REPUBLIC OF TURKEY

MINISTRY of CUSTOMS and TRADE

Chambers and Commodity Exchanges

 

General Information 

The Department of Chambers and Commodity Exchanges (The “Department”) is carrying out its activities under the Directorate General  of Domestic Trade. The Department is charged to enforce the legislation regarding chambers, commodity exchanges and the Union of Chambers and Commodity Exchanges of Turkey (The “Union”) and to issue regulations in respect to legislation.
 
The principles of the establishment and the operation of the chambers and commodity exchanges are governed by the Act of the Union of Chambers and Commodity Exchanges of
 Turkey and the Chambers and Commodity Exchanges, Act no.5174, (the “Act”) and the by-laws enacted pursuant to the Act.
 
The Act involves only chambers of commerce and industry, chambers of commerce, chambers of industry, chambers of maritime commerce and commodity exchanges; therefore foreign currency exchanges and exchanges for valuable mines are excluded from the scope of this Act.

The Act no. 5174 specifies the principles of;  

  • The establishment of chambers, commodity exchanges and the Union,

  • The characteristics and election procedures within their organs,

  • Circumstances and procedures concerning the loss of their organic characterizations,

  • Duties, powers and working principles of the organs, 

  •  Mutual rights and obligations with their members,

  • Revenue, expenses, and budgets.

1-) Chambers
 
There are totally  252 chambers consisting of 182 chambers of commerce and industry, 56 chambers of commerce, 12 chambers of industry, 2 chambers of maritime commerce in Turkey.
 
Chambers are occupational establishments having the nature of public legal entities established in order to fulfill the common needs of their members, to facilitate occupational activities of such members, to ensure the development of occupations in line with common benefits, to maintain occupational discipline, ethics and cooperation so as to ensure honesty and trust among their members and in their public relationships and to perform the duties that chambers have been conferred by the relevant legislation.
 
In practice, merchants registered in the trade registry and all real persons and corporate bodies possessing the title of industrialist and maritime merchants and all their branches and factories are obliged to register with the chamber where they are located.
 
Members shall be obliged to pay a registration fee (upon their registration to a chamber) and an annual subscription fee for each year. 
 
2-) Commodity Exchanges
 
There are 113 commodity exchanges in Turkey.
 
Commodity exchanges are public legal entities established for engaging in purchase and sale of goods that fall under a commodity exchange and as well as determination, registration and announcement of the prices of such goods formed in the commodity exchange.
 
Fungible goods that are durable, storable and have sufficient supply and demands in commodity exchanges will be purchased and sold as a sample or type basis.
 
People engaged in the activity of sale and purchase of the goods that are included in the quotation of commodity exchanges are obliged to register at the commodity exchange  where they are located.
 
Chambers and themembers of stock exchanges are also obliged to pay registration fee (at registration) and as well as annual subscription fee for each year.
 
The purchase and sale transactions, conducted over the minimum amount of the goods quoted to commodity exchange, are required to be registered to the commodity exchanges. The sales made by electronic commerce will also be covered within this scope. The rate of the registration fee is maximum 0, 2% of the purchase and sales value of the goods. 
  
3-) The Union
 
The Union of Chambers and Commodity Exchanges of Turkey is a public entity having the nature of superior professional organization with a legal entity, established in order to provide the unity and the solidarity between chambers and commodity exchanges, to provide the profession to be developed in accordance with the general interests of the profession, to facilitate the professional activities of the members of the chambers and commodity exchanges, to protect the professional discipline and morals in order to assure the integrity and confidence in relation with the members of chambers and commodity exchanges and the public and to conduct necessary studies for development of the country and improvement of the economy.
 
Almost 1.5 million registered merchants, artisans, industrialists and maritime merchants have been running their businesses under the membership of chambers and commodity exchanges; in other words, the Union has almost 1.5 million members within its body. 
 
4-) Relation Between The Ministry And These Institutions
 
Duties and powers entrusted in the Ministry pursuant to Article 9/d of Decree no. 640 governing the operation of the chambers, commodity exchanges and the Union are managed by the Department. These duties and powers could be considered as follows:
 
a) Legislation: It is the duty of the  Ministry of Customs and Trade  to prepare the legislation regarding these institutions and to resolve legal gaps and differences of opinion arising during the implementation of the legislation.
 
b) Establishment: Chambers are established under the decision of the Ministry upon the reception of affirmative opinion of the Union.
 
c) Auditing: Our Ministry is in charge of auditing chambers, commodity exchanges and the Union as well as ensuring the fulfillment of audit results.
 
d) Termination of the duties of organs and prohibition of their actives: The decision on the termination of the duties of the organs of these institutions do not have an impact on the principal duties prescribed by this Law or do not have a role in the achievement of the purposes of their establishment, and the
Election of the new ones will be realized by the civil court of first instance upon the request of the Ministry.
 
e) Abolition and liquidation of the chambers and commodity exchanges: The chambers and commodity exchanges which are not able to fulfill their activities and establishment purposes will be abolished by the Ministry upon their request and following the reception of the affirmative opinion of the Union. The commodity exchanges may be also abolished by the Ministry upon the request of the Union when required 

Additionally, the Department is in charge of the monitoring of the procedures relating to:     
  • Approving the commercial and industrial customs offices determined by chambers and commodity exchanges, 

  • Allowing chambers, commodity exchanges and the Union to establish companies and foundations or to participate in the existing companies, 

  • Determining the commodity exchange quotation and the minimum amount of goods in respect of purchase and sale, 

  • Removing the goods which have not enough supply and demand in the commodity exchange out of the quotation list either generally or by the relevant commodity exchange.

For more information, you can visit http://www.tobb.org.tr/Sayfalar/Eng/AnaSayfa.php and find the whole text of the Act No. 5174 under legislation section.