The economic activity of private companies in Turkey is regulated by a few entities that monitor the compliance with legislation and the good practice of entrepreneurs. No matter the origin of the owner of a business, he is free to run his company according to the principles of the market economy and the Turkish legislation.
The main entities in Turkey that are responsible with monitoring and regulating the activity of private companies are:
- Banking Regulation and Supervision Authority
- Information and Communication Technologies Authority
- Competition Authority
- Energy Market Regulation Authority
- Tobacco and Alcoholic Beverages Market Regulation Board.
One of the most important Turkish authorities is the one responsible with the competition on the free market. The Competitive Authority analyzes mergers and acquisitions and approves them if they are managed according to the Turkish regulations. Besides this, the entity runs investigations regarding the transactions that must be verified, according to the Turkish law, and imposes administrative regulations. The authorities from the Competitive Authority evaluate requests from the business owners and answer them.
Another important entity which controls the energy market in Turkey is the Energy Market Regulatory Authority that regulates the economic activity related to electricity, gas, petroleum and other sources of energy.
The banking sector is monitored by the Banking Regulation and Supervision Agency that verifies the credit system, if the rights of the depositors are respected, if the transactions are safe for the economy and depositors etc. The specialists from this authority work to raise the efficiency of the banking sector and to reduce the negative effects of this sector on the entire economy.
The capital market and institutions in this field are monitored by the Capital Markets Board of Turkey according to the Capital Markets Law since 1981. The goal of this authority is to take necessary measures for maintaining the development of the capital market and ensure the investors protection.
The Information and Communication Technologies Authority is in charge with regulations and supervision of the telecommunication market in Turkey and the Tobacco, Tobacco Products and Alcoholic Beverages Market Regulation Board is regulating the economic activity in the field related to tobacco and alcohol products.
Whenever you need details about the authorities in Turkey and the main regulations regarding your economic activity, you can call our law firm in Turkey.