Client Alert:

Changes to the Recent Regulation on Company Websites

Our readers will recall our Client Alert of June this year titled “Companies Must Now be Online According to The New Website Regulation” commenting on the new requirement for companies to create their own websites brought about by the Regulation on Company Websites (the “Regulation’’) adopted by The Ministry of Customs and Trade (“Ministry). The Ministry has now introduced changes to that Regulation.

The most important change is that group companies which are not subject to independent audit are no longer required to create a website. Further, obligations related to websites of companies within a group may be fulfilled by another company within the same group even if that particular company is not vested with the Central Database Service Provider (“MTHS’’) authority.

Another change is that companies and MTHSs shall now have to comply with the new operation and security criteria set out in the guide published by the Scientific and Technological Research Council of Turkey.

Companies should also be wary of the reporting requirement that was introduced by the Regulation, pursuant to which companies and MTHSs are required to submit technical reports to the Ministry in order to prove their compliance with the Regulation. The Regulation was silent on the time line for submitting such reports. A new paragraph has now been added to the relevant article requiring the technical reports to be submitted to the Ministry within one year of the relevant company going online.

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corporate, energy, finance, petroleum, e-commerce, railway, national markers, arbitration, istanbul, foreign awards, regulation, letter of guarantee, advance dividends, natural resources, interim dividends

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