A Special Focus on CIS Countries
With the entry into the force of the Capital Markets Law No.
6362 ("CML") on December 30, 2012, the
legal landscape of the Turkish capital markets has dramatically
changed. The CML was enacted due to reasons such as (i)
harmonization with the European Union legislation, (ii) the new
Turkish Commercial Code and its provisions applicable to joint
stock companies and (iii) the fact that no significant amendment
was made to the previous Capital Markets Law no. 2499 since 1999
despite the growing complexity of the financial markets and the
increasingly interconnected global financial
institutions.
The legislative changes constitute only one dimension of the
desired change for the liberalization of the Turkish capital
markets, which has been officially set under the Istanbul
International Financial Center Project within the scope of the
government agenda "2023 Vision".
