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permanent member of the board of directors. One of the members of
board of directors shall be appointed by the Capital Markets Board as
a board representative, and in order to assure the Agency’s activity of
electronic registration institution, one of the board of directors mem-
bers shall be appointed by the Ministry of Customs and Trade among
the General Directorate of Domestic Trade employees. The chairman
of the board of directors represents the Capital Markets Board.
Membership
As per Article 20, exporters, investment foundations, central cus-
tody foundations and other foundations recommended by the CRA and
accepted by the Board shall be CRA members. The CRA may impose
conditions, such as membership of a stock exchange or any other orga-
nized markets. The Central Bank of the Republic of Turkey may be the
privileged member upon request. Therefore, membership obligations,
non-judicial punishments, cancellation or temporary suspension of
membership and other provisions related to supervision are inapplica-
ble for the Central Bank of the Republic of Turkey.
Article 21 stipulates the requirements to be granted membership.
Technical equipment and security systems that meet the requirements
as determined by the CRA, liability insurance in case the CRA board
of directors finds it necessary, a sufficient number of qualified employ-
ees and payment of a membership fee are required for the application.
Apart from these, investment foundations must be competent to pro-
vide custody service pursuant to investment transactions and exporters
must export capital market instruments or make an application to the
Board for the purpose of exporting. The CRA accepts the membership
of these foundations when the required provisions are met. As per
Article 23, a foundation must inform the CRA by written notification
to renounce its membership. Membership expires by way of board of
directors’ resolution. Data and information kept by the related mem-
bers shall be transferred to the other members, according to the meth-
ods determined by CRA board of directors. As per Article 24, in the
event of contradiction with the Regulation provisions, suspension or
cancellation of membership is possible.
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