170 / 521
• Receivables and commercial loans of the banks, financial leas-
ing companies and finance companies secured by a mortgage
registered to the relevant registry,
• Receivables arising from the sale of real estate owned by the
Housing Development Administration of Turkey,
• Assets belonging to the asset finance fund as stated in items (5),
(6) and (7), above,
• Rights and obligations arising from derivatives.
Application of approval for the establishment of the fund and
prospectus, or the certificate for the issuance of AMBS shall be evalu-
ated, together. However, if requested by the founders, such applica-
tions may be evaluated, separately. Other documents determined by the
Capital Markets Board shall be attached to the application.
Following the issuance of AMBS, the fund’s portfolio shall be
established by the cash collected from the investors.
Conclusion
Art. 970-972 of the Civil Code provides an opportunity to certain
financial institutions to issue secured bonds. Accordingly, the princi-
ples and procedures regarding the issuance of AMBS has been regu-
lated by the Communiqué and, in this respect, an important source of
finance has been provided.
154
NEWSLETTER 2014