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Capital Markets

Margin Trading, Short Sale and Securities Lending

10 Feb 2026 Briefing Note EN

Short Selling in Turkish Capital Markets

Short selling, which is a key transaction for deep and efficient capital markets, has in recent years been subject to certain temporary restrictions for maintaining market stability in Türkiye. This briefing note outlines the general framework of short selling in Türkiye, in which such temporary restrictions are being gradually lifted, its current regulatory status, the assets that may be subject thereto and the applicable requirements. 1. Definition and Purpose Short selling is regulated under the Communiqué on Margin Trading, Short Selling, and Lending and Borrowing of Capital Market Instruments (Serial: V, No: 65) (“Communiqué”) issued by Capital Markets Board of...

Capital Markets

Cryptoassets

15 Jan 2026 Briefing Note EN

Operating Procedures and Principles of Crypto Asset Service Providers

Communiqué No: III-35/B.2 on Operating Procedures and Principles and Capital Adequacy of Crypto Asset Service Providers (Communiqué) prepared by the Capital Markets Board (Board) was published in the Official Gazette dated 13.03.2025 and numbered 32840. The Communiqué regulates the services and activities that crypto asset service providers (CASPs) may offer, the principles regarding these services and activities, listing principles, custody principles, settlement system, capital and capital adequacy. 1. Services and Activities of CASPs CASPs will be able to perform the services and activities listed below, subject to the Board’s authorization: Receipt and execution of orders related to crypto assets, clearing,...

Capital Markets

Cryptoassets

15 Jan 2026 Briefing Note TR

Kripto Varlık Hizmet Sağlayıcıların Çalışma Usul ve Esasları

Sermaye Piyasası Kurulu (“Kurul”) tarafından hazırlanan Kripto Varlık Hizmet Sağlayıcıların Çalışma Usul ve Esasları ile Sermaye Yeterliliği Hakkında Tebliğ No: III-35/B.2 (“Tebliğ”), 13.03.2025 tarihli ve 32840 sayılı Resmî Gazete’de yayımlanmıştır. Tebliğ ile kripto varlık hizmet sağlayıcıların (“KVHSler”) sunabilecekleri hizmet ve faaliyetler ile bunlara ilişkin esaslar, listeleme esasları, saklama esasları, mutabakat sistemi ile sermaye ve sermaye yeterliliklerine ilişkin ilke ve esaslar düzenlenmiştir. 1. KVHSler’in Hizmet ve Faaliyetleri KVHSler, Kurul’dan alacağı izne tabi olarak aşağıda sayılan hizmet ve faaliyetleri gerçekleştirebilecektir: Kripto varlıklarla ilgili emirlerin alınması ve gerçekleştirilmesi, takası, kripto varlıkların transferi ile bunların gerektirdiği saklama hizmetleri. Kripto varlıkların ilk satış ya da...

Capital Markets

Cryptoassets

02 Oct 2025 Legal Alert TR

Kripto Varlık Hizmet Sağlayıcılar Rehberinde Güncelleme

Mali Suçları Araştırma Kurulu (“MASAK”) 30 Eylül 2025 tarihli duyurusu ile, 5549 sayılı Suç Gelirlerinin Aklanmasının Önlenmesi Hakkında Kanun, 6362 sayılı Sermaye Piyasası Kanunu ve ilgili mevzuat çerçevesinde, kripto varlık hizmet sağlayıcıların (“KVHSler”) yükümlülüklerine açıklık getirmek amacıyla hazırlanan Kripto Varlık Hizmet Sağlayıcılar Rehberi’ni (“Rehber”) güncelleyerek yayımlamıştır. Rehber’de, KVHSler’in yükümlülükleri, yükümlülük denetim faaliyetleri ve yükümlülük ihlallerine karşı uygulanacak adli ve idari yaptırımlar ele alınmıştır. KVHSler’in müşterinin tanınması, şüpheli işlem bildirimi, uyum programı hazırlanarak uyum birimi oluşturulması, işlemlerin ertelenmesi kararları ile malvarlığının dondurulması kararlarının uygulanması, bilgi ve belgelerin muhafazası ve ibrazı ile elektronik tebligat yükümlülüklerine yönelik derlemelerde bulunulmuştur. Yükümlülük denetimi, yükümlülüklere uyum denetimi ve...

Banking and Money Markets

General

28 Aug 2025 Legal Alert EN

Amendments to the Regulations on Financial Leasing, Factoring, Financing and Asset Management Companies

The regulations amending (i) the Regulation on the Establishment and Operating Principles of Financial Leasing, Factoring and Financing Companies and the (ii) Regulation on the Establishment and Operating Principles of Asset Management Companies and Transactions Regarding the Receivables to be Taken Over were published in the Official Gazette dated 27 August 2025 and numbered 32999 (“Amendment Regulations”). Amendment Regulations introduce significant changes, particularly regarding the rules on participation principles, and the operational limitations of the companies. Pursuant to Amendment Regulations, Financial Leasing, Factoring, Financing, and Asset Management Companies (“Companies”) will only be able to operate based on the participation principle...

Exchange Regulations

General

01 Aug 2025 Legal Alert TR

Türk Parasının Kıymetini Koruma Hakkında Kanun Değişikliği

Türkiye Büyük Millet Meclisi tarafından 20 Temmuz 2025 tarihinde kabul edilen Türk Parasının Kıymetini Koruma Hakkında Kanun ile Bazı Kanunlarda ve 635 Sayılı Kanun Hükmünde Kararnamede Değişiklik Yapılmasına Dair Kanun 24 Temmuz 2025 tarihli Resmi Gazete’de yayımlanmıştır. Bahsi geçen kanun değişikliğinin 1567 sayılı Türk Parasının Kıymetini Koruma Hakkında Kanunu (“Kanun”) etkileyen hükümleri yayım tarihinde yürürlüğe girmiştir. Kanun’un kapsamına kıymetli madenlerin rafinajı eklenmiş; yetkisiz ve izinsiz faaliyette bulunulmasına ilişkin hususlar, idari para cezaları ve faaliyet durdurma müddetleri yeniden düzenlenmiş ve Hazine ve Maliye Bakanlığı’nın iznine tabii faaliyetlere ilişkin güncellemeler yapılmıştır. İlgili değişikliklere ilişkin açıklamalarımız, aşağıda bilgilerinize sunulmaktadır: Kıymetli madenlerin rafinajı Kanun...

Exchange Regulations

General

01 Aug 2025 Legal Alert EN

Amendment to the Law on the Protection of the Value of Turkish Currency

The Law on the Protection of the Value of Turkish Currency and Amendments to Certain Laws and Decree Law No. 635, adopted by the Grand National Assembly of Turkey on 20 July 2025, was published in the Official Gazette dated 24 July 2025. The provisions of the aforementioned law amendment affecting Law No. 1567 on the Protection of the Value of Turkish Currency (“Law”) entered into force on the date of publication. The refining of precious metals has been included to the scope of the Law; provisions regarding unauthorised and unlicensed activities, administrative fines and suspension periods have been revised,...

Capital Markets

General

28 Jul 2025 Legal Alert TR

Borsa İstanbul A.Ş. Borsacılık Faaliyetlerine İlişkin Esaslar Yönetmeliği’nde Yapılan Değişiklikler

Sermaye Piyasası Kurulu (“Kurul”) tarafından hazırlanan Borsa İstanbul A.Ş. Borsacılık Faaliyetlerine İlişkin Esaslar Yönetmeliğinde (“Yönetmelik”) Değişiklik Yapılmasına Dair Yönetmelik 23 Temmuz 2025 tarihli Resmi Gazete’de yayımlanarak yürürlüğe girmiştir. Borsa İstanbul A.Ş. (“Borsa”) tarafından düzenli olarak hesaplanan ve yayımlanan, 31 Aralık 2024 tarihi itibarıyla güncellenmesiyle aralarında BIST Pay Endeksleri, BIST KYD Endeksleri, BIST Sürdürülebilirlik Temalı Borçlanma Araçları Endeksleri, BIST Emtia ve Emtia’ya Dayalı Kıymet Endeksleri ile Türk Lirası Referans Faiz Oranı (“TLREF”) ve BIST TLREF Endeksi’nin yer aldığı Uluslararası Menkul Kıymetler Komisyonları Örgütü (IOSCO) ilkelerine uyumlu finansal ölçütlerin oluşturulması ve yönetimine ilişkin mevcut Borsa kurallarına uygun olarak Yönetmelikte yapılan değişiklikler ve...

Capital Markets

General

28 Jul 2025 Legal Alert EN

Amendments to the Regulation on the Principles of Stock Exchange Activities of Borsa İstanbul A.Ş.

The Regulation Amending the Regulation (“Regulation”) on the Principles of Stock Exchange Activities of Borsa İstanbul A.Ş. (“Amendments”) prepared by the Capital Markets Board (“CMB”) was published in the Official Gazette dated 23 July 2025 and entered into force. Amendments have been introduced in accordance with the existing Borsa İstanbul A.Ş. (“Borsa”) rules regarding the establishment and governance of financial benchmarks that are compliant with the principles of the International Organization of Securities Commissions (IOSCO), including the BIST Equity Indices, BIST KYD Indices, BIST Sustainability-Themed Debt Securities Indices, BIST Commodity and Commodity-Based Asset Indices, and the Turkish Lira Reference Interest...

Capital Markets

General

25 Jul 2025 Legal Alert TR

Kurumsal SOME’lerin Oluşturulması ve Raporlama Yükümlülükleri Hakkında Genel Mektup

Sermaye Piyasası Kurulu’nun (“Kurul”) VII-128.10 sayılı Bilgi Sistemleri Yönetimine İlişkin Usul ve Esaslar Tebliği (“Tebliğ”) uyarınca, Kurumsal Siber Olaylara Müdahale Ekipleri (“SOME”) oluşturulması, Kurumsal SOME Faaliyet Raporu hazırlanması ve sair bildirim yükümlülükleri hakkında Kurul’un E-73226411-09-74963 sayılı ve 8 Temmuz 2025 tarihli yazısını içeren 23 Temmuz 2025 tarihli ve 925 sayılı Türkiye Sermaye Piyasaları Birliği (“Birlik”) Genel Mektubu yayınlanmıştır. Tebliğ kapsamında yer alan ve Kurul’a faaliyet izni başvurusu yapmış olan kripto varlık hizmet sağlayıcıların, Ulaştırma ve Altyapı Bakanlığı tarafından hazırlanan Kurumsal SOME Kurulum ve Yönetim Rehberi’ni esas alarak, 31 Aralık 2025 tarihine kadar Kurumsal SOME’lerini oluşturması ve iletişim bilgilerini yazılı olarak...

Capital Markets

Cryptoassets

24 Jul 2025 Legal Alert TR

Kripto Varlık Merkezi Kayıt Sistemi İş ve İşlem Kuralları Yayınlandı

Kripto varlık hizmet sağlayıcıların (“KVHSler”) Merkezi Kayıt Kuruluşu (“MKK”) entegrasyonuna ilişkin iş ve işlemleri düzenleyen Kripto Varlık Merkezi Kayıt Sistemi (“KVMKS”) İş ve İşlem Kuralları Yönergesi (“Yönerge”) 24 Temmuz 2025 tarihli ve 1043 sayılı Genel Mektup ile yayınlanmıştır. Yönerge ile KVHSler tarafından MKK’ya yapılacak raporlamalara, MKK tarafından tesis edilecek işlemlere ve yapılacak bildirimlere ilişkin işleyiş ve süreçler açıklığa kavuşturulmuştur. Buna göre, KVHSler’in KVMKS’ye üye olmaları zorunlu olup “Faaliyette Bulunanlar Listesi”nde yer alan KVHS’lerin, 18 Ağustos 2025 tarihine kadar üyelik başvurusunda bulunmaları gerekmektedir. Üyelik, MİM360 adresi üzerinden tesis edilecektir. MKK üyeliği onaylanan platformların öncelikli olarak mevcut ve yeni müşterileri için MKK...

Capital Markets

Cryptoassets

21 May 2025 Legal Alert TR

Rezerv Kanıt Denetimi Süreçleri Belirlendi

Kripto varlık hizmet sağlayıcılar ve platformlar tarafından yaptırılması zorunlu olan “rezerv kanıt denetimi” süreçlerine ilişkin ilkeler belirlenmiştir. Sermaye Piyasası Kurulu (“Kurul”), i-SPK.35/B.2 (08/05/2025 tarih ve 30/846 s.k.) sayılı ilke kararı (“İlke Kararı”) ile III-35/B.1 sayılı Kripto Varlık Hizmet Sağlayıcıların Kuruluş ve Faaliyet Esasları Hakkında Tebliğ uyarınca kripto varlık hizmet sağlayıcılar (“KVHS(ler)”) tarafından periyodik olarak, platformlar tarafından ise faaliyet izni başvuruları öncesinde yaptırılması zorunlu olan “rezerv kanıt denetimi” süreçlerine ilişkin ilkeleri belirlemiştir. Rezerv kanıt denetimi III-62.2 sayılı Bilgi Sistemleri Bağımsız Denetim Tebliği ile tanımlanan bilgi sistemleri denetçi yardımcısı, bilgi sistemleri denetçisi, bilgi sistemleri kıdemli denetçisi, bilgi sistemleri baş denetçisi ve sorumlu...

Capital Markets

Cryptoassets

21 May 2025 Legal Alert EN

Processes for Proof of Reserve Audits are Determined

Principles regarding the processes of “proof of reserve audits” by crypto asset service providers and by platforms are determined. With the principle decision numbered i-SPK.35/B.2 (08/05/2025 and 30/846 s.k.) (“Principle Decision”), Capital Markets Board of Türkiye (“Board”) has determined the principles regarding the processes of “proof of reserve audits” that shall be conducted periodically by crypto asset service providers (“CASP(s)”) and by platforms prior to their applications for operating licences pursuant to the Communiqué on the Principles of Establishment and Activities of Crypto Asset Service Providers numbered III-35/B.1. The proof of reserve audit will be performed by the deputy information...

Banking and Money Markets

Credit Facilities

18 Mar 2025 Legal Alert EN

Key Amendments to Decree No. 32 on the Protection of the Value of Turkish Currency

The Decree Amending the Decree No. 32 on the Protection of the Value of Turkish Currency (“Amending Decree”), introducing significant amendments to Decree No. 32 on the Protection of the Value of Turkish Currency (“Decree”), was published in the Official Gazette No. 32842 on March 15, 2025, and has entered into force. The Amending Decree implements notable changes regarding the Turkish currency limit that may be taken abroad without a declaration requirement, derivative and leveraged transactions, precious metals transactions and guarantees and sureties for loans denominated in foreign currency or precious metals which are expanded below. 1. Increase in the...

Capital Markets

Cryptoassets

28 Jan 2025 Legal Alert TR

Mali Suçlara İlişkin Yeni Düzenlemeler ve Kripto Varlık Hizmet Sağlayıcıların Uyum Yükümlülükleri

T.C. Hazine ve Maliye Bakanlığı Mali Suçları Araştırma Kurulu Başkanlığı (“MASAK”) tarafından Suç Gelirlerinin Aklanmasının ve Terörün Finansmanının Önlenmesine Dair Tedbirler Hakkında Yönetmelik (“Tedbirler Yönetmeliği”), Suç Gelirlerinin Aklanmasının ve Terörün Finansmanının Önlenmesine İlişkin Yükümlülüklere Uyum Programı Hakkında Yönetmelik (“Uyum Yönetmeliği”) ve Mali Suçları Araştırma Kurulu Başkanlığı Elektronik Tebligat Sistemine İlişkin Usul ve Esaslar Hakkında Yönetmelik’te (“E-Tebligat Yönetmeliği”) yapılan değişiklikler 25/12/2024 tarihinde Resmi Gazete’de yayınlanmıştır. 1. Tedbirler Yönetmeliği ile Yapılan Değişiklikler Değişiklikler kapsamında kripto varlık hizmet sağlayıcılar (“KVHS’ler”) “finansal kuruluş” olarak sınıflandırılmış ve bu sebeple mevzuatta finansal kuruluşlara yüklenen yükümlülük ve haklara sahip olmuştur. “Kimlik tespiti” ve “kripto varlık transferleri” konularında,...

Capital Markets

Cryptoassets

28 Jan 2025 Legal Alert EN

New Regulations on Financial Crimes and Compliance Obligations of Crypto Asset Service Providers

Amendments implemented by the Ministry of Treasury and Finance, Financial Crimes Investigation Board (“MASAK”) to the Regulation on Measures Regarding Prevention of Laundering Proceeds of Crime and Financing of Terrorism (“Measures Regulation”), Regulation on Program of Compliance with Obligations of Anti-Money Laundering and Combating the Financing of Terrorism (“Compliance Regulation”) and Regulation on Procedures and Principles Regarding the Electronic Notification System of the Financial Crimes Investigation Board (“E-Notification Regulation”) were published in the Official Gazette on 25/12/2024. 1. Amendments to Measures Regulation With the amendments, cryptoasset service providers (“CASPs”) are now classified as “financial institutions” and therefore have become subject...

Capital Markets

Investment Funds

26 Nov 2024 Legal Alert TR

Yatırım Fonlarına İlişkin Rehber’de Değişiklikler Öngören Kurul İlke Kararı Yayımlandı

Sermaye Piyasası Kurulu (“Kurul”) Karar Organı’nın i-SPK 52.4.ak (21.11.2024 tarihli ve 60/1696 s.k.) sayılı İlke Kararı (“İlke Kararı”) ile Yatırım Fonlarına İlişkin Rehber (“Fon Rehberi”)’de muhtelif değişiklikler yapılmıştır. İlke Kararı ile katılım fonlarına, fon unvan ve portföylerine, promosyon başvurularına, referans fiyat açıklamalarına ve sorumlu yönetim ilkelerine ilişkin getirilen yeni düzenlemeler aşağıda bilgilerinize sunulmaktadır. 1. Katılım fonları yatırım stratejilerinin risk değeri baz alınarak belirlenebilmesine imkân tanınmıştır. 2. Katılım fonlarına ilişkin olarak katılım finans ilkeleri yönünden mahzurlu gelirlerin arındırılmasına yönelik esaslar belirlenmiştir. Bu kapsamda: Fon izahnamesinde mahzurlu gelirin arındırılmasına ilişkin bilgilere yer verilmesi ve danışman/danışma kurulundan icazet alınması kaydıyla söz konusu tutar...

Capital Markets

Investment Funds Venture Capital

27 Sep 2024 Legal Alert TR

Girişim Sermayesi Yatırım Fonlarında Yeni Dönem: Tebliğ Değişikliği Yürürlüğe Girdi

Sermaye Piyasası Kurulu (“Kurul”) tarafından hazırlanan Girişim Sermayesi Yatırım Fonlarına (“GSYF”) İlişkin Esaslar Tebliği (III-52.4)’nde (“Tebliğ”) Değişiklik Yapılmasına Dair Tebliğ (III-52.4.c) (“Tebliğ Değişikliği”) 21 Eylül 2024 tarihli Resmi Gazete’de yayımlanarak yürürlüğe girmiştir. GSYF’lerin yatırım olanaklarını genişleten, girişim ekosistemine daha fazla kaynak çekilmesi amacıyla yeni düzenlemeler hayata geçiren Tebliğ Değişikliği ile getirilen yenilikler aşağıda özetlenmektedir. 1. GSYF’ler yurt dışında kurulu ve yatırımlarının yarıdan fazlası Türkiye’de bulunan girişim şirketlerine yatırım yapabileceklerdir. a. Tebliğ Değişikliği ile getirilen en önemli yeniliklerden biri, GSYF’ler tarafından yurt dışında kurulu olan girişim şirketlerinin yatırım yapılabilmesi için yatırım konusu şirket varlıklarının %80’inin Türkiye’de kurulu bağlı ortaklık ya da...

Capital Markets

Equities

24 Sep 2024 Legal Alert TR

Payların İlk Halka Arzında Uygulanacak Satış Yöntemleri ve Dağıtım Esaslarına İlişkin Kurul İlke Kararı Yayımlandı

Sermaye Piyasası Kurulu (“Kurul”) Karar Organı’nın i-SPK.128.23 (19 Eylül 2024 tarih ve 1508 s.k.) sayılı İlke Kararı (“İlke Kararı”) ile; II-5.2 sayılı Sermaye Piyasası Araçlarının Satışı Tebliği'nin payların ilk halka arzı ile ilgili hükümlerinin uygulama esasları yeniden belirlenmiştir. Kurul, İlke Kararı ile payların ilk halka arzında uygulanacak satış yöntemleri ve dağıtım esasları hakkında i-SPK.128.21 (30 Mart 2023 tarih ve 20/412 s.k.) sayılı İlke Kararı’nı yürürlükten kaldırmış, uygulamadaki muhtelif hususları korumakla birlikte birtakım yeni düzenlemeleri hayata geçirmiştir. İlke Kararı ile halka açık olmayan ortaklıkların paylarının ilk halka arzlarında yatırımcı taleplerinin yüksek oranda karşılanması amaçlanmaktadır. Bu kapsamda ilgili düzenlemeler aşağıda özetlenmektedir: Halka...

Capital Markets

Cryptoassets

23 Sep 2024 Legal Alert EN

Second Principle Resolution From the Capital Markets Board on Cryptoassets: Healthy Transition, Prevention of Potential Negativities

Capital Markets Board (the “Board”) published the Principle Resolution dated September 19, 2024 and numbered 1484 (the “Principle Resolution”) in order to carry out the transition process in the cryptoasset sector in a healthy manner and to prevent potential negativities; as a result of the lack of uniformity in practice related to the cryptoassets, the requirement of considering compliance with other applicable legislation, to determine the place of some assets in the legislation for listing principles, the requirement to regulate the promotion and campaign activities of the platforms and the protection of investors. The regulations introduced by the Principle Resolution...

Capital Markets

Cryptoassets

23 Sep 2024 Legal Alert TR

Sermaye Piyasası Kurulu’ndan Kripto Varlıklar ile İlgili İkinci İlke Kararı: Sağlıklı Geçiş Süreci ve Olası Olumsuzlukların Engellenmesi

Kripto varlıklara ilişkin uygulamada yeknesaklığın sağlanamaması, yürürlükteki diğer mevzuata uyumun dikkate alınması, bazı varlıkların listelenme esasları için mevzuattaki yerinin saptanması gerekliliği ve platformların tanıtım ve kampanya faaliyetleri ile yatırımcıların korunması konularında düzenleme yapılması ihtiyacı sonucunda; Sermaye Piyasası Kurulu (“Kurul”), kripto varlık sektöründeki geçiş sürecinin sağlıklı bir işleyişle yürütülmesi ve olası olumsuzlukların önüne geçilmesi amacıyla, 19 Eylül 2024 tarihli ve 1484 sayılı İlke Kararı’nı (“İlke Kararı”) yayımlamıştır. İlke Kararı ile birlikte müşteri hesaplarına, nakitlerine ve emirlerine, fiziki ortamda yürütülen kripto varlık hizmet sağlayıcılığı faaliyetine, nitelikli fikri tapulara, likidite kurumlarına, eşler arası işlemlere, ilgili mevzuata uyum sağlanması şartıyla gerçek dünya varlıklarının tokenizasyonuna,...

Capital Markets

Cryptoassets

26 Aug 2024 Legal Alert EN

Capital Markets Board Announcement Regarding Cryptoasset Service Providers Required to Cease Their Activity

The announcement regarding the cryptoasset service providers that shall cease their activities pursuant to the Capital Markets Board (the “Board”) Resolution dated 23/08/2024 and numbered 47/1336 (the “Resolution”), was published in the Board Bulletin numbered 2024/42. The Board has published lists of platforms whose applications have been withdrawn due to incomplete or inadequate submission of application documents and whose applications were not processed due to the lack of customers or customer custody balances as of the application date. Those on the relevant lists shall, within 5 business days from the date of the Resolution, i.e. until 02/09/2024: Cease to engage...

Capital Markets

Cryptoassets

26 Aug 2024 Legal Alert TR

Faaliyetini Durdurması Gereken Kripto Varlık Hizmet Sağlayıcılarına İlişkin Sermaye Piyasası Kurulu Duyurusu

Sermaye Piyasası Kurulu’nun (“Kurul”), 23/08/2024 tarihli ve 47/1336 sayılı Kararı (“Karar”) çerçevesinde faaliyetini durdurması gereken kripto varlık hizmet sağlayıcılarına ilişkin duyuru, 2024/42 sayılı Kurul Bülteninde yayınlanmıştır. Başvuru belgelerini eksik ve yetersiz iletmeleri sebebiyle başvurusu işlemden kaldırılan ve başvuru tarihi itibariyle müşterileri yahut müşteri saklama bakiyeleri bulunmaması sebebiyle başvurusu işleme alınmayan platformlara ilişkin listeler Kurul tarafından yayınlanmıştır. Karar ile, ilgili listelerde yer alan kuruluşların Karar tarihinden itibaren 5 iş günü içerisinde, 02/09/2024 tarihine kadar; Platform tanımına giren faaliyetlerde bulunmayı sonlandırmak ve Karar’ı müteakip yeni müşteri kabul etmemek, Elektronik posta, kısa mesaj, telefon ve benzeri iletişim araçları ile mevcut müşterilerine konu ile...

Capital Markets

Cryptoassets

12 Aug 2024 Legal Alert TR

Kripto Varlık Alım Satım Platformlarına İlişkin İlke Kararı: Yeni Kuruluş Şartları, Yönetim ve Geçiş Hükümleri

Sermaye Piyasası Kurulu’nun (“Kurul”) 08/08/2024 tarihli ve 42/1259 sayılı İlke Kararı (“Karar”), platformların kuruluşuna, yönetimine ve yöneticilerine dair ilkeler belirlemekte, ayrıca geçiş ve uyum hükümleri hakkında değerlendirmelerde bulunmaktadır. Karar, platformların asgari 50.000.000 TRY sermaye ve daha yüksek bir toplam özkaynak ile anonim şirket olarak kurulması gerektiğini belirtmektedir. Platformların payları nama yazılı olacaktır. Platformlar, ticaret unvanlarında “kripto varlık alım satım platformu” ibaresini kullanmakla, işletme konularını münhasıran “kripto varlık alım satım, ilk satış ya da dağıtım, takas, transfer ve bunların gerektirdiği saklama işlemlerinin bir veya daha fazlasının gerçekleştirilmesi” olarak belirlemekle yükümlü tutulmaktadır. Platformların yönetim kurulunun en az üç üyeden oluşması, yönetim kurulu...

Capital Markets

Cryptoassets

12 Aug 2024 Legal Alert EN

Principal Resolution on Cryptoasset Trading Platforms: New Terms of Incorporation, Governance and Transition Provisions

The Principal Resolution of Capital Markets Board (the "Board") dated 08/08/2024 and numbered 42/1259 (the “Resolution”) sets out principles for the incorporation of platforms, and their management and directors, as well as certain assessments on transition and compliance provisions. Resolution states that platforms shall be established as joint stock companies with a minimum share capital of TRY 50,000,000 and a higher total equity. The shares of platforms shall also be registered in the name of the holder(s). Platforms are obliged to use the wording "cryptoasset trading platform" in their trade names, and their field of operation shall be exclusively determined...

Capital Markets

Investment Funds

26 Jul 2024 Legal Alert TR

Gayrimenkul Yatırım Fonlarına İlişkin Esaslar Tebliği (III-52.3)’nde Değişiklik Yapılmasına Dair Tebliğ (III-52.3.f)

Gayrimenkul Yatırım Fonlarına İlişkin Esaslar Tebliği'nde muhtelif değişiklikler öngören Gayrimenkul Yatırım Fonlarına İlişkin Esaslar Tebliği (III-52.3)'nde Değişiklik Yapılmasına Dair Tebliğ (III-52.3.f) (“Tebliğ”) 17 Temmuz 2024 tarihli ve 32604 sayılı Resmi Gazete'de yayımlanarak yürürlüğe girmiştir. Tebliğ ile getirilen değişikliklere ilişkin hususlar aşağıda detaylarıyla açıklanmaktadır. Tebliğ ile gayrimenkul projelerine yatırım yapması öngörülen proje gayrimenkul yatırım fonlarının kurulmasına olanak sağlanmıştır. Bu kapsamda: Kurulacak ve unvanlarında “proje gayrimenkul yatırım fonu” ibaresine zorunlu olarak yer verecek fonlar, toplam brüt alanının yarısından fazlasının konut kullanımına ayrılmış olduğu bağımsız gayrimenkul değerleme kuruluşlarınca hazırlanacak bir rapor ile tespit edilen gayrimenkul projelerine yatırım yapabileceklerdir. Söz konusu fonların portföylerinde geliştirmelere...

Data Protection

General

10 Jul 2024 Legal Alert EN

Transfer of Personal Data Abroad: Data Protection Authority Clarifies the Details

Regulation on the Procedures and Principles Regarding the Transfer of Personal Data Abroad (the “Regulation”) by Data Protection Authority (the “DPA”) has been entered into force via being published at the Official Gazette on 10 July 2024. The implementation details of the data transfer regime, which was explained in our previous Legal Alert, is further clarified by the Regulation. The Regulation affects data controllers and/or processors who are parties to the transfer of personal data abroad in accordance with Article 9 of the Law on the Protection of Personal Data No. 6698 (“PPDL”). Under the three-step data transfer regime, namely,...

Data Protection

General

10 Jul 2024 Legal Alert TR

Kişisel Verilerin Yurt Dışına Aktarılması: Kişisel Verileri Koruma Kurumu Ayrıntıları Açıkladı

Kişisel Verileri Koruma Kurumu (“Kurum”) tarafından hazırlanan Kişisel Verilerin Yurt Dışına Aktarılmasına İlişkin Usul ve Esaslar Hakkında Yönetmelik (“Yönetmelik”) 10 Temmuz 2024 tarihli Resmi Gazete’de yayımlanarak yürürlüğe girmiştir. Daha önce Hukuk Sirkülerimizde açıklanan kanun değişikliği ile yürürlüğe giren yeni veri aktarım rejiminin uygulama detayları Yönetmelik ile açıklığa kavuşturulmuştur. Yönetmelik, 6698 sayılı Kişisel Verilerin Korunması Kanunu (“KVKK”)’nun 9. maddesi uyarınca kişisel verilerin yurt dışına aktarılmasına taraf veri sorumlularını ve/veya veri işleyenleri etkilemektedir. Yeterlilik kararları, uygun güvenceler ve istisnai aktarım halleri olmak üzere üç aşamadan oluşan veri aktarım rejimi kapsamında Yönetmelik, standart sözleşmeler haricinde, uygun güvenceler yoluyla kişisel veri aktarımına başlanabilmesi için...

Capital Markets

Cryptoassets

03 Jul 2024 Legal Alert TR

Kripto Varlık Kanununun Geçiş Hükümlerine İlişkin Sermaye Piyasası Kurulu Duyurusu

Ülkemizde yürürlüğe giren, kripto varlıklar ve kripto varlık hizmet sağlayıcılara (“KVHS’ler”) ilişkin düzenlemelerin geçiş hükümleri hakkında ilk duyuru, Sermaye Piyasası Kurulu (“Kurul”) tarafından 2 Temmuz 2024 tarihinde yayımlanmıştır. Kurul, KVHS’lerin 2 Ağustos 2024 tarihine kadar “faaliyetlerini yürütmeye devam etme iradelerine” ilişkin beyanlarını iletmeleri gerektiğini duyurmuştur. 3 Temmuz 2024 tarihli Hukuk Sirkülerimiz ile kuruluş ve faaliyet şartları açıklanmış olan ve Kurul’un duyurusu ile “kripto varlıkların alım satımı, takas, transfer ve bunların gerektirdiği saklama hizmeti ile kripto varlıkların veya bu varlıklara ilişkin cüzdandan transfer hakkı sağlayan özel anahtarların saklanması ve yönetimi faaliyetlerinin bir veya birkaçının düzenli uğraşı, ticari veya mesleki faaliyet olarak...

Capital Markets

Cryptoassets

02 Jul 2024 Legal Alert EN

Türkiye and Cryptoasset Regulation: Free Ecosystem, Protected Investors, Developing Capital Markets

Law Amending the Capital Markets Law (the “Law”) determining the framework of the cryptoassets in Turkish legislation entered into force by being published at the Official Gazette dated 2 July 2024 and numbered 32590. A positive step has been taken for the development of the Turkish capital markets with the Law, through regulating the trading of cryptoassets which are based on blockchain technology at platforms, establishment and activity conditions of such platforms, and additional matters intended to protect investors and market. 1. Cryptoassets in Turkish Legislation In 2013, the Banking Regulation and Supervision Agency (“BRSA”) considered that Bitcoin is not...

Capital Markets

Cryptoassets

02 Jul 2024 Legal Alert TR

Türkiye ve Kripto Varlık Regülasyonu: Özgür Ekosistem, Korunan Yatırımcılar ve Gelişen Sermaye Piyasaları

Kripto varlıkların Türk hukukundaki çerçevesini belirleyen Sermaye Piyasası Kanununda Değişiklik Yapılmasına Dair Kanun (“Kanun”) 2 Temmuz 2024 tarihli ve 32590 sayılı Resmi Gazete’de yayımlanarak yürürlüğe girmiştir. Kanun ile, blokzinciri teknolojisine dayanan kripto varlıkların platformlar nezdindeki alım satım faaliyetleri, söz konusu platformların kuruluş ve faaliyet şartları ve yatırımcılar ile piyasayı korumaya yönelik ek hususlar düzenlenerek, Türk sermaye piyasasının gelişimi için olumlu bir adım atılmıştır. 1. Kripto Varlıkların Türk Hukukundaki Yeri 2013 yılında Bankacılık Düzenleme ve Denetleme Kurulu (“BDDK”) “herhangi bir resmi ya da özel kuruluş tarafından ihraç edilmeyen ve karşılığı için güvence verilmeyen bir sanal para birimi olarak bilinen Bitcoin” nitelemesiyle,...

Capital Markets

Investment Funds

29 Mar 2024 Legal Alert TR

Yatırım Fonlarına İlişkin Esaslar Tebliği (III-52.1)’nde Değişiklik Yapılmasına Dair Tebliğ (III-52.1.e)

Yatırım Fonlarına İlişkin Esaslar Tebliği (“III-52.1)’nde Değişiklik Yapılmasına Dair Tebliğ (III-52.1.e) 1 Mart 2024 tarihli ve 32476 sayılı Resmi Gazete’de yayımlanarak yürürlüğe girmiştir. İlgili değişikliklere ilişkin hususlar aşağıda detaylarıyla açıklanmaktadır. Serbest fonlar, portföylerinde yer alacak yatırım araçları ve stratejileri ile risk limitlerine ilişkin sınırlamalara tabi olmadan yönetilebilmesi, yalnızca nitelikli yatırımcılara satılması gibi nedenlerle katılma payları halka satılan diğer fonlardan farklılaşmaktadır. Bu kapsamda farklılaşan serbest fonların fon bilgilendirme dokümanlarının sadeleştirilmesinin yararlı olacağı, başvuru süreçlerinin etkin ve pratik şekilde yürütülmesinin önünü açacağı kabulüyle Sermaye Piyasası Kurulu’nca (“Kurul”) III-52.1 sayılı Tebliğ’in muhtelif maddelerinde başta yatırım stratejileri, riskler, sınırlamalar, gelir ve gider farkının katılma...

Capital Markets

Investment Funds

29 Mar 2024 Legal Alert TR

Sermaye Piyasası Kurulu Karar Organı’nın Emeklilik Yatırım Fonlarına İlişkin Rehber’de Değişiklik Yapılmasına İlişkin 29 Şubat 2024 Tarihli ve 13/337 Sayılı İlke Kararı

Sermaye Piyasası Kurulu ("Kurul") Karar Organı'nın Kurulun 3 Mart 2016 tarih ve 7/223 sayılı İlke Kararı olarak kabul edilen "Emeklilik Yatırım Fonlarına İlişkin Rehber"in "1.Fon Türleri" ve "3.6. Standart Fonlara İlişkin Esaslar" başlıklı bölümlerinde değişiklikler yapılmasına ilişkin 29 Şubat 2024 tarih ve 13/337 sayılı İlke Kararı 29 Şubat 2024 tarihli ve 2024/13 sayılı Sermaye Piyasası Kurulu Bülteni ile ilgililerin bilgisine sunulmuştur. İlgili değişiklikler aşağıda ayrıntılı olarak listelenmektedir. Emeklilik Yatırım Fonlarına İlişkin Rehber’de (“Rehber”) Sermaye Piyasası Kurulu’nun (“Kurul”) 29 Şubat 2024 Tarihli ve 13/337 sayılı İlke Kararı ile iki ayrı değişiklik yapılmıştır. Bu değişikliklerden ilki Merkezi Alacağın Devri Emeklilik Yatırım Fonlarının...

Data Protection

General

14 Mar 2024 Legal Alert EN

A New Era for Transfer of Personal Data Abroad: GDPR-Based Amendments to Data Protection Rules

Turkish data protection rules governing the transfer of personal data abroad were amended with the Law on Amendments to The Criminal Procedure Law and Certain Other Laws No. 7499 (“Amendment Law”), together with conditions for processing special categories of personal data, penalties and remedies. A. Introduction Law on the Protection of Personal Data No. 6698 (“PPDL”), based on Directive 95/46/EC, was adopted in Türkiye in 2016. After the General Data Protection Regulation (“GDPR”) was adopted and proved its well-established jurisprudence and practice; Türkiye announced its objective to amend PPDL (i) based on EU standards, (ii) based on provisions of GDPR...

Capital Markets

General

21 Sep 2023 Legal Alert EN

Amendments Regarding Sale of Restricted Capital Market Instruments Have Entered Into Force

Communiqué No. V-101.1.a Amending the Communiqué on Measures to be Taken for Insider Trading and Manipulation Investigations No. V-101.1 has entered into force by being published in the Official Gazette dated September 19th, 2023, and numbered 32314. With the publication of the Communiqué No. V-101.1.a Amending the Communiqué on Measures to be Taken for Insider Trading and Manipulation Investigations No. V-101.1 (“Amending Communiqué”), Capital Markets Board of Türkiye has provided a new exemption for the sale of capital market instruments whose sale is restricted on exchanges. With the new exemption, in the event that the settlement and/or collateral completion obligations...

Capital Markets

Venture Capital

19 May 2023 Legal Alert EN

Communiqué on the Principles Regarding the Companies Whose Shares will be Traded in Venture Capital Market Entered Into Force

Communiqué on the Principles Regarding Companies Whose Shares Will Be Traded in Venture Capital Market No. II-16.3 has entered into force by being published in the Official Gazette dated May 18th, 2023, and numbered 32194. 1. Introduction With the publication of the Communiqué on the Principles Regarding Companies Whose Shares Will Be Traded In Venture Capital Market No. II-16.3 (“Communiqué”), the procedures and principles regarding the sale of the shares of joint stock companies issued through capital increase to the qualified investors without public offering are regulated. Within this scope, joint stock companies will have the chance to sell their...

Capital Markets

Derivatives and Structured Products

05 Apr 2023 Legal Alert EN

Amendments to BIST Equity Market Procedure Regarding Trading Principles of Investment Institution Warrants & Certificates

Borsa Istanbul has introduced amendments to the Equity Market Procedure (“Procedure”) concerning the trading principles of the investment institution warrants traded in the Borsa Istanbul Structured Products and Fund Market, which will enter into force on April 10th, 2023. With respect to the characteristic of the warrants, which requires a high level of market knowledge and experience, Borsa Istanbul has noticed that erroneous transactions can be made by the investors while trading the warrants and accordingly taken further precautions to prevent such transactions through tightening the market rules and restraining suspicious activities. The amendments brought to the Procedure are presented...

Capital Markets

Portfolio Management Services

27 Feb 2023 Legal Alert TR

Portföy Yönetim Şirketleri ve Bu Şirketlerin Faaliyetlerine İlişkin Esaslar Tebliği’nde Değişiklikler Gerçekleştirildi

Portföy Yönetim Şirketleri ve Bu Şirketlerin Faaliyetlerine İlişkin Esaslar Tebliği’nde (III-55.1) Değişiklik Yapılmasına Dair Tebliğ (III-55.1.d) 18 Şubat 2023 tarihli ve 32108 sayılı Resmî Gazete’de yayımlanmış ve aynı tarihte yürürlüğe girmiştir. A. Giriş 6362 sayılı Sermaye Piyasası Kanunu kapsamında faaliyet gösteren portföy yönetim şirketlerine ve bu şirketlerin faaliyetlerine ilişkin esasları düzenleyen III-55.1 sayılı Portföy Yönetim Şirketleri ve Bu Şirketlerin Faaliyetlerine İlişkin Esaslar Tebliği’nde (III-55.1) Değişiklik Yapılmasına Dair Tebliğ (III-55.1.d) (“Tebliğ”) uyarınca portföy yönetim şirketlerinin kuruluş esasları, faaliyet şartları, yönetici ve personeline ilişkin şartlar, yükümlülüklerine ilişkin esaslarda gerçekleştirilen değişiklikler 18 Şubat 2023 tarihli ve sayılı 32108 Resmi Gazete’de yayımlanarak yürürlüğe girmiştir....

Banking and Money Markets

Credit Facilities

29 Jun 2022 Legal Alert EN

Increased Risk Weight For Commercial Cash Loans Based on Derivative Transactions with Foreign Residents

Pursuant to the new resolution published by the Banking Regulation and Supervision Agency, risk weight of the commercial cash loans is increased regarding the non-financial institution residents in Turkey that enter into derivative transactions with the non-residents for the purpose of effective functioning of the loan system. Banking Regulation and Supervision Agency has published the Resolution No. 10248 (the “Resolution”)1 on June 23, 2022, which amended the risk weight certain commercial cash loans in order to ensure that the Turkish Lira and foreign currency resources held by the banks, are extended in a manner that would be expedient to the...

Banking and Money Markets

Credit Facilities

29 Jun 2022 Legal Alert EN

New Restrictions on FX Transactions

Pursuant to the new resolution published by the Banking Regulation and Supervision Agency, commercial cash loans in Turkish Lira extended to certain Turkish companies are restricted as a measure to restrict the deposits of local companies on FX cash or investments on FX originated foreign securities 1. Introduction Banking Regulation and Supervision Agency has published the Resolution No. 10250 (the “Resolution”)1 on June 24, 2022, which brought certain restrictions on certain commercial cash loans in Turkish Lira (the “Loans”) and published a press release clarifying the Resolution (the “Press Release”)2 on June 26, 2022 in order to prevent the purchase...

Capital Markets

Investment Institutions

10 Feb 2022 Legal Alert EN

Regulations Regarding Remote Identification and Electronic Contracts in Turkish Capital Markets are Published

Pursuant to the new communiqués published by the Capital Markets Board of Turkey, the procedures and principles regarding the remote identification methods to be used by investment institutions and the establishment of the contractual relation in the electronic environment are regulated. Regulation on Remote Identification Methods to be Used by Banks and the Establishment of Contractual Relation in Electronic Environment examined in our Legal Alert dated April 2, 2021, has entered into force on May 1st, 2021. Following the said regulation, remote identification methods to be used by investment institutions and procedures and principles regarding the establishment of contractual relation...

Capital Markets

Investment Institutions

10 Feb 2022 Legal Alert TR

Türk Sermaye Piyasalarında Uzaktan Kimlik Tespiti ve Elektronik Sözleşmelere İlişkin Düzenlemeler Yayımlandı

Sermaye Piyasası Kurulu tarafından yayımlanan yeni tebliğler ile yatırım kuruluşları tarafından kullanılacak uzaktan kimlik tespiti yöntemlerine ve elektronik ortamda sözleşme ilişkisinin kurulmasına ilişkin usul ve esaslar düzenlenmiştir. 2 Nisan 2021 tarihli Hukuk Sirkülerimizde incelediğimiz Bankalarca Kullanılacak Uzaktan Kimlik Tespiti Yöntemlerine Ve Elektronik Ortamda Sözleşme İlişkisinin Kurulmasına İlişkin Yönetmelik, 1 Mayıs 2021 tarihinde yürürlüğe girmişti. Söz konusu düzenlemeyi takiben, 8 Şubat 2022 tarihli ve 31744 sayılı Resmi Gazete’de yayımlanan ve 8 Mart 2022 tarihinde yürürlüğe girecek olan Aracı Kurumlar ve Portföy Yönetim Şirketleri Tarafından Kullanılacak Uzaktan Kimlik Tespiti Yöntemlerine ve Elektronik Ortamda Sözleşme İlişkisinin Kurulmasına İlişkin Tebliğ (III-42.1) ile Yatırım Hizmet...

Banking and Money Markets

General

02 Apr 2021 Legal Alert TR

Bankalarca Kullanılacak Uzaktan Kimlik Tespiti Yöntemlerine ve Elektronik Ortamda Sözleşme İlişkisinin Kurulmasına İlişkin Yönetmelik Yayımlandı

Abstract The Regulation on Remote Identification Methods and Establishment of Contractual Relations in Electronic Environment to be Used by Banks, ("Regulation") which is regulating the procedures and principles for remote identification methods that can be used by banks and banking services to be offered upon determination of customer identity, has been drafted by the Banking Regulation and Supervision Agency and has been published in the Official Gazette dated 01st April 2021 and numbered 31441. The Regulation will enter into force as of 01st May 2021. The main aim of this legal alert is to explain the regulations has been brought...

Capital Markets

Margin Trading, Short Sale and Securities Lending

06 Mar 2021 Legal Alert EN

Amendments to Margin Trading, Short Selling and Securities Lending and Borrowing Rules

The rules applicable to margin trading, short selling and securities lending and borrowing were amended by Capital Markets Board of Turkey on 5 March 2021. The Communiqué (Serial: V, No: 137) Amending the Communiqué on Margin Trading, Short Selling and Lending and Borrowing of Capital Market Instruments (Serial: V, No: 65) (“Communiqué”) adopted by Capital Markets Board of Turkey (“CMB”) was published in the Official Gazette dated 5 March 2021 and numbered 31414. The Communiqué has brought the below amendments effective as of 12 March 2021: The obligation to maintain net assets in the amount of at least 20% (twenty...

Banking and Money Markets

General

15 Feb 2021 Legal Alert TR

Bankaların Repo ve Ters Repo İşlemlerine İlişkin Esaslar Tadil Edildi

Bankacılık Düzenleme ve Denetleme Kurumu tarafından yayımlanan yeni yönetmelik ile bankalarca yapılacak repo ve ters repo işlemlerine ilişkin esaslarda değişikliğe gidilmiştir. 6 Aralık 2015 tarihli ve 29554 sayılı Resmi Gazete’de yayımlanarak yürürlüğe giren Bankalarca Yapılacak Repo ve Ters Repo İşlemlerine İlişkin Esaslar Hakkında Yönetmelik (“Yönetmelik”), Bankacılık Düzenleme ve Denetleme Kurumu tarafından 10 Şubat 2021 tarihli ve 31391 sayılı Resmi Gazete’de yayımlanarak yürürlüğe giren Bankalarca Yapılacak Repo ve Ters Repo İşlemlerine İlişkin Esaslar Hakkında Yönetmelikte Değişiklik Yapılmasına Dair Yönetmelik (“Tadil Yönetmeliği”) ile tadil edilmiştir. Tadil Yönetmeliği ile getirilen değişiklikler aşağıda bilgilerinize sunulmaktadır: a) Faizsiz bankacılık ilke ve standartlarına uygun yöntem ve...

Capital Markets

General

05 Feb 2021 Legal Alert TR

İhraççılar ile Paylaşılacak Bilgilere İlişkin Yeni Yönerge

Merkezi Kayıt Kuruluşu A.Ş. tarafından kabul edilen yeni yönerge ile, hak sahipliğine ilişkin bilgilerin ihraççılarla paylaşılmasının kapsamına ve usullerine ilişkin değişiklikler getirilmiştir. Merkezi Kayıt Kuruluşu A.Ş. (“MKK”) tarafından 2 Şubat 2021 tarihinde yayımlanan 916 Sayılı Genel Mektup ile, İhraççı Şirketlere Promosyon ve Benzeri Fayda Sağlayıcı Amaçlarla Verilecek Bilgi ve Verilere İlişkin Usul ve Esaslar Yönergesi (“Eski Yönerge”) yürürlükten kaldırılmış ve yerine Hak Sahipliğine İlişkin Bilgilerin İhraççılarla Paylaşılmasına İlişkin Usul ve Esaslar Yönergesi (“Yeni Yönerge”) yürürlüğe konulmuştur. Selefine paralel olarak Yeni Yönerge’nin kapsamı da, MKK tarafından yayımlanan ayrı düzenlemelere konu olan pay sahipliği veya hak sahipliği bilgilerinin ihraççıların düzenleyici kurumlara yönelik...

Capital Markets

General

05 Feb 2021 Legal Alert EN

New Regulation on Disclosure of Information to Issuers

New regulation adopted by Merkezi Kayıt Kuruluşu A.Ş. has brought amendments to the scope and procedures regarding the disclosure of beneficiary ownership information to issuers. On 2nd February 2021, Merkezi Kayıt Kuruluşu A.Ş. (central securities depository of Turkey, “MKK”) has published the Regulatory Letter No. 916 and adopted the Regulation on the Procedures and Principles on Sharing Beneficiary Ownership Information with Issuers (“Recent Regulation”) which replaces the Regulation on the Procedures and Principles on the Information and Data to be Disclosed to Issuer Companies for Promotional and Similar Benefit Deriving Purposes (“Previous Regulation”). The Recent Regulation, parallel to its predecessor,...

Capital Markets

General

05 Jan 2021 Legal Alert EN

Amendment on Communiqué on Principles Regarding Repo and Reverse Repo Transactions of Intermediary Institutions (III-45.2)

Certain amendments on repo and reverse repo transactions were adopted with the Communiqué No. III-45.2.a amending the Communiqué No. III-45.2 on Principles Regarding Repo and Reverse Repo Transactions of Intermediary Institutions. Communiqué No. III-45.2.a (“Amending Communiqué”) amending the Communiqué No. III-45.2 on Principles Regarding Repo and Reverse Repo Transactions of Intermediary Institutions (“Communiqué”) has been published in the Official Gazette dated 31 December 2020 and numbered 31351. Certain amendments have entered into force on 1st January 2021 whereas other amendments will enter into force as of 25th January 2020. 1. The following amendments have entered into force on 1st January...

Capital Markets

Equities

05 Jan 2021 Legal Alert EN

New Communiqué on Squeeze-Out and Sell-Out Rights

Following up on the announcement of the Capital Markets Board of Turkey (“CMB”) regarding the Draft Communiqué on Squeeze-Out and Sell-Out Rights on 28 October 2020, the Communiqué on Squeeze-Out and Sell-Out Rights No. II-27.3 (“Communiqué”) was published in the Official Gazette dated 31 December 2020 and numbered 31351 with immediate effect, replacing the previous communiqué on the same matter. On 31 December 2020, CMB further published an announcement regarding the amendments brought with the Communiqué. 1. General Overview The Communiqué regulates the squeeze-out right of the controlling shareholder(s) and the sell-out rights of the non-controlling shareholders in public joint...

Capital Markets

Debt Securities

15 Sep 2020 Legal Alert EN

Communiqué on Bondholders’ Board is Published

Following certain amendments in the Capital Markets Law No. 6362 (“CML”) with the Law No. 7222 Amending Banking Law and Certain Other Laws published in the Official Gazette dated 25 February 2020 and numbered 31050, Capital Markets Board of Turkey (“CMB”) had presented the Draft Communiqué on Bondholders’ Board to public opinion on 22 April 2020. After revisions in light of the collected of public opinion, Communiqué on Bondholders’ Board No. II-31/A.1 (“Communiqué”) was published in the Official Gazette dated 11 September 2020 and numbered 31241 with immediate effect, only covering the debt instruments issued in Turkey. The rules summarized...

Capital Markets

General

29 Aug 2020 Legal Alert EN

Regulatory Amendments for Mortgage Finance Institutions

Certain amendments on initial capital requirements and other matters were adopted for mortgage finance institutions with the Communiqué No. III-60.1.a Amending Communiqué No. III-60.1 on Principles of Mortgage Finance Institutions. Communiqué No. III-60.1.a Amending Communiqué No. III-60.1 on Principles of Mortgage Finance Institutions (“Communiqué”) has entered into force by being published in the Official Gazette dated 26 August 2020 and numbered 31225, and brought certain amendments regarding initial capital and mortgage finance institutions funded by public institutions. The following amendments have entered into force with the Communiqué: The initial share capital of mortgage finance institutions during incorporation is increased from...

Capital Markets

Debt Securities

06 May 2020 Legal Alert EN

Draft Communiqué on Debt Instrument Holders Board is Published

In relation to the provisions brought to the Capital Markets Law No. 6362 (“Law”) with the Law No. 7222 Amending Banking Law and Certain Other Laws which entered into force by being published in the Official Gazette dated 25 February 2020 and numbered 31050, the Draft Communiqué on Debt Instrument Holders Board (“Draft Communiqué”) was presented to public opinion with the announcement made through the website of Capital Markets Board of Turkey (“Board”) on 22 April 2020. 1. Debt Instrument Holders Board and the Operation of Meetings The Debt Instrument Holders Board (“DIHB”) is designated in the Draft Communiqué as...

Capital Markets

Debt Securities

06 May 2020 Legal Alert TR

Borçlanma Aracı Sahipleri Kurulu Tebliği Taslağı

25 Şubat 2020 tarihli ve 31050 sayılı Resmi Gazete’de yayımlanarak yürürlüğe giren 7222 sayılı Bankacılık Kanunu ile Bazı Kanunlarda Değişiklik Yapılmasına Dair Kanun ile 6362 sayılı Sermaye Piyasası Kanunu’na (“Kanun”) getirilen düzenlemeler kapsamında, Sermaye Piyasası Kurulu’nun (“Kurul”) web sitesi üzerinden yapılan 22 Nisan 2020 tarihli duyuru ile Borçlanma Aracı Sahipleri Kurulu Tebliği Taslağı (“Taslak Tebliğ”) kamuoyunun incelemesine sunulmuştur. 1. Borçlanma Aracı Sahipleri Kurulu ve Toplantıların İşleyişi Taslak Tebliğ tahtında Borçlanma Aracı Sahipleri Kurulu (“BASK”), ihraççının yönetim kurulunun veya borçlanma aracı sahiplerinin talebi üzerine toplanan ve ihraç edilen borçlanma araçlarının faiz, vade, anapara ve diğer asli hüküm ve şartlarındaki önemli değişikliklerin...

Capital Markets

Derivatives and Structured Products

23 Apr 2020 Legal Alert TR

Türev İşlemlerin Raporlanmasına İlişkin Duyuru

Veri Depolama Kuruluşuna Yapılacak Raporlamalara İlişkin Esaslar Hakkında Tebliğ (IV-87.1) (“Raporlama Tebliği”)’in 6. maddesi kapsamında türev araç sözleşmelerinin tarafları ve merkezi karşı taraf hizmeti veren kuruluşlar tarafından akdedilen türev araç sözleşmelerine ilişkin detayların veri depolama kuruluşuna raporlamasına ilişkin esaslar halihazırda düzenlenmiştir. Bu kapsamda, Sermaye Piyasası Kurulu (“SPK”) 20 Nisan 2020 tarihinde yayımladığı basın duyurusu ile türev işlemlerin raporlanmasına ve depolanmasına dair ek açıklamalarda bulunmuştur. Öncelikli olarak, yatırım kuruluşları dışında Türkiye’de yerleşik tüzel kişilerin aralarında veya yurtdışı organize ya da tezgah üstü piyasalarda SPK tarafından yetkilendirilmiş bir yatırım kuruluşu aracılığı olmaksızın akdettikleri türev araç sözleşmelerine ilişkin raporlama yükümlülüğünün, Raporlama Tebliği’nin 6....

Capital Markets

General

25 Mar 2020 Legal Alert TR

COVID-19 ile İlgili Duyuru

Sermaye Piyasası Kurulu’nun (“Kurul”) web sitesi üzerinden yapılan 23 Mart 2020 tarihli duyuru ile, küresel COVID-19 (Koronavirüs) salgının tüm dünya piyasalarında olduğu gibi ülkemiz finansal piyasalarında da oluşturduğu olumsuzlukların en aza indirilmesine yönelik gerekliliklere ilişkin 19 Mart 2020 tarihli Kurul toplantısında aşağıdaki kararlar alınmıştır: (1) Aracı kurum ve portföy yönetim şirketlerinin personellerinin, kendi sorumlulukları dahilinde, yarı zamanlı, dönüşümlü, uzaktan erişimli veya Kurum’un belirleyeceği benzer diğer usuller çerçevesinde çalıştırılması mümkün kılınmıştır. (2) Emir alınması, kabulü ve iletilmesi, uzaktan erişimli çalışması öngörülen personelin cep telefonlarında yer alan mobil uygulamalar (whatsapp gibi) üzerinden ve/veya personele tahsis edilen kişisel e-posta adresi üzerinden, Kurul karar...

Commercial and Corporate

General

20 Mar 2020 Legal Alert TR

Genel Kurul Toplantılarına İlişkin Duyuru

Ticaret Bakanlığı’nın web sitesi üzerinden yapılan 20 Mart 2020 tarihli duyuru ile, tüm dünyada hızla yayılmaya devam eden ve herkes için büyük bir tehdit oluşturan COVID-19 (Koronavirüs) salgınının Türkiye’de yayılmasının önlenmesi amacıyla alınacak tedbirlere yönelik tavsiyeler çerçevesinde, şirketlerin faaliyet dönemi sonunda ilk üç ay içerisinde yapması zorunlu olan genel kurul toplantılarına ilişkin olarak aşağıdaki kararlar alınmıştır: (1) 6102 sayılı Türk Ticaret Kanunu ve şirket sözleşmesine uygun olarak yönetim organları tarafından daha önce toplantıya çağrılan anonim ve limited şirketlerin olağan genel kurullarının, erteleme kararı alınması amacıyla genel kurulun toplanması beklenmeksizin, yönetim organları tarafından alınacak bir kararla iptal edilmesi imkanı tanınmıştır. Bu...

Capital Markets

Equities General

26 Feb 2020 Legal Alert EN

Legislative Amendments to Turkish Capital Markets

Certain amendments were made on multiple laws concerning Turkish financial markets with the Law No. 7222, including provisions of Turkish Capital Market Law No.6362. On 25 February 2020, Law No. 7222 Amending Banking Law and Certain Other Laws (“Amendment Law”) was published in the Official Gazette and brought several amendments to the Capital Market Law No. 6362 (“Capital Market Law”). With the Amendment Law, the following amendments concerning the Capital Market Law have entered into force: 1) Definition of Material Transactions and Exit Rights The scope of material transactions of public companies is limited with new amendments. In other words,...

Banking and Money Markets

General

26 Feb 2020 Legal Alert EN

Legislative Amendments to Turkish Financial Markets

Certain amendments were made on multiple laws concerning Turkish financial markets with the Law No. 7222, including provisions for compliance with certain principles of the Basel Committee on Banking Supervision and Financial Stability Board. On 25 February 2020, Law No. 7222 Amending Banking Law and Certain Other Laws (“Amendment Law”) was published in the Official Gazette and brought several amendments to laws governing Turkish financial markets including the Banking Law No. 5411 (“Banking Law”), Law on Bank Cards and Credit Cards No. 5464 and Financial Leasing and Factoring Law No. 6361. With the Amendment Law, the following amendments concerning the...

Capital Markets

Crowdfunding

08 Dec 2019 Briefing Note EN

A New Financial Model: “The Equity-Based Crowdfunding”

This Briefing Note seeks to summarize the principles regarding equity-based crowdfunding in Turkey as regulated under the Communiqué on Equity-Based Crowdfunding No. III-35/A.1 of Capital Markets Board of Turkey. 1. Introduction Crowdfunding is a trending alternative financing method mainly utilized by startups, SMEs or individuals for meeting the financial needs of their projects and companies and this financing method targets small size investors when compared to other conventional alternative financing methods such as angel investors, venture capitals, private equities or public offerings; and creates more breathing room to the entrepreneur by cutting down the additional liabilities and costs associated with...

Banking and Money Markets

Credit Facilities General

22 Jul 2019 Legal Alert EN

Regulatory Updates in Turkish Financial Markets

Certain amendments are made on multiple laws concerning Turkish financial markets with the Law No. 7186 and the Capital Movements Circular in line with the letter of Ministry of Treasury and Finance dated 16 July 2019. On 19 July 2019, Law No. 7186 Amending Income Tax Law and Certain Other Laws (“Amendment Law”) was published and brought several amendments to laws governing Turkish financial markets including Law on Central Bank of the Republic of Turkey No. 1211, Banking Law No. 5411, Capital Market Law No. 6362, Financial Leasing and Factoring Law No. 6361 and Income Tax Law No. 193. In...

Banking and Money Markets

Credit Facilities

15 May 2019 Legal Alert EN

Amendments to Capital Movements Circular

Certain amendments were made on the Capital Movements Circular in line with the correspondence of Ministry of Treasury and Finance dated 14 May 2019. In our Legal Alert published in April, we have outlined the amendments made on the Capital Movements Circular with regard to the procedure to be complied with in order to prevent recurring utilization of foreign currency loans (“FX Loans”) extended within the scope of Investment Incentive Certificates. In line with the above, a new amendment is made on the Capital Movements Circular on 14 May 2019 and the procedure to conducted in order to prevent recurring...

Banking and Money Markets

Credit Facilities

15 May 2019 Legal Alert EN

BITT is Now Applied on FX Transactions

President’s Decree No. 1106 on collecting Banking and Insurance Transactions Tax from foreign exchange transactions was published in the Official Gazette dated 15 May 2019 and numbered 30775, with immediate effect. The Cabinet of Ministers’ Decree No. 98/11591 Regarding Article 33 of the Expenditure Tax Law has been amended with the President’s Decree No. 1106 published in the Official Gazette dated 15 May 2019 and numbered 30775 with immediate effect and Banking and Insurance Transactions Tax (“BITT”) in the rate of one per thousand of the sale price is decided to be collected from foreign exchange sales (“FX Sales”), save...

Capital Markets

Debt Securities

26 Apr 2019 Briefing Note EN

Q&A: Debt Capital Markets

This Q&A outlines the legal grounds of applicable legislation in relation to debt markets in Turkey. What are the main restrictions on offering and selling debt securities in Turkey? Main restrictions on offering and selling debt securities There are certain restrictions on offering and selling debt securities in Turkey. Debt securities offerings must be registered with the Capital Markets Board of Turkey (CMB) within one year from the date of the issuer’s authorised body resolution approving the debt securities. Before debt securities can be offered to the public or admitted to trading, an approved prospectus or issue certificate must be...

Capital Markets

Equities

26 Apr 2019 Briefing Note EN

Q&A: Equity Capital Markets

This Q&A outlines the legal grounds of applicable legislation in relation to equity markets in Turkey. What are the main equity markets/exchanges in Turkey? Outline the main market activity and deals in the past year? Main equity markets/exchanges Borsa Istanbul A.Ş. (BIST) is a self-regulatory entity in the form of a joint stock company that brings together all the exchanges operating in Turkey (www.borsaistanbul.com). A wide variety of instruments are traded on BIST, including stocks, exchange traded funds, government bonds, treasury bills, money market instruments (repos and reverse repos), corporate bonds, lease certificates (known as sukuk), derivative instruments, foreign securities...

Banking and Money Markets

Credit Facilities

08 Apr 2019 Legal Alert EN

Recent Amendments to Capital Movements Circular of Turkey

Central Bank of the Republic of Turkey introduced new rules with regards to the foreign currency loans utilized from abroad or from Turkey for investments made within the scope of investment incentive certificates and monthly foreign currency loan utilization reports to be transmitted to the Ministry of Treasury and Finance. On April 4, 2019, Central Bank of the Republic of Turkey (“CBRT”) has published amendments on the Circular on Capital Movements (“Circular”) with respect to the foreign currency loans (“FX Loans”) utilized from abroad or from Turkey with regard to the FX Loans extended for the investments made within the...

Capital Markets

Crowdfunding

08 Feb 2019 Briefing Note EN

Crowdfunding in Turkey with the Recently Announced Draft Communiqué

This Briefing Note seeks to summarize the principles regarding crowdfunding platforms, crowdfunding models and operations, membership procedures as well as utilization of the collected funds envisaged under the Draft Communiqué on Equity- Based Crowdfunding No. III-35/A.1 of Capital Markets Board of Turkey. 1. Introduction Crowdfunding is an alternative type of business funding that matches a large number of investors with the entrepreneurs for the purpose of financing a business, project or venture through an online platform. In order to bring more transparency, Turkey, since 2016, has been eager to adapt this popular alternative funding method to its legislation and so,...

Capital Markets

Clearing, Settlement and Custody Equities Investment Funds

09 Jan 2019 Legal Alert EN

Regulatory Updates in Turkish Capital Markets

This Legal Alert seeks to provide general information regarding the recent amendments in Turkish capital markets. A. Recent regulatory changes adopted by the Capital Markets Board (“CMB”) are summarized below: 1) The Communiqué No II-26.1.c amended the Communiqué on Takeover Bids No II-26.1 which entered into force immediately upon its publication in the Official Gazette No. 30643 dated January 2, 2019. With the recent amendment, shareholders acquiring the management control of a public company listed in the Turkish stock exchange through a capital increase where the pre-emptive rights of such shareholders are not restricted, are exempted from the requirement of...

Exchange Regulations

General

26 Dec 2018 Legal Alert EN

Recent Amendments to Capital Movements Circular in Turkey

Central Bank of Turkey introduced new rules, one of which enables revolving loans denominated in foreign currency to be utilized by Turkish residents under certain conditions. On December 25 and 26, 2018, Central Bank of the Republic of Turkey (“CBRT”) has consecutively published amendments on the Circular on Capital Movements (“Circular”) with respect to renewal of foreign currency loans (“FX Loans”), FX Loans that are exempted from the FX income criteria and FX revolving loans. With the recent versions of the Circular, the following amendments have entered into force: The restructuring benefits or similar benefits granted by the banks and...

Capital Markets

Investment Funds

21 Dec 2018 Legal Alert TR

Gayrimenkul Yatırım Fonlarına İlişkin Esaslar Tebliği’nde Değişiklikler Yapıldı

Gayrimenkul Yatırım Fonlarına İlişkin Esaslar Tebliği’nde (III-52.3) Değişiklik yapılmasına Dair Tebliğ (III-52.3.ç) 20 Aralık 2018 tarihli ve 30631 sayılı Resmi Gazete’de yayımlanmış ve aynı tarihte yürürlüğe girmiştir. A. Giriş Sermaye Piyasası Kurulu’nun (“Kurul”) çıkardığı Gayrimenkul Yatırım Fonlarına İlişkin Esaslar Tebliği’nde (III-52.3) Değişiklik Yapılmasına Dair Tebliğ (III-52.3.ç) (“Tebliğ”) 20 Aralık 2018 tarihli ve 30631 sayılı Resmi Gazete’de yayımlanmış ve aynı tarihte yürürlüğe girmiştir. Tebliğ gayrimenkul yatırım fonu katılma paylarının satışı, iadesi ve devrine ilişkin esaslarda değişiklikler öngörmektedir. B. Tebliğ ile Getirilen Yenilikler Aşağıda, Tebliğ ile getirilen yenilikler dokuz (9) başlık altında incelenmektedir. 1) Fon Katılma Paylarının İhracı, İadesi ve Devrine İlişkin...

Exchange Regulations

General

19 Oct 2018 Briefing Note EN

New Rules for Ban on Foreign Currency

The Ministry of Treasury and Finance issued the Communique numbered 2018- 32/52 on 16 November 2018 that revises certain provisions of the Communique numbered 2018-32/34 on implementation of the ban on foreign currency contracts Background After issuance of the Presidential Decree No:85 (the "Decree") in the Official Gazette dated 13 September 2018 that bans to use foreign currencies or foreign currency indexes in contracts between Turkish residents (the "FX-ban"), the Ministry of Treasury and Finance (the "Ministry") issued the Communique numbered 2018-32/51 on 6 October 2018 (the "Former Communique") that clarifies implementation of the FX-ban and clarification of certain exemptions....

Exchange Regulations

General

08 Oct 2018 Briefing Note EN

The Scope of the Ban on Foreign Currency Contracts is Clear Now

Following the recent Decree of the Presidency of the Republic of Turkey dated 13 September 2018, (Decree No: 85) that bans to use foreign currencies in contracts between Turkish residents, the Ministry of Treasury and Finance issued the Communiqué numbered 2018-32/51 on October 6, 2018, (the “Communique”) that clarifies implementation of the Decree and clarification of certain exemptions. Background The Presidency of the Republic of Turkey issued a new Presidential Decree (Decree No:85) in the Official Gazette dated 13 September 2018 and numbered 30534, which bans to use foreign currencies in contracts between Turkish residents. Pursuant to the Decree No:85,...

Exchange Regulations

General

04 Oct 2018 Legal Alert EN

Ministry of Treasury and Finance of Turkey Circulated A Draft Communique Regarding the Ban on F/X Currency Contracts Executed Between Turkish Residents

Following the recent Decree of the Presidency of the Republic of Turkey dated 13 September 2018, (Decree No: 85) that bans to use foreign currencies in contracts between Turkish residents, the Ministry of Treasury and Finance circulated a draft Communiqué on October 3, 2018, to receive opinions of relevant parties on implementation of the referred Decree and clarification of applicable exemptions. Pursuant to the Draft Communique and as provided by the Decree No:85, following contracts shall not be in or indexed to foreign currencies when executed between Turkish residents: Sale and rental of real estates; Sale and rental of movables...

Banking and Money Markets

Credit Facilities

21 Sep 2018 Legal Alert EN

The Major Principles of the Framework Agreement Published for the Restructuring of the Debts to Financial Sector Companies

The Financial Restructuring Framework Agreement (“Framework Agreement”) drafted by the Banks Association of Turkey (“BAT”) pursuant to Article 5 of the Regulation on Restructuring of Debts to Financial Sector published in the Official Gazette dated 15 August 2018 and No. 30510 (“Regulation”) has been approved by Banking Regulation and Supervision Agency (“BRSA”) and has entered into force. I. Introduction BRSA recently published the Regulation for the restructuring of loans so that sustainability of the operations of debtor companies in financial difficulty may be procured and at the same time, such debtor companies may repay their outstanding loans in the current...

Exchange Regulations

General

21 Sep 2018 Legal Alert EN

New Exemption on FX Loan Borrowing

Central Bank of Turkey allowed Turkish residents to borrow foreign currency (“FX”) loans from Technology Development Foundation of Turkey (“TDF”) without being required to have FX income. I. Preamble Circular on Capital Movements of the Central Bank of the Republic of Turkey (“Circular”) has been re-amended with the letter of Ministry of Treasury and Finance dated 18 September 2018 subsequent to multiple amendments made in the year of 2018. With this recent amendment, another exemption has been added -among others- thereby allowing Turkish residents who comply with the criteria specified in the grant agreements executed for the projects of Reduction...

Banking and Money Markets

Credit Facilities

20 Sep 2018 Legal Alert TR

Finansal Sektöre Olan Borçların Yeniden Yapılandırılması Konusunda Yayınlanan Çerçeve Anlaşma’nın Temel Esasları

15 Ağustos 2018 günü 30510 sayılı Resmi Gazete’de yayınlanan Finansal Sektöre Olan Borçların Yeniden Yapılandırılması Hakkında Yönetmelik’in (“Yönetmelik”) 5’inci maddesi kapsamında Türkiye Bankalar Birliği (“TBB”) tarafından hazırlanan Finansal Yeniden Yapılandırma Çerçeve Anlaşması (“Çerçeve Anlaşma”) Bankacılık Düzenleme ve Denetleme Kurumu (“BDDK”) tarafından onaylanarak yürürlüğe girdi. I. Giriş BDDK, finansal ödeme güçlüğü içerisinde bulunan kredi borçlusu kişilerin günümüz ekonomik koşullarında faaliyetlerine devam etmesini sağlamak ve aynı zamanda finans piyasasında, devam eden kredi borçlarını geri ödeyebilmelerini temin etmek için bu kredilerin finansal yeniden yapılandırmasına ilişkin Yönetmelik’i yakın zamanda yürürlüğe sokmuştur. Söz konusu Yönetmelik’in 5’inci maddesi ile BDDK, kredi borçluları ile imzalanacak olan borcun...

Commercial and Corporate

General

19 Sep 2018 Legal Alert EN

The Newly Published Communique Presents Optional Remedial Measures To Companies In Capital Loss Or In Severe Debt

Introduction Ministry of Trade published “Communiqué on the Rules and Procedures Regarding the Implementation of Article 376 of the Turkish Commercial Code (“Code”)” on 15 September 2018 (hereinafter will be referred to as the “Communiqué”). The purpose of this Communiqué is to set out the remedial measures and the rules and procedures to be followed by joint stock companies, limited liability companies and limited partnership companies divided into shares (hereinafter will collectively be referred to as “Company”) which are i) suffering from capital loss, or ii) are in severe debt. A) Novelties Brought by the Communiqué 1. Remedial Measures in...

Banking and Money Markets

Credit Facilities

19 Sep 2018 Legal Alert EN

Expanding Role of Central Bank of Turkey in Monitoring FX Positions

With the recent amendment, Central Bank of Turkey starts to monitor the foreign currency positions of metropolitan municipalities, municipalities, public economic enterprises and universities. 1. Recent Amendments As previously announced in our legal alerts dated 28 February 2018 and 2 July 2018, Central Bank of Turkey (“CBOT”) published a “Directive on Principles and Procedures Concerning the Monitoring of Transactions Affecting Foreign Currency Position by Central Bank of Turkey” (“Directive”) on 17 February 2018 in the Official Gazette numbered 30335, whereby CBOT has undertaken the role of monitoring the foreign currency (“FX”) positions of the real persons and legal entities other...

Capital Markets

General

19 Sep 2018 Legal Alert EN

Regulatory Update For Rating Agencies

Regulatory burdens on minority legal entity shareholders of rating agencies have been reduced. 1. Recent Amendment On 19 September 2018, Capital Markets Board of Turkey published the Communiqué (Serial VIII, No: 77) Amending the Communiqué on the Principles of Rating Activities and Rating Agencies (Serial VIII, No: 51) (“Amendment Communiqué”) amending the Communiqué on the Principles of Rating Activities and Rating Agencies (Serial VIII, No: 51) (“Communiqué”) which entered into force on the same day. With the Amendment Communiqué; Legal entity shareholders who directly or indirectly own less than ten (10) percent of the rating agencies’ capital, are excluded from...

Commercial and Corporate

General

18 Sep 2018 Legal Alert TR

Yeni Tebliğ Sermaye Kaybı Olan veya Borca Batık Olan Şirketlere İyileştirici Önlemler Öngörüyor

GİRİŞ Türkiye Cumhuriyeti Ticaret Bakanlığı 15 Eylül 2018 tarihinde 6102 sayılı Türk Ticaret Kanunu’nun (“Kanun”) 376’ncı Maddesinin Uygulanmasına İlişkin Usul ve Esaslar Tebliği’ni (“Tebliğ”) yayınlamış olup söz konusu Tebliğ aynı tarihte yürürlüğe girmiştir. Bu Tebliğ’in amacı Kanun’un 376’ncı maddesi kapsamında Türkiye’de kurulmuş olan anonim şirket, limited şirket veya sermayesi paylara bölünmüş komandit şirketin (“Şirket”) sermayesinin kaybı veya borca batık olması durumunda alabileceği önlemleri ve uyması gereken usul ve esasları belirlemektir. A) Tebliğ ile Getirilen Yenilikler 1. Şirketin Sermaye Kaybı Halinde Alınan İyileştirici Önlemler Türkiye’de kurulmuş olan Şirket’in son yıllık bilançosuna göre, sermayesi ve kanuni yedek akçeler toplamının en az 1/2’sinin...

Exchange Regulations

General

13 Sep 2018 Legal Alert EN

Recent Decree Bans Foreign Currency Contracts Between Turkish Residents

This Legal Alert aims to set out the amendments made to the Decree No. 32 on Protection of the Value of Turkish Currency (“Decree”) Presidency of the Republic of Turkey issued a new Presidential Decree (Decree No: 85) in the Official Gazette dated 13 September 2018 and numbered 30534, which brings prohibition to use foreign currencies in contracts between Turkish residents (the “Amendment”). Pursuant to the Amendment, Turkish residents acting as party to below contracts with other Turkish residents are prohibited to use foreign currency (including Turkish Lira indexed to foreign currency) in determining the contractual value and payment liabilities:...

Capital Markets

General

11 Sep 2018 Briefing Note EN

Movables Pledge And Capital Market Instruments Pledge in Turkey

This Briefing Note aims at highlighting the key rules and procedures regarding the establishment of Movables Pledge and Capital Market Instruments Pledge under Turkish Legislation. A. Taking and Enforcing Pledge on Movable Assets General Preamble In the emerging markets, the role of small and medium enterprises (SME) are especially important as they have a major role in boosting the economic growth and in order to enhance the contribution of the SMEs to the economy, Turkish policymakers have supported and keeps supporting the financial growth of the SMEs by way of facilitating their access to the financial sources such as bank...

Banking and Money Markets

Credit Facilities

13 Jul 2018 Legal Alert EN

FX Loan Exemption For Turkish Companies 100% Owned By Foreign Shareholders

This Legal Alert seeks to provide information regarding the recent amendments to the “Circular on Capital Movements of the Central Bank of the Republic of Turkey”. Summary: The Circular on Capital Movements of the Central Bank of the Republic of Turkey (“Circular”) promulgated by Central Bank of Turkey, entered into force on 2 May 2018, replacing its original. The new Circular provided a guidance on the rules of Decree amending the Decree No. 32 on Protection of the Value of Turkish Currency in the Official Gazette dated 25 January 2018 and numbered 30312 (“Amendment Decree”) and provided further clarification regarding...

Commercial and Corporate

General

07 Jul 2018 Legal Alert EN

Foreign Direct Investments In Turkey – “Electronic Notification System” Has Been Established

This Legal Alert seeks to provide information regarding the amendment of “Regulation for Implementation of Foreign Direct Investment Law” and the rules relating to the newly established Electronic Notification System. What is Foreign Direct Investment in Turkey? Foreign Direct Investment in Turkey is regulated by Foreign Direct Investment Law numbered 4875 published in the Official Gazette dated 05/06/2003 (the “Law”), and the Regulation for Implementation of Foreign Direct Investment Law (“Regulation”), published in the Official Gazette dated 20/08/2003 which is more about the implementation of the Law. Under the Law, “foreign direct investment” in Turkey is defined as, Incorporating a...

Banking and Money Markets

General

03 Jul 2018 Legal Alert EN

Communique On The Debt Instruments Included In The Calculation Of Banks’ Total Equity

This Legal Alert seeks to provide information regarding the Communiqué on the Debt Instruments to be included in Calculation of Banks’ Equity. Relying on the Regulation on Equity of Banks (“Regulation”), Banking Regulation and Supervision Agency (“BRSA”) published a communiqué titled Communiqué on the Debt Instruments to be included in Calculation of Banks’ Equity (“Communiqué”) in the Official Gazette dated 7 June 2018. The Regulation basically sets out the rules pertaining to the calculation of Additional Paid-in Capital (ilave ana sermaye) and Secondary Capital (katkı sermaye) of the Banks, as these amounts get accumulated in the calculation of the Banks’...

Exchange Regulations

General

29 Jun 2018 Legal Alert EN

Central Bank Of Turkey Amended Its Articles Of Association For Monitoring FX Currency Positions

This Legal Alert seeks to provide information regarding the amendment made to Central Bank of Turkey’s Articles of Association for the monitoring of real and legal persons’ transactions that would affect their foreign currency positions In parallel with the “Directive on Principles and Procedures Concerning the Monitoring of Transactions Affecting Foreign Currency Position by Central Bank of Turkey” published by the Central Bank of Turkey1 (“Central Bank”), which sets the rules regarding the newly enacted data tracking system, in the Official Gazette dated 23/06/2018, the Central Bank of Turkey published a decree for the amendment of Article 44 of its...

Banking and Money Markets

Credit Facilities

19 Jun 2018 Legal Alert EN

New Foreign Currency Loan Borrowing Rules For Turkish Ordinary Partnerships

This Legal Alert seeks to provide information regarding the recent amendments to the “Circular on Capital Movements of the Central Bank of the Republic of Turkey”. As may have known, the new Circular on Capital Movements of the Central Bank of the Republic of Turkey (“Circular”) promulgated by Central Bank of Turkey, entered into force on 2 May 2018, replacing its original. The new Circular provided a guidance on the rules of Decree amending the Decree No. 32 on Protection of the Value of Turkish Currency in the Official Gazette dated 25 January 2018 and numbered 30312 (“Amendment Decree”) and...

Capital Markets

Equities

12 Jun 2018 Legal Alert EN

Regulatory Updates in Turkish Capital Markets

This Legal Alert seeks to provide information regarding the recent amendments to the “Communiqué on Takeover Bids numbered II-26.1”. Communiqué regarding the Amendment of the Communiqué on Takeover Bids numbered II-26.1.b. (“Amendment Communiqué”) which amends the Communiqué on Takeover Bids numbered II-26.1 (“Communiqué”) has been published in the Official Gazette on June 5, 2018. The Communiqué regulates the procedures and principles relating to voluntary and mandatory takeover bids in publicly held joint stock companies. As per Article 5 of the Communiqué, in case the Management Control of a publicly held joint stock company (“Corporation”) gets acquired by way of its...

Capital Markets

Clearing, Settlement and Custody Debt Securities

09 May 2018 Legal Alert EN

Counterparty System in Debt Securities

This Legal Alert seeks to provide information regarding the recent amendments with regards to the central counterparty system which will be operated in Borsa İstanbul A.Ş. Debt Securities Market. On May 4 and 7, 2018, İstanbul Takas ve Saklama Bankası A.Ş. (Central clearing and settlement house of Turkish capital markets, “Takasbank”) published 3 (three) regulatory letters with numbers respectively as 1429,1430 and 1431 in relation to the central counterparty system which will initiate operating in Borsa İstanbul A.Ş. (Istanbul Stock Exchange, “BIST”) Debt Securities Market in the following weeks. In accordance with the regulatory letter No. 1429, Takasbank announced that...

Capital Markets

Clearing, Settlement and Custody

02 May 2018 Briefing Note EN

Takasbank Acting As Central Counterparty In Turkish Stock Market

This briefing note aims to explain the role of Takasbank acting as the central counterparty (the “CCP”) in the specified markets of Borsa Istanbul A.Ş. (the “BIST”) and guide the investment institutions trading in BIST with respect to CCP membership, collateral and guarantee fund requirements. A) CCP Role of Takasbank İstanbul Takas ve Saklama Bankası A.Ş. (the “Takasbank”), the central clearing and settlement house in Turkey, also provides CCP services for specific BIST markets which are designated by Capital Markets Board of Turkey (the “CMB"). As part of the CCP practice, Takasbank operates through the open offer method in which...

Capital Markets

Investment Funds Venture Capital

02 Mar 2018 Legal Alert EN

Regulatory Updates in Turkish Capital Markets

This Legal Alert seeks to provide information regarding the recent amendments to the “Guide to Investment Funds”, “Guide to Retirement Investment Funds”, “Communiqué on Principles of Venture Capital and Private Equity Investment Companies No. III-48.3” and “Communiqué on Principles of Venture Capital Investment Funds No. III-52.4”. On March 1, 2018, Capital Markets Board (“CMB”) published its weekly Bulletin which comprises of 4 (four) decisions that have amended certain rules and principles regarding investment funds, retirement investment funds, venture capital investment funds and venture capital companies. We may categorize the amendments below under 3 (three) subtitles according to the abovementioned decisions....

Banking and Money Markets

Credit Facilities

27 Feb 2018 Legal Alert EN

New System for Monitoring Foreign Currency Positions of Turkish Companies

This Legal Alert seeks to provide information regarding the new data tracking system introduced by Central Bank of Turkey for monitoring the transactions of companies affecting their foreign currency position. On February 17, 2018, Central Bank of Turkey (“CBOT”) published “Directive on Principles and Procedures Concerning the Monitoring of Transactions Affecting Foreign Currency Position by Central Bank of Turkey” (“Directive”) in the Official Gazette numbered 30335, taking effect as from the date it is published. New data tracking system and the set of rules introduced with the Directive are as stated below: CBOT introduced a new system titled Systemic Risk...

Capital Markets

Equities

21 Feb 2018 Legal Alert EN

Regulatory Updates in Turkish Capital Markets

This Legal Alert seeks to provide information regarding the recent amendment to the Equity Communiqué numbered VII-128.1 (“Equity Communiqué”). On February 13, 2018, Capital Markets Board (“Board”) published a Communiqué numbered VII-128.1.ç for the annulment of Article 12/Sub-Paragraph (7) and of Article 27 of Equity Communiqué, taking effect as from the date it has been published in the Official Gazette. The recent amendments to the Equity Communiqué are as follows: Article 12/7 of the Equity Communiqué that is granting sell-out rights to shareholders in case the shares of a public company are offered to public via capital increase and where...

Capital Markets

General

21 Feb 2018 Legal Alert EN

Regulatory Updates in Turkish Capital Markets

This Legal Alert seeks to provide information regarding the recent amendment to the Communiqué on Material Events Disclosure numbered II-15.1 (“Communiqué on Material Events Disclosure”). On February 13, 2018, Capital Markets Board (“Board”) published a Communiqué numbered II-15.1.b for inserting an additional Sub-Paragraph (d) under Article 12 of the Communiqué on Material Events Disclosure, taking effect as from the date it has been published in the Official Gazette. The recent amendment to the Communiqué on Material Events Disclosure is as follows: Sub-paragraph (d) has been added under Article 12 of the Communiqué on Material Events Disclosure and as a result,...

Capital Markets

Equities

07 Feb 2018 Legal Alert EN

Recent Amendment to Initial Public Offering of Non-Public Companies

This legal alert seeks to provide information regarding the recent amendment to Initial Public Offering of Non-Public Companies under the Equity Communiqué No. VII-128.1 On January 26, 2018, Capital Markets Board (“Board”) published a Communiqué numbered VII-128.1.c for the amendment of Article 5/2 of Equity Communiqué numbered VII-128.1 (“Amendment Communiqué”), taking effect as from the date it is published in the Official Gazette. In the previous version of Article 5/2 of Equity Communiqué, it was stipulated that companies - save for investment partnerships (yatırım ortaklıkları) – whose shares will be offered to public or traded in the stock exchange for...

Banking and Money Markets

Credit Facilities

26 Jan 2018 Legal Alert EN

Recent Amendments on Decree No. 32 and the Communiqué Regarding Decree No. 32

This legal alert aims to introduce the recent amendments on Decree No. 32 and Communiqué regarding Decree No. 32 adopted by the Council of Ministers and Undersecretariat of Treasury of Republic of Turkey. In the Official Gazette dated 25 January 2018 and numbered 30312, amendments to two regulations on protection of the value of Turkish currency have been published: (i) Decree Amending Decree No. 32 on Protection of the Value of Turkish Currency (“Amendment Decree”) and (ii) Communiqué No. 2018-32/46 Amending the Communiqué No. 2008-32/34 regarding the Decree No. 32 on Protection of the Value of Turkish Currency (“Amendment Communiqué”)....

Banking and Money Markets

Credit Facilities

24 Jan 2018 Briefing Note EN

Extension of Loans from Abroad

This Briefing Note seeks to guide the residents of Turkey who provide foreign currency loans from foreign financial institutions and summarizes the major principle and exception as well as the restrictions applicable under Turkish legislation including taxation rules with respect to extension of foreign currency loans from abroad. For the purposes of protecting the value of Turkish currency and regulating capital movements arising from foreign lending, Turkish lawmakers have introduced certain rules and restrictions to Turkish residents. I. Legal Framework Surrounding the Extension of Loans from Abroad The need to extend loan from abroad, either directly or through the intermediation...

Capital Markets

General

09 Jan 2018 Legal Alert EN

Communiqués Recently Published by Capital Markets Board on Information Systems Management and Independent Audit of Information Systems

This legal alert seeks to outline the rules and principles regarding information systems management and independent audit of information systems according to the Communiqués recently published by Capital Markets Board of Turkey. On January 5, 2018, Capital Markets Board (“Board”) published 2 (two) new communiqués; (i) Communiqué on Information Systems Management numbered VII-128.9 (“Communiqué numbered VII-128.9”) and (ii) Communiqué on Independent Audit of Information Systems numbered III-62.2 (“Communiqué numbered III-62.2”), which have entered into force on the day they have been published in the Official Gazette. Communiqué numbered VII-128.9 sets forth the rules, policies and procedures regarding the management, security,...

Capital Markets

Clearing, Settlement and Custody Investment Institutions

15 Dec 2017 Legal Alert EN

Recent General Letter Issued By Central Registry Agency In Turkey Concerning Foreign Custodians Receive Statement of Holdings of Their Clients

This legal alert aims to set out the terms of General Letter No. 808 released by Central Registry Agency in Turkey on December 12, 2017 regarding “SWIFT Balance Notification” to be disclosed to foreign custodians. On December 7, 2017, we have released our legal alert “Recent Amendment Enabling Foreign Custodians Receive Statement of Holdings of Their Clients Registered At Central Registry Agency in Turkey” (our Legal Alert of December 7, 2017 can be accessed from here), concerning the amendment adopted by Capital Markets Board of Turkey on the Communiqué on Principles Regarding Record Keeping of Dematerialized Capital Markets Instruments numbered...

Banking and Money Markets

Credit Facilities

12 Dec 2017 Legal Alert EN

Amendment in Two Directives Concerning Vehicle Loan Thresholds

This legal alert aims to set forth the new thresholds revised by Banking Regulation and Supervision Agency (“BRSA”) dated December 12, 2017 with regards to the loan extension thresholds applicable for vehicle loans, vehicle collateralized loans and financial lease of vehicles to be extended to consumers. BRSA issued two new directives published in the Official Gazette numbered 30268 and dated December 12, 2017 which are respectively; (i) Directive Amending Directive on the Loan Operations of Banks and (ii) Directive Amending Directive on Principles for Establishment and Operations of Financial Leasing, Factoring and Financing Companies (“Amendment Directives”). These Amendment Directives will...

Capital Markets

Clearing, Settlement and Custody Investment Institutions

06 Dec 2017 Legal Alert EN

Recent Amendment Enabling Foreign Custodians Receive Statement of Holdings of their Clients Registered at Central Registry Agency in Turkey

This legal alert aims to set forth the amendment of Capital Markets Board of Turkey on the Communiqué on Principles Regarding Record Keeping of Dematerialized Capital Markets Instruments numbered II-13.1. Capital Markets Board of Turkey (“CMB”) has adopted a new Communiqué Amending Communiqué No. II-13.1 published in the Official Gazette numbered 30255 and dated November 29, 2017 (“Amendment Communiqué”). With this Amendment Communiqué; I. CMB enabled the foreign custody institutions to obtain the statement of holdings of their clients, as beneficial owners, who are resident abroad and to whom such foreign custody institution provides custody service abroad (“Client”), from Central...

Capital Markets

General

05 Dec 2017 Legal Alert EN

Recent Amendments on Sales Periods and Allocations in Public Offering of Capital Market Instruments

This legal alert aims to set forth the amendment of Capital Markets Board of Turkey on the Communiqué on Sales of Capital Market Instruments numbered II-5.2. Capital Markets Board of Turkey (“CMB”) has adopted a new Communiqué Amending Communiqué No. II-5.2 published in the Official Gazette numbered 30257 and dated December 1, 2017 (“Amendment Communiqué”) that brings recent amendments with regards to the sales periods and the allocation percentages of capital market instruments to be offered to public through allocation among investor groups whose specifications are determined under the prospectus. Sales Periods: The Amendment Communiqué introduces a new principle whereby...

Capital Markets

General

30 Nov 2017 Legal Alert EN

Multiple Changes Regarding Real Estate Certificates

This legal alert aims to set forth the amendments of Capital Markets Board of Turkey dated November 29, 2017 on the Communiqué on Real Estate Certificates numbered VII-128.2. Capital Markets Board of Turkey (“CMB”) has adopted a new Communiqué Amending Communiqué No. 128.1 published in the Official Gazette numbered 30255 and dated November 29, 2017 (“Amendment Communiqué”) that brings multiple changes in different elements of real estate certificate issuances. The amendments are mostly concerning the issuance principles, which include the following aspects: A quality standard has been set for the individual sections in buildings which are subject to real estate...

Capital Markets

Clearing, Settlement and Custody Investment Institutions

07 Nov 2017 Legal Alert EN

Regulatory Updates in Turkish Capital Markets

This legal alert provides a brief overview of the changes which were adapted by İstanbul Takas ve Saklama Bankası A.Ş. (“Takasbank”) and Turkish Capital Markets Association (“TCMA”) recently, on November 1 and 2, 2017. Firstly, TCMA published its Circular No: 39 through its letter dated November 1, 2017 and numbered 2017/1763, amending the Circular on the Principles Regarding the Experts Carrying Out Activities for Grading and Ranking of Collective Investment Schemes. This Circular brings forth new rules for the following matters: Experts carrying out the grading and ranking of collective investment schemes, are required to obtain either the Credit Rating...

Capital Markets

Derivatives and Structured Products

23 Oct 2017 Legal Alert EN

Capital Markets Board adopts new rules improving the collateral controls for leveraged transactions to the benefit of investors

This legal alert aims to set forth the amendment of Capital Markets Board of Turkey (“CMB”) dated October 20, 2017 on the Communiqué on Principles Regarding Investment Services, Activities and Ancillary Services numbered III-37.1 CMB has adopted a new Communiqué Amending Communiqué No. III-37.1 published in the Official Gazette numbered 30216 and dated October 20, 2017 (“Amendment Communiqué”) that sets forth new rules which focuses primarily on collateral control, monitoring and reporting requirements of intermediary institutions engaging into leveraged transactions. The Amendment Communiqué, which will enter into force in December 25, 2017, clearly defined Istanbul Settlement and Custody Bank (“Takasbank”)...

Capital Markets

Clearing, Settlement and Custody

19 Oct 2017 Legal Alert EN

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...

Capital Markets

Clearing, Settlement and Custody

11 Oct 2017 Briefing Note EN

How does Custody System Operate in Turkish Capital Market?

This Briefing Note seeks to set forth the operation of custody system in Turkey by putting the lens on categories of custody service, licensing requirements, segregation of accounts principle, books and records and local securities depository institutions in accordance with applicable legislation in Turkey. I. Categorisation of Custody Services and Licensing Local financial institutions incorporated in Turkey and licensed by the Capital Markets Board of Turkey (the “CMB”) may offer custody service to corporate or non-corporate investors for custody of their financial assets and to individuals and collective investment schemes for custody of their portfolio assets. In essence, Capital Markets...

Capital Markets

General

26 Sep 2017 Legal Alert EN

Istanbul Stock Exchange Introduced “Volatility Based Measures System” to the Equity Market

This legal alert aims to set forth the Announcement of Istanbul Stock Exchange (‘Borsa Istanbul’) on Volatility Based Measures System concerning the stocks being traded in the Equity Market. On September 22, 2017, Borsa Istanbul announced via Public Disclosure Platform (‘KAP’) that a new measures system has been developed with regard to the highly volatile stocks traded in the Equity Market which will enter into force on September 25, 2017. The main purpose of this new measures system is to ensure that the stock transactions are executed in a fair and reliable market atmosphere and the investors are protected from...

Capital Markets

Investment Institutions

22 Sep 2017 Briefing Note EN

Foreign Financial Institutions Entry in Turkish Capital Market

This briefing note lays out the methods for foreign financial institutions on how to enter into Turkish capital market by staying within its legal boundaries. I. Solicitation for Financial Products and Services in Turkey Decree No. 32 regarding Protection of the Value of Turkish Currency (“Decree”) which was published in the Official Gazette by Council of Ministers dated 11 August 1989 and numbered 20249, is the main piece of legislation that sets forth the regulatory and restrictive principles for all the operations relating to foreign exchange and movement of foreign capital and securities in Turkey. The Decree allows Turkish residents...

Capital Markets

Derivatives and Structured Products

18 Aug 2017 Legal Alert EN

Capital Markets Board Re-Declares Binary Options out of its Jurisdiction

This Legal Alert aims to set forth the re-statement of Capital Markets Board of Turkey that binary options transactions are out of its jurisdiction and regulation. On August 11, 2017, Capital Markets Board of Turkey (the “CMB”) announced via its bulletin that binary options and other transactions having similar nature are not within the jurisdiction of CMB and in this respect, binary options trading is not considered as a capital market activity as envisaged under the Capital Markets Law numbered 6362. This declaration is, in fact, was restated in CMB’s earlier decision on February 19, 2015, wherein it was stated...

Banking and Money Markets

General

14 Aug 2017 Legal Alert EN

New Regulation on Sale of Frozen Receivables of State-Owned Banks to Asset Management Companies

This Legal Alert aims to set forth the principles brought by the regulation issued by Banking Regulation and Supervision Agency concerning the sale of frozen receivables of state-owned banks and their financial subsidiaries to asset management companies. On August 11, 2017, Banking Regulation and Supervision Agency (“BRSA”) issued a new regulation named as “Regulation on Selling of Receivables of State-owned Banks and Financial Subsidiaries of such Banks to Asset Management Companies (the “Regulation”)” that took effect on its publication date. This Regulation allowed the state-owned banks and their financial subsidiaries to sell their receivables to the asset management companies incorporated...

Capital Markets

Derivatives and Structured Products

11 Aug 2017 Legal Alert EN

New Currency Pairs in Futures and Options Market (VIOP)

This Legal Alert aims to set forth the amendment on Implementing Procedures and Principles of Futures and Options Market (VIOP) in relation to the new currency pairs to be traded in the VIOP market. On 8 August 2017, Istanbul Stock Exchange (Borsa Istanbul) issued the amendment in Implementing Procedures and Principles of Futures and Options Market (VIOP) numbered 2017/59 (the “Amendment”). Through the Amendment, Borsa Istanbul allows trading of two more new currencies, Chinese Yuan and Russian Ruble, in the VIOP market in the pairs of CNY/TRY and RUB/TRY. This will enable hedging of foreign currency exposures of the import/export...

Capital Markets

Derivatives and Structured Products

05 Jul 2017 Legal Alert EN

Recent Amendments in Decree No. 32 in relation to Leveraged Transactions

This legal alert aims to summarize the recent amendments made in Decree No: 32 in relation to the leveraged (i.e. FOREX) transactions to be conducted by Turkish residents. As per the amendment to the Decree No. 32 regarding Protection of the Value of the Turkish Currency (“Decree”) that was published in the Official Gazette dated 3 July 2017 and numbered 30113, certain provisions of the Decree, particularly provisions relevant with leveraged transactions, were amended. The provision prescribed under the ninth paragraph of Article 6 of the Decree that authorizes the Turkish Central Bank (“TCB”) to regulate forward buying and selling...

Commercial and Corporate

General

25 May 2017 Briefing Note EN

Doing Business in Turkey: Establishment of Companies by Foreign Real Persons and Entities

This briefing note provides brief descriptions as to the types of corporations – namely, joint-stock company (“JSC” anonim şirket), limited liability company (“LLC” limited şirket), liaison office (“LO” irtibat bürosu) and branch office (“BO” şube) – and summarizes the basic differences of each in accordance with the applicable Turkish legislation to be considered through the eyes of foreign investors. Under applicable Turkish legislation, foreign real persons and entities are allowed to incorporate JSCs or LLCs as shareholders of such companies and open LOs and BOs to pursue their scope of business within the limits envisaged by law. I. Presence of...

Capital Markets

Investment Funds

24 May 2017 Briefing Note EN

Doing Business in Turkey: Sale of Foreign Investment Funds in Turkish Market

This briefing note aims to summarize the procedures and requirements for the sale of foreign mutual fund units in Turkish capital markets based on the primary legislation regulating this subject, the Communiqué on Foreign Capital Market Instruments and Depositary Receipts and Foreign Investment Funds VII-128.4 (“Communiqué”), published by the Capital Markets Board of Turkey (“CMB”) in the Official Gazette dated 23.10.2013 and numbered 28800. The Communiqué referenced hereinabove envisages several prerequisites to the sale of foreign investment funds (“FIF”) and their units in Turkey. Among these, the minimum requirements are that the agreement must be signed by and between the...

Capital Markets

General

24 May 2017 Briefing Note EN

Turkish Capital Markets Attract Foreign Investors

This briefing note aims to guide foreign investors who carry the intention to engage in capital market activities in Turkey and to summarize the types of investment services and activities in Turkish capital markets and disclosure requirements of foreign investors based on the main piece of legislation regulating this subject, Capital Markets Law No. 6362 (“CML”) and Communiqué on Investment Services and Activities and Ancillary Services No. III-37.1 (“Investment Services Communiqué”), published by the Capital Markets Board of Turkey (“CMB”). Foreign investors, whether actual persons or legal entities with residence abroad, are permitted to freely purchase and sell various forms...

Capital Markets

Derivatives and Structured Products

05 May 2017 Briefing Note EN

Warrants: High-Return Securities

This briefing note aims to summarize the legal framework of the warrants including its filing and trading process in Borsa Istanbul A.Ş. and taxation principles based on the main piece of legislation regulating this subject, Communiqué on Warrants and Investment Institution Certificates, numbered VII-128.3 (the “Warrant Communiqué”); and the Communiqué on Foreign Capital Markets Instruments, Depository Certificates and Foreign Investment Fund Shares, numbered VII-128.4 (the “Foreign Instruments Communiqué”), published by the Capital Markets Board of Turkey (“CMB”). Warrants are capital markets instruments that give the holder the right, but not any obligation, to buy (call warrant) or sell (put warrant)...

Capital Markets

General

20 Jan 2026 Law EN

Capital Markets Law (No. 6362)

The Law is the framework legislation that contains regulations regarding capital market instruments, issuance and public offering transactions, capital market activities and institutions, stock exchanges and other organized markets, central clearing institutions, central depository institutions, and the Capital Markets Board.

Capital Markets

General

20 Jan 2026 Law TR

Sermaye Piyasası Kanunu (No. 6362)

Sermaye piyasası araçları, ihraç ve halka arz işlemleri, sermaye piyasası faaliyetleri ve kurumları, borsalar ile diğer teşkilatlanmış piyasalar, merkezi takas kuruluşları, merkezi saklama kuruluşları ve Sermaye Piyasası Kurulu’na ilişkin düzenlemeler içeren çerçeve kanundur.

Banking and Money Markets

General

14 Jan 2025 Law EN

Banking Law (No. 5411)

The Law is the framework legislation that contains regulations regarding deposit banks, participation banks, development and investment banks established in Türkiye, the Turkish branches of such institutions established abroad, financial holding companies, and the Banking Regulation and Supervision Agency.

Banking and Money Markets

General

14 Jan 2025 Law TR

Bankacılık Kanunu (No. 5411)

Türkiye'de kurulu mevduat bankaları, katılım bankaları, kalkınma ve yatırım bankaları, yurt dışında kurulu bu nitelikteki kuruluşların Türkiye'deki şubeleri, finansal holding şirketleri ve Bankacılık Düzenleme ve Denetleme Kurumu’na ilişkin düzenlemeler içeren çerçeve kanundur.

Banking and Money Markets

General

07 Feb 2023 Law EN

Financial Leasing, Factoring, Financing and Saving Finance Companies Law (No. 6361)

The Law is the framework legislation that contains regulations regarding the establishment, activities, and contractual principles of financial leasing, factoring, financing, and savings financing companies, and the powers of the Banking Regulation and Supervision Agency.

Banking and Money Markets

General

07 Feb 2023 Law TR

Finansal Kiralama, Faktoring, Finansman ve Tasarruf Finansman Şirketleri Kanunu (No. 6361)

Finansal kiralama, faktöring, finansman ve tasarruf finansman şirketlerinin kuruluşu, faaliyetleri ve sözleşme esasları ile Bankacılık Düzenleme ve Denetleme Kurumu’nun yetkilerine ilişkin düzenlemeler içeren çerçeve kanundur.

Commercial and Corporate

General

25 Mar 2020 Law EN

Foreign Direct Investment Law (No. 4875)

The Law is the framework legislation that regulates the fundamental principles regarding foreign direct investments and the authority of the Ministry of Treasury and Finance to determine policies on foreign direct investments.

Commercial and Corporate

General

25 Mar 2020 Law TR

Doğrudan Yabancı Yatırımlar Kanunu (No. 4875)

Doğrudan yabancı yatırımlara ilişkin temel esaslar ile Hazine ve Maliye Bakanlığı’nın doğrudan yabancı yatırımlara ilişkin politika belirleme yetkisini düzenleyen çerçeve kanundur.

Exchange Regulations

General

23 Aug 2025 Decree EN

Decree No. 32 on the Protection of the Value of Turkish Currency

The Decree sets out the principles regarding foreign exchange and capital movements, loans, import and export transactions, transactions relating to precious metals, stones and goods, and the import, export, possession and administration of documents representing Turkish currency and foreign currency.

Exchange Regulations

General

23 Aug 2025 Decree TR

Türk Parası Kıymetini Koruma Hakkında 32 Sayılı Karar

Karar ile döviz ve sermaye hareketlerine, kredilere, ithalat ve ihracata, kıymetli maden, taş ve eşyalara ilişkin işlemlere ve Türk parası ile dövizi temsil eden belgelerin ithali, ihracı, tasarrufu ve idaresine ilişkin esaslar düzenlenmiştir.

Capital Markets

General

20 Jan 2026 Communiqué EN

Communiqué on Material Events (II-15.1)

The Communiqué sets out the principles regarding the disclosure of material information, events, news, and developments that may affect investors’ decisions through the Public Disclosure Platform or corporate websites.

Capital Markets

General

20 Jan 2026 Communiqué TR

Özel Durumlar Tebliği (II-15.1)

Tebliğ ile yatırımcıların kararlarını etkileyebilecek önemli bilgi, olay, haber ve gelişmelerin Kamuyu Aydınlatma Platformu veya kurumsal internet siteleri üzerinden açıklanmasına ilişkin esaslar düzenlenmiştir.

Capital Markets

General

06 Oct 2020 Communiqué EN

Communiqué on Corporate Governance (II-17.1)

The Communiqué regulates the corporate governance principles that publicly held companies are required to comply with, and the procedures and principles governing related party transactions.

Capital Markets

General

06 Oct 2020 Communiqué TR

Kurumsal Yönetim Tebliği (II-17.1)

Tebliğ ile halka açık ortaklıkların uyması gereken kurumsal yönetim ilkeleri ile ilişkili taraf işlemlerine ilişkin usul ve esaslar düzenlenmiştir.

Capital Markets

Equities

09 Nov 2020 Communiqué EN

Communiqué on Significant Transactions and the Retirement Right (II-23.3)

The Communiqué regulates the rules regarding significant transactions of companies, the procedures and principles to be followed in such transactions, and the exercise of shareholders’ exit rights.

Capital Markets

Equities

09 Nov 2020 Communiqué TR

Önemli Nitelikteki İşlemler ve Ayrılma Hakkı Tebliği (II-23.3)

Tebliğ ile ortaklıkların önemli nitelikteki işlemlerine, bu işlemlerde uyulacak usul ve esaslara ve pay sahiplerinin ayrılma hakkının kullanımına ilişkin kurallar düzenlenmiştir.

Capital Markets

Equities

22 Feb 2023 Communiqué EN

Communiqué on Takeover Bids (II-26.1)

The Communiqué regulates the procedures and principles to be applied in voluntary or mandatory share purchase offers in publicly traded companies.

Capital Markets

Equities

22 Feb 2023 Communiqué TR

Pay Alım Teklifi Tebliği (II-26.1)

Tebliğ ile halka açık ortaklıklarda gönüllü veya zorunlu pay alım tekliflerinde uygulanacak usul ve esaslar düzenlenmiştir.

Capital Markets

General

12 Mar 2020 Communiqué EN

Communiqué on Voting by Proxy and Proxy Solicitation (II-30.1)

The Communiqué regulates the principles regarding proxy voting at the general assemblies of publicly held companies, the collection of proxies from shareholders, and arrangements concerning voting agreements.

Capital Markets

General

12 Mar 2020 Communiqué TR

Vekaleten Oy Kullanılması ve Çağrı Yoluyla Vekalet Toplanması Tebliği (II-30.1)

Tebliğ ile halka açık ortaklıkların genel kurullarında vekaleten oy kullanılması, pay sahiplerinden vekalet toplanması ve oy sözleşmelerine ilişkin esaslar düzenlenmiştir.

Capital Markets

Investment Institutions

08 Feb 2023 Communiqué EN

Communiqué on Principles Regarding Investment Services, Activities and Ancilliary Services (III-37.1)

The Communiqué regulates the licensing of investment firms and the principles and rules to be followed in the conduct of investment services and activities.

Capital Markets

Investment Institutions

08 Feb 2023 Communiqué TR

Yatırım Hizmetleri ve Faaliyetleri ile Yan Hizmetlere İlişkin Esaslar Hakkında Tebliğ (III-37.1)

Tebliğ ile yatırım kuruluşlarının faaliyet izinleri ile yatırım hizmet ve faaliyetlerinin yürütülmesinde uyulması gereken ilke ve esaslar düzenlenmiştir.

Capital Markets

General

20 Jan 2026 Communiqué EN

Communiqué on Principles of Real Estate Investment Companies (III-48.1)

The Communiqué regulates the principles governing the establishment, activities, share issuance and management of real estate investment companies, as well as the rules on public disclosure, profit distribution and portfolio limitations.

Capital Markets

General

20 Jan 2026 Communiqué TR

Gayrimenkul Yatırım Ortaklıklarına İlişkin Esaslar Tebliği (III-48.1)

Tebliğ ile gayrimenkul yatırım ortaklıklarının kuruluşu, faaliyetleri, pay ihracı ve yönetimine ilişkin esaslar ile kamuyu aydınlatma, kâr dağıtımı ve portföy sınırlamalarına dair kurallar düzenlenmiştir.

Capital Markets

Investment Funds

23 May 2024 Communiqué EN

Communiqué on Investment Funds (III-52.1)

The Communiqué regulates the principles governing the establishment and activities of investment funds, the issuance of participation shares, and public disclosure.

Capital Markets

Investment Funds

23 May 2024 Communiqué TR

Yatırım Fonlarına İlişkin Esaslar Tebliği (III-52.1)

Tebliğ ile yatırım fonlarının kuruluşu, faaliyetleri, katılma paylarının ihracı ve kamunun aydınlatılmasına ilişkin esaslar düzenlenmiştir.

Capital Markets

Investment Funds

20 Jan 2026 Communiqué EN

Communiqué on Real Estate Investment Funds (III-52.3)

The Communiqué regulates the procedures and principles governing the establishment and activities of real estate investment funds, the issuance and sale of participation shares, and the liquidation and termination of such funds.

Capital Markets

Investment Funds

20 Jan 2026 Communiqué TR

Gayrimenkul Yatırım Fonlarına İlişkin Esaslar Tebliği (III-52.3)

Tebliğ ile gayrimenkul yatırım fonlarının kuruluşu, faaliyetleri, katılma paylarının ihracı ve satışı ile fonların tasfiye ve sona ermelerine ilişkin usul ve esaslar düzenlenmiştir.

Capital Markets

Portfolio Management Services

20 Jan 2026 Communiqué EN

Communiqué on Portfolio Management Companies and Activities of Such Companies (III-55.1)

The Communiqué sets out the principles regarding the establishment and operations of portfolio management companies and the rules they must comply with in the course of their activities.

Capital Markets

Portfolio Management Services

20 Jan 2026 Communiqué TR

Portföy Yönetim Şirketleri ve Bu Şirketlerin Faaliyetlerine İlişkin Esaslar Tebliği (III-55.1)

Tebliğ ile portföy yönetim şirketlerinin kuruluşu, faaliyetleri ve faaliyetleri esnasında uymaları gereken esaslar düzenlenmiştir.

Capital Markets

Debt Securities

12 Mar 2020 Communiqué EN

Communiqué on Lease Certificates (III-61.1)

The Communiqué regulates the characteristics and issuance principles of lease certificates, as well as the rules governing the establishment, activities and liquidation of asset leasing companies.

Capital Markets

Debt Securities

12 Mar 2020 Communiqué TR

Kira Sertifikaları Tebliği (III-61.1)

Tebliğ ile kira sertifikalarının nitelikleri ve ihracına ilişkin esaslar ile varlık kiralama şirketlerinin kuruluşu, faaliyetleri ve tasfiyesine dair kurallar düzenlenmiştir.

Capital Markets

General

12 Mar 2020 Communiqué EN

Communiqué on Market Abuse (VI-104.1)

The Communiqué regulates acts that may undermine the secure and stable functioning of the stock exchange and other markets and that cannot be justified on economic or financial grounds and sets out the sanctions applicable to such acts.

Capital Markets

General

12 Mar 2020 Communiqué TR

Piyasa Bozucu Eylemler Tebliği (VI-104.1)

Tebliğ ile borsa ve diğer piyasaların güvenli ve istikrarlı işleyişini bozabilecek, ekonomik veya finansal gerekçeyle açıklanamayan eylemler tanımlanmış ve bu eylemlere uygulanacak yaptırımlar düzenlenmiştir.

Capital Markets

Equities

20 Jan 2026 Communiqué EN

Communiqué on Shares (VII-128.1)

The Communiqué regulates the procedures and principles governing the issuance of shares and share-like securities under the Capital Markets Law.

Capital Markets

Equities

20 Jan 2026 Communiqué TR

Pay Tebliği (VII-128.1)

Tebliğ ile paylar ve pay benzeri menkul kıymetlerin Sermaye Piyasası Kanunu kapsamında ihracına ilişkin usul ve esaslar düzenlenmiştir.

Capital Markets

Derivatives and Structured Products

12 Mar 2020 Communiqué EN

Communiqué on Warrants and Certificates (VII-128.3)

The Communiqué regulates the rules governing the issuance, characteristics and trading principles of warrants and certificates to be traded on the stock exchange, including partnership warrants.

Capital Markets

Derivatives and Structured Products

12 Mar 2020 Communiqué TR

Varantlar ve Yatırım Kuruluşu Sertifikaları Tebliği (VII-128.3)

Tebliğ ile borsada işlem görecek varant ve sertifikalar ile ortaklık varantlarının ihracına, niteliklerine ve alım satım esaslarına ilişkin kurallar düzenlenmiştir.

Capital Markets

General

20 Jan 2026 Communiqué EN

Communiqué on Foreign Capital Market Instruments and Depositary Receipts and Foreign Investment Funds (VII-128.4)

The Communiqué regulates the principles governing the issuance of foreign capital market instruments and depository receipts, as well as the sale of these instruments and foreign investment fund units in Türkiye, whether through a public offering or without a public offering.

Capital Markets

General

20 Jan 2026 Communiqué TR

Yabancı Sermaye Piyasası Araçları ve Depo Sertifikaları ile Yabancı Yatırım Fonu Payları Tebliği (VII-128.4)

Tebliğ ile yabancı sermaye piyasası araçlarının ve depo sertifikalarının ihracı ile bunların ve yabancı yatırım fonu paylarının Türkiye’de halka arz edilerek veya edilmeksizin satışına ilişkin esaslar düzenlenmiştir.

Capital Markets

Debt Securities

02 Oct 2020 Communiqué EN

Communiqué on Debt Securities (VII-128.8)

The Communiqué regulates the characteristics of debt instruments such as bonds, commercial papers, precious metal notes, and convertible or exchangeable bonds, and the principles to be followed in their issuance.

Capital Markets

Debt Securities

02 Oct 2020 Communiqué TR

Borçlanma Araçları Tebliği (VII-128.8)

Tebliğ ile tahvil, finansman bonosu, kıymetli maden bonoları ile paya dönüştürülebilir veya değiştirilebilir tahvil gibi borçlanma araçlarının nitelikleri ve bu araçların ihraçlarında uyulacak esaslar düzenlenmiştir.