Independent Audits of:

Banks
Regulation on Independent Audit of Banks was published in the Official Gazette dated 2 April 2015 and came into effect as of such
date. The Regulation on Authorization and Activities of the Institutions to Perform Independent Audit of Banks is abolished by this Regulation. The Regulation regulates

(i) the additional requirements to be included in the list of the authorized Independent Audit Institutions of Banks,

(ii) the principals to be removed from the List (either temporarily or permanently) and

(iii) principals and procedures of independent audit of banks. Certain important provisions introduced by the Regulation are as follows general principals of independent audit, principals regarding the shareholders, key managers and independent auditor of the Independent Audit Institutions and obligations of Independent Audit Institutions.

The Turkish language text of the Regulation can be found at the following link:
http://www.resmigazete.gov.tr/eskiler/2015/04/20150402-5.htm

Financial Holding Companies
Regulation Amending the Regulation on Financial Holding Companies was published in the Official Gazette dated 2 April 2015 and came into effect as of such date. It is introduced by the Regulation that independent audit of the year-end consolidated financial reports of financial holding companies will be carried out in line with the Turkish Commercial Code and the Decree Law on Organization and Functions of Public Oversight Accounting and Auditing Standards Authority dated 26 September 2011 and the related regulations.

The Turkish language text of the Regulation can be found at the following link: http://www.resmigazete.gov.tr/eskiler/2015/04/20150402-8.htm

Asset Management Companies
Regulation Amending the Regulation on the Principles for Establishment and Operations of Asset
Management Companies was published in the Official Gazette dated 2 April 2015 and came into effect as of such date. It is introduced by the Regulation that:

(i) independent audit of the year-end consolidated financial reports of financial holding companies of asset management companies will be carried out in line with the Turkish Commercial Code and the Decree Law on Organization and Functions of Public Oversight Accounting and Auditing Standards Authority dated 26 September 2011 and the related regulations;

(ii) asset management companies are obliged to report independent audit reports regarding year end non-consolidated account to the BRSA’s data base;

(iii) asset management companies are obliged to keep all kinds of information and documents, books and documents available for examination
of authorized staff.

The Turkish language text of the Regulation can be found at the following link: http://www.resmigazete.gov.tr/eskiler/2015/04/20150402-11.htm

Financial Leasing, Factoring and Financing Companies
Regulation Amending the Regulation on the Principles for Establishment and Operations of Financial Leasing, Factoring and Financing Companies was published in the Official Gazette dated 2 April 2015 and came into effect as of such date. It is introduced by the Regulation that independent audit of the year-end consolidated financial reports of financial leasing, factoring and financing companies will be carried out in line with the Turkish Commercial Code and the Decree Law on Organization and Functions of Public Oversight Accounting and Auditing Standards Authority dated 26 September 2011 and its related regulations.

The Turkish language text of the Regulation can be found at the following link: http://www.resmigazete.gov.tr/
eskiler/2015/04/20150402-9.htm

Debit and Credit Cards Issuing Companies
Regulation Amending the Regulation on Debit and Credits Cards was published in the Official Gazette dated 2 April 2015 and came into effect as of such date. By means of the amendments introduced by the Regulation, independent audit of the institutions issuing debit and/or credit cards will be made as per the Turkish Commercial Code (No. 6102) and the Decree Law on Organization and Functions of Public Oversight Accounting and Auditing Standards Authority dated 26/09/2011 (No. 660) and its related regulations.

The Turkish language text of the Regulation can be found at the following link: http://www.resmigazete.gov.tr/eskiler/2015/04/20150402-6.htm