Recent Development
The recent amendments to the Capital Markets Law established a
bondholders' meeting enabling investors to act jointly and
allowing the appointment of bondholders' representatives.
The Capital Markets Board (the "CMB") presented the
Draft Communiqué on Noteholder Meeting (the "Draft
Communiqué"), providing the details of this new
mechanism, for public consultation on April 22, 2020.
The Draft Communiqué introduces rules and procedures
regarding the structure of the noteholders meeting, determining the
representative of the noteholders, the noteholders meetings
procedure, the debt instruments to be issued outside of Turkey and
the measures that can be taken in the event of the issuers'
default.
