Communiqué On Project Based Securities Has Been Published

The Communiqué regulating the principles applicable to the project based securities, their issuance and the incorporation and activities of the project finance funds has been published. The Communiqué regulates the financing of projects for execution of public services such as transportation, infrastructure, energy, industry, technology, communication or health that entail a large amount of capital with long-term need through capital market instruments.

Accordingly, project finance funds can only be incorporated in Turkey by the founders bearing the qualifications specified in the Communiqué, and cannot be incorporated and used for purposes other than the issuance of project based securities ("PBS"). In addition, for all kinds of registry transactions including registration, amendment, annulment and correction to be conducted before trade registries and other official registries, the funds shall be deemed to have legal personality.