Muhsin Keskin


Recent development

Continuing Turkey’s ongoing effort to harmonize its capital markets rules with international market standards, on March 23, 2016, the Turkish Capital Markets Board (the “CMB”) adopted a resolution recognizing that Takasbank’s central counterparty (“CCP”) activities comply with the Financial Market Infrastructure Principles (“FMIP”) of the Committee on Payment and Market Infrastructures of the International Organization of Securities Commissions (“CPMI – IOSCO”), and designating Takasbank as a “qualifying CCP” (a “QCCP”) under Turkish law. As a result, regulators and market participants will consider transactions routed through Takasbank as less risky for capital adequacy and own-funds purposes.

Recent development

On November 27, 2015, the Capital Markets Board (the “CMB”) published draft amendments to the current Debt Instruments Communiqué (the “Draft Communiqué”). Under the Draft Communiqué, issuers will be required to demonstrate greater financial strength than previously required or, alternatively, provide payment guarantees. The Draft Communiqué is available on the CMB’s website for public comment until December 18, 2015.

Recent Developments The Turkish Council of Ministers has decided to IPO up to 42.75% of Borsa Istanbul, the Turkish stock exchange, in 2015, with a possible extension through 2016. The exchange is now authorized to appoint underwriters and other consultants and to enter into all offering-related documents on behalf of the Turkish Undersecretariat of the Treasury, which holds the government’s shares. The offering price is subject to the approval of the Council of Ministers. The…