rules (“BCR”) has been introduced as a method regarding the personal data transfers to be performed between multinational group corporations operating in countries where adequate protection has not been provided. Please find attached our publication on the announcement of the Authority on the BCR.

EN_KKHukuk_Binding Corporate Rules_

Please find attached our publication on the regulations introduced by the Law on Reducing the Effects of the Novel Coronavirus (COVID-19) Pandemic on Economic and Social Life and the Law on the Amendment of Certain Laws (“Law No. 7244”) which was published in the Official Gazette No. 31102 and dated 17 April 2020.

EN_KKHukuk_Publication_Law No.7244_


Founded in 1998 by Dr. Tennur Koyuncuoğlu and reorganized in 2005, Koyuncuoğlu & Köksal is a boutique law firm especially practicing in business law including corporate and commercial law, competition law, commercial litigation, labor law, data protection, project finance and mergers & acquisitions.

Halide Edip Adıvar Mah. Darülaceze Cad. Akın Plaza No.3 Kat 5 Şişli, İstanbul

© 2020 Koyuncuoğlu & Köksal Avukatlık Bürosu