Newsletter-21

93 COMMERCIAL LAW access the data regarding the cheque, chequing account holder, and the drawers of such cheques through an information sharing system. Pro- visions regarding cheques entered into force on the date of publication of Law No. 6728 except for the amendment to Article 3 of the Law on Cheques, which will enter into force on 31.12.2017. • Components of Cheques and Information Sharing System: With the sub-clauses and paragraphs added to Article 780 of the TCC, serial numbers given by the bank and the barcode are included in the mandatory components of cheques. Ac- cordingly, payees of cheques shall have access to the data regarding the cheque, chequing account holder, and the drawers of such cheque through the barcode. Barcode scan- ning and information sharing system shall be formed by the Banks Association of Turkey Risk Center. Principles and procedures of these new regulations shall be determined by a communiqué to be issued jointly by the Ministry of Customs and Trade and the Undersecretariat of Treasury. With the barcode, various information regarding the chequ- ing account holder, such as identity information, number of banks in which s/he has the chequing account, number and amounts of cheques that were honored upon presentation within the last five years, number and amounts of dishon- ored cheques within the last five years, whether or not the check account owner is prohibited from opening a chequing account, whether or not the cheque owner has declared bank- ruptcy, etc. shall be made available to third persons without obtaining permission of the chequing account holder or the endorser. As per amended Article 781 of the TCC, the lack of a se- rial number and/or barcode on the cheques issued by foreign banks shall not affect the validity of the paper as a cheque. According to Provisional Article 11, chequebooks without a barcode and serial number shall not be given by banks to chequing account holders after 31.12.2016, and such components shall not be sought in cheques printed prior to 31.12.2016.