Recent Development

The Capital Markets Board of Turkey recently amended the Communiqué on the Principles Regarding Book-Entry Recording of Dematerialized Capital Market Instruments No. II-13.1 (the "Communiqué"), effective as of June 30, 2017.

Overview of the Amendment

  • The amendments introduce a new exception to the confidentiality obligation of the Central Registry Agency (the "CRA"), the central securities depository for dematerialized capital markets.
  • The amendment concerns the bonds and lease certificates (sukuk) issued abroad by Turkey's Undersecretariat of Treasury. Foreign regulatory authorities may request, directly or through the relevant foreign central depository institutions, information related to the ownership rights of the holders of these instruments from the CRA, and the CRA is obliged to provide such information to the regulatory authority or the central securities depository, as appropriate.

Conclusion

The amendment aims to maximize the cooperation between the CRA and its international peers by facilitating their data transfers.