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ARTICLE · 19 NOVEMBER 2020

The Communiqué On Board Of Debt Instrument Holders

Erdem & Erdem Law
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Law No. 7222 regarding Amendments to the Banking Law, as well as Certain Other Laws ("Law No. 7222") entered into force through its publication in the Official Gazette dated 25.02.2020.

TurkeyFinance and Banking
Nezihe Boran
Nezihe Boran
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Introduction

Law No. 7222 regarding Amendments to the Banking Law, as well as Certain Other Laws ("Law No. 7222") entered into force through its publication in the Official Gazette dated 25.02.2020. Law No. 7222 introduced, among others, Article 31/A (Board of Debt Instrument Holders) to Capital Markets Law No. 63621 ("Capital Markets Law"). The Capital Markets Board ("Board") was authorized to determine the procedures and principles regarding the implementation of the Article added to the Capital Markets Law. As such, the Communiqué on Board of Debt Instrument Holders (II-31/A.1) ("Communiqué") prepared by the Board entered into force through its publication in the Official Gazette dated 11.09.2020. This article will mainly focus on the Board of Debt Instrument Holders ("BDIH") as well as the meetings of BDIH, decision quorums, breach of payment obligations by the issuer and structuring of debt instruments as regulated under the Communiqué.

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