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ARTICLE · 09 OCTOBER 2017

Major Changes regarding the Communiqué on Debt Securities

ELIG Gürkaynak Attorneys-at-Law
ELIG Gürkaynak Attorneys-at-Law
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ELIG Gürkaynak Attorneys-at-Law

ELIG Gürkaynak Attorneys-at-Law

ELIG Gürkaynak Attorneys-at-Law is an eminent, independent Turkish law firm based in Istanbul. The...

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In the Official Gazette dated 18 February 2017, the Capital Markets Board of Turkey ("CMB") introduced certain amendments to the Communiqué on Debt Securities ("Communiqué"), and these amendments have entered into effect as of the publication date.

TurkeyCorporate/Commercial Law
Gönenç Gürkaynak
Gönenç Gürkaynak
Nazlı Nil Yukaruç
Nazlı Nil Yukaruç
Damla Doğancalı
Damla Doğancalı
Selen Ermanlı Sakar
Selen Ermanlı Sakar
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In the Official Gazette dated 18 February 2017, the Capital Markets Board of Turkey ("CMB") introduced certain amendments to the Communiqué on Debt Securities ("Communiqué"), and these amendments have entered into effect as of the publication date. In this article, we will briefly explain the content and discuss the implications of the most significant amendments made to the Communiqué, as follows:

- "Financing bill" replaces "bill": The terminology of the Communiqué has been modified by amending the term "bill" ( "bono " in Turkish) as "financing bill" {"fmansman bonosu" in Turkish). It appears that this change aims to diversify the bills, including precious metals bills.

- Repayment in installments: The CMB has regulated that financing bills and bonds ("tahvil" in Turkish) may be repaid to investors in installments until the maturity date, whereas they could previously be repaid in a lump sum on the due date.

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