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Its Legal Structures

Its Legal Structures



Legal structures of Commodity Exchanges

Commodity Exchange Organizations, their formations and duties

Commodity Exchange Organizations

Article 35-Organizations of Commodity Exchanges are as follows:

a)    Professional Committee

b)    Assembly

c)     Executive Board

d)    Disciplinary Committee       


Commodity Exchange Professional Committees: Article 36-Commodity Exchange professional committees are composed of five or seven persons to be elected by professional groups; five, seven, nine or eleven persons in commodity exchanges where the number of members exceed ten thousand. Substitute members are elected in the number of original members as well. The committee elects a president and a vice president for four years among its own members.

Real persons and the real person representatives of legal persons elected for the membership of professional committee, professional committees of commodity exchanges and chambers working in the same area of activity can take charge in only one of the chambers founded according to law no 507 dated 17.7.1964.

The rules to be complied with in classification of jobs, the finding of the number of the members of professional committees and other points to be considered are all arranged by regulations to be prepared by the union.


Article 37-The duties of Commodity Exchange Professional Committees are as follows:

a)    Making examinations within the topics, proposing suggestions to be agreed upon to the executive board which they regard as necessary and useful precautions in their areas of activity.

b)    With respect to the professional committees, deciding upon the participation of the president,  vice president and the members approved in the assembly on the agenda topics of the assembly not to be about to vote.

c)     Concerning the areas of activity, if required by the Assembly or the Executive Board, doing research on the topic and replying to the demand.

d)    Fulfilling other duties given by related regulations.

The assembly of Commodity Exchange: Article 38 - The assembly of Commodity Exchange is composed of members to be elected for four years by occupational groups. In Professional Committees, groups formed by five persons two each, in groups formed by seven persons three each, in groups formed by nine persons four each and in groups formed by eleven persons five assemblymen are elected.

In addition, equal numbers of substitute members are chosen as well. In this case, the duties of Professional Committees are executed by specialization commission to be elected by assemblies. The assembly elects a president, one or two vice presidents for four years among its own members. Real persons and the real persons representatives of legal persons elected for the membership of the assembly, chambers and the assemblies of commodity exchanges working in the same area of activity can take charge in only in one of the chambers founded according to law No 507 dated 17.7.1964.

The president and vice presidents of the assembly can not be elected for the presidency of the executive board, disciplinary board or membership. Those who have already worked as speaker’s office on end for two periods, can not be chosen for the same position again unless two electoral periods go by in between.

The duties of the Assembly of Commodity Exchange

Article 39 – The duties of the assembly of Commodity Exchange are as follows:

a)    Electing the members of the executive board and disciplinary of Commodity Exchange.

b)    Electing the delegates of Union General Board among its own members.

c)     Examining and resolving the proposal to be made by the executive board.

d)    Determining and declaring customs, traditions and precedents in the areas of activity.

e)    Examining and approving monthly balance and demands of transfer.

f)      Forming arbitrations in charge with solving controversies occurring as result of procedures realized in Commodity Exchange or controversies emerging related to agreements to the extent that they are involved in the agreement made by the members.

g)    Approving the line identifying experts to be asked for by the courts for the solution of controversies that might arise due to the procedures made by Commodity Exchange.

h)    Deciding upon punishments to be suggested by disciplinary board about the members of Commodity Exchange,

i)       Approving annual budget and final accounts and acquitting the executive board, initiating legal proceedings for the responsible ones.

j)      Deciding upon buying immovable property, selling, building, allotment, amalgamation and mortgaging and borrowing money, nationalization and being a partner to the companies in the frame of the rules of this law.

k)     Accepting the instructions of Commodity Exchange and submitting to the approval of the union.

l)       Determining which articles included in Commodity Exchange, on condition that they have to be registered later on, can be bought and sold except the location of Commodity Exchange and also assessing the time of the articles to be bought and sold in this way related to registration providing that not exceeding 30 days.

m)  Examining the objections to be made against the decisions on the registration must to Commodity Exchange by the executive board or ranks of the members and reaching at a definitive judgment.

n)    Establishing specialization commissions according to jobs and problems.

o)    Being a member of industrial, commercial and economic foundations both at home and abroad and sending delegates to their congresses.

p)    Examining and reaching at a final decision related to the proposals coming by the executive board about the acquitted debt for dues, capital and a late fee of the members who have a difficulty in payment and/or on the accusations to be sued on behalf of Commodity Exchange and members with re-constructing for some reason such as waiving the tracking assets the collecting of which become impossible or death, giving up trading and fire, flood and similar natural disasters occurring out of one’s will and handing over its authority to the executive board when needed.

 r) Honoring those who have awarded significant services to Commodity Exchange      
     and the life of Turkish Economy by two third’s verdict of assembly’s full

 s) Fulfilling other duties given by the related instructions


Commodity Exchange Executive Board

Article 40- Commodity Exchange Executive Board is composed of five persons, elected for four years, in commodity exchanges the assembly’s member number of which is less than 20, seven persons in those between 20 and 29, nine persons between 30 and 39, eleven persons in those forty or more. The assembly elects the chairman of the executive board, real and substitute members as a single list among its own members. The executive board elects one or two vice- chairmen and an accountant member for four years among its own members. Those who worked as a chairman of the executive board for two periods one right after the other can not be elected for the same position unless two periods of election time goes by.

The chairman of the executive board or members of a commodity exchange can not be charged in the assembly of another commodity exchange or chamber at the same time. The agenda of the meeting is determined by the chairman or vice-chairman whom he/she vested with authority in his/her absence. In addition, a new article is added on the agenda at least with one third’s, with application of the members of the executive board before the starting of the meeting the latest.

The Duties of the Commodity Exchange Executive Board

Article 41-The duties of the Commodity Exchange Executive Board are as follows:

a)    Executing Commodity Exchange business in the  frame of the decisions of the laws and assembly

b)    Presenting the budget, fixed account and transfer proposals and related reports to the assembly of Commodity Exchange

c)     Presenting monthly account report to the examination and approval of the assembly of Commodity Exchange.

d)    Deciding upon employment and dismissal, being raised to a higher rank and transferring of the staff of Commodity Exchange suitably.

e)    Making a decision about disciplinary matters of Commodity Exchange staff as arranged in the frame of this law and related instructions.

f)      Deciding upon opening an investigation by disciplinary committee

g)    In accordance with the law, ensuring the application of disciplinary punishments and fines.

h)    Determining the arbitration committee charged with solving controversies that might arise as a result of the procedures realized in Commodity Exchange.

i)       Preparing the lists, of arbitrators and experts to be asked for by courts for the solution of controversies that might arise as a result of the procedures realized out of Commodity Exchange and presenting to the assembly for approval.

j)      Certifying the documents foreseen in this law and related instructions.

k)     Preparing an annual report about the activities of Commodity Exchange and economical situation in its region in a year of time and presenting to the assembly.

l)       Presenting the instructionsprepared to the assembly

m)  Performing any kind of examination related to Commodity Exchange, keeping index and statistics and setting the prices of  chief articles formed in Commodity Exchange and declaring those through convenient instruments

n)    Awarding its members who pay tax and official registration at a high level, exporting and developing technologies.

o)    Supporting and encouraging social activities on condition that their equivalents exist in the budget, donating and granting, awarding scholarship, building schools and classrooms by the approval of assembly.

p)    Executing other duties given to Commodity Exchange and not being left to another organization privately.

Transfer of the Authorities of Commodity Exchange Executive Board:

Article 42-Commodity Exchange Executive board may transfer some of its authorities to the president, one or some of the members or general secretary when needed.

Commodity Exchange Disciplinary Board

Article 43-Commodity Exchange Disciplinary Board is composed of six real and substitute members elected among those who are registeredin Commodity Exchange for four years by the assembly. The disciplinary committee elects a president among its members in the first meeting after election. The oldest member leads the committee in the absence of the president. The qualifications demanded for the members of the disciplinary committee are determined via a regulation to be published by Ministry by getting confirmation of the Union.

The Duties of Commodity Exchange Disciplinary Committee

Article 44- The duties of Commodity Exchange Disciplinary Committee are as follows:

a)    Executing disciplinary inquires of the members of Commodity Exchange according to procedures and principles foreseen in this law and related regulations.

b)    Suggesting about giving disciplinary punishments and fines for the members of Commodity Exchange to the assembly.


Articles Dependent on Commodity Exchange and Their Trading

Article 45- Fungible goods which have a durability and storage quality and sufficient supply and demand in commodity exchanges are bought and sold wholesale over samples or types. Goods the types of which have not been determined and articles meeting local needs which are fungible ones and living or slaughtered animals can also be included in articles dependent on Commodity Exchange.Foreign exchange and precious mines are out of the scope of this low. In places where Commodity Exchanges are founded, what goods are imperative for trading in Commodity Exchange and their least amounts are determined according to the proposal of Commodity Exchange Assembly and the confirmation of the Union and declared by the related Commodity Exchange appropriately. The ministry can, in changing marketing conditions remove the goods which do not have sufficient supply and demand or being a subject for trading in Commodity Exchanges according to commercial tendencies among the articles dependent on Commodity Exchange in general or from the point of view of Commodity Exchanges and predetermine the goods that are going to take place or not in the quotation of commodity exchanges, regional commodity exchanges and product specialization Commodity Exchanges and the least trading amounts of articles dependent on Commodity Exchange The decisions of the ministry on this matter is declared by Commodity Exchanges appropriately. Trading of the amounts remaining over of the least amounts of articles dependent on Commodity Exchange in the area of activity of Commodity Exchange is forbidden except the place of Commodity Exchange. On condition that these articles have been registered to Commodity Exchange officially in 30 days following the day of act the latest,the assembly may decide upon trading beforehand except the place of Commodity Exchange. However, the union may abolish such exceptional decisions to be taken by Commodity Exchanges partly or completely, temporarily or continually.

Commodity Exchange Procedures

Official Registration of the Procedures of Commodity Exchange

Article 46- The official registration of the processing of trading over the least amounts of the articles dependent on Commodity Exchange is a must. The sales made via electronically trade are in the scope of this article as well. The procedures made in places shown by Commodity Exchanges in the same day, the procedures related to the articles permitted for trading except Commodity Exchange is registered officially in 30 days the latest. In the event that the must for official registration has not been executed in determined time unless a valid excuse occurs, the registration fee is collected fifty percent more. Trading procedures of agricultural products in the quality of fungiblethat have sufficient supply and demand although not dependent on Commodity Exchange can be registered to Commodity Exchange connected with the demand of buyer or seller. The agreements related to futures marketand dated trading procedures on the articles dependent on Commodity Exchange are prepared by Commodity Exchanges officially. The agreements to be arranged accordingly are registered to Commodity Exchanges. The agreements arranged dependent on the authorities of this law, product document and similar documents can not be evaluated as fixed time procedures and option agreements arranged according to numbered 2499 capital marketing law. The principles related to the application of this paragraph are arranged via a regulation to be published by the union.

Official regulation must is executed as follows:

a)    If the buyer and seller are in the same Commodity Exchange’s area of activity, the procedure is registered to that Commodity Exchange by the side determined according to Commodity Exchange custom and usage and official registration fee is paid. In the absence of the side obliged to registration, the other side is bound to register and pay its fee.

b)    If one of the buyer and seller  is in Commodity Exchange’s area of activity and the other one is out of it;

1)If Commodity Exchange exists where both sides are present and goods are dependent on both Commodity Exchanges and the procedure has been done through correspondence, telegraph, telephone or in an electronic environment, it is registered to that Commodity Exchange by the side where the agreement has a full acceptance and its registration fee is paid. Unless it has been determined where the agreement had a full acceptance, the procedure is registered to commodity exchange where the center of the seller exists by the seller and its fee is paid.

2)If Commodity Exchange does not exist in the place where one of the sides exists or although it exists but goods do not belong to that Commodity Exchange or one of the sides is abroad, the procedure is registered to one’s own center of Commodity Exchange by the other side and the fee is paid.

c)     Members registered in Commodity Exchange inscribe trading they did out of Commodity Exchange‘s area of activity and registration procedures determined in this paragraph to Commodity Exchanges that they have already been registered.

d)    If one of the sides trading out of Commodity Exchange’s area of activity is a merchant or a producer not having the capacity of an industrialist, the obligation for registration and payment for registration fee belongs to the other side who are merchants and industrialists.

If both trading sides are producers who do not have the capacity of merchants or industrialists, the registration must is not implemented. The ratio of registration fee is at most two per thousand over trading value of goods and this ratio is determined by Commodity Exchange. The limit of the assembly of total registration fee for per operation can not be less than ten percent of annual subscription limit and more than its overall. If product document is the ratio of registration fee, then it is at most five in ten thousand over trading value. No fee is charged out of the registration of export.

Commodity Exchanges have the authority for supervising whether their members have registered the whole of their trading or not. For this aim, they can inspect related registers and papers of their members by the decision of the court. The procedures and principles for the application of this article are arranged with a regulation to be published by the Union.

Those who trade in Commodity Exchange

Article 47 – Those who trade inCommodity Exchange on behalf of their own names and the account of someone else are called as Commodity Exchange Commission agent; those who trade in Commodity Exchange on behalf of someone else’s name and account with the title of deputy are Commodity Exchange agent and those who only mediate in Commodity Exchange trading are called as Commodity Exchange broker. Those persons can execute procedures out of Commodity Exchange articles not included in Commodity Exchange. In spot market procedures on articles, not included in Commodity Exchange, it is forbidden to carry out procedures and activities for themselves who are registered in Commodity Exchange, producers and manufactures who are not enrolled in Commodity Exchange and others, except mediators involved in the first passage. On articles included in Commodity Exchange, although not registered as Commodity Exchange Commission agent, agent or broker, the registration fee which belongs to this procedure is charged five times more from those who are able to do the procedures of these persons. The mediators who are going to do activities in spot market in Commodity Exchange as real person and legal person merchant, the establishment duties and authorities of legal persons among these, qualifications to be demanded in real and legal person mediators, working procedures and principles, their rights, rules that they have to comply with and other matters related to the arrangement of disciplinary punishments and fines and mediation activities foreseen in this law to be applied to the mediators whose actions against these rules have been determined are arranged via a regulation to be arranged by the Union. Fees that Commodity Exchange Commission agent, agent and brokers will get from the procedures they mediate are determined by Commodity Exchange Assembly and are approved by the Union in accordance with not exceeding five per thousand of trading sum and membership fee ceiling.

Regulations related to Commodity Exchange Procedures

Article 48 – How trading procedures are to be performed in Commodity Exchanges are shown in regulations to be prepared in the executive board and approved by assemblies. Procedures to be applied by Commodity Exchanges how futures market and trading are made are determined with a regulation to be prepared by the Union.

Incomes ofCommodity Exchanges and Budget

Article 49-Incomes ofCommodity Exchanges are as follows:

a)    Registration Fee

b)    Annual Membership Fee

c)     Transaction Register Fee

d)    Fees Against Service

e)    Document Values

f)      Publication Income

g)    Grant And Aids

h)    Money Punishments

i)       Across The Board Increase

j)      Moveable, Real Estate Incomes, Company Profits and Hard Currency Incomes.

k)     Other Incomes

Registration Fee and Annual Membership Fee to Commodity Exchange

Article 50 –Members are obliged to pay registration fee and annual membership fee for every year during registration. Registration fee and annual membership fee can not be less than ten percent and more than half of gross total of monthly minimum wage applied for those who are elder than sixteen years old. An extra annual membership fee taken in the year registration fee is not charged. Registration fee and annual membership fee amounts are determined according to ranks and tariffs to be determined according to procedures to be shown via a regulation by the Union. Tariffs go info effect by the proposal of the Commodity Exchange Executive board and approval of the assembly. Those who do not find their ranks suitable to their circumstances may object to Commodity Exchange Assembly according to procedures to be shown in regulation and in ten days. Registration fee and disputed part of annual membership fee are not charged until objections are reached a decision by the court. Annual membership is paid in two equal installments in the months of June and October every year. The registration fees of those registered in the year and registration fees and annual membership fees of those who need to be registered as valid beginning from the previous year are paid in a month’s time beginning from the notifying of the situation to themselves. Members registered in branches pay the half amount of registration fee and membership fees determined in this article.

Fees and Document Values

Article 51-Services given by Commodity Exchanges and the ratio and amount of fees charged in reply to approved and arranged documents, not exceeding annual membership fee in fixed prices, not exceeding this ceiling in proportional fees and on condition that not more than five per thousand, they are determined by tariffs to be put into effect by the proposal of Commodity Exchange Executive board and approval of the assembly. In the event that service given by Commodity Exchange is bought from outside, the cost of the service bought is collected from the one concerned by adding the fee in accordance with not exceeding double amount of this ceiling.

Services to be given with documents to be arranged or approved by Commodity Exchanges are as follows:

a) Expert report

b) Certificate of quality

c) Documents about the prices of goods quoted in exchange

d) Warehouse receipt, warrant and other vouchers which represent goods.

e) Requireddocuments about precedents

f) Invoice approvals

g) Approval of specimen signature for registered persons in exchange.

h) Approval of signature on futures trading and delivered contract.

i)Registration and register forms registered in Commodity Exchange.

j)Other documents to be demanded for goods included in Commodity Exchange and Commodity Exchange procedures.

k)Services to be given on this topic in Commodity Exchanges having necessary facilities for the measurement and weighing of articles included in Commodity Exchange storing and maintenance.

l) Services to be given by Commodity Exchanges that have necessary facilities.

Commodity Exchange Budget

Article52-Commodity Exchange budget is prepared by the executive board and is approved by the assembly suitable to the procedures of accountancy to be determined and according to the type to be prepared by the union. Budget is arranged according to calendar year spending from budget is executed with the common signature of the chairman of executive board or vice chairman authorized, a general secretary or an accountant member. Upon the request of the executive board, some spending as much as determined amounts by the assembly can be done by general secretary’s own initiative on condition that they are to be presented to the approval of the executive board afterwards.


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