TÜRKIYE Law and Practice Contributed by: Gönenç Gürkaynak, K Korhan Yıldırım and Görkem Yardım, ELIG Gürkaynak Attorneys-at-Law
the rules that apply to the calculation of turnover of financial institutions in accordance with the recent changes to the financial regulations as follows. • For the calculation of financial institutions’ turno - vers, Communiqué No 2022/2 aligns the wordings and terms in view of the applicable banking and financial regulations – ie, it excludes the term “par - ticipation banks” and refers to “banks” in general, which covers all legal forms of banks. • Communiqué No 2022/2 updates the names and references of the relevant regulations issued by the Banking Regulatory and Supervisory Agency and the Capital Markets Board referred to in Article 9 of Communiqué No 2010/4. Turnover Calculation In respect of various financial institutions, the turnover determined by the special turnover calculation meth - od consists of the sum of the following. • Banks and participation banks – as included within the income statement requested under the Com - muniqué Concerning the Financial Tables to be Disclosed to the Public by Banks, and Related Explanations and Footnotes (Banking Regulatory and Supervisory Agency, 10/2/2007, 26430): • Financial leasing, factoring and funding compa - nies – real operating income and other operating income, as included within the income statement requested under the Communiqué Concerning the Uniform Accounting Plan to be Implemented by Financial Leasing, Factoring and Funding Compa - nies and the Explanation Note Thereof, and Con - cerning the Format and Content of the Financial Tables to be Disclosed to the Public (the Banking Regulatory and Supervisory Agency, 17/5/2007, 26525). • Intermediary institutions and portfolio manage - ment companies – as included within the detailed income statement requested under the Communi - qué Concerning the Principles on Financial Report - (a) interest and profit-sharing income; (b) collected fees and commissions; (c) dividend income; (d) commercial profits/losses (net); and (e) other operational income.
ing within the Capital Market (the Banking Regula - tory and Supervisory Agency, 9/4/2008, 26842): (a) sales income; (b) interests; (c) fees; (d) premiums; (e) commissions and other income; (f) other operating income; (g) shares in the profits/losses of the investments valued via the equity method; and (h) financial income other than operating income. • Insurance, reinsurance and pension companies – in accordance with the last financial statements or data either (i) published by the Undersecretariat of the Treasury, the Association of Insurance and Reinsurance Companies of Türkiye, or the Pension Monitoring Centre or (ii) disclosed to the public by the companies related to the merger or acquisition (to be confirmed by the Undersecretariat of Treas - ury): (a) domestic direct premium production for insur - ance companies (gross); (b) domestic direct premium production for rein - surance companies (gross); and (c) the total amount of contributions and the total amount of funds in pension companies, as well as domestic direct premium production (gross) for those pension companies that also operate in life insurance. • Other financial institutions – interest and similar income, income generated from securities, com - missions, net profit generated from financial activi - ties and other operating income. Sales and assets that are booked in a foreign cur - rency should be converted into Turkish lira by using the average buying exchange rate of the Central Bank of Türkiye for the financial year in which the sales or assets are generated. 2.7 Businesses/Corporate Entities Relevant for the Calculation of Jurisdictional Thresholds See 2.6 Calculations of Jurisdictional Thresholds . The seller’s turnover is only included with that of the target in exceptional situations. It is included in joint- venture transactions if the seller remains a controlling
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