Turkey Aligns Its Prospectus With EU Standards

On January 12, 2016, the Capital Markets Board (the "CMB") introduced new disclosure requirements to its equity offering prospectus format and specified disclosure requirements regarding taxation and material agreements to obtain equivalency from the European Securities and Markets Authority:

• Institutions preparing expert reports (e.g., audit reports, valuation reports and rating reports) must now include a declaration in the prospectus stating that (i) the information contained in the expert reports is true based on the information they have been given, and (ii) the institution has taken due care to avoid any material misrepresentations.
• The section numbering and format of the prospectus' summary is now fully aligned with European Securities and Markets Authority standards.