Read the untranslated law here: https://www.tbmm.gov.tr/kanunlar/k4632.html
Law No. 4632 Date of Admission: 28/03/2001
Purpose, Scope and Definitions
Purpose and scope
Article 1 - The purpose of this law, as a complement to the public social security system, individuals providing additional income during retirement by directing the investment of their savings for retirement raising living standards, economy, increasing employment and creating long-term resources in order to contribute to economic development, based on voluntary participation and regulation of defined contribution basis and is controlled by the private pension system created.
The scope of this Act, establishment of pension companies, labor, management and control of the people to participate in the system, separation and retirement conditions, the establishment of pension funds, contributions from the collection of these funds and the assessment, through service to the other within the scope of information to be disclosed to the public and concerned individual retirement principles and procedures of the regulations concerning the matter.
Where there is no provision in the relevant provisions of the capital market and the insurance legislation in this Act and the general provisions apply.
Definitions Article 2 - The following terms used in this Act;
A) the Minister or Ministry: Minister or Ministry to which the Undersecretariat of Treasury,
b) Undersecretariat of Treasury,
c) Board: Capital Markets Board,
d) Participants: their name and the pension agreement real people who hand account
e) Contribution margin: to be paid according to pension agreement provisions amount,
f) Company: Retirement his company,
g) funds: Pension funds, the
h) Portfolio manager : establishment of portfolio management have received authorization and the Board deemed appropriate by asset management companies, the
i) Keeper: pension funds that holds the assets in the portfolio and the Board deemed appropriate storage organization,
j) individual retirement account: participant's name and in the framework of the pension agreement account paid contributions and accounts of all kinds bring the participants watched the basis for these contributions,
k) Accumulation: they bring the total of the contributions of individual retirement accounts,
l) individual retirement tool: each whatsoever under any pension company regardless, based on a contract, a copy of permanent retirement or pension contracts to companies that deal with natural or legal persons performing on behalf of their company pension, will
Individual Pension Advisory Board Structure and tasks
Article 3 - to determine individual pension policies and their implementation will be taken to the Individual Pension Advisory Board has been established to advise on the necessary measures. Individual Pension Advisory Board, chaired by the Undersecretary of the Treasury Ministry of Finance, Ministry of Labour and Social Security, Treasury and Capital Markets consists of at least one representative at the level of general manager will be appointed by the Board. Individual Pension Advisory Board at least quarterly by the Undersecretariat proposed date and agenda are collected.
Individual Pension Advisory Board's secretarial services carried out by the Undersecretariat. Individual Pension Advisory Board's working principles and procedures shall be regulated by an Individual Pension Advisory Board on the approval of the regulation by the Undersecretariat.
participate in the pension system and pension contracts Article 4 - has the license to use the civil rights people can participate in the private pension system. participate in the pension system, people are obliged to sign a contract with the company.
Pension contract participants of the system to enter, to leave the system, retire to, the payment of contributions, the contributions of monitoring in individual retirement accounts, to be invested in the fund and the parties with the principles governing the payment to the participant or beneficiary regulate other rights and obligations, mainly the participants and the company's side it is a contract where. principles relating to the matters to be found in the pension contract and shall be determined by the Undersecretariat upon approval of the Board.
Participant and the company's rights and obligations
Article 5 - participants under the principles stated in the pension contract, makes a contribution individual pension account will be opened in the company before. Participants will take place in the framework of the conditions of the pension agreement, the contribution decision can be shared among multiple funds belong to the same company. Participants may request to be transferred to another retirement savings in individual retirement accounts of the company. In this case the company to fulfill the request within seven business days from the notice and is obliged to transfer information and documents relating to this account with accumulation. to a request for transfer to another company, the first pension contracts made under this Act are required to undergo at least one year from the effective date. Transfer, mainly related to the transfer request and transfer the exception of the time limits and procedures established by the Council on the approval of the Treasury.
Company fails to transfer the obligations set forth in this Article rather than within seven working days of the end of the seventh working day without the need reminding itself becomes in default. monthly default interest to be applied in this state can not be less than two times the last monthly returns of the fund's participants will be included.
Company contributions to, following the succession to the company no later than the second business day shall direct investment. Failure to fulfill this obligation in time, the monthly penalty of twice the amount of the last monthly returns of the fund's participants will be included and applies this amount be credited to the participant. Retirement and pension options that
Article 6 - Participants from the date of entry into the system with the condition are at least ten years the system after completing 56 years of age are eligible to retire. Retirement eligible participants may request a portion of their savings in individual retirement accounts or all of the lump sum payment will be made within the framework of the annual income or insurance contracts binding himself a salary. The company requested the participants to partial or full payment, from the date of retirement should be entitled to the participant is obliged to fulfill the contract within seven working days. Participant or to demand payment of accumulated under this clause if another company or life insurance company with annual revenue of making insurance contracts, savings in the account is paid to him within seven business days from the written notification without any interruption or transferred to their respective companies.
Annuity, according to the collective contributions made in certain periods of time or if the life of the insured, beginning immediately or after a certain time, or length of life of the insured or beneficiaries are the regular payments for a certain period of time. Annual revenue is determined by the pension insurance contracts, monthly, quarterly, six monthly or yearly paid. the annuity contract, the annual risk that annuity undertaken by the company concerned in accordance with the general terms and conditions, compensation liability of the type and scope of the parties' rights and obligations of the payment period, states the end of the contract period and contract and must be mentioned about the other issues.
Pension contracts in the period, the beneficiary in case of the death of the participant, in case of the emergence of cases of incapacity for work the participant may request the payment of his savings in individual retirement accounts. Participant's pension entitlement if there is a request from leaving the system, the pension is paid to him in the accumulation framework contract provisions in individual retirement accounts.
The company does not fulfill its payment obligations to transfer under this Article, and within seven working days of the end of the seventh working day without the need reminding itself becomes in default. monthly default interest to be applied in this state can not be less than two times the last monthly returns of the fund, including the participants.
retirement contract or annuity contract provisions amount to be paid to the rights holder, from the date that requires payment is unexplored by the rightful owner within ten years, the name of the rightful owner within six months of the year following the tenth anniversary, surname and entitled to their money the amount of the order with a ruler shows the way to the Treasury to be issued will be transferred to the Central Bank of Turkey. these monies deposited by the Central Bank of Turkey has not sought within two years if recorded as revenue to the Treasury. Will be put into practice for the first time by
company pension contracts and annuity contracts are subject to the approval of the Undersecretariat for these changes. This article is entitled under the research needs to be done by the company and the Republic of Turkey Central Bank to be located primarily on assessing Turkey's Central Bank said amount within ten years the company, and within two years and shall be determined by the Board on the approval of the Undersecretariat.
Entrance fee, management and fund operating expenses
Article 7 - The Company, during the first participant to join the system, and if the opening of a new individual retirement accounts may charge entrance fees. Said entrance fees separately from individual retirement account contributions paid in installments may be paid in the maximum one year. Contributions, expense management or fund out of fund assets, revenues and fund operating costs can be cut. Individual retirement accounts to be made from all kinds of cuts announced in the pension contract and the entrance fee is mandatory and will be made and this was clearly stated in the advertisements. Entrance fee, key management and fund operating expenses amount or rate, and for them, and shall be determined by the Board on the approval of the Undersecretariat.
Company Regulations on Retirement
Organization principles and establishment license Article 8 - pension company, established in accordance with this Law and expresses the company has received a license in the pension branch which is established by this Act to operate in private pension system. Company dated 21.12.1959 and 7397 according to the Insurance Supervision Law of life and personal accident insurance can receive a license branches.
Company to operate outside of the pension branch into another branch in the accounts of each branch are kept separate.
Company establishment permission is given by the Minister. Assembly will be the company's tradename "retirement" the phrase is obligatory. Organizations are referred to Undersecretariat for permission.
Company to be established;
A) should be established as a joint stock company,
b) to be Nature of being limited to the activities specified in this Law,
c) not less than twenty trillion of capital and the minimum is ten billion of paid-in capital and be committed to the payment of the remaining three years ,
d) removing the cash equivalent of the shares and have written to all registered,
e) to comply with the provisions of this Law of Association,
f) business plan and submission of feasibility reports on system design,
g) the founder;
1. Liquidation subjected to bankers, banks, insurance companies and other institutions involved in money and capital markets in the absence of direct and indirect shareholders at a ratio of ten or more percent
2. As a whole or in certain business sectors or continuously for a month or more for a temporary halt it is not decided within a year before the date of application of the activities under the relevant legislation, 3
. should not have been declared bankrupt or concordat, negligent offenses except including amnesty, even if they imprisonment or five years imprisonment or simple or qualified embezzlement, forming a group to commit crimes, extortion, bribery, theft, fraud, forgery, abuse of trust, deceit bankruptcy, infamous crimes by using and consuming remaining smuggling other than smuggling, official tenders and purchase rigging, money laundering or state secrets disclosure, tax evasion or tax absence of final convictions due to the attempted crime of trafficking
4. financial strength and reputation have to be required by the pension company,
Capital of at least ten percent belong to legal persons with sufficient knowledge and experience in the financial markets of the Fifty-one and the individual entities to the founder of the management and control of the fourth paragraph of this article (g) of paragraph (4), sub-conditions required to bear the founders except subparagraph must.
amount of capital required for the establishment license, the State Institute of Statistics Wholesale Price Index may be increased by the Undersecretariat of the amount not to exceed limits and required twice.
Operating licenses Article 9 - Establishment permit area is required to obtain license to operate in the pension industry to pass on the company's activities. Pension branch operating license is issued by the Undersecretariat. in reference to the Undersecretariat to obtain the operating licenses;
A) at least one hundred thousand have been made in planning any necessary so as to provide the service participants in two years,
b) Business plan and have made arrangements provided for in the system design,
c) physical space, technical and administrative infrastructure compliance with the provision of human resources,
Terms are searched.
Related organizations are permitted, within one year from the date allow pension business activities of the applicant to obtain a license or be automatically made invalid if not completed within the period of necessary documents. In the area of company pension business activity license, must submit an application to the Board in order to establish a fund within three months from the date of issue of the license. The timely application to the Board of the company or establishing a fund in case of rejection of the application, permission is given establishment and operation license would automatically be void.
Organizations and other essential information and documents required in the permit and operating license application and shall be determined by taking the approval of the Treasury Board. The use of concepts
retirement, advertisements, and information will be announced
Article 10 - Law established social security institutions, 17.07.1964 dated and established under Law No. 506 of the provisional Article 20 of the crates and 07.13.1967 dated and 903 by Law No. except for foundations established under different No. 743 of the Turkish Commercial Code Medenîs provisions, individuals and legal entities that are not covered by this Act to give the impression that they are engaging in activities organized in this Act "pension", "Pension Plan", "Pension Fund" and "Retirement Investment Fund "concept or functionally equivalent expressions like you to do.
Company and private pension brokers, participants, untrue against third parties and organizations, misleading and deceptive representations can not make and advertisements, and brochures with the place can not provide statements of this nature in all kinds of activities for this purpose. Information disclosed to the public or the private pension system participants, mainly related to ads and ads with the disclosure period and time and shall be determined by the Undersecretariat upon approval of the Board.
Company's responsibility and individual pension intermediaries Article 11 - Registration;
A) to receive services from the banks according to the principles established by the Undersecretariat for pension contracts
b) to be redirected to fund the contributions collected under the pension agreement and to perform individual retirement accounts and updating other relevant registration process,
c) Portfolio managers, according to the company's overall asset management strategy and the decision to provide to manage the fund portfolio,
d) participants to enable the access to log information related to individual retirement accounts,
e) of the assets in the fund portfolio, the performance of the fund, regular information to the participants on topics such as financial statements ensuring that given
f) required by the Treasury and the Board with information, documents and tables to determine the pension registration systems principles and to ensure the preparation according to the procedures,
g) within the framework of rules and procedures to be determined by the Undersecretariat for the company, the Board within the framework of principles and procedures to be determined also ensuring internal audit of the fund,
h) to ensure the continuity and preservation of assets of the private pension fund accounts and pension operations, to take the necessary measures regarding the storage of records and assets, is responsible
Private pension brokers, pension held in Treasury Agents must register before the Registry. Individual retirement means the qualifications and conditions to be met, organizations, activities, to do their jobs, the procedures related to record, mainly related to the book holders and other matters and procedures are regulated by the Undersecretariat.
Company's organization and bodies Article 12 - The Company's Board of Directors shall not be less than five people. The company is the general manager and deputy board in the absence of natural members. The majority of board members, except the professional experience required for the general manager at the time this article must be having other conditions. Audit committee members, general manager, deputy general managers and other denominations and employment even if they are powers and duties as deputy general manager of equivalent or higher position in signing authority having other administrators are to meet the requirements specified in the third paragraph of this article, must have a minimum of a bachelor's degree and they must have professional experience in insurance or business administration. Minimum professional experience period of ten years for the general manager, deputy general managers and other denominations and employment even if they are powers and duties as assistant general manager or equal to seven years for other managers having the signing authority to a higher position.
To be appointed as the general manager and deputy general manager, together with the documents showing that the stipulated conditions in this article must be notified to the Undersecretariat. They may be appointed by the Undersecretariat within ten working days from the date of receipt of the notification may not be notified if a negative opinion. Any reason they leave the job of assistant general manager and general manager, by reason of resignation and dismissal of the separated companies from the date of departure will be notified to the Undersecretariat within ten business days.
Provisions of this Act contrary to the movement of due to imprisonment or more than once a heavy fine and punish those with the condition of this Law Article 8 of the fourth paragraph (g) except for No. 4 sub-paragraph of paragraph (g) does not meet the dams, no company board members, audit committee members, general manager, deputy general manager or first degree signature authority as having officers be employed. The Company is obliged to remove the person immediately, such as the signing authority. The results of the audits, violating this Law or related to other legal provisions and the company is confident in a way is found to jeopardize the work of company executives and officers, rights are mandatory removal of temporary signing authority on the request following the Undersecretariat of the requested legal proceedings. These people as staff having signing authority without the consent of the Undersecretariat been employed at the company.
Articles of Association changes and mergers of shares and transfer of assets
Article 13 - the approval of the Undersecretariat for changing the Articles of Association of the Company that they sought. Draft amendments deemed appropriate by the Undersecretariat will not be discussed in the General Assembly. Registrar, articles of association changes without the approval of the Undersecretariat can not be registered with the Trade Registry.
A natural or legal person, the company's share capital directly or indirectly ten percent or the acquisition of shares representing more than one partner of ten percent of the share capital of the shares, twenty percent, so thirty-three or the result exceeds fifty percent gave birth stake acquisition with a partner of shares of stock that result falls below the rate of such transfer it is subject to approval by the Ministry. This provision also applies to the acquisition of the pledged shares with voting rights. Management and supervisory boards to appoint members of the franchisor or transfer of the usufruct granted stock is subject to approval by the Ministry Notwithstanding the above, the proportional limit.
All assets and liabilities of the Company is subject to the approval of the Ministry to transfer the pension merger with another company or one or more pension company.
Company with capital of legal entities and more than ten percent of the share capital directly or indirectly, the rates specified in the second paragraph of this article is subject to approval by the Ministry of principles or change hands within. sought in terms of the founding partners inherit permissions granted on the condition of transport. This provision shall in case of legal persons of another entity of the partner's share of capital management and control, real people applied until it reaches the partner or partners.
Registration transactions made in contravention of the provisions of this article is null and void. the acquisition of shares in
Company and transfer the company's assets in the period, the company shared the dividend if they lose the qualities required in this law right except for the use of the rights of the public, the indirect share ownership, mainly related to company mergers and other matters and shall be determined by the Undersecretariat upon approval of the Board.
Strengthening the financial structure
ARTICLE 14 - fulfill the obligations arising from the Company's contract been unable or financial structure of participants' rights and the Minister in determining the circumstances that are weakening at a level that endangers the interests of the company's board of directors;
A) to increase the share capital, the payment of the unpaid amount, the suspension of made to or dividend appealed to the public to make payments on account of capital,
b) associates and fixed value of fully or partially disposed of or the suspension of disposal, new investments and fixed values are not to be obtained ,
c) to be blocked in a bank to the unauthorized display of free assets and savings on these assets,
d) the Company's financial structure to the adoption of other measures to fix
Company, from notification of the requested measures to be taken within ten working days to prepare the recovery plan is to send the Undersecretariat.
Not taken timely measures foreseen in the improvement plan or, despite the implementation of these measures in the event of the implementation of this article located stage in the first paragraph of this article, weakness in the financial structure of the company or continuation of the matters specified in the first paragraph, even companies in cases where it is determined that no possibility of improving the financial situation of Ministers, the company's ;
A) new contracting and extension authority to remove,
b) Board members of all or a portion of the deposes or the number of members to increase the board's assignment
c) Funds and principles to be determined at the portfolio of the other branches if within the transfer to other companies,
d) to revoke the operating licenses,
e) to ask the bankruptcy,
f) take any other measures deemed necessary, is authorized
Investment Fund Regulations Relating to Retirement
Pension investment funds and fund Article 15 - Fund on behalf of and participants taken in the pension contract by the company individual retirement account in monitoring the contributions, the assets created in order to operate in accordance with the risk distribution and fiduciary ownership principles. The Fund has no legal personality. Funds can not be used for purposes other than those contained in the law and can not be established.
Company, fund rules, the pension agreement and will be determined by the Board with other documents, it is necessary to apply to the Board to establish the fund. Institutions will be required in terms of the basis for the application to be made to obtain the consent of the Undersecretariat and procedures determined by the Board on the appropriate view.
Fund Statute, the company with the participants, including custodian and portfolio manager of the fund portfolio according to their fiduciary ownership principles of contractual storage and mandate according to the provisions dealing with the management and the general terms and conditions is an agreement on joining. After the statute approved by a notary public funds deemed appropriate by the Board, permit the domicile of the company within six working days to apply for registration with the commercial register of the place and Turkey are to be announced in the Trade Registry Gazette. Undersecretariat for the Fund's rules and procedures determined by the Board on the approval of the statute. Basis of activation of the Fund
Article 16 - The Company is forced to resort to the Board of participation certificates with funding agencies determined by the Board clearance certificate within six months from the date the request for recognition. If the application made to the Board during this period, funds will be removed from the record trading by company bylaws and submitted to the Board within six business days following the abandonment documents related to it. In order to be assessed by the Board of the Fund's registration application;
A) Fund Statute registration of companies in the commercial register the location of the center and the Turkey Trade Registry have been published in newspapers,
b) Adequate space, technical equipment and provided the organization's board of fund services unit and the fund was created, it established the internal audit system, staff that it determined the appropriate duties and responsibilities and be prepared the necessary documents on these subjects,
c) Accounting records and documents system with regular workflow and to enable communication technology infrastructure to be established,
d) to be set of human resources for the Fund ,
e) the signature of at least one portfolio manager and portfolio management contract,
f) of organizations have lost the company's terms and conditions set forth in this Law, it is mandatory
. The results of the evaluation will be
Assembly deemed appropriate and in the fund bylaws, for each of at least three fund to be established, separately, the company's number of shares corresponding to the amount of funds in the amount of at least one twentieth of the share capital is taken to the Board's record and the fund's portfolio are primarily those shares generated by the corresponding amount. the shares will be given in return for the contributions collected from participants exceeds the share corresponding to the amounts provided for in the fund rules, increasing the number of new shares to the Board and the Board, demanding the registration of the share increase is referenced. During the registration
Fund's Board, charged by one of the fund's export value of more than one thousand.
Company and the shares in the fund of participants, amount of funds, the fund's operating principles and procedures, organization structure, accounting, document and recording system, informing the participants and the rules and procedures Undersecretariat determined by the Board on the appropriate observations concerning them.
Fund's assets to, principles
Article on storing the assets in the fund portfolio and fund 17. - The assets of the Fund, the company this Act, 07/28/1981 dated and 2499 numbered Capital Market from the law, the pension contract, instead of their obligations under the funding of the Statute and related legislation any purpose other than meeting the bring and responsibility. Fund assets may not be pledged collateral can not be shown, not haczettirile by third parties and can not be included in the bankruptcy estate.
Company, provided that specified in the pension agreements, including the type determined by the Board with different portfolio structures consisting of money and capital market instruments shall establish at least three funds. principles relating to the Fund's portfolio restrictions, rules and procedures Undersecretariat determined by the Board on the appropriate opinion on to take part in government bonds in the fund portfolio, the minimum rate and the evaluation of the assets in the fund portfolio with the greatest proportion of foreign securities.
assets in the fund's portfolio are stored in the registers of the State. Participants of the shares they own and showing their contribution to fund the participants in the clearing before and monitored so that they can access some of the participants. Management of the Fund's portfolio
ARTICLE 18. - The Fund's portfolio is managed by portfolio managers. Portfolio managers, portfolio of this Act, the Capital Market Law No. 2499, the fund statute, retirement agreement and is obliged to manage according to the relevant legislation. Basis of portfolio management services to be determined by the portfolio management agreement to be signed between the company and portfolio manager about it. Approved by the Board of the asset management contract is mandatory.
Company, portfolio managers, due diligence in the management of funds and not to show prudence, to act contrary to the principles of the Council of portfolio management, in such cases it is determined that weakened the financial structure, portfolio management agreement to dissolve the Board as appropriate may sign portfolio management contracts with other portfolio managers. The Board may request the change of portfolio manager in the presence of the above conditions. mainly related to portfolio management contracts and procedures determined by the Board on the approval of the Undersecretariat. Consolidation and Transfer of Funds
Article 19 - the same company funds, may be combined by the Board on the company's request or ex officio. Funds can only be combined with another pension fund. The principles and procedures for merging said Undersecretary determined by the Board on the appropriate view.
Fund is established for an indefinite period. Assembly;
A) The Company's presence in the termination notice from a year ago,
b) the loss of the conditions for the establishment of the company's funds
c) of this Act due to the weakening of the company's financial standing Article 14 of the scope of the purchase, the
Situations, the fund's assets the Undersecretariat may assign to another company taking the appropriate view. principles regarding the transfer process and procedures determined by the Board on the approval of the Undersecretariat.
CHAPTER SIX Supervision and Independent Auditing
Control ARTICLE 20. - The Company, the depositary with the funds and portfolio managers supervised by the Treasury and the Board at least once a year for activities under this Act.
Company is subject to the supervision of the Undersecretariat for insurance activities and pension activities carried out under this Law. The company's fund, the portfolio manager on the account and registers and operations are subject to the supervision of the Board. reports on inspections, according to the matters considered by the Treasury or the Board and finalized.
External audit ARTICLE 21. - independent auditing of the financial aspects of the company must be held at least once a year by an independent auditing organizations. basis for the independent external audit of the Company and shall be determined by the Undersecretariat. Undersecretariat 1/6/1989 dated and numbered 3568 Independent Accountants, Certified Public Accountant and Chartered Financial Consultants Act according to the audit organization requirements of the organization to be established by the competent ones and the working principles of Turkey Public Accountants into Financial Advisors and Chartered Financial Consultant determine, taking the opinion of the Union of Chambers and lists publications. accounts and transactions of the Fund also is subject to independent external audit quarterly periods. The principles and procedures for the independent external audit of the Fund is determined by the Board.
CHAPTER SEVEN PENALTY PROVISIONS
Administrative offenses and penalties ARTICLE 22 - The Undersecretariat by subject or by the Board's decision and the reasons for the natural and legal persons subject to this Act by stating that this Act;
A) Article 4 of two billion pounds if the provisions of the regulation contrary to the pension contract,
b) 5 billion pounds in case of violation of the Article the second paragraph in the proposed transfer obligations,
c) routing the investment envisaged in the third paragraph of Article 5 a billion pounds in case of breach of obligations
d) Article 6 of the proposed payment or a billion pounds in case of violation of the export obligation
e) two billion pounds into Article 6 of the implementation of the agreement without fulfilling the obligations approval provided for in the last paragraph | || f) Article 7 of the projected one billion pounds in case of violation of the disclosure obligations regarding expenses or fees paid by participants
g) Article 10 of five billion pounds into the use of the concept described in contravention of the first paragraph of,
h) 10 Article of the second paragraph is declared to be contrary to the provisions and ten billion pounds in case of the advertising campaign,
i) Article 10 of a billion pounds in case of breach of the obligation to inform the participants stipulated in the second paragraph,
j) of the responsibilities envisaged in the first paragraph of Article 11 Failing to two billion pounds,
k) of the second paragraph of Article 11 shall be made to provide services or through the intermediary activities contrary to the case of four billion pounds,
L) Article 12 ten billion pounds into the employment of people who do not possess the qualifications specified in contravention of the first paragraph of,
m) Article 12 of two billion pounds in case of non-fulfillment of the notification obligations under the second paragraph
n) 12 Article of ten billion pounds into the operation in the task prohibition of the persons referred to in contravention of the third clause,
o) Article 13 ten billion pounds in the case of registration of the articles of association change as contrary to the first paragraph of,
p) Article 13 of the third clause of the contrary to the assets of the transfer or any other company combined with the in ten billion pounds,
r) ten billion pounds in case of non-fulfillment of the independent external auditing requirements prescribed in Article 21,
s) Ministry, the decisions taken by the Treasury and the Board issued regulations Failure to comply with regulations and other papers in the above paragraph, insurance and capital market legislation where there is a penalty cases provided for in the legislation of a billion pounds,
administrative fines applied.
Above will be defending their respective organizations or persons prior to the application of the administrative penalty. from the date of the communiqué on defense requested that in case of no defense in a month will be deemed a waiver of the defense.
Administrative case of repeated actions requiring the issuance of fines, the fine is doubled, tripled applied following the increase in again. from the date of issuance of this penalty if the same acts that require the delivery of administrative fines in the two years preceding sentence shall not be taken into account.
Right punishment under this article, from the date of occurrence of the violation found is subject to a five-year time-outs.
Although Article 23 of this Law passed to the legal prosecution of perpetrators prescribed in the first paragraph, at the request of the Undersecretariat of these governorates where businesses are temporarily closed a drawback; announcements and advertisements are stopped or seized.
Administrative fines mentioned in this article dated 07/21/1953 and numbered 6183 in accordance with the provisions of the Law on Procedures for the Collection of Public Receivables will be collected by the tax offices. The liability of legal persons in fines and 6762 dated 29.6.1956 shall be determined in accordance with Article 65 of the Turkish Commercial Code.
Forensic crime and punishment
ARTICLE 23 - this without the permissions required by law in the pension activities or trade names and all kinds of documents and advertisements and commercials, and uses the names of the organizations mentioned in this law in their statement to the public or the Article 10 provisions contrary as this would create the impression that they are engaging in activities organized in that Law and phrases using real people and legal entities officers three years according to their degree of participation in acts on up to five years imprisonment and not less than six billion pounds heavier penalty be applied. Also at the request of the Undersecretariat, the person who committed these crimes of permanent or temporary closure of businesses not to exceed one year, announcements and advertisements of suspension or the seizure is decided by the court.
The company's chairman and members of the signatory powers having members of the portfolio management company of the chairman and members of the signatures having the authority members, tasks thus entrusted them owned or maintained, audit and corporate under their responsibility money or if they get to the other assets of embezzlement six years shall be punished with imprisonment of up to twelve years and they were sentenced to compensation for damage suffered by the organization's.
Crimes shown in the second paragraph of this article to deceive the organization and has been processed by all kinds of fraudulent activity to prevent the act of disclosure, imprisonment and three times as heavy fines for the damage caused to apply not less than twelve years of the offender. Also, if the payment of the damages caused by the court shall be subject to the ex officio obliged to recover.
Second and third paragraphs of this article, the fines, damages to be paid completely before the beginning of the prosecution case, half of the case of the provisions before the payment is reduced by one third.
Information that they want the authority and control officials and documents making or control officials of legal persons with a real person is prevented from doing their duties officials and concerned about one to three years imprisonment and a heavy fine of not less than two billion pounds are applied as shown in this Act.
This Act shall be subject to natural and legal persons of the control of the officials with authority shown in this Act, on the courts and other official departments to because of misrepresentation made in addressing the edit, or publish their documents them or signed any document which is the basis which the organization, duties and interest and verb a year according to the degree of participation of up to three years in prison and a heavy fine of not less than six billion pounds is applied.
To break the reputation of the subject of the organization of this Act or causing deliberate on a matter that can damage the fortune or a year for spreading false news in this way for up to three years in prison and sentenced to heavy fines for not less than two billion pounds. This act of 15.07.1950 dated and 5680 numbered Press print or radio Law, television, video, Internet, cable and electronic information media and up to three years to one year, if committed by one of similar publishing tools for not less than imprisonment and eight billion pounds It shall be sentenced to heavy fines. Names are specified, even to this Law shall be subject to causing doubts in the public about the reliability of organizations that can cause negative effects on the financial structure of these organizations nature in hoaxes heavy fine of not less than eight billion pounds issued by the aforementioned tools are applied.
Implementation of this law and jurisdiction in the implementation of the control of natural and legal persons operating under this law during their mission, their affiliates and organizations with the secrets of the participants, persons and from those authorized in accordance with this Law and special laws and not use to their advantage. This obligation continues after leaving office, these people. It's two years to one that does not meet the obligations shall be sentenced to up to four years in prison and heavy fines for not less than four billion pounds.
Members and other officials of the subject of the establishment of this law, title and duties due to this Law shall be subject to organizations or pension contract the secrets of the people related persons and from expressly authorized by law in this regard. This obligation continues after leaving office. This provision of one year up to three years for persons found to have violated no less than two billion pounds shall be sentenced to imprisonment and heavy fines.
Written person in the eighth and ninth paragraph of this article, they explain the secrets themselves or to provide benefits for others, three to five years of imprisonment and not less than six billion pounds will be sentenced to heavy fines and duties related institutions based on the importance of the actual making banned temporarily or permanently.
Prosecution procedure ARTICLE 24 - prosecute for crimes related to judicial penalties specified in this Act, the Treasury or the Office of the Prosecutor by the Committee on the issue depends on a written application. Or Treasury Board also involved with this application to gain the title. If prosecutors decide not to prosecute, or Treasury Board, according to the Criminal Procedure Law No. 1412 dated 04.04.1929 shall be served on him are entitled to appeal against this decision.
According to this article will be prosecuted in a criminal court of first instance in the place where the center of the relevant organizations dated 06.08.1936 and numbered 3005 Meşhud seen accordance with the provisions of the Criminal Procedure Code Procedure. In this place, if more than one criminal court of first instance found in these cases are cases in first instance criminal court number two. saklılıg of
General Provisions Article 25 - According to the criminal act and other acts punishable by law in accordance with this Law if the perpetrators of the most serious about requiring criminal law shall be applied.
CHAPTER EIGHT Other Provisions
Regulations ARTICLE 26 - The Ministry in this Act, authorized to determine whether the Undersecretariat and the Council are governed by regulations. Regulations to be issued under this Law are removed within six months from the date of publication of the law.
Provisional Article 1 - Until the enforcement of the regulation and the notification referred to in this Act, the legislation in force are not contrary to the provisions of this Act apply.
before the date of publication of this law, operating in the life insurance and insurance companies, the new policy conclude agreements to apply within five years from the date of enactment of this Act and turn into Law 8 retirement to fulfill the conditions laid down in Article company. In order to be licensed in the pension business to these companies, the fulfillment of this Law, Article 9 of the prescribed requirements and to meet all the legal requirements relating to branches outside the pension branch must have shown sufficient collateral. In addition, these companies are the health insurance portfolio, while maintaining all the rights and obligations of the insured, from the date of issue of the license must be transferred within two years of retirement. Life insurance companies "insurance company" the status of "pension company" to switch the status of these companies to the conditions to be sought after issuing operating licenses, mainly related to portfolio acquisition obligations and other matters, shall be determined by the Undersecretariat.
With companies turning into pension companies under the second paragraph of this Article operating in the life insurance and new policies conclude agreements which will be established from the insurance company pension companies to a minimum ten percent share of the founding partners ones, of the insured and to request the current cumulative life insurance policyholders are to meet the requirements stipulated in this Law the event will be determined by the Undersecretariat according to rules and procedures, together with all rights and obligations of the insured, they transfer their savings to the pension system. The transfer of these savings, to be accomplished within five years from the effective date of this Act the transfer process, it provided all kinds of taxes and are exempt from fees, which are transferred and not taken to the system of entrance fees from the participants signed a pension contract and cost cuts will be made.
This law has been approved in accordance with 7397 Act before the date of its publication in the life insurance tariff tables related to these advertisements, brochures and in the event to take place the concept envisaged in the Article 10 of this Act, the said expression to be replaced within one year from the date of publication of this Law it is mandatory. If deemed necessary, this period may be increased to not more than one year by the Undersecretariat. In case of making of such changes, new agreements can not be concluded pursuant to this tariff and statements related to these advertisements, and brochures available.
Enforcement ARTICLE 27. - This Act shall come into force after six months from the date of publication.
Execution Article 28 - This Law shall be enforced by the Council of Ministers.
Search Translated Laws of Turkey