e-book2013

Provisions Introduced by the New Capital Markets Law

Att. Nilay Celebi

The Capital Markets Law No. 6362, which was accepted on 06

December 2012 (“Law”), was published in the Official Gazette dated 30

December 2012 and entered into force on the date of publication. The

Capital Markets Law No. 2499 was abrogated with the entry into force of

the Law. The Law foresees that the secondary legislation under this Law

shall be enacted within one year as of the date of publication of the law on

the Official Gazette (i.e. until 30 December 2013), and the provisions of

the current secondary legislation which do not contravene the Law shall

continue to be in force until the issuance of the new legislation.

Issuance of Capital Markets Instruments

Capital Markets Board of Turkey (“CMB”) shall grant its approval

for the issuance of capital markets instruments. CMB only approves the

prospectus or relevant issuance document and with the new Law the

registration of shares or securities by the CMB is no longer necessary. In

accordance with Article 6 of the Law, CMB shall decide whether or not

to approve the prospectus application within 10 business days and the

relevant persons shall be notified. During the initial public offering, the

prospectus review period is 20 business days. The approved prospectus

shall be published in compliance with the principles determined by the

CMB; registration with the trade registry and publication in the Turkish

Trade Registry Gazette (“TTRG”) is not required. However, the place

where the prospectus is published shall be registered with the trade

registry and published in the TTRG. Pursuant to Article 7 of the Law, the

prospectus may be published before the approval in accordance with the

principles determined by the CMB.

Article of March 2013