Istanbul Bilgi University Cyber Law Institute Is Preparing Secondary Legislation Concerning The Online Applications To Be Introduced By The New Commercial Code

Istanbul Bilgi University Cyber Law Institute (“Institute”) in cooperation with the Information Technology and Communications Authority is preparing secondary legislation concerning the online applications such as electronic trade registry, online company formation, online general assembly, which are to be introduced by the new Commercial Code. The Institute has signed a cooperation agreement with the Ministry of Customs and Trade (“Ministry”) and the Director of the Institute, Assist. Prof. Dr. Leyla Keser Berber has been appointed as Chairperson of the Ministry’s Subcommittee that is to prepare the secondary legislation necessitated by the new Commercial Code that will go into force on 1st July 2012. 

The first piece of secondary legislation regulating the “registered electronic mail” which is a must for companies wanting to operate in the digital environment has been published in the Official Gazette on 25 August 2011. The draft texts of the remaining legislation have already been prepared by the Institute and submitted to the Ministry. Such legislation concerning the following topics is expected to be published in February 2012.

Online shareholders’ meetings, proxy rules and online board meetings Mandatory web sites for all joint stock and limited liability companies Electronic trade registry Secure electronic signatures and time stamps Online commercial records of companies.