On 8 February 2016, the European Securities and Markets Authority (“ESMA”) published an opinion on Turkish laws and regulations on prospectuses. The opinion compares the Turkish and EU requirements set out in the Prospectus Regulation. It considers that:

  • a prospectus drawn up according to Turkish laws and regulations can constitute a valid prospectus under the Prospectus Directive; and
  • it is not necessary for a Turkish prospectus for shares to be accompanied by a wrap, provided that the prospectus contains financial statements in accordance with International Financial Reporting Standards (“IFRS”).

It is noted that the ESMA opinion does prevent the national authorities having discretion to request additional information in a wrap or the prospectus.

A copy of the opinion is available here: https://www.esma.europa.eu/sites/default/files/library/2016- 268_opinion_on_equivalence_of_the_turkish_prospectus_regime.pdf