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CAPITAL MARKETS LAW
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The application for the registration with the CMB must be made
within one (1) year starting from the date of such corporate decision.
Please note that debt securities registered with the CMB can be sold in a
different maturity structure and with a different interest ratio within this
one (1) year period.
If the sale of debt securities which are already registered is cancelled,
this matter must promptly be notified to the CMB. The debt securities
which are discarded for sale or which are not sold, can be offered
for sale by obtaining a CMB opinion within one (1) year from the
registration.
Application to CMB for registration
An application for the registration of debt securities with the CMB
must be made to the CMB with relevant documents. An application
concerning whether the debt securities to be offered to the public can be
traded in the relevant market of the stock exchange is required to be made
to the Istanbul Stock Exchange.
A prospectus and a circular must be prepared if the debt securities
will be sold by way of a public offering.
The CMB reviews and finalizes the applications made with respect
to the registration of the debt securities. A registration document
must be prepared with respect to the registered debt securities, and the
issuance and sale operations cannot be made without such a registration
document.
The CMB may, at its discretion, request from the issuer that the
liabilities arising from the debt securities be guaranteed by a local bank
or a third party.
Types of Debt Securities
Debt securities may be sold by way of a public offering or by a private
placement without a public offering. The type of the debt securities to be
registered, bearer instruments, or promissory notes must be stated in the
prospectus and the circular.