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NEWSLETTER 2013
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by the CMB. This call must be made at least 3 weeks before the date of
the meeting, excluding the date of publication and date of the meeting.
Moreover, pursuant to Article 29 of the Law, upon request of the CMB,
matters may be added to the agenda of the general assembly meeting
and the principle of commitment to the agenda shall not apply in such a
situation.
Pursuant to Article 29 of the Law, the provisions of the Turkish
Commercial Code No. 6102 shall apply to general assembly resolutions
and meeting quorums, except the special quorums set for certain
resolutions. Moreover, observers may be sent by the CMB to the general
assemblies in accordance with Article 95 of the Law.
Capital Markets Institutions and Activities
Regulations regarding collective investment companies have been
introduced with the Law. The Open Ended Investment Trusts, which are
formed by different portfolios/companies, was added to the Law.
Detailed provisions regarding stock exchanges are regulated for the
first time in the Law. Moreover, central exchange, central custody and
data storage institutions, which are financial infrastructure institutions,
are regulated under the Law.
A Recovery Center for Investors has been established (Art. 82 et seq.)
Supervision and Measures
The CMB is authorized to audit all of the institutions that fall within
the scope of the Law. Companies may not avoid providing the information
and documents requested by the CMB by invoking privacy and secrecy
provisions in other laws.
Measures have been written into the Law in a detailed way. For
example, as per Article 94 of the Law, the CMB may file a case for the
return of an amount determined by the CMB to the affected company
(which incurs losses) in case it determines an income shifting. Further,
a new article has been introduced which authorizes the CMB to prevent
access to web sites conducting unauthorized capital market activities via
electronic means (Art. 99).