In the General Assembly of the Turkish Grand National Assembly, 7 more articles of the Law Proposal on Amendments to the Turkish Commercial Code and Certain Laws, including the increase in the penalties for exorbitant price increases and stockpiling, were adopted.
An important amendment was made regarding the investigations initiated by the Competition Board. According to the adopted articles, the Competition Board will notify the relevant parties within 15 days from the date of the investigation decision. In this notification, sufficient information will be provided on the type and nature of the allegations. Thus, it is aimed that the parties will be able to make more effective defense and the investigation processes will proceed faster.
The parties will send their written defenses to the Board within 30 days following the notification of the investigation report. If justified reasons are presented, this period may be extended once and up to a maximum of one time. If the investigators change their opinions in line with the written defenses received, they will notify the Board members and the relevant parties of their written opinions within 15 days. The parties will also be able to respond to this opinion within 30 days.
Amendments related to the Union of Chambers and Commodity Exchanges of Turkey
The Law on the Union of Chambers and Commodity Exchanges of Turkey and Chambers and Commodity Exchanges will be amended. Accordingly, the purchase and sale of warehouse receipts and over-the-counter contracts will take place in commodity specialized exchanges and these transactions will be carried out by the exchange. The financial liability of the commodity exchange or the institution authorized as a clearing center will be limited to the limits determined and the guarantees to be received and the guarantee fund assets.
Collateral and guarantee funds will be established to fulfill the obligations arising from trading transactions and to compensate for losses. These funds will be used only for the specified purposes and cannot be transferred to third parties, seized or pledged.
Amendments to the Agricultural Products Licensed Warehousing Law
Administrative fines in licensed warehousing will be increased, increasing the effectiveness and deterrence of fines. Licensed warehouses will not be able to charge additional fees for services outside the fee schedule and will not be able to make deductions from the product amount contrary to the legislation. Licensed warehouses that do not comply with these rules will be subject to administrative fines ranging from 200 thousand liras to 1 million liras.
Errors in analysis and classification procedures and other irregularities will also be met with serious penalties. Heavy fines will also be imposed for failure to take witness samples or other procedures that do not comply with the regulations. Repeated violations within the same calendar year will result in a double fine each time.
Use of Closed Market Places
With the amendment to the Law on the Regulation of the Trade of Vegetables and Fruits and Other Goods with Sufficient Supply and Demand Depth, the limited real right method, which led to the rental of sales places in closed market places at high prices, will be abolished. From now on, sales spaces will only be made available for use through the allocation method, thus reducing the costs of market vendors. This amendment aims to prevent the increase in the costs of market vendors as a result of giving sales places to people outside the market profession.
Statement by the Deputy Speaker of the Grand National Assembly
After 7 articles of the bill were adopted, Deputy Speaker Celal Adan adjourned the session. As the commission did not take its place after the break, he closed the meeting to convene today at 14.00.
