Murat Can Pehlivanoglu | Istanbul Kent University (original) (raw)

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Papers by Murat Can Pehlivanoglu

Banking and Commercial Law Journal, 2023

Organization for Economic Cooperation and Development (OECD) has implemented a rule known as econ... more Organization for Economic Cooperation and Development (OECD) has implemented a rule known as economic substance criterion for no or only nominal tax jurisdictions. It is observed that the criterion got enacted in national law by related jurisdictions as a dissolution ground for commercial companies. Accordingly, economic substance regulations became rules with corporate nature. However, when the source and application scope of the criterion are examined, it is understood that the criterion is based on public international law and has a tax law characteristic. As the jurisdictions obligated to transpose the criterion into their national law, as well as commercial entities obligated to comply with the criterion are determined pursuant to OECD objectives, there is an increasing need to analyze the legal nature of the criterion in the context of company law in accordance with its application in national law, as well as its international source and scope. In this article, OECD economic substance criterion is analyzed and its application as a dissolution ground for commercial companies is examined. The criterion is viewed as a statutory involuntary dissolution ground subject to extraordinary liquidation regime, and this view is explained through Bahamian law. The relationship between tax havens and requirement of economic substance in companies’ operations is also materialized.

Information & Communications Technology Law, 2024

Among the types of on-demand broadcasting, Over-The-Top video streaming services (‘OTT platforms’... more Among the types of on-demand broadcasting, Over-The-Top video streaming services (‘OTT platforms’) refer to media service providers that provide content and applications, including communication services, over the Internet. The freedom of OTT platforms to choose which films to broadcast can have negative implications for the social and cultural aspects of the film industry and the society: First, OTT platforms often refuse to broadcast films that may cause political discontent in the countries where they operate. Second, as films can be popular tools of propaganda, OTT platforms ultimately contribute to certain views more than others through their film selection. Third, the fact that some content is denied to be broadcasted indicates that certain content creators lack sufficient access to the market through OTT platforms. As a result, reconsideration of OTT platforms’ freedom to curate their film catalogues is essential to support the development of the film industry and preserve the integrity of associated societies. This article proposes that corporate social responsibility (CSR) can be used as a method of self-regulation to create an inherent limitation on the editorial freedom of the OTT platforms leading to a fairer film selection process.

Ticaret Hukukunun Güncel Meseleleri 2023 (III. Ticaret Hukuku Kongresi), 2023

Günümüzde hazırlık dönemi faizinin yeni bir kullanım alanı kazanabileceği değerlendirilmekte, bu ... more Günümüzde hazırlık dönemi faizinin yeni bir kullanım alanı kazanabileceği değerlendirilmekte, bu bakımdan hazırlık dönemi faizinin paya dayalı kitle fonlaması yoluyla fon toplayan şirketler bakımından yatırımcılara taahhüt edilebilmesinin önem taşıdığı anlaşılmaktadır. Nihayetinde iki kurumun amaçları bakımından birbiriyle ilişkili olduğu açıktır. Hazırlık dönemi faizinin TTK rejiminden kaynaklı koşulları ile kitle fonlamasının SPK ve Tebliğ rejiminden kaynaklı koşullarının ilişkilendirilmesi sonucunda, iki kurumun birlikte işleyişinin önünde yasal bir engel bulunmadığı ancak bazı sınırlamaların mevcut olduğu görülmektedir.

Brill Nijhoff, 2023

Non-pecuniary private benefits, a phenomenon in publicly traded corporations, may be extracted by... more Non-pecuniary private benefits, a phenomenon in publicly traded corporations, may be extracted by influencing shareholders to the detriment of minority shareholders and corporations. This book, with particular focus on Turkish law and American law, investigates the loopholes paving the way of non-pecuniary private benefit extractions in the context of corporate law. Pehlivanoğlu proposes to use shareholder oppression law’s reasonable expectations standard to expand the reach of involuntary dissolution statutes to cover non-pecuniary private benefit extractions of influencing shareholders.

International Law and Development in the Global South, 2023

Dokuz Eylül Üniversitesi Hukuk Fakültesi Dergisi, 2022

It is important to increase shareholder participation in shareholder meetings in stock corporatio... more It is important to increase shareholder participation in shareholder meetings in stock corporations. Accordingly, it is necessary to use the technological developments in the context of shareholder meetings. It is envisioned that the importance of metaverse in social and commercial life will develop over time, and that the law of stock corporations cannot distance itself from the general interest towards metaverse. However, currently, shareholder meetings in metaverse are not permitted according to the 6102 numbered Turkish Commercial Code (TCC) and its secondary legislation. Although it is possible to accept metaverse as an electronic shareholder meetings venue under the TCC by way of interpretation, its secondary legislation includes provisions inconsistent with metaverse. On the other hand, metaverse would cause identification problems regarding participants who attend to the shareholder meetings. This study evaluates whether shareholder meetings can be held through metaverse.

Banka ve Ticaret Hukuku Dergisi V. 38 I. 2, 2022

In the marketplace buyers, sellers, suppliers, and creditors do not only consider the reputation ... more In the marketplace buyers, sellers, suppliers, and creditors do not only consider the reputation of the stock corporations that they are dealing with but also the trade reputation of the shareholders who are behind that corporate personality. After all, the reputation of the shareholders matters in the context of recently formed or insufficiently capitalized corporations. Accordingly, the board of directors of a corporation has an interest in aligning the corporation and its shareholders’ personalities when carrying out the business relationships. In case the corporation is mismanaged, or it fails to honor its obligations, the shareholders’ trade reputation is damaged together with the corporation’s. The system of 6102 numbered Turkish Commercial Code (TCC) neither includes an explicit and specific obligation regarding the protection of the trade reputation of its shareholders by the board of directors, nor articulates right to sue for non- pecuniary damages. In this article, the shareholders’ right to request their non- pecuniary damages because of the damages they incur in their personality rights, due to the board of directors’ actions aligning the corporate activities with the shareholders’ trade reputations is evaluated. It clarifies the doubts, including its legal basis under TCC, about the shareholders’ right to request non- pecuniary damages from the directors of a stock corporation.

Hacettepe Law Review V. 11 I. 1, 2022

Dodge v. Ford decision given by the Michigan Supreme Court in the United States continues to attr... more Dodge v. Ford decision given by the Michigan Supreme Court in the United States continues to attract the attention of the scholarship and practitioners, thanks to the debates it caused. The decision is well-known for its content on a majority shareholder declining to have the dividends distributed at the expense of the minority shareholders and its opinion expressing that the purpose of a corporation is to generate profit for its shareholders. Still, when its facts are examined, it is understood that the conflict is based on a shareholder’s purpose and action to prevent another shareholder from obtaining the finances to better compete with the dividend distributing corporation. Accordingly, the Dodge v. Ford decision shows that competition law violations may take place through general assembly resolutions in stock corporations. Based on this decision, this article provides that a general assembly resolution declining to distribute dividends may be regarded as an act of abuse of dominance under the 4054 numbered Law on the Protection of Competition. While the general assembly resolution would need to be held void in such a case, it is contemplated that annulment should be the remedy in the context of the decision. A contrary approach would clear the way for competition law violations through internal corporate actions.

Her Alanda Ekonomi, Ed. Rahmi İncekara, Akademisyen Kitabevi, İstanbul , 2022

Stokçuluğun hangi hukuki araçlarla düzenlenmesi gerektiği kadar, stokçulukla mücadelede yürürlükt... more Stokçuluğun hangi hukuki araçlarla düzenlenmesi gerektiği kadar, stokçulukla mücadelede yürürlükteki hukuk kurallarının yeterli bulunup bulunmadığı da tartışmalıdır. Dolayısıyla, stokçuluğun sebep olabileceği zararları engellemek adına işletilebilecek alternatif hukuk kurallarının değerlendirilmesi ihtiyacı bulunmaktadır. Bu çalışmada, Türk hukukunda stokçuluk faaliyetlerine karşı getirilen genel düzenlemelerin anonim şirketler hukuku yönünden anlam ve önemi ele alınmaktadır. Bu doğrultuda, kapalı (halka açık olmayan) anonim şirketler hukukuna ilişkin kanun hükümlerinin işletilmesi suretiyle stokçulukla hangi ölçüde mücadele edilebileceği değerlendirilmektedir. Çalışmanın stokçulukla mücadele konusundaki tartışmaların hukuki zeminde sürdürülmesine katkı sağlaması hedeflemektedir.

John Marshall Law Review, Vol. XIV No. 2 Y. 2021, p. 169- 187, 2021

Technology causes the emergence of new kinds of disputes and dispute resolution methods. Accordin... more Technology causes the emergence of new kinds of disputes and dispute resolution methods. Accordingly, the era of online platform economy has created its own types of disputes and needs its own unique methods to deal with those disputes. Today, the dependence of business users on online platforms implies that the platforms have a large scope to engage in harmful trading practices which may unfairly limit business users' online activities. The Regulation (EU) 2019/1150 of the European Parliament and of the Council of 20 June 2019 requires online platforms to establish internal complaint-handling systems. Internal complainthandling systems have utmost importance regarding online platforms' decisions to restrict, suspend or terminate the business user's accounts. The Regulation provides the business users important procedural safeguards. Internal complaint-handling systems appear as an alternative dispute resolution method and supports the creation of accessible justice regimes. When evaluated in conjunction with the conventional alternative dispute resolution methods, it resembles the negotiation method. This article opines that even in jurisdictions where the Regulation is not applicable, the conventional commercial law principles may still require an internal complaint-handling system's implementation by the online platforms. The article sets forth how this may emerge by exemplifying the issue through the lens of trader's duty to act as a prudent businessman under Turkish law and the board of director's duty of care under US law. It is envisioned that internal complaint-handling systems will play a crucial role in the online platform economy, since the conventional principles of commercial law support and would inherently require its implementation.

Annual Survey of International & Comparative Law, 2019

Involuntary dissolution is recognized as the primary mechanism to monitor opportunism and remedy ... more Involuntary dissolution is recognized as the primary mechanism to monitor opportunism and remedy the aggrieved minority shareholders of corporations. Contrary to general understanding, involuntary dissolution is not idiosyncratic to close corporations. However, its application to publicly traded corporations requires an approach different than the one for close corporations. This note discusses and recommends the approach necessary to justify and effectively enforce involuntary dissolution statutes’ application in the context of publicly traded corporations. It expresses the opinion that the contractual view of corporate law would provide the theoretical basis necessary to construe the statute for publicly traded corporations and exemplifies its approach through the shareholder oppression law of the U.S. corporate law.

Bahçeşehir Üniversitesi Hukuk Fakültesi Dergisi S. 195- 196, 2020

It is a constitutional duty of the state to protect the farmers as the main supplier of agricultu... more It is a constitutional duty of the state to protect the farmers as the main supplier of agricultural products. However, it is a well- known fact that the agricultural sector and especially farmers are victims of unfair trading practices. These trading practices do not only affect the economic and social status of the farmers but also affect the consumers negatively by disturbing the competition in the supply chain. The Directive (EU) 2019/633 of the European Parliament and of the Council of 17 April 2019 on Unfair Trading Practices in Business to Business Relationships in the Agricultural and Food Supply Chain regulates the aforementioned issue in the European Union law. Accordingly, last minute order cancellations which is among the unfair trading practices applied to suppliers and farmers by the buyers is categorically accepted as an unfair trading practice and prohibited. In this study, the application of the last minute order cancellation prohibition in Turkish law is evaluated, and it is opined that the prohibition may be applied through 6102 numbered Turkish Commercial Code Art. 55(1)(e) to protect farmers. Likewise, the legal nature of the last minute order cancellation is examined, and it is expressed that the law on sales contracts cannot protect the farmers better than the directive’s prohibition. 6582 numbered law Add. Art. 2’s function in the application of the aforementioned prohibition is also explained.

Galatasaray Üniversitesi Hukuk Fakültesi Dergisi 2020/2, 2020

The recently published Communique on Share Based Crowdfunding represents the first secondary legi... more The recently published Communique on Share Based Crowdfunding represents the first secondary legislation regarding crowdfunding in the Turkish capital market law. Unfortunately, fundraisers have to establish stock corporations in order to collect funds under the system outlined by the Communique. However, establishing the startup company in the form of a stock corporation is not necessary to balance the competing interests of the investors and fundraisers. Legal nature of limited liability companies has nothing to exclude limited liability companies from the scope of crowdfunding. Such regulatory policy may not be deemed appropriate. The choice of startup company type should be seen as an economic rather than legal issue, as this is the necessary liberal view supporting the development of the capital market. Accordingly, limited liability companies should be taken into the system of crowdfunding under the Communique by changing the “share based crowdfunding” regulatory approach to an “equity based crowdfunding”.

Yargıtay Dergisi, 2020

Tea cultivation is different than other agricultural activities. Accordingly, business practices ... more Tea cultivation is different than other agricultural activities. Accordingly, business practices in tea market should be evaluated pursuant to its own market realities and under the tea law discipline, which is a part of agricultural law. 3092 numbered Tea Law requires tea growers to get a license from the government. In order to establish a new tea plantation, a tea grower has to obtain the assent of CAY- KUR and permission of the Ministry. Still, there are unlicensed growers in tea sector and businesses are continuing to purchase tea leaf from these growers. This business practice negatively effects the market and the price of tea leaf and should be deemed an act of unfair competition under 6102 numbered Turkish Commercial Code. In this paper, general principles of tea law and plantation licensing is explained, and it is presented that the purchase of tea leaf from unlicensed growers is a business practice of unfair competition, particularly in the form of breaching business conditions.

İzmir Barosu Dergisi C. 85 S. 2, 2020

Crowdfunding, as alternative financing model, has finally entered into Turkish capital market law... more Crowdfunding, as alternative financing model, has finally entered into Turkish capital market law. However, a legal certainty regarding the legal regime concerning crowdfunding portals’ liability is yet to be established. The relevant legislation states that the general rules will be applied to the relationship between the platforms, investors and entrepreneurs. Still, it is extremely important that the legal regime on crowdfunding portals’ information sheet liability, its scope and safe harbors are determined. It is equally important that the crowdfunding market participants are encouraged to participate in the marketplace by ensuring legal certainty. In this paper, crowdfunding portals’ liability against investors, based on information sheet, is evaluated through the analysis of the legislation, and pertinent principles are expressed.

Bahçeşehir University Faculty of Law Review, 2019

“Authorship”, as a central tenet of copyright law, has a decisive role in the process of determin... more “Authorship”, as a central tenet of copyright law, has a decisive role in the process of determining the copyright owner of copyrightable works. Although it is generally presumed that a copyrightable work may only be created by a human being, the question of “who owns the copyright of a work created by a non- human actor” is being asked once again since the 2016 Naruto v. Slater case in the United States. Naturally, such a discussion requires the review of general principles of copyright law. This paper analyzes the concept of “authorship” under Turkish and American copyright law and accordingly, signals the differences and similarities between these two legal systems. It reviews the Naruto v. Slater case and discusses the judgment under both Turkish and American law. In conclusion, pursuant to the analysis of the legitimacy of copyright law, this paper provides the legal approach that may be employed in the discussion of the authorship of non- human actors such as animals under Turkish law.

Istanbul Medipol University Law Review Vol. 7 Issue 1 , 2020

Fundraisers are legally allowed to collect money from the public through crowdfunding. In order t... more Fundraisers are legally allowed to collect money from the public through crowdfunding. In order to ensure the development of the equity crowdfunding market, it is necessary to empower investors with legal tools regarding the control of the usage of crowdfunding proceeds. 6362 numbered Law provides that the relationship between the investors and startup companies is subject to general provisions of law. On the other hand, III- 35/A.1 numbered Communique is designed to provide the investors a protection through disclosure and independent audits. Accordingly, the current statutory regime is insufficient to provide an extra layer of protection for the investors regarding the proper use of campaign proceeds. This study analyzes the rules controlling the usage of crowdfunding proceeds by startup companies. It suggests that the Communique should be amended and the amendment should provide that the proceeds shall be deposited to a payment institution account which the investors would have access to screen transactions and be able to request a preliminary injunction in case of any unproper usage of the funds by startup companies. In this context, the conformity of current statutory law and this study’s amendment proposal is evaluated.

Istanbul Bar Association Law Journal Vol. 89 Issue 1, 2015

Devletin Ekonomik Hayata Fiyatlar Yönünden Müdahalesi

Istanbul Bilgi University, LL.M. Thesis, 2015

In Turkish law there are two main regulations on “concealed distribution of capital”; one is in 6... more In Turkish law there are two main regulations on “concealed distribution of capital”; one is in 6362 numbered Capital Markets Law and the other one is in 5520 numbered Corporate Tax Law. Concealed distribution of capital regulation is a subject that is transferred from the corporate tax law system to the capital markets law system. Although there are many court decisions and academic studies on the corporate tax law’s concealed distribution of capital regulation, it is not possible to state the same for the capital markets law regulation. This eventually makes it necessary to use a comparative method and to evaluate the capital markets law regulation by comparing it with the corporate tax law regulation. In this study, concealed distribution of capital subject is examined by comparing both laws’ regulations and by focusing on publicly-held joint stock corporations as these are the most important legal structures that are in the scope of both regulations.
As many people have interests connected with publicly- held joint stock corporations, activities of concealed distribution of capital which are carried out via these corporations affects many people. In Turkey, the number of publicly-held corporations and the money invested in these are increasing every year. Therefore, it is possible to say that the number of concealed distribution of capital activities will increase and thus the importance of this study will also increase in the near future.
“Transaction” and “associated persons” terms are the main determinants that determine if an activity is a concealed distribution of capital or not. As concealed distribution of capital regulations which are in capital markets law and corporate tax law have similarities, an activity that can be stated as a concealed distribution of capital sometimes can also be stated as a concealed distribution of capital for the other law. In this study, “transaction” and “associated persons” terms are evaluated from both laws’ aspects by comparing and evaluations are carried out on the similarities and intersections of these laws.

Banking and Commercial Law Journal, 2023

Information & Communications Technology Law, 2024

Ticaret Hukukunun Güncel Meseleleri 2023 (III. Ticaret Hukuku Kongresi), 2023

Brill Nijhoff, 2023

International Law and Development in the Global South, 2023

Dokuz Eylül Üniversitesi Hukuk Fakültesi Dergisi, 2022

Banka ve Ticaret Hukuku Dergisi V. 38 I. 2, 2022

Hacettepe Law Review V. 11 I. 1, 2022

Her Alanda Ekonomi, Ed. Rahmi İncekara, Akademisyen Kitabevi, İstanbul , 2022

John Marshall Law Review, Vol. XIV No. 2 Y. 2021, p. 169- 187, 2021

Annual Survey of International & Comparative Law, 2019

Bahçeşehir Üniversitesi Hukuk Fakültesi Dergisi S. 195- 196, 2020

Galatasaray Üniversitesi Hukuk Fakültesi Dergisi 2020/2, 2020

Yargıtay Dergisi, 2020

İzmir Barosu Dergisi C. 85 S. 2, 2020

Bahçeşehir University Faculty of Law Review, 2019

Istanbul Medipol University Law Review Vol. 7 Issue 1 , 2020

Istanbul Bar Association Law Journal Vol. 89 Issue 1, 2015

Devletin Ekonomik Hayata Fiyatlar Yönünden Müdahalesi

Istanbul Bilgi University, LL.M. Thesis, 2015

Salgın Dönemlerinde İnsan Hakları Uluslararası Sempozyumu, Türkiye İnsan Hakları ve Eşitlik Kurumu (TİHEK), Türkiye İnsan Hakları ve Eşitlik Kurumu, Ankara Aralık 2021, Bildiri (Tam Metin) Kitabı, s. 435- 461. , 2021

During the period in which the measures known as “full lockdown” were being applied, it was criti... more During the period in which the measures known as “full lockdown” were being applied, it was criticized that some businesses were selectively shut down and some were left open. For example, while a stationary store on a main street was closed, a supermarket on the same main street was left open and it was allowed to sell the same products with the stationary store. The fact that open businesses acquired commercial advantage against the closed businesses brings up the unfair competition liability issue for open businesses pursuant to the 6102 numbered Turkish Commercial Code (TCC). While such an action may not be regarded as breach of business conditions under TCC Art. 55(1)(e), TCC Art. 54(2) would still apply. After all, to avoid any action of unfair competition, businesses are required to assess the validity of governmental circulars used to effectuate the full lockdown precautions before taking any business action, due to their responsibility to act as a prudent businessman and the provisions about the liability of commercial company managers. On the other hand, civil courts adjudicating the unfair competition cases are required to consider the validity of the governmental circulars before applying it, due to the hierarchy of norms principle and the state’s positive obligations concerning fundamental rights and freedoms. In the case the governmental circular is deemed invalid, the rule of good faith under the unfair competition law would require accepting that the open businesses committed an act of unfair competition against the closed businesses.

Hukukun Güncel Meseleleri Erzincan Sempozyumu, Erzincan Binali Yıldırım Üniversitesi, Erzincan, Şubat 2022, Bildiri (Özet Metin) Kitabı, 2022

6102 sayılı Türk Ticaret Kanunu (TTK) m. 553 hükmü, kanundan ve esas sözleşmeden doğan yükümlülük... more 6102 sayılı Türk Ticaret Kanunu (TTK) m. 553 hükmü, kanundan ve esas sözleşmeden doğan yükümlülüklerini kusurlarıyla ihlal ettikleri takdirde yönetim kurulu üyelerinin pay sahiplerine verdikleri zararlardan dolayı sorumluluklarının bulunduğunu ortaya koymaktadır. Mezkûr düzenleme, TTK m. 644’ün yollamasıyla limited şirketlerde de geçerlidir. Uygulamada, pay sahiplerinin yönetim kurulu üyelerine karşı maddi tazminat talebinin yanı sıra manevi tazminat talebi de yönelttikleri, ancak mahkemelerin manevi tazminat taleplerine olumsuz yaklaştığı gözlemlenmektedir. Bu anlamda, kötü yönetimden kaynaklı olarak yöneticilerin şirkete verdikleri zararlar sebebiyle şirket ortağının manevi zarara uğradığı iddiası kabul görmemektedir. Ortakların manevi tazminat talepleri nihayetinde ortakların kendi kişilik haklarının zarar gördüğü iddiası niteliğinde bulunduğundan, talep konusu manevi zararlar bir “dolaylı zarar” değil “doğrudan zarar” durumundadır. Kişilerin itibarları kişilik hakları kapsamında korunan bir değerdir. Bununla beraber, üçüncü kişiye (şirkete) verilen (kötü yönetimden kaynaklı) bir zarar nedeniyle bir başka kişinin (ortağın) kendi şahsında manevi zarar (itibarın zedelenmesi) meydana geldiği iddiası, esasen bir “yansıma zararın talebi” olmaktadır. Nitekim şirket yönetim kurulu üyesi veya müdürünün ortağa zarar vermek kastıyla değil de salt kötü yönetimle şirkete zarar vermesi ahlaka aykırı bir eylemle kasten zarar verilmesi olarak da görülemeyecektir. Ancak özellikle anonim şirketlere göre ortakların kişisel yönünün daha çok önem taşıdığı limited şirketlerde, müdürlerin şirketi kötü yönetimi neticesinde şirketin gördüğü zararlar nihayetinde üçüncü kişiler nezdinde şirket ortağının itibarı ile ilişkilendirilebilmektedir. İtibarın korunması gayesiyle ortaklıktan çıkılması ise ancak sınırlı gerekçelerle ve dava yoluyla mümkün olabilmekte, ortağın şirketten çıkması şirket yöneticilerinin şirkete karşı eylemlerinin yansımasıyla ortağın itibarının gördüğü zararı da giderememektedir. Diğer taraftan, pay sahibinin manevi tazminat talebini sadece şirkete yöneltmesi halinde ise bu defa şirketin pay sahibinin itibarını kötü yönetilmek veya borca batık hale gelmek haricinde özel bir biçimde hedef alan eylemlerinin ortaya konulması gerekecektir. Zaten bu eylemlerin açıkça ortaya konulabildiği durumlarda şirket yöneticilerine karşı manevi tazminat talebinin kabul görmesi ihtimali de kuvvetlenmektedir. Bu çalışmada, anonim ve limited şirketlerde şirket yöneticilerinin şirkete verdikleri zararlar nedeniyle ortaklar nezdinde doğan manevi zararlara giderim sağlayacak bir manevi tazminat davasının şartları değerlendirilmektedir.

5th International Congress of Eurasian Social Sciences, Bodrum Mayıs 2021, Bildiri (Özet) Kitabı, 2021

Europe’s most valuable football clubs’ decisions to establish the European Super League initiated... more Europe’s most valuable football clubs’ decisions to establish the European Super League initiated discussions about whether the clubs’ decisions to join such a league aligns with their corporate social responsibility. Since some football clubs operate as stock corporations, it is important to evaluate this discussion from the lens of corporate law. Under Turkish law, 6102 numbered Turkish Commercial Code (TCC) does not explicitly specify the corporate social responsibility obligations. On the other hand, the II- 17.1 numbered Corporate Governance Communique (Communique) Annex 1- Capital Markets Board Corporate Governance Principles Art. 3.5.2, promulgated pursuant to 6362 numbered Capital Markets Law, indicates that publicly held corporations shall be responsive to the corporations’ social responsibilities and abide by ethical rules, as well as regulations about the environment, consumers, and public health. Still, the aforementioned principle is not articulated among the principles to be mandatorily followed by the publicly held corporations (Communique Art. 5(1)). Accordingly, a decision given by a Turkish football club operating as a publicly held corporation to join projects such as the European Super League may not be criticized under corporate social responsibility section of the corporate governance principles. Likewise, while corporate social responsibility may be viewed as a factor by the board of directors in giving decisions as a cautious manager under TCC Art. 369(1), a decision to join the European Super League should be seen as a business judgement. On the other hand, the board of directors’ duty to protect the corporation’s interests pursuant to the rules of good faith requires the board to consider long- term implications of business decisions on the profitability of the corporation. Therefore, any debate on the corporate social responsibility of the Turkish football clubs’ when giving decisions to join projects such as the European Super League, should be analyzed under the board’s duty to consider the corporation’s interests. After all, since football has cultural and social roots, any decision given by ignoring such roots may cause negative economic consequences for the clubs, as demonstrated by the current fate of the European Super League project.

Uluslararası Necmettin Erbakan Hukuk Kongresi, Necmettin Erbakan Üniversitesi, Konya Nisan 2021, Bildiri (Tam Metin) Kitabı, 2021

Discharge means “acquittal, exoneration” and releases one from civil liability. In the context of... more Discharge means “acquittal, exoneration” and releases one from civil liability. In the context of 6102 numbered Turkish Commercial Code (TCC), discharge of board of directors from liability is a statement delivered at the shareholders’ meeting through a resolution that the stock corporation shall not claim any damages from the board in connection with the management of the corporation, during the process in which the board reports its actions for the relevant financial period. Discharge resolution may be in the form of an explicit or implicit discharge and an explicit discharge resolution may be in the form of a general or specific discharge. If a discharge is limited in terms of person, time, and transactions, it is accepted as a specific discharge. Still, the Yargıtay 18. H.D. E. 2012/14591 K. 2013/3764 T. 12/03/2013 case (in the context of associations) provides that the grant of financial discharge shall be inclusive of the grant of executive discharge, and that it is not possible to accuse a board with no financial fault, of an executive fault. When considered in the context of stock corporations, the fact that financial records of a company are correct does not necessarily mean that the board has directed the company prudently. For example, even though financial records may seem correct and accurate, it is possible that the company is made subject to tunnelling. All in all, rejection of an executive discharge would signal a dissatisfaction concerning the board members’ administration and may lead to an election. When TCC Art. 558(2) is considered together with TCC Art. 340, it should be accepted that articles of incorporation may also include articles on aforementioned separation, and that the abovementioned case precedent shall not be applicable.

8th Annual International Conference on Business, Law & Economics, 3-6 May 2021, Athens, Greece, 2021

The Directive (EU) 2017/1132 of the European Parliament and of the Council of 14 June 2017 Relati... more The Directive (EU) 2017/1132 of the European Parliament and of the Council of 14 June 2017 Relating to Certain Aspects of Company Law Article (Art.) 46 provides that a public limited liability company’s subscribed capital may be formed only of assets capable of economic assessment. Likewise, 6102 numbered Turkish Commercial Code Art. 342 articulates that payments in cash, tangible assets and intangible assets may be provided as capital for stock corporations, the Turkish equivalent of public limited liability companies. However, a minimum capital of 50.000, 00 TL shall be subscribed in order for a stock corporation to be incorporated (TCC Art. 332). Accordingly, when an intangible asset is being provided as capital to the stock corporation, appraisal experts appointed by the court shall make the valuation of the pertinent intangible asset (TCC Art. 343). The expert report shall indicate the valuation method, existence of the intangible asset, its validity and compliance with TCC Art. 342, its collectability and exact value, as well as the value and number of shares it corresponds to. In line with these rules and procedures, it appears that a producer may provide the motion picture intellectual property rights she holds as an eligible form of capital for a stock corporation. Still, whether a motion picture intellectual property right would satisfy the TCC Art. 343 criteria shall be analyzed through the principles articulated by the 5846 numbered Law on Intellectual and Artistic Works (LIAW). Official Comment to TCC Art. 343 signals that the expert report should review all legal factors concerning the intellectual property rights based on the applicable legislation. This study evaluates the legal factors which may revoke or adversely affect the eligibility of a motion picture intellectual property right held by a motion picture film producer under the applicable Turkish law, in connection with the Directive, the Berne Convention for the Protection of Literary and Artistic Works, and the International Convention for the Protection of Performers, Producers of Phonograms and Broadcasting Organizations. In particular, the study outlines how the separation between moral rights and economic rights may provide adverse limitations on the eligibility of motion picture intellectual property rights held by motion picture producers, in connection with the rules on stock corporation capital subscription. In particular, it exemplifies such inherent adverse limitations through the lens of copyright registration, rights of the performers and authors of scenarios of motion pictures.

Tüzel Kişilik Penceresinden Anonim Ortaklık Sempozyumu MEF Üniversitesi Hukuk Fakültesi 20-22 Temmuz 2020, 2021

Cinsiyet eşitliği, tarihsel süreçte anayasa hukuku ve iş hukuku gibi cinsiyet ayrımcılığının öne ... more Cinsiyet eşitliği, tarihsel süreçte anayasa hukuku ve iş hukuku gibi cinsiyet ayrımcılığının öne çıktığı alanlara dair hukuk kurallarıyla güvenceye alınmıştır. Nihayetindeyse sosyal, ekonomik ve kültürel gelişmeler cinsiyet eşitliğini günümüz anonim şirketler hukukunun da bir konusu haline getirmiştir. Avrupa’daki gelişmeleri takiben yakın zamanda Amerika Birleşik Devletleri’nin Kaliforniya Eyaleti, halka açık şirketlerin yönetim kurulunda kadın kotası uygulamasını yasalaştıran ilk eyalet olmuştur.
Kaliforniya hukukunun şirket yönetim kurulunda kadın kotası düzenlemesinin sosyal ve ekonomik etkileri konusunda lehe ve aleyhe birçok çalışma bulunmaktadır. Kuralın Amerikan şirketler hukuku ve anayasa hukukuna uygunluğu konusu da öğretide tartışılmaktadır. Nitekim yasaya karşı ikame edilen davalar bulunmaktadır. Diğer taraftan, cinsiyet kotası kuralının mantığını açıklamak amacıyla ileri sürülen, yönetimde cinsiyet eşitliğinin şirket karlılığını artıracağı iddiası ise henüz net bir şekilde kanıtlanabilmiş değildir. Bütün bunlar yasanın meşruiyetine dair tartışmaları artırmaktadır.
Eldeki çalışmada, anılan Kaliforniya yasasının getirdikleri ile bunların Amerikan şirketler hukukunun genel ilkeleri karşısındaki durumu değerlendirilmektedir. Bu kapsamda Amerikan hukuk literatürü ve yargı kararlarından faydalanılarak teorik bir inceleme yapılmakta, yine disiplinler arası çalışmalara istinaden yasanın etkinliği sorgulanmaktadır. Anılan yasa kapsamı sebebiyle dünya ekonomisinde önemli yeri olan birçok şirketi doğrudan ilgilendirdiğinden, Kaliforniya hukukuna dair yapılan tespitlerin genel olarak diğer yabancı hukuk sistemlerini de ilgilendirmesi öngörülmektedir.
Amerikan hukukunda şirketler hukukunu açıklamada baskın görüş olan sözleşme teorisi esas alındığında, cinsiyet eşitliği hedefinin şirketler hukuku düzenlemeleriyle sağlanmasının bu hukuk alanının işlev ve amacıyla bağdaşmadığı görülmektedir. Bu çerçevede yapılan değerlendirmede, anılan kuralın şirketler hukuku kapsamında yer almaması gerektiği ifade edilmektedir. Nitekim halka açık olmayan (kapalı) şirketlerin düzenlemenin kapsamı dışında bırakılmış olması da yürürlükteki bazı kuralların birtakım mağduriyetleri telafide zaten (kapalı ya da açık) tüm şirketler için kullanılabileceği gerçeğine işaret etmektedir. Diğer yandan, pay sahiplerinin şirketler hukuku kapsamında kurala karşı koyma imkânlarının sınırlılığı belirtilerek, kuralın yatırımcılar açısından sakıncaları vurgulanmaktadır.

International Congress of Eurasian Social Sciences 4, 2020

6102 numbered Turkish Commercial Code (TCC) includes provisions concerning the form and printing ... more 6102 numbered Turkish Commercial Code (TCC) includes provisions concerning the form and printing of corporations’ share certificates. TCC Art. 487 articulates the clauses required to be written on share certificates and provides that fraud prevention measures shall be applied in close corporations. However, the statutory provision does not define close corporations or fraud prevention measures. Accordingly, there is an uncertainty about how to apply share certificate fraud prevention measures in the context of close corporations. In this study, the meaning and importance of fraud prevention measures required to be applied in the printing of share certificates are discussed in relation with the related statutes, including 5237 numbered Turkish Criminal Code and 6362 numbered Capital Market Law. It is expressed that the scope of share certificate fraud prevention measures should be drawn pursuant to the obligation to act as a prudent businessman. Furthermore, it is shown that shareholders of a corporation would be able to hold board of directors liable for lack of share certificate fraud prevention measures. It is opined that features of fraud prevention measures may change depending on the respective corporation’s activities, trade volume, value, sector and the cost of applying fraud prevention measures. Local and international common security measures are exemplified, and TCC Art. 487 is compared with the pertinent rule of California Corporations Code. It is suggested that holding stock ledger records electronically in close corporations and cooperation between institutions would both minimalize fraud and reduce the associated costs. It is envisioned that this study will help to reduce the legal uncertainty and improve foreseeability concerning the application of the abovementioned statutory provision and would further help the lawmaking improvement efforts.

Selçuk Hukuk Kongresi 1, 2020

The extent of civil liability of electronic commerce platforms that act as an intermediary bringi... more The extent of civil liability of electronic commerce platforms that act as an intermediary bringing buyers and sellers together on internet, appears to be limited. By acting as an intermediary, electronic commerce platforms do not become a party to the contract formed between the buyer and seller. Furthermore, pursuant to 6563 numbered Law Article 9, “intermediary service providers” do not have an obligation to control the content provided by content providers through the intermediary’s electronic platform or to investigate whether there is any illegality concerning the goods and services provided therein. Likewise, 6502 numbered Law Article 48(5) may not be effectuated to widen the scope of intermediary’s civil liability, especially due to “Terms of Services” or “User Agreement” legal texts signed by the buyers and sellers. However, trader’s obligation to act as a prudent businessman in its commercial affairs, as articulated by 6102 numbered Law Article 18(2), may be used to widen the scope of intermediary service provider liability. This study evaluates the effects of the obligation to act as a prudent businessman on electronic commerce platforms’ liability based on the distance contract between the buyers and sellers. The extent of electronic commerce platforms’ liability to buyers pursuant to the platforms’ own failure to duly provide its services is explained based on the prudent businessman principle. It is envisioned that the study will contribute to the legal certainty needed to resolve the problems regarding inconformity, defaults and exercise of contractual rights by buyers.

17th Annual International Conference on Law, 13- 16 July 2020, Athens, Greece, Abstract Book, 2020

Today, social media is being used as an information source for a variety of issues, including inf... more Today, social media is being used as an information source for a variety of issues, including information concerning publicly traded corporations. However, it is not only the investing public who is interested in following the information disseminated through social media, but the companies themselves have also begun to use social media to disclose material non- public information. Accordingly, jurisdictions such as the U.S. has paved the way of such disclosures even through the personal social media site of individual corporate officers under particular circumstances.

While the dissemination of material information through social media may harm the fairness and efficiency of the marketplace, it is equally beneficial for the investing public that alternative channels of effective communication develops. Having said that, the liability of social media sites for taking down a social media post of disclosure, which is deemed in compliance with the securities law, is not yet specifically addressed.

A social media site may take down a social media post which has the function of disclosure, alleging that it violates the “terms of service” of the platform. However, such an action may have the effect of placing a number of investors in a disadvantaged position when compared to others, if some failed to read the post before it is taken down, and others did actually read it. In this case, while the social media site itself will be the cause for the interruption of disclosure which is deemed in compliance with the securities law, it will also be in a position in which it has legally exercised its right to take down the post and benefit from the internet service provider safe harbor regulations. On the other hand, investors, companies, and enforcement agencies may think of pursuing actions against the social media site for damages associated with the taking down action.

To begin with, this paper underlines that the usage of corporate officers’ personal social media sites for securities law disclosures may be compatible with the general theory of capital market law. Following this analysis, it suggests that the safe harbor immunity afforded to internet service providers may be challenged in the context of taking down a social media post concerning a securities law disclosure. Accordingly, it points out that the securities regulations concerning internet should be deemed “lex specialis” when compared to internet safe harbor regulations. It concludes that the aforementioned issue remains as an open question which the judiciary should answer, unless the legislative branch acts to clarify the legal position.

Paravan şirket toplumsal hayatın bir gerçeğidir. Şirketler hukuku bakımından gerçek faydalanıcını... more Paravan şirket toplumsal hayatın bir gerçeğidir. Şirketler hukuku bakımından gerçek faydalanıcının kimliğinin çoğu halde ve yerde hukuka uygun şekilde gizlenmesiyle ortaya çıkmaktadır. Ancak paravan şirketin özellikleri şirketler hukukunda yeterince incelenmiş değildir. Oysa suç gelirlerinin aklanmasının önlenmesi hukuku ve vergi hukuku paravan şirkete aşinadır. “Gerçek faydalanıcı” kavramı ise özellikle Ekonomik İşbirliği ve Kalkınma Örgütü (OECD) ve Mali Eylem Görev Gücü (FATF) tarafından gerçekleştirilen çalışmalarla olgunlaştırılmıştır. Nihayetinde dünyada gerçek faydalanıcı sicillerinin yaygınlaşması, paravan şirketin özellikle hukuka uygun kullanımları bakımından özel hayatın gizliliğine ilişkin endişeleri artırmıştır. Ayrıca gerçek faydalanıcı sicilleri, gerçek faydalanıcı bildirimini şirketlerin korporatif özelliklerinden biri haline getirmiş ve böylece pay sahipliğinin bildirimi meselesinin de derinleşmesine yol açmıştır. Bu durum kaçınılmaz olarak paravan şirket özelinde “başkası hesabına pay sahipliği” kurumunun günümüzde halen tercih edilirliğini sürdürmesine neden olmuştur. Sözü edilen gelişmeler bu kitapta şirketler hukuku yönünden incelenmekte, ayrıca paravan şirketin meşruluğu sorunu da özel olarak değerlendirilmektedir.