Recent Securities Developments

The Capital Markets Law is the primary legislation governing the Turkish capital markets. The Capital Markets Board ("CMB"), the independent governmental authority regulating and monitoring capital market activities through issuance of regulations and communiqués, prepared a bill for amending the Capital Markets Law ("Draft Law") with a view to bringing it in line with the relevant European Union ("EU") legislation. The CMB, based on its experiences over the last decade, aims to implement alternative or additional rules responding to the needs of more sophisticated market players and filling in the legal loopholes that are not sufficiently addressed by the current law. Nevertheless, taking into account the CMB’s efforts for gathering all related private and administrative parties’ views, it seems that the finalization of the Draft Law will take some time.