Member Registration

REGISTER
      According to Article 32 of the Law Number 5174; entities under obligation to register to an exchange market must perform their registration to an exchange market in their locality within one month after commencing their business activities. The “starting date” of activities is accepted as the date of first sale or purchase transaction. Registration to exchange markets is performed upon request. According to the first subclause of the abovementioned Article; the provisions of this Regulation’s Article 7 will apply to entities that do not fulfill their obligation to register. To register to an Exchange Market; the applicant must (1) have a prior registration at the commercial register or the merchants and craftsmen register, and (2) be engaged in an area of activity that is involved in the purchase and/or sale of products subject to trading at the exchange market. In this context, the third subclause of Article 32 of Law Number 5174 shall apply. Real and corporate entities wishing to be registered to an exchange market must be able, during their registration process, to document upon request the purchase and sale of their products subject to quotation. The membership/registration application of applicants who are not able to document their purchase and sale of products subject to trading at the exchange market will be placed on hold until the requested documents can be completed (The Transaction Regulation). Members whose memberships have been suspended temporarily or for extended periods, and who are consequently required to perform a membership/registration application once their suspension period has passed, will be registered once again upon formal request or ex officio.

EXCHANGE REGISTRATION OBLIGATION

      Entities engaged in the purchase and sale of products subject to quotation at commodity exchange markets are under obligation to register to a commodity exchange market in their locality. For those who fail to fulfill this obligation, the registration process will be performed by the exchange market itself. The entity failing to perform its own registration will be accordingly informed of the process. Membership records and registrations according to occupational groups will be maintained and updated electronically in a common database organized by the Ministry and the Association. Any changes in the condition and information of a registered entity whose notification is mandatory according to the Turkish Commercial Code shall be reported to the exchange market to which they are registered within one month of these changes. Upon learning that a change whose reporting is obligatory was not duly reported and registered according to the procedures and timelines described in the law; the exchange market itself will request the trade register office to perform the necessary changes in the records of the entity that has failed to fulfill its obligation to notify and update. Upon receiving a notification from the exchange market, the trade register office is under obligation to perform the relevant changes and updates. Real and corporate entities whose main activities are based in areas that are not related to the exchange market will still be under obligation to register in case some of their activities involve products subject to trading at the exchange market. These entities will also be required to register their branches, contact offices, factories, agencies, warehouses, purchase and sale offices and other similar units at the exchange market – regardless of whether these have been previously registered at the merchants and craftsmen register.