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members about the system of arbitration in case disputes arise related
to the operation of system.
Operating Principles and Conditions
As per Article 10, for the fulfillment of aforesaid duties, the CRA
must have the sufficient organization and technical equipment in con-
formity with the Regulation. Moreover, the Agency must take precau-
tions related to the protection of its substantial assets. After establish-
ing the necessary information systems and technological infrastruc-
ture, the CRA shall make regulations related to the reliability, integri-
ty and consistency of these systems. If necessary, the CMB is also
competent to make arrangements and applications.
The CRA executes these transactions in accordance with certain
principles. According to the indicated principles, as per Article 11, the
CRA shall establish the necessary infrastructure and equipment area
and shall take precautions pertaining to the compliance of its members
to the regulations. It supports the movements of the stock exchange to
avoid market abuse and treat the implementation of the activities fair-
ly. The Agency provides information flow among members, market
participants and the CMB. It must have adequate resources to conduct
this electronic data system in a permanent way. The CRA must treat
members fairly when it comes to non-judicial punishments and charg-
ing. Moreover, for transparency, it shall regularly declare its’ financial
statements, fees and organizational structure via its website.
Organization of the CRA
CRA’s competent bodies are general assembly and board of direc-
tors. As per Article 6 of the Regulation, Borsa Istanbul A.Ş., as well as
other stock markets, the Istanbul Settlement and Custody Bank and the
Turkish Capital Markets Association shall be founding partners.
As per Article 12, CRA’s general assembly consists of sharehold-
ers. General assembly may be convened as ordinary or extraordinary.
Board representative may attend the general assembly but does not
have right to vote.
As per Article 13, board of directors of the Agency may consist of
at least 7 members and at most 11 members. The general manager is a
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