2023 at a glance

2023 at a Glance


12 January 2023

Legal Developments in Turkey: 2023 at a Glance

Author: Av.Barış C.Cantürk, Counsel


As we started a New Year with all of our ambition, we would like to share the legal developments that occurred yet or are proposed to occur. In this paper, we focus on the legal developments that concern the sector we worked in.

Several Updates on Financial Limits

As of 2023, the amount for appeal, cassation and administrative fines increased along with many other rates and limits.

You may find below, several updates on capital markets regulation amended by Capital Market Board’s Bulletin 2022/74 dated 30.12.2022:


The amount for 2022 (TL)

The amount for 2023 (TL)

Minimum capital for lending-based or equity-based crowdfunding platforms



Maximum investment limit for not qualified investors for lending-based or equity-based crowdfunding



Requested fund amount in equity-based crowdfunding



Exemption limit for publishing prospectus (per-unit nominal value – total sales value)

743.039 – 20.000.000

1.656.457 – 45.000.000

Minimum capital for registered capital system




Jump-Start for Payment and E-Money Institutions

In the last weeks of the previous year, Payment and E-Money Institutions (PEI) made an intense effort for compliance. Central Bank of the Republic of Türkiye published several important announcements, guidelines and lists for these institutions just in those days:

  • Notification Agenda for PEI 2023 [1]
  • The decision regarding PEI’s Scope of Authorisation[2] [3]
  • Tables for PEI’s Scope of Authorisation as per the relevant regulations[4]
  • Announcement regarding PEI’s engagement to FAST system[5]
  • Announcement for Open Banking Sector[6]
  • Business Model Guideline for Payment Services[7]

New Regulation for E-Commerce Sector

The Regulation on Electronic Intermediary Service Providers and Electronic Service Providers was published in the Official Gazette dated 29.12.2022 and entered into force with several articles.

7th Judicial Reform Package

To becloud of the attachment/seizure at home, amendments targeting criminal law and fundamental amendments in commercial law are the main concerns of the 7th Judicial Reform Package. Relevant articles of the package for companies could be listed as follows:

  • Upper limit for the cases handled by a single judge at commercial courts will be increased to 1.000.000 TL.
  • Discussion on the mandatory mediation for revocation of the objection and negative declaratory action will be dissolved through an amendment in the code.
  • Content of mandatory mediation will extend to lease agreements, dissolution of partnerships and condominium law.
  • Unification of application time limits for appeal.


Harmonization of the Personal Data Protection Act with the European General Data Protection Regulation

Fundamental amendments regarding the Personal Data Protection Act (“KVKK”) will be on the Parliament’s new year agenda.  Accordingly, Art.6 and Art.9, regulate the legal grounds for processing sensitive personal data and the transfer of personal data abroad proposed to be amended[8].

Increase in Administrative Fine in Competition Law

The lower limit of the administrative fine regulated under Law No. 4054 on the Protection of Competition has been updated via the Official Gazette dated 27 December 2022. Accordingly, the lower limit of the administrative fine which was TL 47,409 in 2022 has been determined as TL 105,688 for 2023 with 122.93% increase.

You may pursue the latest updates and analysis of the above topics via our social media accounts in the following days.


[3] https://lnkd.in/dsR6PX8e (Available: 10.01.2023).

[8] See: Aygün Aykut, Başak, Developments in 2022 Regarding Data Protection Legislation in Turkey, (https://www.linkedin.com/posts/solakpartners_2022-data-protection-legislation-in-turkey-activity-7012100012264296448-ThHT?utm_source=share&utm_medium=member_desktop, Available: 10.01.2023)