Arbitration of Investor Disputes in Turkey: International Arbitration Law No. 4686, Code of Civil Procedure Arts. 407–444, Interim Measures, Annulment and ISTAC

Many of the contracts a foreign institution signs in Turkey contain arbitration clauses. Examples are portfolio management mandates, custody agreements, brokerage framework agreements, side letters and settlement agreements. Where the seat of arbitration is in Turkey, two statutes apply. International Arbitration Law No. 4686 governs disputes with a foreign element, such as a dispute between a foreign investor and a Turkish counterparty. Code of Civil Procedure Arts. 407–444 govern purely domestic arbitrations. The two regimes share the same core rules. These are written agreements, the separability of the arbitration clause, the tribunal’s power to rule on its own jurisdiction, and annulment as the only remedy against an award. They differ on points that matter in practice, especially whether an annulment action suspends enforcement. Under Law No. 4686 it does so automatically (Art. 15(A)); under the Code of Civil Procedure it does not, unless security is given (Art. 439(4)). Disputes over rights in rem in Turkish immovable property, and disputes the parties cannot freely dispose of, are not arbitrable. Turkish courts can grant interim measures in support of arbitration. A court measure lapses if arbitration is not started within 30 days (Law No. 4686 Art. 10(A)). Where there is an arbitration agreement, mandatory pre-action mediation does not apply (Mediation Law Art. 18/A(18)). This guide explains these rules for foreign institutional investors. It reflects the legislation in force as at 26 October 2026.

Why arbitration matters to investors in 2026

When losses arise in Turkish funds and securities, the investor’s claims against its own contractual counterparties are usually governed by the contract. These counterparties include the portfolio manager, the custodian and the broker. If the contract contains an arbitration clause, the claim must normally be brought in arbitration, not in court. A Turkish court faced with such a claim will dismiss it on procedure if the defendant raises the arbitration objection in time. Claims against persons with whom the investor has no arbitration agreement must be brought in court. These include issuers, directors, auditors and the persons responsible for manipulation.

The choice of forum is therefore partly made in advance by the contracts the institution signed. It can also be made afterwards: parties to an existing dispute can agree to arbitrate it, and a court case can be transferred to arbitration by agreement during the proceedings. This guide explains how arbitration seated in Turkey works, how it interacts with Turkish courts, and what to check in the institution’s contracts. Enforcement of foreign awards is covered in more detail in our guide to suing in Turkey or abroad.

Which regime applies

Turkish law distinguishes between international and domestic arbitration seated in Turkey, and treats arbitration seated abroad separately.

International arbitration. Law No. 4686 applies to disputes with a foreign element where the seat of arbitration is Turkey, or where the parties or the tribunal have chosen its provisions. Its Arts. 5 and 6, on the arbitration objection in court and interim measures, also apply where the seat is abroad (Art. 1). A dispute has a foreign element in several situations (Art. 2). One is that the parties to the arbitration agreement have their domicile, habitual residence or place of business in different states. Another is that their domicile or place of business is in a state other than the seat, or than the place where a substantial part of the obligations is to be performed. A third is that a shareholder of a party company brought in foreign capital under foreign investment legislation, or that credit or security agreements are needed to bring capital from abroad. A fourth is that the underlying contract or relationship involves the movement of capital or goods from one country to another. A dispute between a foreign institution and a Turkish manager or custodian will generally fall within the first of these.

Domestic arbitration. Code of Civil Procedure Arts. 407–444 apply to disputes without a foreign element within the meaning of Law No. 4686, where the seat is Turkey (Art. 407). This regime is relevant where, for example, a Turkish subsidiary or Turkish fund of a foreign group is the party.

Arbitration seated abroad. An award made abroad is recognised and enforced in Turkey under the Private International Law Act No. 5718, Arts. 60–63, and applicable treaties such as the New York Convention.

The arbitration agreement

Definition and form. An arbitration agreement is an agreement to submit all or some disputes that have arisen or may arise from an existing legal relationship to arbitration. The relationship may be contractual or non-contractual. The agreement may be a clause in the main contract or a separate agreement (Law No. 4686 Art. 4; Code of Civil Procedure Art. 412(1)–(2)). It must be in writing. The written form is satisfied by a document signed by the parties, by an exchange of letters, telegrams, telexes, faxes or similar means, or by an electronic record. It is also satisfied where a claimant asserts a written arbitration agreement in court and the defendant does not contest it in its answer. A reference in the contract to a document containing an arbitration clause, intended to make the clause part of the contract, is also sufficient (Law No. 4686 Art. 4; Code of Civil Procedure Art. 412(3)).

Governing law and separability. Under Law No. 4686, the arbitration agreement is valid if it complies with the law the parties chose for it or, failing a choice, Turkish law (Art. 4). No objection may be raised against the arbitration agreement on the ground that the main contract is invalid, or that the agreement relates to a dispute that has not yet arisen (Law No. 4686 Art. 4; Code of Civil Procedure Art. 412(4)). The tribunal may rule on its own jurisdiction, including objections about the existence or validity of the agreement. A finding that the main contract is void does not automatically invalidate the arbitration clause (Law No. 4686 Art. 7(H); Code of Civil Procedure Art. 422(1)).

Arbitration objection in court. If a claim covered by an arbitration agreement is brought in court, the defendant may raise the arbitration objection as a preliminary objection. If the objection is accepted, the court dismisses the claim on procedural grounds (Law No. 4686 Art. 5). Under the Code of Civil Procedure, the court accepts the objection unless the agreement is null, inoperative or incapable of being performed, and raising the objection does not prevent arbitration from proceeding (Art. 413). If the parties agree during court proceedings to go to arbitration, the court sends the file to the tribunal (Law No. 4686 Art. 5; Code of Civil Procedure Art. 412(5)).

Who may agree. The authority of those signing for the institution and for the counterparty should be checked against their corporate documents. For the investor, the arbitration clause binds the entity that signed. Where holdings are structured through several entities, it should be clear which entity is party to which agreement.

What can and cannot be arbitrated

Disputes over rights in rem in immovable property, and disputes arising from matters not subject to the parties’ will, are not arbitrable (Code of Civil Procedure Art. 408). Law No. 4686 excludes the same disputes, with the immovable property exclusion limited to property in Turkey (Art. 1). Non-arbitrability is a ground for annulment that the court examines of its own motion (Law No. 4686 Art. 15(A)(2)(a); Code of Civil Procedure Art. 439(2)(g)). It is also a ground for refusing enforcement of a foreign award (Private International Law Act Art. 62(1)(c)).

The guidance in the last column is general. Whether a particular dispute is at the parties’ free disposal is decided case by case. Where in doubt, the investor should consider whether an award could later be annulled or refused enforcement on that ground. Claims against SPK are covered in our guide to suing the Capital Markets Board.

Constituting the tribunal

Number and appointment. Under Law No. 4686, the parties are free to set the number of arbitrators, but it must be odd. Failing agreement, three arbitrators are appointed (Art. 7(A)). Unless otherwise agreed, only natural persons may be arbitrators. Where there are three arbitrators, each party appoints one and the two appoint the third, who presides. If a party fails to appoint within 30 days of the other party’s request, or the two arbitrators fail to agree on the third within 30 days, the court appoints on request (Art. 7(B)). In appointing, the court takes account of the parties’ agreement and of the arbitrators’ independence and impartiality. Where the parties are of different nationalities, a sole arbitrator should not share either party’s nationality, and of three arbitrators no two should share the nationality of one party (Art. 7(B)). The court’s decisions on appointment are final.

Disclosure and challenge. A prospective arbitrator must disclose circumstances that may give rise to justified doubts about impartiality and independence, before accepting and as they arise later (Art. 7(C)). An arbitrator may be challenged if they lack the qualifications agreed, if a ground of challenge in the agreed rules exists, or if circumstances give rise to justified doubts about impartiality. Unless the parties agree a procedure, a party must raise the challenge within 30 days of appointment or of learning the ground, and may apply to the court within 30 days if the challenge is rejected (Art. 7(C)–(D)).

Jurisdictional objections. An objection that the tribunal lacks jurisdiction must be raised at the latest in the first answer. An objection that the tribunal is exceeding its authority must be raised immediately. Late objections may be admitted if the delay is justified (Law No. 4686 Art. 7(H); Code of Civil Procedure Art. 422).

Competent court. Court functions under Law No. 4686 are performed by the civil court of first instance at the defendant’s domicile, habitual residence or place of business. If the defendant has none in Turkey, the Istanbul civil court of first instance is competent (Art. 3). Depending on the subject matter, the functions are exercised by the civil or commercial court of first instance (Additional Art. 1). Courts may intervene only as provided in the Law (Art. 3).

Interim measures and evidence

Court measures. A request to a court for an interim injunction or precautionary attachment before or during arbitration, and a court’s order granting it, do not breach the arbitration agreement (Law No. 4686 Art. 6). Because Art. 6 applies even where the seat is abroad (Art. 1), a Turkish court can grant interim measures in support of foreign-seated arbitration. If a party has obtained an interim injunction or precautionary attachment from a court, it must start the arbitration within 30 days; otherwise the measure lapses automatically (Art. 10(A)). A court measure lapses when the award becomes enforceable or the tribunal dismisses the claim (Art. 6).

Tribunal measures. Unless otherwise agreed, the tribunal may order interim injunctions or precautionary attachments at a party’s request and may require security. The tribunal cannot order measures that must be executed by enforcement offices or other official authorities, or that bind third parties. If a party does not comply with the tribunal’s measure, the other party may seek the court’s assistance (Law No. 4686 Art. 6). Under the domestic regime, the tribunal may order interim measures and the preservation of evidence, and the court declares the tribunal’s measure enforceable on request. Where the tribunal cannot act in time or effectively, a party may apply to the court. Otherwise, a court application may be made only with the tribunal’s permission or on the basis of the parties’ written agreement (Code of Civil Procedure Art. 414(3)).

Evidence. The tribunal may appoint experts, require the parties to give the experts information and documents, and order inspections. It may ask the civil court of first instance for assistance in taking evidence, in which case the court applies the Code of Civil Procedure (Law No. 4686 Art. 12(A)–(B)). This route can help where documents are held by third parties such as banks, which are subject to secrecy rules explained in our guide to bank secrecy and personal data. For asset freezing generally, see our guide to freezing assets in Turkey.

Procedure, language, time limits and costs

Rules of procedure. Subject to the mandatory provisions of the Law, the parties may agree the procedure directly or by reference to a law or to international or institutional rules. Failing agreement, the tribunal conducts the arbitration under Law No. 4686. The parties have equal rights and must be given the opportunity to present their claims and defences (Art. 8).

Representation. In arbitration under Law No. 4686, parties may be represented by foreign natural or legal persons. This does not apply to applications made to courts in connection with the arbitration (Art. 8(B)). A foreign institution may therefore use its usual counsel in the arbitration itself, while court steps such as interim measures, appointments and annulment require representation in accordance with Turkish court rules.

Seat and language. The seat is agreed by the parties or by the institution they chose, and failing that is set by the tribunal (Art. 9). The arbitration may be conducted in Turkish or in an official language of a state recognised by Turkey. Failing agreement, the tribunal decides the language, and it may require translations of documents (Art. 10(C)).

Commencement and pleadings. Unless otherwise agreed, the arbitration is deemed commenced when a party applies to the court or the agreed appointing body for the appointment of arbitrators. Where each party appoints an arbitrator, it is commenced when the claimant notifies the other party of its appointment and asks it to appoint. Where the arbitrators are named in the agreement, it is commenced when the request for arbitration is received (Art. 10(A)). The statement of claim must contain the parties, their representatives, the arbitration agreement, the underlying relationship, the facts, the subject, amount and relief sought. The statement of defence is filed within the time set (Art. 10(D)). Unless otherwise agreed, the tribunal prepares terms of reference signed by the arbitrators and the parties (Art. 10(E)).

Time limit. Unless the parties agree otherwise, the award on the merits must be made within one year from the appointment of a sole arbitrator or from the minutes of the tribunal’s first meeting. The period may be extended by agreement or, failing agreement, by the court on application (Law No. 4686 Art. 10(B); Code of Civil Procedure Art. 427). An award made outside the period can be annulled (Law No. 4686 Art. 15(A)(1)(c)).

Applicable law. The tribunal decides according to the contract and the rules of law chosen by the parties, taking trade usages into account. A choice of a state’s law refers to its substantive law, not its conflict of laws rules. Absent a choice, the tribunal applies the substantive law of the state with which the dispute is most closely connected. It may decide ex aequo et bono or as amiable compositeur only if expressly authorised (Art. 12(C)).

Costs. Unless otherwise agreed, costs are borne by the losing party and apportioned where both parties partly succeed (Art. 16(D)). Costs include arbitrators’ fees and expenses, expert and witness costs, court fees, notification costs and an attorney’s fee assessed by the tribunal under the minimum attorney fee tariff (Art. 16(B)). The tribunal may require an advance on costs and may suspend the proceedings if it is not paid. If the advance is not paid within 30 days after notice of the suspension, the proceedings end (Art. 16(C)). Where fees are not agreed and no rules are referred to, arbitrators’ fees follow a tariff issued annually by the Ministry of Justice (Art. 16(A)).

The award and annulment

Content. An award states the parties and their representatives, the legal grounds and reasoning, the amount of any compensation awarded, the seat and date, the arbitrators’ names and signatures with dissenting opinions, and the fact that an annulment action may be brought (Law No. 4686 Art. 14(A)). Within 30 days of notification, a party may ask the tribunal to correct clerical errors or interpret the award. Within the same period, it may ask for an additional award on claims presented but not decided (Art. 14(B)).

Annulment as the only remedy. The only remedy against an award is an annulment action (Law No. 4686 Art. 15(A); Code of Civil Procedure Art. 439(1)). Under Law No. 4686, an award may be annulled if the applicant proves one of the following grounds:

1. 1. A party lacked capacity, or the arbitration agreement is invalid under the law chosen or, failing a choice, Turkish law.
2. 2. The agreed or statutory procedure for appointing the tribunal was not followed.
3. 3. The award was not made within the time limit.
4. 4. The tribunal wrongly found that it had or lacked jurisdiction.
5. 5. The tribunal decided matters outside the agreement, did not decide the whole claim or exceeded its authority.
6. 6. The procedure did not comply with the parties’ agreement or the Law, and this affected the merits.
7. 7. The principle of equality of the parties was not observed.

The court also annuls an award if it finds that the dispute is not arbitrable under Turkish law, or that the award is contrary to public policy (Art. 15(A)). Where matters within and outside the agreement can be separated, only the part outside the agreement is annulled.

Time and effect. Under Law No. 4686, the action must be brought within 30 days of notification of the award, or of a correction, interpretation or additional award, at the competent regional court of appeal. Bringing the action automatically suspends enforcement of the award (Art. 15(A)). The regional court decides on the file unless it orders otherwise, and its decision may be appealed to the Court of Cassation, limited to the annulment grounds. Under the Code of Civil Procedure, the period is one month. Bringing the action does not suspend enforcement unless security covering the amount awarded is given, and an appeal does not suspend enforcement either (Art. 439(4) and (6)).

Waiver. Parties domiciled or habitually resident outside Turkey may waive the right to bring an annulment action, wholly or for specific grounds, by an express statement in the arbitration agreement or by later written agreement (Law No. 4686 Art. 15(A)). For a foreign institution, a waiver gives the award finality but removes its own protection against a defective award, and should be considered with that in mind.

Enforceability. After the rejection of an annulment action becomes final, the civil court issues a certificate that the award is enforceable. Where the annulment period has expired or annulment has been waived, the court considers arbitrability and public policy of its own motion before issuing the certificate (Law No. 4686 Art. 15(B)).

Enforcing awards in Turkey

An award made in Turkey under Law No. 4686 becomes enforceable through the certificate described above. An award made abroad is enforced on application to the civil court agreed by the parties in writing or, failing that, the court of the debtor’s domicile, residence or assets in Turkey. The application must attach the arbitration agreement, the award and certified translations (Private International Law Act Arts. 60–61). The court refuses enforcement on the grounds listed in Art. 62. These include absence of an arbitration agreement, public policy, non-arbitrability under Turkish law, lack of proper representation or notice, invalidity of the agreement, irregular procedure, excess of authority and an award that is not final or has been set aside. The burden of proving most grounds lies on the party resisting enforcement (Art. 62(2)). The New York Convention also applies to awards falling within it. Our guide to jurisdiction and enforcement explains these steps in more detail.

Mediation, settlement and limitation

Mandatory mediation does not apply where there is an arbitration agreement. For commercial claims for payment of a sum of money, including compensation claims, Turkish law makes prior mediation a condition of bringing a court action (Commercial Code Art. 5/A(1)). However, the provisions on mediation as a precondition of action do not apply where special laws require arbitration or another dispute resolution method, or where there is an arbitration agreement (Mediation Law No. 6325 Art. 18/A(18)).

Voluntary mediation and confidentiality. Parties may still mediate voluntarily. Statements made in mediation cannot be used as evidence in later court or arbitration proceedings. These include invitations to mediate, settlement proposals, views and admissions, and the willingness to accept a proposal (Mediation Law Art. 5).

Settlement in arbitration. If the parties settle during the arbitration, the proceedings end. At their request, the tribunal records the settlement as an award (Law No. 4686 Art. 12(D)), which can then be enforced like any other award. Under the domestic regime, the settlement is recorded as an award if it is not contrary to morality or public policy and concerns an arbitrable matter (Code of Civil Procedure Art. 434).

Limitation. Limitation is interrupted when the creditor applies to a court or an arbitral tribunal by action or defence (Code of Obligations Art. 154(2)). Where the debt is confirmed by a court judgment or an arbitral award, the new limitation period is always ten years (Art. 156). Our guide to limitation periods sets out the substantive periods for investor claims.

Institutional arbitration

Istanbul Arbitration Centre. Law No. 6570 (Official Gazette 29 November 2014) established the Istanbul Arbitration Centre (ISTAC) as a legal person subject to private law. Its purpose is to resolve disputes, including those with a foreign element, by arbitration and alternative dispute resolution (Arts. 1–2). It sets rules for arbitration and other methods and ensures the services are provided (Art. 4). Its organs include a General Assembly, a Board, and separate national and international arbitration courts (Art. 5). The General Assembly includes representatives selected by the Capital Markets Board, Borsa İstanbul, the Turkish Capital Markets Association and the Banking Regulation and Supervision Agency (Art. 6).

Capital markets arbitration. The Capital Markets Law gives the Turkish Capital Markets Association, of which investment firms are members, the task of establishing and managing the infrastructure for resolving its members’ disputes arising from activities under the Law by arbitration (Art. 74(2)(g)).

Other institutions. Parties may also choose the rules of foreign arbitral institutions while keeping the seat in Turkey, or choose a seat abroad. In either case, the mandatory provisions of the law of the seat apply, and enforcement in Turkey follows the rules described above.

Time limits

A working checklist

1. 1. Collect the dispute resolution clauses. List every management, custody, brokerage, side letter and settlement agreement and note whether it provides for arbitration, its seat and rules.
2. 2. Map claims to forums. Separate claims against contractual counterparties (arbitration if agreed) from claims against issuers, directors, auditors and others (court).
3. 3. Check arbitrability. Exclude disputes not at the parties’ free disposal (Code of Civil Procedure Art. 408; Law No. 4686 Art. 1).
4. 4. Prepare interim measures and the request together. A court attachment lapses if arbitration is not started within 30 days (Law No. 4686 Art. 10(A)).
5. 5. Raise the arbitration objection in time. If sued in court on a claim covered by an arbitration agreement, raise it as a preliminary objection (Law No. 4686 Art. 5; Code of Civil Procedure Art. 413).
6. 6. Watch the one-year limit. Agree an extension or apply to the court before the award deadline expires (Art. 10(B)).
7. 7. Decide on annulment within 30 days. Under Law No. 4686 the action suspends enforcement automatically; under the Code of Civil Procedure it does not without security.
8. 8. Consider a waiver carefully. A waiver of annulment by a party domiciled abroad gives finality but removes protection (Art. 15(A)).
9. 9. Use settlement awards. Record settlements as awards to make them enforceable (Art. 12(D)).
10. 10. Protect limitation. Starting arbitration interrupts limitation (Code of Obligations Art. 154(2)).

Frequently asked questions

Which law governs an arbitration in Istanbul between a foreign institution and a Turkish portfolio manager?

Usually International Arbitration Law No. 4686, because the parties have their places of business in different states, which gives the dispute a foreign element (Arts. 1–2).

Must an arbitration agreement be in writing?

Yes. A signed document, an exchange of communications, an electronic record or an uncontested assertion in court pleadings satisfies the requirement, as does a reference to a document containing an arbitration clause (Law No. 4686 Art. 4; Code of Civil Procedure Art. 412).

Can tort claims be arbitrated?

Yes, if the arbitration agreement covers disputes arising from the legal relationship, whether contractual or not (Law No. 4686 Art. 4), and the dispute is arbitrable.

Which disputes are not arbitrable in Turkey?

Disputes over rights in rem in immovable property (in Turkey, for international arbitration) and disputes arising from matters not subject to the parties’ will (Code of Civil Procedure Art. 408; Law No. 4686 Art. 1).

What happens if a counterparty sues in court despite an arbitration clause?

The defendant may raise the arbitration objection as a preliminary objection, and if it is accepted the court dismisses the case on procedural grounds (Law No. 4686 Art. 5; Code of Civil Procedure Art. 413).

Can a Turkish court freeze assets in support of arbitration?

Yes, before or during arbitration, including arbitration seated abroad. The arbitration must be started within 30 days of a court measure obtained beforehand, or it lapses (Law No. 4686 Arts. 1, 6 and 10(A)).

Can an arbitral tribunal order an attachment?

It may order interim measures between the parties, but not measures requiring enforcement offices or official authorities, or binding third parties. Non-compliance can be taken to court (Law No. 4686 Art. 6).

Can foreign lawyers represent a party in an Istanbul arbitration?

In arbitration under Law No. 4686, parties may be represented by foreign natural or legal persons. This does not extend to related court applications (Art. 8(B)).

How long does the tribunal have to render its award?

One year from the appointment of a sole arbitrator or the tribunal’s first meeting, unless the parties agree otherwise; the period may be extended by agreement or by the court (Law No. 4686 Art. 10(B); Code of Civil Procedure Art. 427).

How is an award challenged?

Only by an annulment action, within 30 days under Law No. 4686 or one month under the Code of Civil Procedure, on the grounds listed in the law (Law No. 4686 Art. 15(A); Code of Civil Procedure Art. 439).

Does an annulment action stop enforcement?

Under Law No. 4686, yes, automatically. Under the Code of Civil Procedure, no, unless security covering the amount awarded is given (Law No. 4686 Art. 15(A); Code of Civil Procedure Art. 439(4)).

Can a foreign institution waive annulment?

A party domiciled or habitually resident outside Turkey may waive annulment wholly or for specific grounds by express statement in the agreement or later in writing (Law No. 4686 Art. 15(A)).

Is mediation required before arbitration?

No. Mediation as a precondition of action does not apply where there is an arbitration agreement (Mediation Law Art. 18/A(18)).

Does starting arbitration stop limitation running?

Yes. Limitation is interrupted by an application to an arbitral tribunal, and after an award the new period is ten years (Code of Obligations Arts. 154(2) and 156).

Who pays the costs of the arbitration?

Unless agreed otherwise, the losing party, with costs apportioned where both partly succeed. Costs include an attorney’s fee assessed under the minimum fee tariff (Law No. 4686 Art. 16(B) and (D)).

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