The requirement that natural and legal persons who will act as representatives must meet is set out in the seventh paragraph of Article 13 of the Regulation.
Natural person representatives, and the senior management of a legal person representative, must meet the requirement set out in subparagraph (d) of the first paragraph of Article 8 of Law No. 5411. In other words, natural person representatives and the senior management of a legal person representative must not have been convicted of the offenses listed in subparagraph (d) of the first paragraph of Article 8 of Law No. 5411. The documents to be provided to evidence this requirement will be kept available within the institution for inspection.
In addition, pursuant to the ninth paragraph of Article 13 of the Regulation, the Board is authorized to determine, on the basis of field of activity, the natural and legal persons who cannot be representatives.
Content of subparagraph (d) of the first paragraph of Article 8 of Law No. 5411:
[...] a significant share or not holding control, d) Not having been sentenced, even if they have been granted amnesty, excluding negligent offenses, to heavy imprisonment or imprisonment of more than five years under the repealed Turkish Penal Code No. 765 and other laws, or to imprisonment of more than three years under the Turkish Penal Code No. 5237 and other laws; or not having violated the provisions requiring imprisonment of the repealed Banks Law No. 3182, the Banks Law No. 4389 repealed by this Law, this Law, the Capital Markets Law No. 2499 and the legislation on moneylending; or not having been convicted of, or participated in, shameful offenses such as simple or aggravated embezzlement, embezzlement, extortion, bribery, theft, fraud, forgery, breach of trust, fraudulent bankruptcy under the repealed Turkish Penal Code No. 765, the Turkish Penal Code No. 5237 or other laws; smuggling offenses other than smuggling of consumption and use items; bid rigging in official tenders and purchases and sales; money laundering; offenses against the personality of the State; disclosure of State secrets; offenses against the symbols of sovereignty and the dignity of the organs of the State; offenses against the security of the State; offenses against the constitutional order and its functioning; offenses against national defense; offenses against State secrets and espionage; offenses against relations with foreign states; or tax evasion offenses
Full text of Law No. 5411:
