REGULATORY AND SUPERVISORY AUTHORITIES

Regulatory and supervisory authorities are established in order to regulate and monitor different types of markets in accordance with the requirements of a functioning market economy. Some of the important entities in Turkey are the Competition Authority, the Energy Market Regulation Authority, the Banking Regulation and Supervision Authority, the Information and Communication Technologies Authority, and the Tobacco, Tobacco Products and Alcoholic Beverages Market Regulation Board.

1. Competition Authority

The Competition Authority (CA) is responsible for the full achievement of competition in the markets. The main responsibilities and powers of the Competition Authority are:

a) To carry out examinations, inquiries and investigations into activities and official transactions defined in the Competition Code upon application or upon its own initiative; to take the measures necessary to expunge infringements of the Code; and to impose administrative regulations
b) To evaluate requests for exemption and to grant an exemption certificate to appropriate agreements which may distort competition
c) To constantly monitor the markets to which exemption decisions and negative clearance certificates relate, and to re-evaluate applications relating thereto in case changes are established in those markets or in the positions of the parties
d) To evaluate mergers and acquisition activities and approve them according to set criteria

www.rekabet.gov.tr 

2. Energy Market Regulatory Authority

The Energy Market Regulatory Authority (EMRA) regulates and controls the energy market. The Authority ensures its independent duties in order to provide sufficient high-quality, low-cost energy sources to consumers in a reliable and environmentally friendly manner. The main responsibilities of the Energy Market Regulatory Authority are:

a) To regulate and monitor the electricity, natural gas, petroleum, and liquid petroleum gas markets
b) To establish a financially viable, stable, and transparent energy market within a competitive environment

www.epdk.gov.tr 

3. Banking Regulation and Supervision Agency

The Banking Regulation and Supervision Agency (BRSA) safeguards the rights and benefits of depositors; prevents all kinds of operations and transactions that may risk the orderly and safe operation of banks or that may harm the economy; and facilitates the efficient working of the credit system. The main goals of the Agency are:

a) To enhance the efficiency of the banking sector and its competitiveness
b) To maintain confidence in the banking sector
c) To minimize the potential negative effects of the banking sector on the economy
d) To improve the stability of the banking sector
e) To protect the rights of depositors

www.bddk.org.tr

4. Capital Markets Board of Turkey

The Capital Markets Board of Turkey (CMB) is the regulatory and supervisory authority in charge of the securities markets in Turkey. Empowered by the Capital Markets Law (CML), which was enacted in 1981, the CMB has been drafting detailed regulations for organizing the markets and developing capital market instruments and institutions for the past nineteen years in Turkey. Based on the main objectives of fair and orderly functioning markets and protecting the rights of investors, the CMB has a wide range of responsibilities.

Depending on the development stages of the markets and the state of the country's economy, the list of priorities changes from time to time. However, the major objective remains the same: to take the measures necessary to foster the development of capital markets, and hence to contribute to the efficient allocation of financial resources in the country while ensuring investor protection. Its mission is to draft innovative regulations and undertake supervision with the aim of ensuring fairness, efficiency and transparency in Turkey’s capital markets, and of improving their international competitiveness.

The CMB implements the duties vested by the Law with due diligence. The CMB is authorized in and responsible for the following areas:

a) Regulation and supervision of securities markets and institutions
b) Determination of the operational principles of the capital markets
c) Protection of the rights and interests of investors

www.cmb.gov.tr 

5. Information and Communication Technologies Authority

The Information and Communication Technologies Authority (BTK) undertakes the regulation, authorization, reconciliation, and supervision of activities within the telecommunication market. The main responsibilities of the Authority are:

a) To prepare the required plans in the telecommunications area and present them to the Ministry of Transportation
b) To observe the technological developments in the telecommunications area in cooperation with universities and private establishments
c) To observe, control, examine, and evaluate telecommunication implementations
d) To give opinions on the concession contracts to be signed for telecommunication services and/or infrastructure
e) To define the general criteria on price tariffs, contract provisions, and technical issues to be implemented for users of telecommunication services and infrastructure, and other operators for their use of interconnections between telecommunication networks
f) To define and implement the performance standards used as a basis for telecommunication items
g) To take the measures required to protect consumer rights

www.btk.gov.tr

6. Tobacco, Tobacco Products, and Alcoholic Beverages Market Regulation Board

The Tobacco, Tobacco Products, and Alcoholic Beverages Market Regulation Board (TAMRB) establishes regulatory and supervisory systems in areas dealing with tobacco, tobacco products, alcohol, and alcoholic drinks. The main responsibilities of the Board are:

a) Regulation and supervision of tobacco production; granting of permission for the import of tobacco seeds; issuing of authorization to trade in tobacco; regulating, monitoring, and supervising tobacco producers on the basis of a written contract; and buying and selling of tobacco products by public auctions
b) Granting permissions for setting up tobacco processing plants, controlling their production, movements, handovers, and closures; monitoring of tobacco stocks and warehouses; and the granting of compatibility permissions to tobacco warehouses
c) Supervision of companies operating within the sector
d) Granting production and sales permits, and granting permission to establish factories aimed at producing tobacco products
e) Regulating the market in Ethyl Alcohol, Methanol, Distilled Alcoholic Drinks, and Fermented Alcoholic Drinks; preparing national regulation policies; and ensuring conformity with EU regulations

www.tapdk.gov.tr 

7. Privatization Administration

The Privatization Administration does not share the main characteristics of the above-mentioned market regulating autonomous agencies. However, as an independent administrative body fully responsible for privatization in Turkey, it is of great importance to direct investors. The Privatization High Council and the Privatization Administration are responsible for carrying out privatization transactions in Turkey. The main responsibilities of the Administration are:

a) To decide which enterprises meet the criteria for inclusion in the privatization process
b) To prepare enterprises for privatization in both fiscal and legal matters
c) To determine a timeline for the completion of privatization procedures
d) To prepare the privatization process of enterprises which have been deemed suitable
e) To decide on the privatization methods required for selected enterprises
f) To decide on scaling-down methods for enterprises which are already in the process of privatization,
g) To conclude, either temporarily or permanently, the activities of enterprises which are already in the process of privatization
h) To make a decision about the possible liquidation of companies in the privatization process

www.oib.gov.tr

 

Source: Republic of Turkey Prime Ministry Investment Support and Promotion Agency

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