The new Capital Markets Law (the “n-CML”) was
published in the Official Gazette and came in effect in the end of
2012. As it was the replacement of former Capital Markets Law (the
“f-CML”) entirely, rather than revision of certain
provisions, there is no doubt the n-CML will also bring many
discussions for clarification of what it changes now in Turkish
market.
Further to certain queries which ELO received from its clients,
particularly from Banks and Brokerage Firms, we understand that
interpretation of Article 107/2 of n-CML caused serious concerns
with respect to its legal effects on commentary and reporting
activities of financial institutions in Turkish market.
As a reference to this issue, the f-CML provided through its
Article 47/A-3 that, “real entities, authorized persons of
those legal entities and those acting together with them who give,
disseminate, provide commentaries of incorrect, false, groundless
information and news which may affect the value of
