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Notes to the consolidated financial statements
as of December 31, 2016
(All amounts expressed in Turkish Lira (“TL”))
Finansal Kiralama, Faktoring ve Finansman Şirketleri Birliği ve Bağlı Ortaklıkları
1. Group’s organization and nature of activities
The associations which undertook similar activities before the Law No.6361, Finansal Kiralama Derneği “Leasing Association”, Faktoring
Derneği “Factoring Association” and Tüketici Finansmanı Şirketleri Derneği “Consumer Financing Companies Association” were decided
to liquidate since they are not required after the foundation of the Association.
The Association was established in accordance with the Financial Leasing, Factoring and Financing Companies Law numbered 6361
and dated July 25, 2013. Temporary Board of Directors was established with the combination of members of the Leasing Association,
Factoring Association and Financing Companies Association’s board of directors. Thenceforth the main Board of Directors was elected
for 3 years with the decision of the General Assembly meeting held on 22 October 2013.
Finansal Kiralama, Faktoring ve Finansman Şirketleri Birliği “The Association of Financial Leasing, Factoring and Financing Companies”
(“the Association”) and its subsidiaries is operating in Turkey and located in Esentepe Mahallesi, Büyükdere Caddesi, Bahar Sokak,
No: 13 River Plaza Kat: 18 Ofis No: 48-49 34394 Şişli, İstanbul, Türkiye. As of the balance sheet date the number of personnel of the
Group is 19 (December 31, 2015: 19).
According to the law provisions, all financial leasing, factoring and financing companies that operate in Turkey, as of the date they
receive permission to operate, have to join the Association within one month, comply with the provisions of the Statute, and must
implement the decisions taken by the Association’s competent body.
Subject of activity:
The Association
was established according to the law of Financial Leasing, Factoring and Financing Companies numbered 6361 and
is a professional organization having an incorporated body specificity and quality of a public authority.
Within the framework of free market economy and full competition principles and in line with regulation principles and rules of the
industry, the aim of the Association is to defend the rights and interests of the companies to work for the sectors’ growth, trusted
work and the development of relevant professions and raise the competitiveness.
The Association performs the following tasks to accomplish this aim:
a) Create policies for the development of sectors and relevant professions and take decisions,
b) Determine the professional principles and standards that companies have to comply,
c) To provide the companies to work in the unity, dignity and discipline that the profession requires according to the needs of the
economy, by determining the principles and ethics of the profession,
d) Inform the companies about the decisions taken by relevant legislation and by the Agency and the measures,
e) Take the necessary measures to protect the competitive environment,
f) Represent the sectors in the country and abroad, to promote and to make efforts to enlighten the public on this issue
g) Transfer the information which is collected through the economy, the financial sector and domestic and international
developments in their system by monitoring; to its members and relevant persons
h) Giving advices to official authorities and organizations about the issues of the companies and sectors,
i) Take decisions that will strengthen professional solidarity relations between the companies,
j) Ensure the cooperation on joint projects between the members,
k) Collect the companies’ and sectors’ unconfidential statistics and announce to public
l) Follow up the regulations related to the sectors and to publicize these regulations to companies,
m) Identify the principles to be followed in advertisements and announcements of the companies under the relevant legislation
n) Follow up the implementation of the decisions and measures and decide to administrative penalty about the companies do not
exactly comply with these totally and on time, within the context of the law,
o) Organize seminars symposiums, conferences and such education programs on issues related to industry,
p) Litigate about the common interests of the companies according to the board of directors’ decision,
r) Take the measures which are required to be taken by the Agency,
s) Determine the principles and procedures related to the registration of lease contracts lease contracts to the special registry, by
taking the relevant opinion of the Board,
t) Consolidate the information of assigned receivables including the invoice information of the factoring companies and banks with
approval of the Association under the consideration of the Risk Center, determine the procedures and principles about sharing the
information.
u) Carry out other tasks given by the legislation
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The Association of Financial Institutions
Annual Report 2016