388 / 522
Former Regulation, acquisition of the shares that represented more
than 10% of the share capital of a legal entity broker or share acquisi-
tions that caused the shares of a shareholder to exceed or fall below
10% of the share capital were subject to the approval of the Treasury.
Additionally, legal entity brokers were obliged to inform the Treasury
of any changes of managers and technical personnel within two busi-
ness days, and other changes within fifteen days. This requirement is
also not included in the New Regulation.
Minimum Share Capital Requirement
The minimum capital requirement has been increased to TRL
250,000; whereas, it was TRL 100,000 under the Former Regulation.
An additional TRL 50,000 is required for each license (this amount had
been TRL 25,000). The New Regulations also introduces the obliga-
tion of TRL 25,000 paid-in capital for each out-of-center organization
of the broker.
In addition, whereas the Former Regulation stated that the equity
of the brokers cannot be less than 10% of the annual activity revenues,
the New Regulation includes a different calculation. The equity capital
of the brokers shall not be less than the sum of (i) 10% of the annual
activities revenue and (ii) due debts of the company multiplied by a
coefficient depending on the due date of the debt as specified below;
a) debts of which the due dates have passed for 1 to 30 days mul-
tiplied by (0.25),
b) debts of which the due dates have passed for 31 to 60 days
multiplied by (0.5),
c) debts of which the due dates have passed for 61 days to 1 year
multiplied by (0.8),
d) debts of which the due dates have passed for more than 1 year
multiplied by (1).
The Treasury is authorized to increase or decrease these amounts
by up to 50%.
This calculation shall be made at the end of each year. In the case
of a deficiency in the equity capital amounts, the deficient amount shall
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NEWSLETTER 2015