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CAPITAL MARKETS LAW
105
Requirement to Use Intermediary Institution
The sale of the debt securities offered to the public and the payment
of principal, interest and similar obligations must be conducted through
intermediary institutions (banks and brokerage houses).
Prospectus, Registration and Announcement
A prospectus must include any information that may impact the
decisions of the investors, including but not limited to the financial status
of the issuer, risks, and information required by law and by the CMB.
Following the registration of the debt securities to be sold by way of a
public offering with CMB, the approved prospectus must be registered
with the trade registry where the issuer is registered and published in
the Turkish Trade Registry Gazette (“TTRG”) within fifteen (15) days
from the date of the registration document. Such registration in the trade
registry and announcement of the prospectus must also be announced on
the issuer’s web site and Public Disclosure Platform.
Sale Period and Commencement Date of Maturity
The sale period of the debt securities to be offered to the public cannot
be less than two (2) business days and not more than six (6) business
days. However, the bank bonds to be offered to the public can be sold
during the maturity period of the bonds. The CMB may, at its discretion,
extend the sale period for such debt securities with reasonable grounds.
The day on which the debt securities are deposited to the investors
account will be deemed the commencement date of the maturity.
Notification to the CMB of Results of the Sale
The intermediary institution or the issuer will, within six (6) business
days from the last date of the sale period of the debt securities, submit to
the CMB (i) the TTRG where the prospectus was announced; copies of
any gazette where the circular was announced (if any); written publishing
instruments where the commercials were announced; the details of the
buyers of such debt securities; the amount of their purchase; documents
showing their capital, administrative and commercial relationship with