TÜRKIYE Law and Practice Contributed by: Gönenç Gürkaynak, K Korhan Yıldırım and Görkem Yardım, ELIG Gürkaynak Attorneys-at-Law
(a) interest and profit-sharing income; (b) collected fees and commissions; (c) dividend income; (d) commercial profits/losses (net); and (e) other operational income. • Financial leasing, factoring and funding companies – real operating income and other operating income, as included within the income statement requested under the Com - muniqué Concerning the Uniform Accounting Plan to be Implemented by Financial Leas - ing, Factoring and Funding Companies and the Explanation Note Thereof, and Concern - ing 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 man - agement companies – as included within the detailed income statement requested under the Communiqué Concerning the Principles on Financial Reporting within the Capital Mar - ket (the Banking Regulatory 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 invest - ments valued via the equity method; and (h) financial income other than operating income. • Insurance, reassurance and pension compa - nies – in accordance with the last financial statements or data either (i) published by the Undersecretariat of the Treasury, the Asso - ciation of Insurance and Reinsurance Com - panies of Türkiye, or the Pension Monitoring Centre or (ii) disclosed to the public by the companies related to the merger or acquisi -
tion (to be confirmed by the Undersecretariat of Treasury): (a) domestic direct premium production for insurance companies (gross); (b) domestic direct premium production for reassurance companies (gross); and (c) the total amount of contributions and the total amount of funds in pension compa - nies, as well as domestic direct premium production (gross) for those pension com - panies that also operate in life insurance. • Other financial institutions – interest and simi - lar income, income generated from securities, commissions, net profit generated from finan - cial activities and other operating income. Sales and assets that are booked in a foreign currency 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. Turnover-based thresholds are used in the Turk - ish merger control regime. Therefore, the regime does not deal with asset-based thresholds. 2.7 Businesses/Corporate Entities Relevant for the Calculation of Jurisdictional Thresholds See 2.6 Calculations of Jurisdictional Thresh- olds . 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 party in the joint venture post-trans - action (ie, both the seller and the buyer would be considered as buyers in cases where the buyer and the seller form a joint venture). The Board will only consider the changes in the business during the reference period if they are
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