Regulatory and Supervisory Authorities in Turkey
Turkish regulatory and supervisory authorities are established to manage, supervise and oversee different types of markets and market activities in agreement with these regulations or malfunctions that may occur.
Some of the important authorities in Turkey are as follows:
Competition Authority (CA)
The Competition Authority (CA) aims to maximize economic efficiency through the provision and protection of competition in the market. The authority takes the necessary measures and implements the necessary regulations in order to prevent practices and operations of undertakings which deform efficient competitive conditions. Its aims to increase social welfare by safeguarding the freedom of enterprise and ensuring efficiency in resource allocation.
Banking Regulation and Supervision Agency (BRSA)
The Banking Regulation and Supervision Agency (BRSA) aims to protect the rights and interests of depositors, to guarantee the trust and stability in financial markets, to help the financial sector to develop and to work efficiently in the credit system.
Energy Market Regulatory Authority (EMRAz
The authority is responsible for the transformation of the energy market into a strong, transparent and competitive market; it fulfills the regulatory and supervisory duties related to the energy market in order to provide electricity and energy resources to consumers in the most appropriate way.
Capital Markets Board (CMB)
The board aims to ensure the effective and widespread participation of the public in economic development by converting investments into securities and to protect the rights and interests of investors by securing the trust and stability in the capital market.
Information and Communication Technologies Authority (ICTA)
The Information and Communication Technologies Authority (ICTA) provides for the legal regulation and supervision of the activities in the telecommunications market and the approval, authorization and similar procedures related to them.
Public Procurement Authority
The authority determines the principles and procedures applied in the purchases by any public institutions or organizations which are subject to public law, under public control or who use public resources.
The Radio and Television Supreme Council (RTSC)
The Radio and Television Supreme Council (RTSC) is responsible for regulating and supervising radio and television activities in general. The RTSC supervises the broadcasters on the complaints and imposes sanctions where necessary.
Apart from other regulatory and supervisory authorities, Privatization Administration (PA), is very important as an authority to be responsible for carrying out privatization transactions in Turkey. The administration is an independent administrative body with full responsibility for the privatization of the state owned enterprises.
Public Oversight, Accounting, and Auditing Standards Authority (POA)
The authority aims to ensure the regulation and supervision of financial reports in accordance with international standards and to secure effective public oversight in order to establish a high quality and reliable financial reporting and independent audit environment.
Revenue Administration implements the income policy in fairness and impartiality, collects taxes and other revenues at minimum cost, ensures the voluntary compliance of taxpayers and takes necessary measures to fulfill their obligations by providing high-quality services by taking into consideration the rights of the taxpayer.
For more information about how to cooperate with the authorities in Turkish business life, you can check the Financial Reporting and Audit Requirements page.