New to Takasbank’s Scope of Activity
This Legal Alert aims to set out the new role of Takasbank as a securities settlement system operator in accordance with the recent Resolution of Central Bank of the Republic of Turkey published in the Official Gazette on 18 October 2017.
As is known to all, Istanbul Settlement and Custody Bank (“Takasbank”) has been granted with the required license to operate securities settlement systems and to conduct several additional services pursuant to the Article 17 of the Regulation on Operations of Payment and Securities Settlement Systems (“Regulation”). As per this Regulation, Takasbank, as a system operator, may provide further services that are indirectly related to the operation of the system or activities and not essentially connected with the operation of the system, but that develop, secure and facilitate the activities of the system participants. In line with the respective term of the Regulation, Central Bank of the Republic of Turkey (“TCMB”) published a resolution dated 12 June 2015 and numbered 10158/19757. As per the said TCMB Resolution;
- Takasbank, as a system operator, is granted with the license to operate the “Equity Market Clearing System” and “Debt Securities Market Clearing System” where the clearing and settlement of the equity and debt securities transactions are conducted,
- Takasbank is authorized to provide further services such as cash transfer service, cash loan service, asset custody service, operation of Electronic Fund Distribution Platform, to Takasbank members.
Recently, TCMB’s new Resolution dated 5 October 2017 and numbered 10507/20106, on the same subject above, has been published in the Official Gazette dated 18 October 2017 and numbered 30214. With this new Resolution, the role of Takasbank, as a securities settlement system operator, now covers the payment and settlement of the real estate sales and purchases. This new assignment of Takasbank, “Title Deed Settlement – Payment of Real Estate Sale and Purchase Amount Through Takasbank” is approved to be carried out under the operation license granted to Takasbank with the resolution dated 12 June 2015 and numbered 10158/19757.
Relevant Expert Insights
Kripto Varlık Hizmet Sağlayıcılar Rehberinde Güncelleme
Kurumsal SOME’lerin Oluşturulması ve Raporlama Yükümlülükleri Hakkında Genel Mektup
Kripto Varlık Merkezi Kayıt Sistemi İş ve İşlem Kuralları Yayınlandı
Rezerv Kanıt Denetimi Süreçleri Belirlendi
Processes for Proof of Reserve Audits are Determined
Kripto Varlık Kanununun Geçiş Hükümlerine İlişkin Sermaye Piyasası Kurulu Duyurusu
İhraççılar ile Paylaşılacak Bilgilere İlişkin Yeni Yönerge
New Regulation on Disclosure of Information to Issuers
New Communiqué on Squeeze-Out and Sell-Out Rights
Communiqué on Bondholders’ Board is Published
Regulatory Amendments for Mortgage Finance Institutions
Draft Communiqué on Debt Instrument Holders Board is Published
Borçlanma Aracı Sahipleri Kurulu Tebliği Taslağı
Türev İşlemlerin Raporlanmasına İlişkin Duyuru
COVID-19 ile İlgili Duyuru
Legislative Amendments to Turkish Capital Markets
A New Financial Model: “The Equity-Based Crowdfunding”
Regulatory Updates in Turkish Financial Markets
Q&A: Debt Capital Markets
Q&A: Equity Capital Markets
Crowdfunding in Turkey with the Recently Announced Draft Communiqué
Gayrimenkul Yatırım Fonlarına İlişkin Esaslar Tebliği’nde Değişiklikler Yapıldı
Regulatory Update For Rating Agencies
Movables Pledge And Capital Market Instruments Pledge in Turkey
Regulatory Updates in Turkish Capital Markets
Counterparty System in Debt Securities
Takasbank Acting As Central Counterparty In Turkish Stock Market
Regulatory Updates in Turkish Capital Markets
Regulatory Updates in Turkish Capital Markets
Regulatory Updates in Turkish Capital Markets
Recent Amendment to Initial Public Offering of Non-Public Companies
Multiple Changes Regarding Real Estate Certificates
How does Custody System Operate in Turkish Capital Market?
Foreign Financial Institutions Entry in Turkish Capital Market
New Currency Pairs in Futures and Options Market (VIOP)
Doing Business in Turkey: Sale of Foreign Investment Funds in Turkish Market
Turkish Capital Markets Attract Foreign Investors