Recent developments

As in many jurisdictions, employment in Turkey in certain positions by a public company or a capital markets institution is subject to the employee holding a professional finance license. This requirement has created an issue for expatriates holding licenses issued abroad.

On June 27, 2014, the Turkish Capital Markets Board (the “CMB”) announced that it will now recognize some international professional finance licenses, and holders of those licenses will be able to work in Turkish public companies and capital markets institutions if they have worked in financial markets abroad for at least three years. Turkish citizens are still required to have the appropriate locally-issued licenses for those positions.

International professional finance licenses recognized by the CMB:

  • Chartered Financial Analyst Level 1 license holders can work in a position requiring: (i) a basic-level client representative license (Temel Düzey Müşteri Temsilciliği Lisansı); (ii) a derivatives client representative license (Türev Araçlar Müşteri Temsilciliği Lisansı); (iii) a settlement and operation license (Takas ve Operasyon Sorumlusu Lisansı); or (iv) a derivatives accounting and operation license (Türev Araçlar Muhasebe ve Operasyon Sorumlusu Lisansı).
  • Chartered Financial Analyst Level 2 license holders can work in a position requiring: (i) a basic-level capital markets activities license (Sermaye Piyasası Faaliyetleri Temel Düzey Lisansı); (ii) a derivatives client representative license (Türev Araçlar Müşteri Temsilciliği Lisansı); or (iii) a derivatives accounting and operation license (Türev Araçlar Muhasebe ve Operasyon Sorumlusu Lisansı).
  • Chartered Financial Analyst Level 3 license holders can work in a position requiring: (i) an advanced-level capital markets activities license (Sermaye Piyasası Faaliyetleri Temel Düzey Lisansı); or (ii) a derivatives license (Türev Araç Lisansı).
  • General Securities Representative Examination (Series 7)license holders can work in a position requiring: (i) a basic-level client representative license (Temel Düzey Müşteri Temsilciliği Lisansı); (ii) a derivatives client representative license (Türev Araçlar Müşteri Temsilciliği Lisansı); (iii) a settlement and operation license (Takas ve Operasyon Sorumlusu Lisansı); or (iv) a derivatives accounting and operation license (Türev Araçlar Muhasebe ve Operasyon Sorumlusu Lisansı).