Warning: You Are Viewing Act, The Parliamentary General Assembly Has Already Adopted. If It Does Not Include The Changes Made Later. Capital Market Law

Original Language Title: Uyarı: Görüntülemekte olduğunuz Kanun, TBMM Genel Kurulunda kabul edildiği halidir. Varsa daha sonra yapılan değişiklikleri içermemektedir. SERMAYE PİYASASI KANUNU

Read the untranslated law here: https://www.tbmm.gov.tr/kanunlar/k6362.html

Law No. 6362

Acceptance Date: 12/06/2012
PART ONE PART



General Provisions Purpose, Scope and Definitions Article 1

Objective (1) The purpose of this Act; capital markets reliable, transparent, efficient, stable, fair and competitive environment to ensure the functioning and development of investors' rights and the regulation of capital markets in order to protect the interests and supervision.
Scope
Article 2 (1) Capital market instruments, the issuance of these instruments, issuers, IPOs who, capital market activities, capital market institutions, other organized markets are traded in the capital market instruments with stock exchanges, market operators, Turkey capital Market Association, the Association of Appraisal Specialists of Turkey, central clearing organizations, central depository institutions, the central Registry Agency and capital Markets Board are subject to the provisions of this Act. Public non-public offering of shares issued by joint stock companies, are outside the scope of this Act.
(2) of this Act and in pursuance of this Act there is no provision in secondary legislation enacted and other laws will not apply in the case noted the general provisions of this law are applied.

Abbreviations and Definitions Article 3 (1) the implementation of this Act;
A) Intermediary institutions: Article 37 of the investment services and activities in paragraph (a), (b), (c), (e) and (f) the place field of the investment companies authorized by the Board to be exclusive, || | b) Initial capital: registered capital, which is required to have the joint-stock companies the minimum issued share capital by
c) Association: Turkey capital market Association, the
d) stock Exchange: established as a joint stock company, capital market instruments, foreign exchange and precious metals with precious stones and the Board deemed appropriate for other contracts, operated by itself or market operator documents and provide them to be sold and received in an easy and safe way under the free competition of the assets and to identify and ad rates that occurred and / or managed by a reception to conclude the sale orders which brings together or facilitates the coming together of these orders, authorized in accordance with this Law and regular operating in the systems and market places,
d) Paid-in capital: registered capital, the share capital representing their shares made the sale of joint-stock companies,
e) public partnership: joint-stock companies are listed Shares have been offered or that the public has been offered to the public,
f) IPO: a general call to all kinds of way for the purchase of capital market instruments and sale held at the call continues,
g) IPO by its real or legal persons who apply to the Board to IPO capital market instruments,
i) Issued: removed by issuers of capital market instruments, public offerings or by the IPO be provided to the sales,
h) issuer: capital market issuers tools, which apply to the Board to issue or capital market instruments are publicly traded entities, and this law are subject to investment funds,
i) the relevant minister appointed by the Prime Minister,
i) the mortgage capital market instruments: mortgage securities, mortgage-backed securities, mortgage finance companies capital market other than shares issued by vehicle and housing financing based on receivables arising or other capital market instruments issued under the guarantee of the receivables
j) Prospectus: issuer and if guarantor of the financial position and performance and expectations for the future, activities will be exported, or the characteristics of capital market instruments to be traded on the stock exchange and related rights and public disclosure document containing all the information in a position to provide to make an informed assessment of the investors in relation to the risk of
k) public Disclosure Platform: Legislation in accordance with the transmitted electronically signed by the information that should be disclosed to the public and that the electronic system of public,
s) Registered capital: Anonymous partnerships, provided that a clause in the Articles of association, 13.01.2011 dated by the Steering committee and 6102 Turkey without being subject to the provisions on the increase of the share capital of the Commercial Code indicating the maximum amount they can issue shares, the trade register in the registration and proclaimed their capital,
m) collective investment institutions: mutual funds and investment trusts,
n) Board: capital Markets Board,

O) Securities: Cash, checks, except for bills and notes;
1) Shares, share similar assets with those of depositary receipts for shares,
2) Debt instruments or securitized assets and income to based debt instruments with the depositary receipts relating to such securities,
d) Central Counter Parties: purchaser against the dealer, the commitment to complete the swap taking on the role of the receiver against the seller that central clearing organization,
p) CRA: perform operations related to the registration of capital market instruments, dematerialized these tools and related rights, electronic media, members and rights holders to follow the record as the central storage to make and Assembly by the legal entity of private law, which was established to perform other duties assigned in the capital market legislation conferred central Registry Agency Inc.,
r) market operator that manages the stock exchange or stock market and / or operating anonymous partnerships,
s) Storage service: capital market activities capacity due or trustee or to the administration or as collateral or any matter under the registered capital market, the record in relation to activities or physically deposited or services related to the delivery of capital market instruments ,
v) capital market instruments: securities and derivatives and investment contracts including Assembly it is determined that other capital market instruments in this context,
t) capital market institutions: institutions listed in Article 35,
u) derivative financial instruments: other derivative financial instruments as determined by the following type of or the Assembly in this context:
1) purchase of securities or selling or giving the right to change each other derivative instruments,
2) the value of securities prices or return to ; An exchange rate or price changes; Changes in interest rates or rates; a precious metals or precious stones price or price changes; commodity price or price changes; Assembly to eligible institutions published statistics or changes in them; credit risk allowing the transfer of energy prices and climate that measurement values ​​such as variables and an index level generated from those listed or linked to changes in the level of derivatives, and derivatives of these tools and considered the underlying asset of the derivative gives the right to change each other,
3) Currency and will be determined by the Board with precious metals will be made on other assets leveraged transactions,
ii) the Central Bank: Central Bank of the Republic of Turkey Inc.,
v) investment organization: the organization and operating principles to engage in investment services and activities by intermediaries other determined by the Board capital market institutions and banks,
y) YTM: investment institutions, in case they fail to fulfill their obligation to deliver cash or capital market instruments arising from investment services and activities, the Board Investors have public entity established to fulfill its compensation decisions taken under this Law compensation Center represents
.
PART

Issue of Capital Market Instruments and Principles Regarding Public Disclosure PART


Issuers of Issued Capital Market Instruments

obligation to prepare the Prospectus Article 4 (1) Capital IPO market instruments or can be prepared to be traded on the stock exchange prospectus and the prospectus prepared for approval by the Board is required.
(2) the prospectus and the information is presented in a readily understood and can be evaluated by investors.
(3) Prospectus real person in charge of the names and job titles of legal persons, centers and contact information is clearly stated in the prospectus.
(4) prospectus, issuers and issued capital market in the form of one or multiple documents can be edited to include a summary section with information about the vehicle. Summary section of the issuer, the guarantor, if any, the main feature of the capital market instruments to be issued and the nature of the guarantee, short to include the rights and risks, consists of clear and concise statement.
(5) during the arrangement by which the IPO prospectus, it is necessary to take measures to facilitate the preparation of the prospectus of the issuer.
Board's authority

Article 5 (1) The Board, according to the issuer and the public will be offered or the type and quality of capital market instruments to be traded on the stock exchange, the minimum information to be included in the prospectus to the guarantor and guarantee the quality of, the documents composing the prospectus upgrade, prospectus form, to the public, to be published , announcements and advertisements, the prospectus referred to previously released information, sales conditions, determines the approved amendments to the prospectus and prospectus preparation and publication of rules and procedures for fully or partially exempt. Prospectus approved

Article 6 (1) Board, the information contained in the prospectus is consistent, understandable and set by the Board decides to approve the prospectus prospectus in case it is determined that it is complete standards. The principles and procedures for the investigation to be made in the process of approving the prospectus shall be determined by the Board. In case of a prospectus composed of separate documents, each document also approved. Approved the prospectus, it will not mean that the information contained in the prospectus of the Assembly are guaranteed that right, can not be considered as a recommendation for such capital market instruments.
(2) application for approval of a prospectus, prepared in accordance with the regulations from the date of the prospectus and any other relevant information and documents are submitted to the Board shall be decided by the Board within ten business days and is reported to the relevant circumstance. This IPO is the first time in twenty business days.
(3) that a prospectus of the information and documents submitted with the application for approval of missing or additional information, and it appeared the need to document, from the date of application by informing the applicant within ten working days, it is desirable to eliminate within the period determined by the Board of deficiencies. In this case, the prescribed period in the second paragraph starts to run from the date of such missing or additional information and documents presented to the Board.
(4) In case the result of the examination approval of the application made under this article will be notified to the relevant specifying the reasons.
prospectus to be published, and classified ads
Article 7 (1) Once approved, the prospectus published on the basis of principles determined by the Board, and may not be registered in the trade register and Turkey announced in the Trade Registry Gazette. However, the point where the prospectus is published and registered in the trade register will be announced in Turkey Trade Registry Gazette.
(2) Prospectus before approval can be classified according to the principles determined by the Board.
(3) announcement regarding the issuance, advertising and explanations should be consistent with the prospectus, false, exaggerated and must not contain any misleading information.
Prospectus changes and prospectus and the addition of new issues
Article 8 (1) the information disclosed to the public by prospectus, within or sales period before starting to sell the change or the event of the emergence of new issues that may affect the investment decisions of investors in case the issuer or public offering, which by It shall be notified immediately via the most appropriate communications.
(2) In case of changes or require the emergence of new issues, the sales process can be stopped.
(3) be modified or added since the new issues in the area confirmed the date of notification in the context of the principles in Article 6, within seven working days and published as specified in Article 7.
(4) changes or new issues are before the release of the capital market to have that investors demand to buy the car, since the publication of the supplement and amendment to the prospectus are entitled to withdraw their request within two business days.
Prospectus validity period
Article 9 (1) that supply the issuer or the public, the prospectus from the date of first publication for export will be realized during the twelve months, the prospectus supplement and approved in accordance with the principles stated in Article 6 of the changes and 7th in accordance with Article it is sufficient to be classified as. It's in the public offering will be made after the expiration time is needed the approval of all prospectus.

People in charge of the Prospectus Article 10 (1) incorrectly located prospectus, issuers are responsible for any damages resulting from the misleading and incomplete information. In the event that damage is clearly evident from the person in question can not be compensated or can not be; IPOs that are exported to mediate a leading brokerage firm, the issuer and the guarantor of the board members for damages based on defects and is responsible to the extent that if the situation should be ascribed to them.

(2) independent audit, rating and valuation organizations such as preparing reports prepared to receive the prospectus people and institutions wrong in the reports they prepare, is responsible in the context of this Law misleading and incomplete information.
Capital market instruments IPO be provided to the issuance
Article 11 (1) to be exported IPO without being the capital market instruments, these instruments of the nature and terms of sale preparation of export documents containing information about, and the Board by Article 6 located approved in the framework of the principles is mandatory.
(2) The Board, to issue the document, in cases deemed necessary and approved this document sets out the procedures and principles for the public.
(3) false information contained in the document issued misleading and responsibility arising from Article 32 are about to be missing.

sale of capital market instruments Article 12 (1) shall be paid in cash and is entirely owned share of the costs of issuance. Board, all of the shares not sold in time for the sale will be purchased and want to be paid the value of commitment to the partnership. Establishment, merger, demerger, the exchange of shares and the share price of companies like configurations, such as capital increases paid in cash will be authorized to determine the case is not mandatory.
(2) Meeting of Shareholders of the case is above the nominal value of the market price or book value of the shares to be issued be sold at the price of the premium and the premium of the new share acquisition rights may want to use the price. The Board, if the market price is below the nominal value of the share or book value, may allow to be exported at a price below the nominal value of the shares. The relevant procedures and principles determined by the Board.
(3) it must deliver to the buyer during the sale of capital market instruments. Board, will be exported mainly to the capital system, capital market instruments, are reserved to the regulations on the dematerialization and swap transactions.
(4) The Board, on sale to the public capital market instruments, they take the facilitator of investor rights and benefits of the protective measures taken from the issuers, of which the IPO can ask from those selling and about the stock market.
(5) the reference to the Board in time for consideration by the board due to the capital increase is not taken into account in calculating the capital in 6102 Article 456 of the Act relating to the registration period.
(6) of Law No. 6102 346 th Assembly to open the third paragraph of Article 462 of the public and the public shall not apply to the applicant company.

dematerialization of capital market instruments Article 13 (1) provided that the issuance of securities in electronic form being bound to capital market instruments is essential. The Board will be exported record of capital market instruments to be monitored and determines the rights record of; As the issuers and types of dematerialisation, the issuers who lost their membership requirements and keeping records of monitoring procedures for the termination of the registration of shares and regulate principles.
(2) CRA capital market instruments, whether they are registered or bearer monitored written to the accounts opened in the name. The Board may decide to keep capital market instruments based on the type and quality of the issuers of capital market instruments or CRA member of the rightful owner of the name on the account is not opened in public accounts.
(3) K had rights to the capital market vehicles, followed by the CRA. Records are electronically generated by the CRA, held by members of this organization.
(4) delivered in the framework of the guidelines determined by the Board of the decision Dematerialisation capital market instruments is mandatory. Delivered capital market instruments still come automatically void. The undelivered after the dematerialization of capital market instruments decision is not based on the stock exchange, capital market intermediary institutions that can not be bought or sold through the vehicle and repurchase of participation certificates can not be done. Kayden monitoring to begin until the end of the seventh year following the date of delivery of capital market instruments shall be transferred to the ICS. These limited rights in rem on deemed automatically terminated. These are sold within three months from the expiry ytm'n's account.
(5) Kayden watched its ability to put forward against capital market instruments on the rights of third parties, are based on date of notification to the MKK.

(6) the transfer of shares by the company in accordance with the relevant provisions of the 6102 Law on record in the share register, the records without having followed in the application of the related CRA will prevail.
(7) Kayden capital market instruments for monitoring measures, are fulfilled by foreclosures and all kinds of administrative and judicial claims exclusively CRA members. The follow-up will be notified electronically in accordance with the relevant laws and provisions regarding the collection are reserved.

SECTION
Basis public disclosure
financial reporting and auditing
Article 14 (1) The Issuer shall be disclosed to the public or to be requested by the necessary Board financial statements and reports, in terms of form and content in the framework of Turkey Accounting Standards accordance with the regulations set by the Board, time is required to prepare and submit complete and accurate manner.
(2) the financial statements and are as involved in the first paragraph of the report are prepared in accordance with the regulations set by the Board, presented the and responsible board member of the issuer according to the actual suitability to the defect with the issuer for the accuracy and availability is required. The board of directors, these materials will be prepared in the specified scope of financial statements and should take a separate decision on the adoption of the report. In addition, the financial statements and their prepared the partnership managers with responsible management board members regarding the report must be given to the statements regarding the truthfulness and accuracy of financial statements and reports in the declaration to be made public.
(3) Issuers organize their financial statements and reports from Turkey Accounting Standards under the Board determined those of this Law, in accordance with the independent auditing firm received the list, Turkey Auditing Standards within the framework of information fact a true and fair manner for their suitability to reflect the principle reviewed by must obtain an audit report .
(4) The Board, in the IPO, apply for trading on the stock exchange, the 23th in the important qualities in the process and the activities of the partnership as defined in article and financial condition of significant influence events and developments, from the side of the transaction partner is authorized to request the audit reports to be prepared according to the provisions of this Article .
(5) In the event of being subject to regulation by the Board with the required financial statements and audit reports, audit report is made public within the framework of the principles and procedures set by the Board.
Exceptions of public disclosure
Article 15 (1) of capital market instruments of value, price or investors' information that may affect their investment decisions, events and developments, ihraççılar of or related parties are disclosed to the public.
(2) information in the first paragraph, the public disclosure of the events and developments related to the issuer notification procedures regarding the disclosure statement be postponed or, in exceptional case and shall be determined by the Board.

PART
Public Partnerships acquisition of
public partnership status
Article 16 (1) Shares Number of shareholders partnerships with publicly traded deemed to be the initial public offering of shares of joint stock companies exceeding five hundred. These partnerships are subject to the provisions of the public partnership.
(2) Shares in unlisted joint-stock companies, the ring after winning the open partnership status must apply to the stock market for the trading of the shares at the latest within two years. Otherwise, the Board for the removal of these shares are not traded in the stock market or the Company's publicly traded partnership status, searching for the demand of the partnership will take the necessary decisions.
Corporate governance principles
Article 17 (1) public partnership in the corporate governance principles with the content of the corporate governance report, published in the partnership of the grading of compliance with corporate governance principles and procedures regarding the independent board of directors and shall be determined by the Board. Establishing the rules apply equally to companies in the manner and under equal conditions will result in unfair competition between public companies considering the use of these powers principle.

(2) The Board, shares of the publicly listed company on the stock exchange, according to the nature of corporate governance principles partially or completely to require them to follow it to determine the procedures and principles regarding the decision to ensure the fulfillment of compliance in the event non-fulfillment of compliance obligations within the stipulated time requirements receiving and making ex officio procedure in this regard, any time not have, even if the determination of the illegality of illegal transactions to the compliance obligations or cancellation for asking precautionary measures are exempted from all kinds of guarantees, to sue, to result in the fulfillment of compliance obligations in the lawsuit to ask the decision, this the procedure for the execution of transactions and is authorized to determine the principles.
(3) public partnerships, before starting the transactions that they perform will be determined by the Board with related parties, take a board decision determines the principles of operation are to be made compulsory. approval of a majority of independent board members for the implementation of the said decision of the board is required. In case the majority of such transactions approve of the independent board members, in this case the public to include enough information for the process will be announced to the public in the framework of lighting arrangements and procedures submitted to the plenary for approval. Said at a general meeting, the parties to the transaction and will be decided in a vote of the people associated with them, they can not vote. the discussions at the plenary meeting of this article, a quorum is not required, of which the right to vote is decided by a simple majority. board of directors and general meeting decisions taken in accordance with the principles specified in this paragraph shall not be valid.
(4) can be fulfilled through public partnerships should this matter as well as in Law No. 6102 of 1524 Article provided by CRA obligations electronically regulated in the first paragraph.
(5) the opinion of the Banking Regulation and Supervision Board rules and procedures for the implementation of this Article shall be determined by taking the bank public.

Registered capital system Article 18 (1) subsidiaries which have applied to the Board to IPO shares through public partnerships, provided that they can get permission from the Board accepted the registered capital system. So far, the partnerships for the history of this system before 6102 in accordance with Law Board also permit is not required.
(2) the registered capital system, the board, mainly due to the provisions of Law No. 6102 regarding the increase of capital that is authorized to increase the capital without being registered capital ceiling to be determined in the Articles of Association. So far, this authorization may be given for up to five years by the General Assembly. The duration of this authority may be extended by the General Assembly decided as a maximum five-year periods.
(3) the registered capital system or canceled shares Shares issued and paid fully sold or unsold new shares may not be issued.
(4) within the scope of this article appeared in the presence of privileged shares in the Articles of Association General Assembly resolutions concerning changes, preferred shareholders approved the special committee on the basis of Article 454 of Law No. 6102. So far, the preferred shareholders in capital increases are also included in the registered capital of the joint venture is not required special board.
(5) Board of Directors; or privileged shares above or below the nominal value of their own to limit the rights of shareholders to purchase new shares in the rights issue or preference shares with the articles of association in order to take a decision on the restrictive nature must be authorized. Authority to restrict the right to purchase new shares can not be used in order to lead to inequality between shareholders. 6102 Law No. 461 the second and third paragraphs of the provisions of the Article shall not apply to publicly traded partnerships.
(6) The Board of Directors of the decisions taken in the framework of the principles in this matter against the board members in accordance with the provisions relating to the cancellation of a General Assembly resolution 6102 Act or rights violated shareholders after the announcement of the decision to cancel the place commercial court where the center partnership within thirty days trial can open.
(7) after the capital increase carried out in accordance with the provisions of this article, the new shape of the removed material for the capital's main contract showing the registered capital of the board of directors and announced.

(8) of this Article in accordance with the articles of association in accordance with the authority granted by the decisions of the board of directors announced to the public in the manner determined by the Board.
(9) the sum of the derivatives removed as it appeared in the replacement or conversion result of the issued share capital of the subsidiary shares will be converted into convertible bonds or shares with share by public partnerships in the registered capital system does not exceed the registered capital.
(10) exceeding the registered capital system of public partnership, leaving the system, the Board removed and contingent capital increase procedures and principles determined by the Board. The history of this system before 6102 in accordance with the law came in later public partnerships are still subject to the provisions of this paragraph.
Dividend and bonus share distribution
donations with Article 19 (1) public partnerships in the framework of the profit dividend policy will be determined by the General Assembly and are distributed in accordance with the relevant legislation. Regarding the establishment of public partnerships dividend policy, partnerships of a similar nature may determine on the basis of different principles.
(2) legally separation required reserves and the Articles of Association, the shareholders of are allocated dividend has been set for another of reserves, to transfer profit to the next year and the dividend shares to the owners, board members, such as not decided to distribute a share of the profits to and partnership working, determined profit the share paid by the share of the profits distributed to these people.
(3) dividend in public partnerships, all of the existing shares as of the distribution date, regardless of their date of issuance and acquisition evenly distributed.
(4) public partnership in the capital increase will be distributed to existing shareholders at the date of bonus shares increases.
(5) with a donation made to the public outside of shares by open or partnerships to distribute a share of the profits to the people that there is a provision in the articles of association is essential. The limit of donation will be determined by the general assembly open partnership rings. The Board is authorized to bring an upper limit to the donation amount. Partnerships have made donations in the current financial year, the distributable profit is added to the tax base.

Dividend payments of Article 20 (1) The total dividend advance will be given a fiscal year shall not exceed one half of the previous year's income. Be deducted from the advance dividend paid in the previous period for granting additional dividend advance and can not be resolved to distribute dividends.
(2) Defects and according to the requirements of case damages to them directly ascribed can significantly board members and a limited report prepared by independent auditors who are interim financial statements of truth honest way reflect the or legislation distributed because they are not regulated in accordance with the accounting principles and rules dividends in advance of the partnership for damages arising from the lack of the right, to the shareholders, the partnership creditors and also are directly accountable to the dividends in advance of the agreed upon that or a person who has acquired shares in the accounting period shall be paid to the right. Legal responsibility in case it appeared that give rise to the presence of the shareholders and board members by within thirty days from the announcement of the decision, revocation proceedings may be opened by the sixth paragraph of Article 18.
(3) the principles and procedures for the implementation of this Article shall be regulated by the Board.

Disguised profit transfer ban Article 21 (1), their subsidiaries and affiliates and public partnerships and collective investment institutions; management, control or capital in terms of precedents compliance directly or they relate to indirect natural or legal persons, market practices, the commercial life of prudence and different rates as contrary to the principles of honesty, wages, making agreements or commercial applications, including price or terms, or as to produce the volume of transactions by reducing their profit or their assets or are in the process of preventing the increase of profits or assets are not included in the transfer gain is prohibited.

(2) public partnerships and collective investment institutions and their affiliates and subsidiaries of the Articles of Association or in the framework of the bylaws are prudent and honest merchant profits in accordance with, or market practices or to protect their assets or do to increase associated by the failure of anticipated activities that they provide an increase in the profits or assets of the natural or legal persons are also considered a disguised transfer.
(3) public partnerships and collective investment institutions, related party transactions precedents, market practices to the commercial life of understanding and documenting that it has the ideal conditions to the principle of integrity and status evidencing the information and documents required to keep for at least eight years. The first paragraph should be followed in determining the violation of the principles set out principles and procedures determined by the Board.
(4) public partnerships in earnings transposition of the Board determined it appeared, their subsidiaries and affiliates with collective investment institutions, the Board of transferring their earnings in the period to be determined to do the parties are legal interest in the assets together with the transferred amount or profit reductions in the partnership or collective investment He demanded the return of the bodies. The amount transferred to them within the period determined by the Board to transfer profits made by the parties must return together with legal interest. The ban on disguised profit legal violation of Article 94 and Article 110 stipulated in the legislation on substances, criminal and administrative sanctions are reserved. Buy their own share of

Partnership and hostage-taking of Article 22 (1) public partnerships, for their part, can be purchased in the framework of the conditions set by the Board and can accept them as pledge. Assembly buy their share of open partnership rings and the conditions for the hostage-taking, transaction limits, the disposition of received shares back or redeemed and regulate the procedures and principles regarding the public disclosure of this issue.
(2) public shareholding of the joint ventures in question purchased by subsidiaries that are included in the balance sheet is subject to the provisions of this Article.

Partnership transactions in the important nature of Article 23 (1) of the public company;
a) merger, demerger process of becoming a party to, any such modification or termination decision taking,
b) transfer of all or a significant portion of their assets to or on the same property rights or lease,
c) Nature of the whole or a significant change,
d) Concession anticipate or change the scope or subject of existing concessions
d) out of the stock exchange listing, issues such as
considered process important quality in implementation of this Law. Assembly operations for important decisions, including the importance of measures to be followed in order to be made to the process or decision of this nature is authorized to set mandatory rules and principles.
(2) The Board, without complying with requirements held in the first paragraph framework for the elimination of transactions from the date of notification of the Board's decision may give administrative penalty in case not provided the same situation before the transaction within thirty days and for the cancellation of a General Assembly resolution 6102 Act for the cancellation of this transaction Within the framework of the provisions can be sued.
Right to secede
Article 24 (1) referred to in Article 23 attend the general meeting relating to transactions in the important qualities negative voting and dissenting opinion to the minutes of the meeting which operates shareholders, the public shares has the right to leave by selling public partnership. Public partnership that shares at the request of shareholders, is obliged to buy out the important question of the transaction within thirty days from the date of public disclosure of the average of the weighted average price in the stock market.
(2) Shareholders of Article 23 in order to obstruct the unfair way to participate in the general meeting relating to transactions in the important qualities mentioned, issuing invitations duly general meeting or the process of the case should not be declared in accordance with the agenda, the opposition remains and opposition to General Assembly decision enroll in the commentary without any requirement to report the first paragraph shall apply.

(3) on the agenda of the general meeting to discuss the issues contained in the first paragraph, that the considerations which decided the right to leave the company by shareholders will use the opposition vote will take place price and will be bought by the company of shares in case of exercise of this right.
(4) Separation of still not born with the right to use these shares and the right procedures and principles for calculating the sale price determined by the Board in unlisted subsidiaries.

Share tender offer Article 25 (1) in public association, or voluntary principles and procedures regarding the mandatory takeover offer made by the processes of the important characteristics determined by the Board.
(2) In the case of share purchase offer by the Board is prohibited, prohibited transactions carried out on the basis of the proposals are invalid.

Share tender offer obligation of Article 26 (1) provides the public of shares or voting rights of management control in open partnership made the offer to buy shares of other shareholders in the event of the acquisition is required. be made available on the takeover bids and takeover bids and procedures relating to the exemption from the obligation shall be determined by the Board.
(2) together with the Association of the voting rights of the people they act alone or together more than fifty percent of the possession, directly or indirectly, a board member number of the owner of preference shares giving the right to nominate candidates for membership on the number mentioned in the selection or the General Assembly of the majority Becoming, it is considered to obtain the management control. However, the management control is not achieved due to the presence of privileged shares still are not considered under this article.
(3) in the ownership of the Company's shares even without any changes, Article 23 is expected to be determined by the Board in the first paragraph the procedures and principles with Article 29 of without compliance with the procedures and principles in the sixth paragraph, some partners to take over the management control with their special agreements among themselves in this It assessed under Article.
(4) The Board is to see the work the concession activity of these privileges have been revoked or dated 19/10/2005 and 5411 in accordance with the operating permit revoked or dividend except for shareholder rights, management and supervision of Savings Deposits transferred to the Insurance Fund protection of shareholders of the public company in order to real and legal persons who are the dominant partners are determined to cause the application of the withdrawal of the concession or 5411 Act relevant provisions can bring takeover bid requirement.
(5) The Board shall cause to be changed the nature of the investment trusts and investment trusts or the loss can bring amendments to mandatory takeover bids to be allowed.
(6) Share purchase offer no real necessity of nature and owned by legal entities acting in concert with them voting rights, individual donor in the event of failure to fulfill this obligation within the period determined by the Board. The said shares will not be considered at the general meeting quorum. The right to remove
Partnership and the right to sell
Article 27 (1), including the act or with the results of the share purchase offer in the event of another form of ownership of shares of a public company's voting rights, the Board determined rate or more to arrive, having a share of the partnership the right to own a minority share in the remaining terms of these individuals are born. These people, within the period specified by the Board, the cancellation of the remaining common shares of the minority and of the new shares to be issued may demand their money from the sale of their partnership. Selling price is determined in accordance with Article 24.
(2) In cases where the right to remove born from the partnership in the framework of the conditions in the first paragraph, the right to sell the remaining minority shareholders in terms of nature. The shareholders within the period specified by the Board, purchased in return a fair price for their share of voting rights of the Assembly to set rates or the natural or legal person having more and may request from acting in concert with them.
(3) of Article 208 of Law No. 6102 does not apply to open public partnership.
(4) The principles and procedures for the implementation of this Article shall be determined by the Board. Privileged shares

Article 28- (1) Ownership of the initial public offering of capital market instruments must be announced to the public in a transparent and comprehensible details of all existing concessions.

(2) In accordance with the principles specified by the Board, provided that the activities of prejudice to cases where the hair is reasonable and necessary, according to financial statements prepared in accordance with the legislation in consecutive five-year term public who hurt open partnership, concessions for the representation of the voting rights and board Assembly resolution with stands. In the event that the said preference shares belonging to public institutions and this provision does not apply. The principles for the
general meeting
Article 29 (1) public partnerships plenary session of the meeting, as it was shown in the Articles of Association, the Company's website and the Public Disclosure Platform and set by the Board must call got through published elsewhere. This call, with the exception of the announcement and meeting days, made at least three weeks before the meeting date. The principles and procedures for this paragraph shall be determined by the Board.
(2) is issued to bearer shares traded on the Law No. 6102 The first paragraph of Article 414 does not apply.
(3) the general meeting of the public partnership for the closure of the financial damage to the transportation abroad of the company's headquarters liability and, except for decisions put secondary liability in this Act or the articles of association in by clearly rate to be specified unless the unit heavier quorum, 6102 Article 418 of the Act applies. the Articles of Association, the provisions of the 6102 Act does not count only content yazılmaksız provisions to the contrary having been referred to the 6102 Act or the relevant item number. Sixth paragraph reserved.
(4) public commitment to the principle of partnership on the agenda of the general meeting without complying with the Council wants to be interviewed or to be communicated to the public is required to take the matter to the General Assembly's agenda.
(5) of Article 411 of Law No. 6102 recognized the lack of agenda items which supplemented the right, it includes provision to meet their decisions relating to public partnership in the draft agenda.
(6) public partnership in the restriction of new share acquisition rights, the registered capital system on board the new share acquisition rights to be awarded the restrictions authorized capital reduction and Article 23 of the General Assembly resolutions relating to transactions in important characteristics determined in accordance with the first paragraph to be considered, the main unless the contract clearly heavier than the quorum to be specified by percentage, regardless of quorum, the general assembly of partners participating in two-thirds of shareholders having the right to vote is required to be a positive vote. However, meeting at least half of the presence of the case of the shares entitled to vote representing the share capital, the articles of association clearly heavier than the quorum stipulated, it is decided by a majority of the shares entitled to vote at the meeting. In this process, the parties 6102 according to the first paragraph of Article 436 of Law shareholders to vote in general meetings of these transactions will be approved. Articles of Association provisions that ease quorum specified in this paragraph is void. Using

General meeting participation and voting Article 30 (1) public partnership to participate in the general meeting and voting rights to use, their share of the shareholders can not be linked to the requirement to store any organization before.
(2) Shares of record, followed by the public in the plenary sessions of open partnership, management name in the shareholders provided the CRA by the board of the list of attendees created considering the list may participate in the shareholders involved. Located right name on this list have participated in the General Assembly are showing identity. The maximum number of days from the date of the general meeting of the said list would consist of the previous owner of the shares and / or redundant shareholders and representatives of meetings attended by determining the principles regarding the report to MKK via electronic media specified in the fifth paragraph of this article Assembly.
(3) Shares of record at the unmonitored public determination of shareholders who are entitled to attend the general meetings of open partnership, Law No. 6102 shall apply.

(4) having the right to vote in the general meeting of the public association, may also use these rights through the people they appoint an attorney. However, provided that the transfer of shares unmonitored public possession of bearer shares in open partnership or through the assignment of documents showing that they also be a governor, votes may be taken in accordance with the general provisions. Those who provide custody services, storage services in cases where they use the capacity they offer proxy voting rights on the shares of this paragraph shall apply. The principles and procedures for using the collection calls and proxy voting by proxy is determined by the Board. Article 428 of Law No. 6102 does not apply under this law.
(5) Shares of record, followed by joint stock companies set up their electronic participation in general is carried out electronically provided by the CRA. export limits and the authority of the capital market instruments such as debt instrument

Article 31 (1) The total amount of capital market instruments in which they can issue debt instruments of issuers, can not exceed the limit will be determined by the Board. The Board of issuance, the issuance of debt instrument and you can set different limits depending on the nature of the issuer.
(2) dated 08.06.1984 and No. 233 on State Economic Enterprises Law reserves the Decree of the stay and the Special Provincial Administration Law No. 5302 dated 02.22.2005 of Article 51 dated 3/7/2005 set export limits in other laws of the Municipal Act does not apply to 5393 except the limits specified in Article 68.
(3) the nature of the debt instrument in the capital market instrument issued authority, delegated management contract with the principles set term or indefinitely.

Responsibility arising from public disclosure documents Article 32 (1) 10 substances under the provisions, in accordance with regulations specified to be responsible in the same article people prospectus, information sheet prepared in takeover bids, disclosures, be prepared for mergers, divisions announcement texts, traded announcement in the stock market and financial reports as Assembly public in signing the other public disclosure documents required to be issued with the purpose of lighting or the documents entities signed on its behalf wrong in this document, are jointly and severally liable for damages resulting from misleading or incomplete information.
(2) independent audit, rating and valuation organizations such as public disclosure documents or located in preparing individuals and institutions, including reports prepared on the basis of these documents is responsible under the provisions of this Law.
(3) Public false information contained in the documents lighting, not responsible for misleading or that have information about the missing and those who prove that stem from this lack of knowledge of the intent or gross negligence.
(4) false, misleading or incomplete information including during the validity period of the prospectus; the other is the public disclosure documents immediately after the date of the announcement to the public, initial public offering, or purchased or sold in the capital market instruments in the stock market, real immediately after the date of the relevant information arose upon receipt of sale or purchase in the stock market investors in case of occurrence of damage to the assets to be claimed under this article compensation in terms of public demand it is considered as established causal link between the damage and lighting document.
(5) If the public disclosure documents, the claims arising from the misleading or incomplete;
A) of the capital market instruments are buying or selling, be based on public disclosure documents
b) Capital market instruments purchase or sale of false information contained in the disclosure documents made although known to be misleading or inaccurate,
c) Public wrong place in the lighting documents, correction for misleading or incomplete information, issuance of investment decision or be declared prior to the making process based on this document
d) information contained in the documents disclosed to the public a false, misleading or incomplete not be even be harmed investors,
rejected the case.
(6) Public claims from lighting documents, in the fourth paragraph from the date the damage occurred is time-barred within six months.
(7) Public relieve liability or remove documents from the lighting of the agreements, terms or expressions are invalid.
Other common provisions

Article 33 (1) Partnership capital market instruments in any way or sold to the public that they have learned from the date of public company status is earned shall notify the Board within ten business days.
(2) must be taken in consultation with the Board to amend the articles of association of the public company.
(3) The Board of issuance within the scope of this law, the size of the issue, investors that for guarantees issued, information provided regarding the issue and the issuer, capital markets traded in the stock market of vehicle or such sales methods to be used during export qualifications and requirements keep in mind, you can keep fully or partially exempt from the obligations arising from this Act.
(4) Due to the number of shareholders in public considered the partnership, Article 16 does not want to be traded on the stock exchanges of shares in accordance with, at least two-thirds of the total number of shareholders of the affirmative votes or the votes of the scope of this Act by a General Assembly decision to be taken by three-quarters It may occur. In this case, the affirmative vote of the shareholders to decide to opt out of the law are entitled to leave in accordance with Article 24. In accordance with the second paragraph of Article 16 of the Assembly officially open public partnerships will be removed from the partnership status of the judge must have the common shares in takeover bids for other substances can be. The relevant procedures and principles determined by the Board.
(5) Issuers and public partnerships, even if they have more in common than the number specified in Article 16, the balance sheet and capital size, continuity of operations, limited to with people with specific features to be shared, in case of the presence of conditions such as distribution of the capital of the partners officially or as on demand can be partially or fully exempt from the obligations arising from the Law kept completely removable in the scope of this Act.
PART THREE


Capital Market Institutions and Operations General Provisions PART


capital market activities Article 34 (1) Capital market activities, the activities covered by this Act for capital market institutions, with this investment services and activities covered by the Law consist of ancillary services offered in addition to them.
Capital market institutions
Article 35 (1) of capital market institutions can operate according to this Law are as follows:
a) Investment firms
b) collective investment institutions
c) to operate in the capital market auditing, valuation and rating agencies
d) asset management companies
d) Mortgage finance companies
e) Housing finance and asset finance funds
f) asset leasing companies
g) central clearing institutions
i) the central depository institutions
v) Data storage companies
i) organization and the operations of other capital market institutions specified by the Board

Common provisions Article 36 (1) the financial statements of capital market institutions and with regard to the preparation of the report described in Article 14 apply mutatis mutandis.
(2) of Article 17 with regard to corporate governance principles first and second paragraphs apply mutatis mutandis to capital market institutions.

SECTION
Investment Services and Activities
investment services and activities
Article 37 (1) investment services and activities covered by this law include:
a) the receipt of orders related to capital market instruments and transmitting
b) for customer orders related to capital market instruments and performing account or the account of his name and customer
c) purchase from their account and trading of capital market instruments
d) Portfolio manager
d) Investment consultants | || e) bulunularak me installed in the public offering of capital market instruments to mediate the sale
f) through capital market instruments in public offerings to sell without my installed
g) the multilateral trading system and listed non-operation of the other organized market place
i) customers on behalf of the preservation and management of the portfolio preservation of capital market instruments
h) to be set by entering into other services and activities
ancillary services
Article 38 (1) Investment firms and asset management companies include ancillary services they can do to:
a) provide consulting services relating to capital markets
b) credit or lending is limited to investment services and activities and offering foreign exchange services

C) capital market instruments for must be made in transactions with related investment research and financial analysis done or general advice
d) the provision of brokerage related to the conduct of undertakings service
d) debt or in other ways through services offered to finance the provision
e) the wealth management and financial planning done
f) to be set by entering into other services and activities
activity permit must be obtained
Article 39 (1) regular effort of investment services and activities, commercial or may be performed as a professional activity it is required to obtain permission for the meeting. Investment services and activities can only be carried out by investment institutions. provisions relating to portfolio management companies and the stock market with investment trusts are reserved. Assembly of all investment services and activities, capital market instruments, investment services or activities and is authorized to make regulations relating to the organization done by a separate basis.
(2) Ancillary services, investment institutions and asset management companies are also carried out in the framework of the guidelines determined by the Board without being subject to an authorization.
(3) The Board, on the basis of capital market instruments may allow for one or more types of investment services and activities. The Board can group their investments as investment service provider and the type of activity and capital structures.
(4) Annual permit applications, since the submission of the necessary documents in full Assembly is decided by the Board within a maximum of six months and reported to the relevant state of affairs.
(5) Special regulations are duly authorized by the terms stated in this law, even if they are not allowed to transport and Assembly, individuals and organizations can not make the investment services and activities.
(6) The Board of investment services and activities with professional responsibility for the provision of ancillary services may require that insurance cover.
(7) The Board is authorized to make regulations relating to the capital market to borrow the car and lending and short selling transactions, on principles and fundamentals of identifying and Treasury and by taking the opinion of the Central Bank's credit capital market instrument transactions.
(8) Investment services and activities with the principles and procedures for the provision of ancillary services is determined by the Board.
(9) of this Law Article 37 (a), (b), (c), (g) and (h) investment services and activities listed in sub-paragraphs can be carried out in banks. Investment and development bank of the same substance (d), (d), (e) and (f) may provide the services listed in paragraphs. The principles and procedures for banks' investment services and activities to be carried out under the same Article shall be determined by the Board. This in services and activities, the Board may determine capital market instruments and the Banking Regulation and various rules and procedures according to the nature of the banks with the opinion of the Supervisory Board.

Authorization Article 40 (1) Investment services and allowed the Board to engage in activities, showing the authorization of investment services and activities they will perform certificate is issued. An authorization to be granted permission to remain in one or more investment services and activities.
(2) Investment services and allow taken with the permission from the Board to engage in activities canceled ones, the articles of association as they can not find in these activities, the trade name bases or ads and ads that give the impression they are in these services and activities are no words or phrases do the same.
Cancellation of the authorization certificate and operating permit
Article 41 (1) The Board authorization and operating permissions given under this Act, without prejudice to other relevant provisions of this Act, cancel the following case:
a) activities from the date of issue explicitly or operating permit waiving the no authorization for any activity made not
be covered by the relevant permits for two years) Annual bulunularak in misrepresentation or misleading permission or have been taken by other unlawful means
c) receipt of operating License during the qualifications required of the failure to restore the these requirements within three months after the loss that the Board determined
(2) activities of revoked all permits, termination decision making, or at the latest by the trade name of the main contract within three months of the purpose and scope of the concerned, including the provisions are required to change the investment services and activities to be covered. The principles governing the financial responsibility limits and employees


Article 42 (1) Investment services and activities and ancillary services of the financial liability that can be imposed as the maximum limit and managers of investment institutions will be tasked with carrying out these services and activities to call in staff minimum conditions determined by the Board.
PART THREE


Organizations Investment Organizations Terms
Article 43 (1) Securities brokerage organizations to grant permission to the Board;
A) to be established as a joint stock company,
b) must be registered in all of the Shares,
c) cash removal of shareholders,
d) should not be less than the amount determined by the Board of the capital,
d) Articles of Association of the this Act and comply with the provisions contained in the relevant regulations,
e) of this Law, Founder and to meet the requirements specified in the relevant regulations,
f) to be transparent and open partnership structure,
need.
(2) the terms sought in the first paragraph for other investment institutions other than banks. The Board may provide for additional requirements for these institutions.
(3) the principles and procedures for the implementation of this Article shall be determined by the Board. Founder

requirements for Article 44 (1) of the co-founder of intermediary institutions;
A) being bankrupt, should not have been declared concordat or about to be decided the postponement of bankruptcy,
b) Operating in the one revoked by the Board organizations, allowing the absence of the person who is responsible for the incident that requires a sanction,
c) of this Law the absence of a final conviction of the crime,
d) 14/1/1982 dated and No. 35 Insolvency Inside found Banker of the Law on Procedures Decree and its annexes by themselves or have not been given the liquidation decision about organizations that partner
d) 26 / 9/2004 and 5237 period referred to in Article 53 of the Turkish Penal Code, even if expired; deliberately committed for an offense for five years or more imprisonment for a term or crimes against state security, constitutional order and crimes against the functioning of this order, embezzlement, extortion, bribery, theft, fraud, forgery, breach of trust, fraudulent bankruptcy, corruption in procurement mixing, deed execution of the rigging, blocking information systems, breaking, or changing destroy data, misuse of bank or credit cards, money laundering asset value of the goods resulting from crime, trafficking, lack convicted of tax evasion or unjustified crime
e) the financial strength and integrity required for the job and have no reputation is
condition. (A) requirements referred to in subparagraph bankruptcy removal of the decision for approval of the closure or concordat offer, (b) If the conditions in paragraph from the date of the final decision in this regard in the case of exceeding ten years is not taken into account in the application of this paragraph.
(2) directly or indirectly in terms of the conditions of the Assembly in the first paragraph of the partners have a significant impact to determine the co-founder of intermediary institutions are required to carry legal persons.
(3) intermediary institutions in the opinion of the Board amendments to the conversion process, the Board's approval of the transfer of shares must be taken and procedures and principles related to them are determined by the Board. The acquisitions carried out in violation of the regulations made under this paragraph shall not registered in the share register and in contravention of this provision shall be null entries made in the share register.
(4) Intermediary institutions outside the rules and procedures relating to the procurement support services to carry out activities under this Act shall be determined by the Board.
(5) Requirements for the founding of other investment institutions other than banks determined by the Board.

Conditions for the made the Activity Article 45 (1) The obligations of investment institutions, the principles to be complied with during the provision of investment services and activities and ancillary services shall be determined by the Board.
(2) Article 44 of the Investment agency managers will be determined by the Board with terms other than financial strength and the experience of the first paragraph must carry training requirements are mandatory.
(3) to make transactions in the stock market investment institutions, are obliged to obtain authorization to operate from the relevant market.
(4) The Board of the investment institutions, investment services and activities in order to determine the protection to be provided to investors during the execution of investors are entitled to classification.

(5) Investment companies, the risk associated with their activities as well take into consideration in accordance with the investment services and activities they offer in the way, are responsible for investor rights and promotes the interests and establish the necessary internal control units and systems in order to provide follow-up and the result of rising investor complaints from these services and activities .
Collateral, assets and investors use fundamentals
Article 46 (1) Board, who will bring no security deposit or the obligation of the investment services and activities.
(2) Investment firms, credit capital market instrument transactions from investors may want capital market instruments loan transactions or other investment services and activities and to give guarantees because of ancillary services with short sale transactions. Exchanges and clearing and settlement organizations may wish investment institutions and investors of investment services and activities to be covered by collateral.
(3) This type of collateral held in substance, amount to be credited with the use of space and shape, and the principles and procedures for the release is determined by the Board.
(4) securities issued in this matter can not be used outside the depositary purposes, transferred to third parties, even if the public will be subject to attachment, pledge or included in the bankruptcy estate and injunction on them.
(5), no matter what each of the investors by cash and capital market instruments held within investment institutions are monitored separately from the assets of the investment enterprise. These assets, without the express written permission of investors, except for the purpose deposited by institutions that are entrusted to them or used to provide benefits to third parties.
(6) If under any circumstances the investors get because of the cash and capital market instruments and investment institutions in the eyes of investment institutions debt, while the assets of investment institutions to the public will be because of the debt to investors, even if seized, investors also not be pledged without the prior written consent of bankruptcy not included in the table and injunction on them. Capital market instruments

subject of guarantee contracts Article 47- (1) The record in CRA monitored capital market instruments subject of guarantee contracts are made in writing. This contract guarantees the ownership issue of capital market instruments, according to legal procedures, depending on the contract, which guarantees the coverage area can be transferred may remain. In the absence of a provision in the contract still the subject of guarantee capital market instruments that exceed the coverage area of ​​the property is deemed to have.
(2) in collateral agreements have been transferred to the ownership of the deposit area; coverage area, currently the subject of guarantee contracts to guarantee the establishment of the capital market of car ownership, will have as a result of the transfer by following legal procedures. guarantees by the end of the guarantee contract area, the subject of guarantee capital market instruments, or the equivalent of that guarantee shall return the property.
(3) of the guarantee contract that guarantees remain the property; The capital market issues in the collateral can be used in vehicle sales, including the scope of what the parties agree between them. The areas with the end of the guarantee contract guarantee bond issues of capital market instruments or have used these tools will refund the equivalent of that guarantee.
(4) In case of default or for reasons stipulated in law or contract, will be met from the guarantee is concerned; any notice or have a warning, not time, permission from the court or administrative authority or consent, guarantee the fulfillment of any auction or as a prerequisite to be converted to cash another way without obligation;
A) the contract is transferred to the ownership of the deposit area; coverage area, the subject of guarantee capital market instruments, provided that it is not foreseen otherwise in the contract between the parties, if they stock or an active quoted in other markets including but not down in value in this market by selling its receivables from the sale price the value of the meeting or the vehicle is entitled to deduct from the debtor's obligations.

B) the guarantee contract, which guarantees the stay of ownership; coverage area, the subject of guarantee capital market instruments, if they are listed on stock exchanges or other organized markets, but not down the value in these markets, selling to meet the will of the sale price or the vehicle has the right to offset the obligations owed by passing the value to the property. Collateral area so that the guarantee agreement between the collateral issue of capital market instruments to hand in order to put the property could be used this right and capital market instruments not listed on any stock exchange or other organized markets is should be laid down clearly could be done in a way what's valuation.
C) (a) and (b) the exercise of rights in the default case for the application of paragraph, the highest value in the stock market or an active maturity date in terms of the subject of guarantee capital market instruments that are quoted on other markets prevail. After the exercise of the rights of the collateral will cover the areas that will be returned to the remaining value of collateral increases.
(5) Guarantees about the area or that the judicial or administrative authorities to restructure the assets or in the event of a decision of a similar nature in a decision or liquidation, with the capital market instruments as collateral collateral and lenders' rights are not affected by this decision and also applies to the relevant authority of restructuring or liquidation. This provision, after issuance of the decision on the aforementioned qualities in terms of transactions on the same day before the decree in question given the guarantee and the guarantee is valid provided that the areas in good faith.
(6) of this Article, the terms and the results are not applied to collateral agreements and collateral provisions are governed by special laws.

SECTION FOUR
Collective Investment Institutions
investment trusts
Article 48 (1) Investment companies, capital market instruments, real estate, venture to be determined by the Board with capital investment to operating portfolio consisting of other assets and rights, to share founded to export are fixed or variable capital incorporated companies.
(2) of the Investment Company; organization and co-founder of the joint-stock companies of transformation into investment trusts, to exit the investment trust status, the minimum free float rate, operating principles of the species and transfer of shares to, prospectus and the prospectus to be published, the assets in its portfolio and the rights of the valuation and the preservation of assets, the portfolio restrictions, the management principles, capital increases and reductions of the preference shares to be issued, dividend and share revocation of the liquidation and the other will be subject to the procedures and principles concerning the end liabilities are determined by the Board.
(3) the Board's receipt of the approval of the amendments is mandatory investment trusts.

Establishment and operating conditions for investment trusts Article 49 (1) Investment companies to grant permission to the organization;
A) Registered capital is to be established as joint stock companies,
b) the initial capital of not less than the amount determined by the Board,
c) removal of cash to shareholders full and in cash paid during the establishment of the share price,
d) Trade title AnlArIndA "Investment Partnership" does the phrase,
d) the articles of association of this Act and comply with the provisions contained in the relevant regulations,
e) is determined to carry out its portfolio of storage services of an organization authorized by the Board,
f) to be set by other terms and conditions of transport, it is necessary
. provisions relating to variable capital investment trusts are reserved.
(2) the founder of the investment company Article 44; the managers of the second paragraph of Article 45; The employees Article 42 shall apply mutatis mutandis.
(3) conditions for the establishment of the investment partnership, shall also be required for the transition to investment trusts.
(4) Investment companies can receive services from a portfolio management company, provided are subject to the provisions of the Articles of Association and the Board's approval.
(5) the establishment of real estate investment trusts and capital increases to be approved by the Board portfolio assets as capital in kind can be. The principles and procedures concerning the valuation of the assets is determined by the Board. Real estate investment trusts shares of real capital money will be exported to the principles set by the Board may IPO.

(6) of real estate investment trusts, the maximum rate in the wholesale sale of assets at the amount determined by the Board 6102 Law No. 408 Article of the second paragraph (f) of this Act and paragraph 23 of Article shall not apply.

Variable capital investment trusts Article 50- (1) The variable capital investment trusts, capital investment trusts are always equal to the net asset value. subtracting the total liabilities from total assets of the net asset value represents the amount found by.
(2) Variable capital shares of investment companies, the investor must be registered with the founder shares consist of compulsory share. nominal value of the share of variable capital investment trusts available. Founder shares are allocated to the variable capital investment company established by fulfilling the capital commitments. Founder shares available to the founder and General Assembly decision after the Board's permission may be issued from the institutions to be allocated to the partners or third parties. transfer and redemption of the shares is subject to the Constituent Assembly on the basis of principles determined by the Board permission. Assembly founder share transfers carried out without the consent not registered in the share register and the records made in the share register as contrary provision is void. Investor shares, does not have administrative rights.
(3) The variable capital investment trusts, in accordance with the provisions of this Act, shall issue and redeem shares when the shares are issued. Variable capital investment trusts, to the redemption of shares at the request of the shareholders and the shareholders' equity is obliged to pay back the corresponding share price. The principles and procedures relating to the redemption of the shares is shown in the main contract.
(4) Variable capital decrease of investment trusts under the amount determined by the Board of the values ​​of the founding shareholders or the financial situation in the event of weakening enough to meet its obligations, the board shall notify the Board without delay in this case. The Board of Directors Following the notification, call the General Assembly to take the necessary measures immediately to the meeting and convene the General Assembly within thirty days. In case of failure or inability to increase the amount determined share of the founders of the weaknesses in the financial situation is not resolved, the Board, including liquidation on variable capital investment trusts is authorized to take all kinds of measures.
(5) Investment companies can turn to variable capital investment trusts. The said conversion procedure, the plenary sessions and quorum for the conversion, to make tender offers to the public due to the conversion and the determination of the offer price, determined guidelines Assembly on and other matters preservation of the existing shareholders' rights and obligations.
(6) Variable capital investment companies' activities and management principles with a portfolio of assets in and rights valuation to, to hide their assets, the portfolio restrictions, prospectus and the prospectus to be published, issuance of shares, sale, redemption and the suspension of redemptions, liquidations and procedures relating them to the end and It shall be determined by the Board.
Provisions will not apply to variable capital investment trusts
ARTICLE 51 (1) of variable capital investment trusts, Law No. 6102; joint-stock companies in the capital with the minimum capital amount, the minimum content of the Articles of Association, the same capital commitments, the nominal value of the partnership to accept their share of acquisition or as a hostage, capital increase and reduction employed, share of commitment and payment of the restrictions on the transfer of shares, the profit or loss accounts and profit distribution, reserves and provisions relating to the liquidation will be charged.
Investment
Article 52- (1) This Law shall be collected in exchange of shares, the funds of depositors in accordance with money or other assets, saving the owner of the account, according to the fiduciary ownership principles in order to operate a portfolio or portfolios comprised of assets and rights determined by the Board portfolio and fund management company established by the bylaws and legal personality without being given the name of the property investment fund.
(2) in order to obtain permission for establishment of investment funds, to have an agreement with an organization authorized by the Board to carry out the founder's portfolio of storage services and approved by the Board of the fund's bylaws required. Mutual fund organizations applications, since the submission of the necessary documents in full Assembly shall be decided by the Board within two months and reported to the relevant state of affairs.

(3) Asset management company, fund, represent in a manner that protects the rights of owners of shares in investment funds, manages or supervises the management. Asset management company investing the assets of the fund in accordance with the regulations and bylaws fund account in its own name and not in the savings fund and is authorized to exercise the rights arising therefrom.
(4) Asset management companies on the relationship between the shares of the owners in this Law, in case of absence of the provisions of the relevant legislation and fund bylaws 01.11.2011 dated and 6098 numbered Turkish Obligations Act apply mutatis mutandis 502 to 514 Article provisions.
(5) Fund, with legal personality shall be deemed to be limited to transactions registered in the Land Registry. real estate investment fund in the portfolio, based on real rights and real estate-based securities are registered in the land registry on behalf of the funds. operations to be performed on behalf of the Land funds, asset management companies, custodian services portfolio performed with joint signatures of the officials conducting the organization.
(6) The Board of the Central Bank and foreign exchange by the Central Bank of day trading trading of fund shares, taking the opinion of the Treasury may allow to be made in foreign currencies declared. separation of the presence of goods

Fund ARTICLE 53 (1) of the assets of the Fund, portfolio management companies are separate from the assets of the organization to carry out the portfolio and custody services.
(2) Fund assets, is the account of the funds and get the credit, provided there is a provision in the fund bylaws, derivatives transactions, except for an open sale process or the operation of a similar nature that becomes a party on behalf of the funds as collateral and may not be pledged. Fund assets portfolio management companies and the portfolio to be transferred to the custody of the government of carrying out the organization or control of public institutions still can not save even any other purpose, subject to attachment, including the purpose of the collection of public receivables injunction on and can not be included in the bankruptcy estate.
(3) In the event of liquidation of the Fund's assets may only be paid to owners of shares.
(4) Asset management companies will be the third person of the same investment fund with debts and liabilities to third parties which can not be offset against each other. Other powers of the Board of Investment fund

Article 54 (1) Board;
A) the Fund's foundation, the assets to be kept in the portfolio as of fund types and asset limitation to, valuation of the fund profit for the detection and fund distribution activities and the management principles, merger, convert to end the and liquidation,
b) Fund bylaws management and storage contracts of the organization, scope, modified, registration and the declaration, the value of shares, issued and the calculation and announcement of the redemption price, the trading policy, the fund management and custody fees
c) participation in the issuance of shares
d) Funds prospectus and other disclosure requirements to determine the procedures and principles
.

Asset management companies Article 55 (1) Asset management company, the main activity is the establishment and management of the joint-stock investment funds. Asset management companies are required to obtain permission from the Board to pass on the establishment and activities. The relevant procedures and principles determined by the Board. Portfolio management of enterprise applications company, after being presented to the Board the necessary documents in full within six months shall be decided by the Board and reported to the relevant state of affairs.
(2) Asset management companies Article 43 of the organization; founder of the Article 44; the managers of the second paragraph of Article 45; The employees Article 42 shall apply mutatis mutandis.
(3) Asset management companies that serve the people and organizations in the portfolio of assets that may be subject to storage locations identified by the Board portfolio basis are stored in the storage services that organizations before the frame.

(4) Asset management companies to its shareholders, the transfer of shares, minimum capital and capital adequacy, investment funds set up and to manage, their main activities as well as portfolio management and investment advisory activities and capital market activities and guarantee deposit due to the activities they do outside their the procedures and principles determined by the Board. Asset management companies are not pledged collateral deposited by, even if the public will have to be seized can not be used beyond saving purposes, transferred to third parties, can not be included in the bankruptcy estate and injunction on them.
(5) Asset management companies are required to be of the opinion of the Council on amendments to the conversion process.
(6) Asset management companies, funds management in carrying out their activities, are obliged to protect the interests of shareholders to participate in their own and other customers.

Liability portfolio custody and that Article 56 (1) assets in the portfolio of collective investment institutions is delivered to the storage service provider holds the portfolio to be kept in a separate custody account opened on behalf of these organizations. Portfolio custody services;

A) issue of the participation account Mutual funds and the costs will be in the process of legislation and the suitability of the fund bylaws provisions
b) Variable capital of the issuance of shares of investment trusts and amortization to process legislation and in conformity with the principles of contract,
c) mutual fund or variable capital investment trusts unit shares or units of a calculation in accordance with the valuation principles set out in the framework of fund bylaws or articles of association provisions of the legislation of the share value,
d) unless contrary to the fund bylaws or articles of association provisions of the legislation, portfolio management company with variable capital investment company and the fulfillment of investment trusts instructions
d) the transfer at the appropriate time costs related to the nature acts from related transactions with assets of collective investment institutions
e) fund bylaws and regulations of the income of the collective investment institution or the articles of association provisions the use in accordance with
f) the purchase and sale of the assets of collective investment institutions, portfolio structure, legislation process, funds for compliance with the bylaws or articles of association shall contain the provision
.
(2) the scope of this article holds the portfolio of enterprise storage services, asset management companies of investment funds due to fulfill its obligations to the owners of the shares and is responsible for the damage caused by the partnership in investment trusts.
(3) Asset management company or investment company, the organization holds the portfolio of storage services; custody services from the organization running the asset management company or investment company is obliged to request the removal of damages for violations of the provisions of this Act. The right to sue the owner of the share or shares are reserved.
(4) Portfolio holds the storage service provider, you can store all or part of the portfolio of assets in custody and custody services to other organizations in carrying out the State. In this case, all that the asset custody service provider is jointly liable.
(5) The Board approved of the assets in the portfolio of collective investment institutions, in the central storage or centralized clearing organization in the eyes of the relevant account opened on behalf of collective investment institutions may provide for the monitoring requirement. obligations of the organization that conducts custody services portfolio will continue in this case.
(6) Asset management and custody services portfolio with the organization running the company can not be the same entity. Organizations that run the asset custody services and asset management companies in fulfilling their duties in accordance with the interests of its own shares independently of one another and are obliged to act only participate.
(7) Portfolio storage services to supervise the organization and management of the investment issuer brokerage services to asset purchases and sales of fund portfolios represent these institutions and empowered individuals, asset management companies in the partner, director or agent can not. The partners of asset management companies, executives and managers represent and bind the company or its representatives can not be in the organization that conducts the authorized persons in custody.

(8) The Board attributes of the assets contained in the fund's portfolio, the issuer, investors to which the export, asset management companies and according to the nature of the capital structure and issuance of the investment company can set different guidelines for the storage service or provide exemptions from the storage requirement.
(9) the nature of the organization to conduct its storage services portfolio and the principles and procedures for the conduct of these activities shall be determined by the Board.

SECTION FIVE
Housing and Asset Finance and Mortgage Finance Institutions
Housing and asset finance
Article 57 (1) of housing finance, the credit extended to consumers in order to acquire housing, be leased to consumers through financial leasing housing, with credit granted to consumers under the guarantee that the housing and credit is granted in order to finance these loans. Housing finance companies, mortgage funds and mortgage finance institutions based on these loans and receivables or their collateral under operations is also in this context.
(2) Housing finance companies, mortgage scope are direct consumer loans, or leasing by banks and the Banking Regulation and Supervision Board by housing finance activity in the presence of leasing companies and finance companies, as appropriate.
(3) Housing finance by enterprises, the finding enough information and document aims to acquire housing and its credit or the mortgage or the Board to be secured by eligible collateral held by financial leasing is required.
(4) Asset financing, including mortgage-based assets covered include the Board approved the issuance of capital market instruments.
(5) The Board, by housing finance and asset quality are determined by the Board at any stage covered by having ratings agencies may require the valuation done.
(6) Treasury, housing and assets related to insurance contracts rules and procedures for financing; The Ministry of Customs and Trade, under the housing finance and asset finance is authorized to determine the procedures and principles for refinancing of loans or credit granted to consumers.

Housing and asset finance funds ARTICLE 58 (1) Housing finance fund, the money collected in exchange for mortgage-backed securities, mortgage-backed securities account holders; asset financing fund, the money collected in exchange for asset-backed securities, asset-backed securities account holders with the fund established in accordance with the bylaws of the assets of fiduciary ownership principles and unincorporated. Mortgage and asset-backed securities and related capital market instruments are issued showing the provision of funds or assets in its portfolio ipotekfinansm new organization.
(2) of assets of the funds in this article, that account funds and receive credit on condition that there is a provision in the fund bylaws, derivatives transactions, except for an open sale process or the operation of a similar nature that becomes a party on behalf of the funds as collateral and may not be pledged. The assets of the Fund, the founder of the transferor and credited to the fund's portfolio assets or providing services to the fund are separate from the assets. Fund assets, mortgage or asset-backed securities until redemption; The founder, to be transferred to the of the transferor and receivables or assets in the fund portfolio that provides services to fund management or control of public institutions still in not saving even any other purpose, subject to attachment, including the purpose of the collection of public receivables, injunction and can not be included in the bankruptcy estate.
(3) Fund board represents the fund to protect the rights of owners of mortgage or asset-backed securities and manages. The accuracy of the recording of assets purchased for the fund portfolio and is responsible for protecting these assets from the fund board and storage.
(4) founder, fund board and the relationship between issued mortgage or asset-backed holders of securities in this Act, in cases where there is no provision in the relevant legislation and fund bylaws 6098 Law No. 502 to 514 Article of shall apply mutatis mutandis.
(5) In case of receiving the funds secured by the mortgage-asset portfolio, statements relating to matters that transferred to the fund in the record of this asset is recorded in the household. The Board, in this case, the mortgage or property; may be registered in the name of fund enforce the relevant record.

(6) the establishment of the Fund founders, operating conditions, management and mortgage or asset-based termination rules and procedures relating to the issuance of securities is determined by the Board.
(7) Mortgage finance companies, housing finance funds or assets without setting up the mortgage or asset-backed capital market instruments may issue. The procedures and principles determined by the Board on this issue. Mortgage and asset covered securities

Article 59- (1) Mortgage and asset covered securities, which are the general obligations of the issuer and the securities issued capital market instruments are showing money.
(2) issuers, mortgage and asset covered securities collateral assets that are obliged to follow separately from other assets. The Board, as the issuer of the records related to assets held as collateral order may require the establishment of a separate State.
(3) mortgage and asset covered securities until redemption; collateral assets, even in the case to be transferred to public institutions of management or control of the issuer can not save except for collateral purposes, not pledged collateral can not be displayed, seized, including the purpose of the collection of the public will not be included in the bankruptcy estate, also can not be an interim injunction on them.
(4) fails to fulfill the issuer of mortgage and asset obligations arising from covered bonds maturity, to be transferred to public institutions of management or control activities permission of removal or bankruptcy appeared on the income obtained from cover assets, primarily mortgage and asset covered the risk of their own securities and collateral assets used to protect the payments to the opposite side of the contract made. Receivables are not covered by the guarantee and mortgage asset owners and asset covered securities collateral opposite side of the contract with the purpose of hedging assets, the issuer may apply to other assets.
(5) Mortgage and asset covered issuers of securities, export, export limits, export conditions, the type and quality of collateral assets, mortgage and asset guarantees compatibility between the cover assets and collateralized securities, keeping records related to the presence of collateral, the owner responsible for collateral qualifications required and responsibilities, ytm'y services, mortgage and asset rules and procedures for the calculation of the payment in case of payment of the presence of collateral secured other matters related to securities is determined by the Board.
Mortgage finance companies
Article 60- (1) mortgage financing agencies, under the housing and asset financing, the acquisition of the assets determined by the Board types and qualities, transfer, taken as a guarantee of the management of assets acquired assets and the Board deemed appropriate to carry out other activities are joint-stock companies established to be.
(2) of mortgage finance institutions in cash and the lack of capital of all kinds have been paid less than the amount determined by the Board and as free from collusion; Requirements for the transport to the capital or voting rights of founders, directly or indirectly constitute ten percent or more of the owners of bank shares by the Act No. 5411, the founding partners is required.
(3) In the case of providing sources of mortgage finance companies through a guarantee of assets in the first paragraph, the source case to be transferred to the supply of the institution's management or supervision of public institutions even cover assets are shown, not saving any other purpose, may not be pledged as collateral, the public will including the purpose of the collection seized by third parties, the injunction can not be decided and can not be included in the bankruptcy estate. The Board, in a separate organization before the records related to assets that are required to keep collateral may bring.
(4) assets received as collateral under the first paragraph of Article 59 to be issued under the mortgage and asset covered securities acceptable as collateral. Export structure, mortgage and asset covered securities, provided the source is created so that the general obligation of the institution.
(5) of mortgage finance institutions; foundation, founders, shareholders, management and organizational structure, operating principles and rules, annual permit statement, mortgage capital market instruments issued and determined by the Board rules and procedures relating to the other will be subject to liability.

Sukuk and asset leasing companies
ARTICLE 61 (1) Sukuk, which provides asset lease issued by companies and owners of their having rights in proportion to their share of the income derived from these assets or rights to ensure the financing of any kind of asset or right and the qualifications are determined by the Board of capital market instruments. The principles and procedures for the issuance and sale of Sukuk determined by the Board.
(2) Asset leasing companies have established joint stock companies to export exclusively Sukuk.
(3) Asset leasing companies, except as allowed under the articles of association on the assets and rights as such can not be engaged in any business activity other than those stated in the articles of association of the approval by the Board, any kind of third party's favor can not qualify and offers them in a way contrary to the interests of the owners do not rent, lease, rent or transfer certificate. Sukuk are redeemed Until the asset leasing companies assets in the portfolio and the rights, even in the case to be transferred to public institutions of management or control of the issuer can not save except for collateral purposes, not pledged collateral can not be displayed, seized, including the purpose of the collection of the public it will not be included in the bankruptcy estate also can not be an interim injunction on them.
(4) fails to fulfill the terms of the obligations of the issuer of Sukuk, to be transferred to public institutions of management or control, derived from the assets in the portfolio of the operating permit for the abolition or bankruptcy appeared income primarily used for payments to be made to the owners of rental certificate. In this case, protection of the rights of Sukuk Board is authorized to take all necessary measures to ensure that.
(5) Asset leasing companies to the organization, the articles of association, annual statement, over might assets and the nature and type of rights and the related record keeping to, the management principles, they liquidation and termination, ytm'y services be paid from the assets in the portfolio of assets leasing company in exchange for the principles and procedures for the calculation of the payment is determined by the Board in the event.

CHAPTER SIX
Independent Auditors, Rating and Valuation Organizations
Annual principles
ARTICLE 62 (1) Public Oversight, Accounting and Auditing Standards of the independent auditing firm authorized by the Authority will be required of what will no independent audit activities in accordance with this Law additional requirements determined by the Board and disclosed to the public list of the independent audit firm meet these requirements. The Board is authorized to issue from the list detections made to work under the supervision and quality control standards as a result and contrary to legislation on audit activities under this Act in the list of the independent audit firm. The Board will make the results of quality control and public surveillance audit, accounting and auditing standards are notified to the Authority.
(2) Assembly, the Law of the subject organization of information systems audit, rating and regulations in order to ensure compliance with international standards by also considering the public interest to be carried out safely and independently of valuation activities and the creation of providing quality assurance system that makes surveillance and control . The authorization of these organizations, managers and employees to be licensed and the procedures and principles regarding the public disclosure of this information to record information about these organizations is determined by the Board.

Responsibility Article 63- (1) Independent audit organizations, including limited the scope of their duties, checking their financial statements and report any damages caused by failure to report audited in accordance with the legislation of the signatories are responsible together. Independent audit firms with ratings and ratings agencies, the wrong result of the reports, they have organized activities are responsible for the damage they caused so misleading and incomplete information.
Liabilities
Article 64 (1) An investment institution or financial statement audits of collective investment organization or this Act and any other task of exercising independent auditing firm determined in accordance with applicable regulations and the independent auditors, the company or the capital with them one of the organizations associated in the eyes of carrying out their duties in terms of management information about the company owned;

A) of this law and in violation of the provisions on the authorization and operating conditions in the relevant legislation,
b) can prevent continuous and orderly execution of the company's activities
c) requires avoid implying negative feedback or comments
every situation is obliged to inform the Board immediately.
(2) Independent audit firms notifications made to the Board under this article, as it came to a violation of a law or contract clause concerning the disclosure of information does not lead to civil and criminal liability in respect of the person making the notification.
PART FOUR

Commodity Capital Markets, the Association of Capital Market and Other Institutions Turkey


SECTION Commodity Exchanges and market operators

Article 65- (1) Stock Exchange and markets Ministers are permitted by the Board of Directors upon the approval of the establishment of the operator. To begin operations of these organizations is subject to the approval of the Board.
(2) to grant the organization permission of the stock market and the market operator;
A) to be established as a joint stock company,
b) must be registered in all of the Shares,
c) cash removal of shareholders,
d) should not be less than the amount determined by the Board of the capital,
d) Founder of or exchange or market operator directly or indirectly has significant effect common to the 44th of the conditions in material handling, the
e) of this Act and comply with the provisions contained in the relevant regulations of the Articles of Association,
need.
(3) organization and operation permit applications market, made by the market operator or market operator on behalf of the stock market. Exchanges are allowed and the establishment of market operator, domestic and foreign financial markets and the general situation of systemic risk factors are taken into consideration.
(4) Upon receipt of the organizations are allowed to stock the establishment license application must be made in order to get permission to operate from the Board at the latest within a year. Annual permit applications, complete the information and documents sought since the time of the application submitted to the Board shall be decided by the Board within six months and reported to the relevant state of affairs. From its inception as a result of permission or without reference apply to the Board within a year to give them permission to leave the organization's activities will be canceled deemed appropriate organizations. This time, not taking entity or organization that can not be confined to the application of the mandatory conditions permit the institutions in case of existence of reasons, be extended one year by the Board. Article 41 shall apply for the cancellation of the operating permit issued by the Board.
(5) Exchanges, market execution and / or may contract with one or more than one market operator to manage. This agreement shall not be valid without the approval of the Board. market operators use rights owned stock in the framework agreement with the stock market and the stock market to assure the fulfillment of the obligations stipulated in this Law and the relevant legislation on the approval of the Board.
(6) Exchange or market conditions outside the financial power requirement in the first paragraph of Article 44 of the managers and operators it will be determined by the Board in addition to bear the training and experience requirements are mandatory. In case changes occur in the stock market or market operator manager, the situation shall be notified immediately. In case of stock exchange or market operator during the continuation of the mission managers determined that they meet the qualifications specified in this Act or related legislation or losing the aforementioned requirements are requested to leave the office by the Board and fulfilled requests by the assignment of authorized stock exchange bodies.
(7) amendments of the stock market and the market operator, the transfer of shares or transfer of shares is subject to the approval of the Board of any transaction that results in even if there is a direct or indirect transfer of control. amendments that allow the Board, transfer of shares or transfer of control transactions that result is not breed provisions administratively on the stock market or market operator. This provision is not registered to the contrary transfer of shares shareholding books and records made in this way null and void. The principles and procedures for the implementation of this paragraph shall be determined by the Board.

(8) Exchanges, capital market institutions operating in the market in its own structure, capital market instruments stock traded issuers and giving orders or process that a natural or legal person of the stock exchange rules compliance regularly and effectively monitor and to prevent violations of the necessary procedures and It determines principles. Exchanges are found in the Board notification in the event of gross negligence and deliberate violation of their own rules.
(9) Without prejudice to the provisions of this Law, the stock market of the institutions, capital structure, with a stockbroker to be carried out under this law to control these activities, the activities of temporary and permanent cessation and market operators in the relationship of principles and a regulation to be issued by the Board determines. Such considerations may also be determined by a regulation approved by the Board prepared by the relevant stock exchange.
(10) Without prejudice to the provisions of this Law, stock exchanges are subject to special legal provisions, duties and powers conferred by this Act shall perform independently at their own risk and use them. Exchanges determine their own budgets and personnel through the bodies specified in the articles of association. Exchanges, partnerships to which they are attached and affiliates with market operators, public authorities or state-owned companies in administrative and financial matters, business, enterprises and organizations concerning legislation to be subjected to restrictions and practices.
(11) lawsuits filed against the judicial Exchange is seen. labor courts in the stock market, according to the Labor Law No. 4857 dated 05.22.2003 personnel is charged with conflict.
(12) Stock Exchange about the president and board members and senior management of the investigation because of the activities in this law are subject to the written approval of the Council can be made.
Organized other market places
ARTICLE 66 (1) Stock Exchanges outside Bringing together buyers and sellers of capital market instruments, procurement and mediating the sale, which for systems and platforms that make them and operates an alternative trading system of the multilateral process platforms and other organized markets of the institutions, the authorization, the share capital, which in the capital market instruments to be traded, competitive conditions and the procedures and principles regarding the principle of work of these organizations is governed by regulations to be issued by the Board. Assembly is under the supervision and control authorities. The principles for the
Stockbroking activities
ARTICLE 67 (1) Capital market instruments, foreign exchange and precious metals with precious stones and the Board deemed appropriate for other agreements, documents and assets in a secure, transparent, efficient, stable, fair and competitive environment to ensure that the process;
A) receiving quotas, stopping to see the processing and trade on the exchange with the removal of jeans,
b) Order transmission and pairing,
c) the timely execution of obligations related to the operations performed
d) to trade on the stock exchange authority granting,
d) implementation of the disciplinary regulations,
e) of them charged with stock exchange revenues,
f) resolving dispute
g) stock exchange, stock market, shareholders and / or potential conflicts of interest between the market operator preventing,
i) Exchange of operation, inspection and surveillance systems,
h) to create the market, business and management, the principles and procedures relating to
topics are determined by prepared by the relevant stock exchange and approved by the Board regulations.
(2) Except for the relevant stock exchange traded derivatives;
A) Foreign exchange and precious metals and precious stones are treated by the Treasury of The basis for regulations that determine the liability of the authority given for granting authorization to operate on the stock market,
b) Energy products processed by the authorized under the guidelines for granting authorization to trade on the stock market Energy Market with the Ministry of Energy and Natural Resources for the determination of liability regulations Regulatory Authority, is the opinions
.
(3) Stock Exchanges, with this Law and other legislation to make the arrangements for their assigned powers and functions and their application to this arrangement is the subject institutions and organizations before whether or not to comply with them and to check whether they submitted information is correct and officials are authorized.
quotation in stock exchange

Article 68- (1) Capital market instruments but to ensure that the law contained in regulations issued on the basis of market conditions to be taken in the event of jeans.
(2) Exchanges, capital market instruments of issuers received quota arrangements are made to ensure the fulfillment of the public disclosure obligations. Exchanges are obliged to comply with the rules set by the Board on access to information to be disclosed to the public.
(3) Exchanges and market operators, in capital market instruments that comply with the conditions remain in denim jeans make the necessary arrangements to review regularly.
(4) a capital market in a stock listing agent, this Act and may be in another market quota in accordance with applicable regulations. Cessation of
process and removing the jeans
Article 69- (1) stock exchange or market operator, in case the occurrence of the conditions laid down in their regulations, issue in the jeans can be stopped to see related capital market instrument trades. In this case immediately notify the Board and disclosed to the public.
(2) The Council of stopping of the capital market instruments traded on stock exchanges and reserves the authority to remove the jeans.
Surveillance of the solution and stock transaction dispute
ARTICLE 70 (1) investment institutions themselves or clients with Article 67 of paragraphs (b) and (c) the procedures for resolving disputes arising from Located stock trading at me and principles stock management determined by the boards. The amount that the aforementioned board of directors for the decision Article 84 appeared to be more than the amounts in the fifth paragraph of the Board may be appealed against this decision.
(2) Exchange transactions in a secure, transparent, efficient, stable, fair, can receive fair and competitive manner to ensure the realization and to be a violation of this Act within their structure in order to determine of transactions establish the necessary surveillance and all kinds of preventive measures. Exchanges and perform other duties assigned to them by the Board on supervision.
(3) Exchanges can fulfill their duties under the second paragraph by outsourcing. The subject matter contained in the second paragraph of the activities of the organization will be located in the service. These institutions operate and the principles determined by the Board for inspection. These institutions may submit more than one stock exchange, these services can provide services as a single market. Exchange does not eliminate the responsibility of tasks related to the services of these institutions.
Cooperation
Article 71- (1) Stock Exchanges, stockbroker activities regarding authorized to operate in the market in the constitution on issues they deem necessary capital market institutions, capital market instruments traded on exchanges issuers orders by founders who or transactions that real and legal persons are authorized to carry out the investigation and request information and documents. Information and documents required parties can not refrain from giving information based on the provisions of the stock exchange is located privacy and secrecy in matters within the jurisdiction of the special legislation.
(2) The prevention of this law on organized crime with market disruptive action, oversight or control in order to implement effectively these arrangements on the basis of the law, within the framework set by the Board rules and procedures, the stock market and other related institutions to exchange any technical support needed assistance and are obliged to share information. Exchanges, under the supervision and control activities, foreign exchange and international institutions and have the authority to cooperate and share information on the basis of reciprocity. In this context, actions taken and actions can not be contrary to this Act and the rules of confidentiality and secrecy located in other laws.
Stock exchange and financial and information systems audit of the market operator
Article 72- (1) The Board of regulation of the stock market and the market operator operates a stockbroker, the supervision and control authorities. The Board, the fulfillment of the conditions necessary in this context, may request any information and be sent at the request of the document or on a regular basis and all kinds of technical support provided to other institutions related to the stock market and market operators.
(2) Stock Exchange and financial control of the market operator in the list declared by the Board are made by independent audit firms.
(3) Exchange of information and monitoring systems to the market operator and the rules and procedures for the organization to perform this check is determined by the Board.
Other Matters

Article 73- (1) Exchanges shall make the necessary arrangements to manage the system in a safe manner and the measures they take. Exchanges are obliged to create the necessary internal control units and systems.
(2) Exchanges and clearing organizations before the Board made arrangements pursuant to swap assets in the guarantee fund created with held guarantees for the prevention of risks, the goal can not be used outside, even if the public will be subject to attachment, can not be pledged, not affected by the liquidation decision by the administrative authorities, not included in the bankruptcy estate and injunction on them.
(3) regarding the corporate governance principles of the first and second paragraphs of Article 17, the stock market operator and an active place apply mutatis mutandis to other markets.
SECTION

Turkey Capital Markets Union, Turkey Appraisers Association,
Central Clearing Facility, the Central Depository Institution and the Central Registry Agency


Turkey Capital Markets Association Article 74- (1 ) of this Law Article 37 in accordance with the investment services and their activities in the presence of duly authorized institutions and capital markets of the institutions involved approved by the Board observed that a professional organization in the nature of public institutions with legal personality Turkey must apply to become a member of the capital market Association. from the receipt of the said institutions are obliged to make the necessary authorizations application within three months. The activities of organizations that do not meet the aforementioned obligation Assembly stopped.
(2) the Union;
a) conduct research to ensure the development of capital markets and the activities of the member organizations,
b) members of the Union Solidarity and capital market attention required by the profession and to create conditions for the work of professional discipline,
c) take the necessary measures in order to prevent unfair competition,
d) the legislation itself and the issues identified by the Board to make arrangements, conduct and supervise,
d) Association to give disciplinary punishments provided for in the statute,
e) Member organizations representing national and cooperates with international organizations
f) national and international professional development, following legal and administrative arrangements to inform the members about it,
g) Members of the build the necessary infrastructure for the resolution by arbitration of disputes arising from the activities covered by this Act, and manage
i) determined by the Board to bring out any other tasks, and authorized officials with
.
(3) Association, with decisions to be made and the regulations, this Act and are obliged to comply with the relevant legislation.
Turkey Capital Markets Association bodies and
Statute Article 75- (1) mandatory organs of the Union, the General Assembly, the Board of Directors and the Supervisory Board.
(2) of the general meeting will be made of the election of the organs of the Union at least fifteen days before the elections to join the list determines Union members and their representatives, the meeting agenda, place, day, whether or not the time and the majority if a letter stating point for the second meeting to be held together will be determined by the Supreme election board chairman election in three copies are deposited judge. Judge list by making the necessary investigations and other matters are confirmed, with a ballot box chairman and two members of the election board shall appoint an alternate member for them. Voting is done by secret ballot and open counting basis. At the end of the election period, the election results are detected in minutes and signed by the chairman and members of the chest. Minutes from the organization of the elections will be held within two business days to appeal to all kinds examined by the judge on the same day and is connected to a final decision. The Board has the right to appeal for the implementation of this Act, the appeal made by the Assembly examined and adjudicated in the same way.
(3) The bodies of the Union, revenues, expenses and working conditions, membership to accept temporary and permanent removal mainly from membership of the Council of Ministers is regulated by Statute enacted by the Council on the Committee's recommendation and about the approval of the Ministry. The Board, if deemed necessary ex officio or upon request of the Union may propose amendments to the Statute relating to the Ministry.
(4) Article 74 All members of the Union set out in article, it is essential to be represented on the board of the Union. These principles should be followed in order to be nominated and to nominate the procedures specified in the Statute of the Union.

(5) Association membership fees, if paid within the period specified in the Statute, shall be collected through enforcement by the Union. decisions on the payment of union dues and No. 2004 dated 09.06.1932 Executive and are part of an official document written in Article 68 of the Bankruptcy Code.
(6) Members are obliged to abide by the decision taken by the Union and the Statute of the Union.
(7) The Union is audited every year by the Board. The Union rules and procedures for the control of all types of transactions and accounts are determined by the Board. A copy of the audit report on the inspections carried out by the Board in this regard will be sent to the Ministry at the latest until the sixth month following the end of the relevant year. Relevant Ministers; To ensure compliance with the objectives of the Union's activities of the Union institutions to take the necessary measures as may be requested by the Capital Markets Board to audit all transactions and accounts are authorized. Union against decisions taken by the competent authorities, may be challenged before the Assembly within the next ten business days of notification regarding the decision. As regards the decision of the Appeals Committee is final.
Turkey Appraisers Association
Article 76- (1) Real estate valuation expert valuation organizations and those with licenses, which is a professional organization of the public nature of the legal entity status must apply to become a member of the Turkey Appraisers Association.
(2) The licensee has the right to obtain a license from the date of the Appraisers Association of Turkey for membership within three months is required to make the necessary applications. The licenses do not meet the aforementioned obligations will be canceled by the Board.
(3) Valuation organizations, the nature of the valuation company won the moment Appraisers Association of Turkey for membership within three months is required to make the necessary applications. In the event of failure to comply with these obligations, the Board, including the revocation of the suspension of these organizations and authorities about their activities is authorized to take whatever action is necessary.
(4) Turkey Appraisers Association, the real estate market and do research to ensure the development of real estate valuation activities, provide training and certification, which requires care to the members of the Union Solidarity and discipline and profession and the professional rules for work in creating the valuation standards to prevent unfair competition in order to take the necessary measures, his legislation granted or make arrangements on matters determined by the Board, to carry out checks, Turkey Appraisers Association to give disciplinary punishments provided for in the Statute, to cooperate with relevant organizations representing members of the relevant issues, professional development, administrative and legal arrangements following the members on this issue and officials are authorized to illuminate.
(5) Information on the valuation made under housing finance, Turkey will be determined by the Association of Appraisers accordance with the principles and procedures must be communicated to the Appraisers Association of Turkey.
(6) procedures relating to the Turkey Appraisers amount of charges relating to valuation services to be provided by the members of the Union and limits of the Banking Regulation and Supervision Agency, Turkey Appraisers Association of Banks Association of Turkey and Turkey is determined by the Board each year based on the opinion of the Capital Market Association. the annual minimum fee schedule set by the Board shall be published in the Official Gazette.
(7) Turkey Appraisers Association, with decisions to be made and the regulations, this Act and are obliged to comply with the relevant legislation.
(8) Turkey representative of the Appraisers Association of Turkey is located on the board of the Capital Market Commission.
(9) Turkey Appraisers Association, members, organs and the provisions of Article 75 on the Statute shall apply mutatis mutandis.
(10) members of the Appraisers Association of Turkey, Turkey is obliged Appraisers Association of Turkey comply with the Statute and the decisions taken by the Union of Appraisers. These obligations do not meet a member of the Appraisers Association of Turkey from five thousand to fifty thousand Turkish Lira Turkish Lira administrative penalty issued by.

(11) The Union is audited every year by the Board. The Union rules and procedures for the control of all types of transactions and accounts are determined by the Board. A copy of the audit report on the inspections carried out by the Board in this regard will be sent to the Ministry at the latest until the sixth month following the end of the relevant year. Relevant Ministers; To ensure compliance with the objectives of the Union's activities of the Union institutions to take the necessary measures as may be requested by the Capital Markets Board to audit all transactions and accounts are authorized. Union against decisions taken by the competent authorities, may be challenged before the Assembly within the next ten business days of notification regarding the decision. As regards the decision of the Appeals Committee is final.
Central clearing organizations
Article 77- (1) The central clearing institutions, stock exchanges and an active delivery of other market places traded capital market instruments, payment of compensation and civil law in the form of joint-stock companies that conduct operations relating to the execution of the guarantee obligation with respect to this transaction institutions are the legal entity. It is allowed by the relevant Council of Ministers upon the proposal of the establishment of central clearing houses. To begin operations of these organizations is subject to the approval of the Board. Capital of central clearing organization, that the activities with the activities covered by the Law temporary and permanent halt to audit the surveillance of financial reporting standards, the audit of the financial statements and other institutions and the principles and procedures concerning the establishment of the cooperation established by the Board. central clearing organization established in accordance with this Law, subject to authorization by the relevant legislation, the product can be walked in about securities issued by a licensed store operations referred to in this paragraph.
(2) membership in the central clearing institutions, securities, exchange principles, discipline, capital is determined by income and adjustments in other areas Assembly or the Council, prepared by the central clearing organization about in case it is deemed appropriate and approved by the Board regulations. Clearing system, membership, default procedures, institutions given the central clearing organization in order to ensure the exchange security guarantees and central counterparties as to be formed with the participation of the members states assumed responsibility for the guarantee fund, rules and procedures for the operation and use, prepared by the central clearing organization and approved by the Board a regulation.
(3) The Board may give the central clearing services for stock exchanges and clearing organizations to determine other organized market places. the determination of the stock market can provide clearing services of central clearing organization received the approval of the stock market. In the event of centralized clearing organizations deemed appropriate by the Board, on the outskirts of the capital markets, except those created by the Central Bank and the exchange of other markets to be established, can fulfill their payments and collateral transactions. Moreover, the Committee of the stock market and an active exchange of related transactions and capital market instruments held apart from other market places may require fulfillment before the central clearing organization.
(4) The Board regulations of the central clearing organization under this Article, the supervision and control authorities. The Board deems necessary to fulfill its activities in relation to central clearing may ask all kinds of information and documents at the request of or regularly sent to central clearing organizations and members of these organizations.
(5) Article 44 applies to the central clearing organization.
(6) The central clearing organizations, business and operations of its members request information and documents they deem necessary regarding the matters and are authorized to conduct investigations. Members, can not refrain from giving information on the basis of the provisions of the special legislation on matters within the jurisdiction of the central clearing organization.
Central counterparty
Article 78- (1) The Board of the central clearing organization, the buyer against the seller, the seller to the buyer role by undertaking swap to complete party applications against centralized their commitments, market or capital market instruments may require as. Stock exchanges or other organized market places can apply to the Board to engage with the relevant central counterparty before the application of capital market instruments traded.
(2) liability in swap transactions undertaken by the side of the central duties of swap bodies, within the limits to be established and determined in accordance with other guarantees, guarantees to be received from members.

(3) to provide central counterparty services will take place in the body to guarantee receivables from members of the central clearing organization guarantees Basis of funds determined by the Board upon the recommendation of the respective clearing houses.
(4) The central counter-party applications subject to capital market clearing membership in the vehicle and the requirements for membership types, capital and obligations of members, minimum matters related to internal control and risk management systems in order to incorporate, organized by the clearing organization concerned by the approval of the Board.
(5) central counterparty for central clearing organization will provide services related to the capital market financial risks they have undertaken in their vehicles as compatible with other risk adequate capital in possession of information processing internal controls and infrastructure, risk management and establish internal control systems, and sustaining it is mandatory . internal audit of this organization, risk management and control reliability and adequacy of the information technology infrastructure as a minimum six-month period and are obliged to report the results to the Board. The Board may decide to hold more frequent in question may ask the independent audit of the control and related matters. Moreover, the Committee to provide central counterparty services to the financial viability of the organization want to evaluate ways for people to predict, including stress tests, is authorized to require credit rating in case it deems necessary.
(6) The Board, having systemic importance to ensure the protection of financial stability may incur additional liabilities, including capital for these organizations and their members.
(7) of account holders with the central counterparty guarantees received by the organization to serve the assets to be monitored separately from the assets of these organizations is essential. Except against a central clearing party transactions relating to the fulfillment of services that organizations or entities may not use such a guarantee deposited outside purposes. The central counterparty service organizations will take the necessary measures in order to ensure compliance with this paragraph.
(8) of organizations that provide central counterparty services, to contract separately with the parties to the transaction is not mandatory in every transaction.
Swap certainty and lien
Article 79- (1) payment transactions by clearing instructions and the process of capital market instruments, temporarily or permanently suspend the activities of the members of the central clearing organization, to begin the administrative and judicial authorities, in liquidation situation in including, irrevocable and can not be canceled.
(2) Member organizations should they need customers and as well as in cases where the third person show collateral asset value of the properties belonging to, 22/11/2001 dated and 4721 Turkish Civil Code 988 to 991 articles of collateral issue dematerialized ownership of capital market instruments or limited the same applies to the acquisition of rights. The lack of any reason saving powers of investment institutions on the issue of collateral asset values ​​will not interfere with the acquisition of rights in good faith kind of central clearing houses. Remuneration of third parties on the issue of collateral asset values ​​or limited rights in rem claims may not be invoked against a central clearing organization.
(3) establishment of central clearing, settlement and property rights over the assets received as collateral values ​​as a result of actions taken to fulfill the opposite side of the central authority and can not be restricted in any way. Member institutions or guarantee facility that people concordat respite recognition of the approval of the concordat, enter bankruptcy after an arrangement with creditors or by the abandonment of assets into the concordat process of restructuring through reconciliation, bankruptcy, other follow-up procedures in the postponement or Act No. 2004 under the bankruptcy or liquidation gradually this Act with the relevant provisions in any way the use of the rights and powers on such guarantees may limit the central clearing organization.
Central depository institutions

Article 80- (1) The central depository institutions are the central storage of capital market instruments and institutions of private law legal entity in the form of joint-stock companies that use the services of the rights related to them. The establishment of the Council of Ministers, the opinion of the central depository institutions are permitted by the relevant on the pass to the activities of these organizations are subject to the authorization the Board. This organization of capital, profit distribution, that the activities with the activities covered by the Law temporary and permanent halt to audit the surveillance of financial reporting standards, the audit of the financial statements and other institutions and the principles and procedures concerning the establishment of the cooperation established by the Board.
(2) membership in the central depository institutions, security, storage principles, discipline, income and adjustments in other areas prepared by the central depository institutions on the Board or the Board in the event it is deemed appropriate and specified by the regulations as the Board may approve.
(3) The board of the central depository institution, determine the types of capital market instruments can act as a central depository. The Board may require to be stored in one or more central depository institution of certain capital market instruments. In the case of a central depository institutions deemed appropriate by the Board can fulfill their storage operations in the capital markets and other markets outside established to be established. central depository institution of dematerialized capital market instruments that CCT.
(4) The Board is the inspection and supervision authorities of the central depository institution in the scope of this article. The Board matters as it deems necessary for the fulfillment of their central storage activities, and at the request of the document or any information regularly sent by the central depository institutions may ask the members of these organizations.
(5) Article 44 applies to the central depository institution.
Central Registry Agency
ARTICLE 81 (1) Central Registry Agency, capital market instruments to perform procedures relating to dematerialization, dematerialized these tools and related rights, electronic media, members and stakeholders to monitor the record as this means the central storage of established to do is stock corporation legal entity of private law.
(2) CRA establishment, operation, integration, operation and inspection procedures, regulated by a regulation to be issued by the Board and dividend income guidelines.
(3) CRA activities listed below, as well as the tasks in the first paragraph brings with it instead:
a) the 6102 Act and in order to ensure the compliance of the company with the corporate governance principles contained in other relevant legislation in cooperation with the companies and the communication of investors to create an electronic can provide platforms
b) to create an electronic aimed at ensuring the collection in one spot data bank of data on capital markets, enabling the use of data in the principles of the framework determined by the Board
c) establishment by the capital market and other duties imposed under the relevant legislation and perform the tasks required by the regulation
d) Subject to authorization by the relevant legislation, licensed warehouses organized by product securities dematerialization to, these and related rights to carry out transactions related record of the monitored electronically and
create a platform for them (4) regulations issued by the Board Within the framework of CRA business and operations of its members request information and documents regarding the matters it deems necessary and is authorized to conduct investigations. Members, in matters within the jurisdiction of CRA can not refrain from giving information on the basis of the provisions of the special legislation.
(5) and CRA members, the rights holders for any damage suffered due to the incorrect record keeping is responsible for the rate of defects.
(6) The Board is of CRA supervision and inspection authorities. The Board, the fulfillment of other matters as it deems necessary to monitor the registration of capital market instruments, all kinds of information and documents in written or electronic form, that upon the request or regularly sent may ask the members of this organization with the CRA.
PART THREE


compensation of other Corporate Investors

ARTICLE 82- (1) The Board shall perform cash payment or the obligation to deliver capital market instruments arising from the investment organization of capital market activity's lack or as soon as possible in case of detection can not be fulfilled investors will receive compensation decisions. This decision shall be taken within three months after the determination of the case. Board's powers under this Act measures are reserved.
(2) on the Board of the bank's decision to grant compensation in accordance with the first paragraph taken the opinion of the Banking Regulation and Supervision Agency. Banking legislation in accordance with the accepted deposits and participation funds as a cash payment obligations, the provisions of this Act shall not apply to the compensation of investors.

Investor Compensation Article 83- (1) compensation under the conditions specified in this Law has been established for the purpose of investors YTM has a public legal entity. YTM, the administration by the Board in the framework of a regulation to be issued by the Board and represented. The Board and staff of the business operations to be carried out by the OHR and the fulfillment by the staff that will be employed for the job is essential. The relevant principles and procedures will be determined by a regulation issued by the Board.
(2) Investment firms are required to join the ICS. ytm'y the participation of investment institutions, their entrance fee, procedures and principles regarding the obligation to pay the annual fee and additional fees are determined by a regulation issued by the Board. This regulation, in determining the fee amount, different types of organizations in accordance with the principles and risk situations can be foreseen.
(3) If deemed necessary by the YTM, the Board's decision on the payment of compensation for investors, the organization may decide to stop and can be saved only by the YTM on the entire property. These provisions for banks, apply for cash payments and capital market instruments delivery obligations arising from capital market activities.
(4) Investment services and all kinds arising from the activities entrusted and receivables, the most recent request made by the account holder, transaction, or the date of written instructions given to you in any way, mutual funds and variable capital investment trusts within ten years from the date of the liquidation request ytm'y as income and not be charged in the case. However, the procedures and principles determined by the Board.
(5) ytm'n the assets can not be used for other purposes, the collateral can not be displayed, even if the public will be subject to attachment, pledge or can not be included in the bankruptcy estate, and on precautionary measures.
(6) ytm'n fees from the transaction will be made under this Act is exempt from stamp duty will organize papers. ytm'n dated 06.13.2006 due to the activities covered by this Act and the 5520 does not count formed company owned in terms of Tax Law. The scope of the
Compensation
Article 84- (1) Compensation for the scope, belonging to investors and investment services and activities or ancillary services that are stored on behalf of investors by investment institutions in connection with or managed cash payments or capital market instruments arising from failure to fulfill the obligation to deliver It creates demand.
(2) Investors compensation decision certify that investors are entitled to claim compensation under this article. losses arising from price movements in the investment advisory market investors are not covered or reimbursed.
(3) 106 th and 107 th of assets arising from or crime of offenses Article convicted value from money laundering demands of investors, being limited to the receivables related to these actions are beyond the scope of compensation. To be made to the person who made the complaint about the crime in question because of the payments will stop until the final decision of the court referred to the start of the investigation into the crime.
(4) persons listed below and institutions can not be compensated:
a) investors of the compensation decision of the invested enterprise board members, managers and personally liable partners, five percent or more shares with partners, supervisory board members or related investment organizations with the same group located within other companies and people who are in a similar position with the people of spouses and second degree blood and beech relatives of these persons acting on behalf of third parties
b) Investors are compensated by the decision of the investment institutions other in the same group companies

C) of this paragraph (a) listed in paragraph actual and companies in which legal persons, twenty percent have five or more shares
d) Investment institutions of causing or financial condition to fall into financial difficulties, with responsibility in the event that a significant impact on the corruption or the the beneficiaries of the event people
(5) in the case of the maximum amount of compensation payable to each investor is one hundred thousand Turkish Liras. This amount is increased by the revaluation rate coefficient is announced each year. The total amount of compensation by the Council of Ministers upon the proposal of the Board may be increased up to five times. This limit, account number, regardless of the type and the currency, the same organization that covers all of the demands of the investor. The amount remaining to be paid to another investor on the maximum amount payable by the YTM YTM order payment by the transferee in the event of being transferred will be made.

Process Compensation Article 85- (1) Investors make a compensation claim in writing to ICS. The right to demand compensation after the announcement of the compensation decisions are subject to a statute of limitations after one year.
(2) YTM is obliged to perform the payment within three months after determining compensation is entitled to make the necessary preparations to compensate investors in the shortest possible time and with the right and compensation amounts. this time in case of obligation, be extended for a maximum of three months with the approval of the Board.
(3) compensation claims of the investors, the investment agency as unmet obligations are calculated on return of cash payments and capital market instruments. Investors stored in distributed primarily to the capital markets on behalf of eligible vehicles. The capital market instruments, their account will be deducted for every basis, especially swap obligations unfulfilled. Compensation amount is deducted in accordance with legal and contractual requirements and other requirements determined by considering the establishment of investment. The procedures and principles for the calculation of the investors will be determined by the Board.
(4) The Board, after completion of the compensation process, the statement ytm'n decides on the closure of the compensation process. YTM, the results of the compensation process, investors reasoned decision on the compensation will not be useful to those gradual liquidation or bankruptcy is asked to provide the Board with the proposal. Gradual liquidation or bankruptcy decision does not prevent the functioning of the compensation process. YTM investors' rights, would be his successor as the amount of compensation paid.
(5) in order to find investors in partially or completely re-investment services and activities of those compensated, without prejudice to other conditions required by the legislation, all payments and expenses incurred by the indemnified nature and YTM is mandatory payments including principal and legal interest.
(6) Without prejudice to the issues regulated in other provisions of this Act, the notification and announcement of the compensation decision procedure for the operation of the compensation process, the obligations to indemnify decision against ytm'y of received foundation in law, sanctions will be applied in case of failure to fulfill these obligations, both domestic and the principles for the protection to be provided to investors at branches located abroad, compensation decision taken those investors disclosure obligations in law, ytm'n's rights and obligations, issues relating to the assessment of the existence YTM, ytm'n the financial statements, books and reports with the procedures and principles on other matters within the framework of the general provisions determined by a regulation issued by the Board.

Gradual liquidation ARTICLE 86- (1) In accordance with Article 82 of the Council on investor compensation given for the decision, except for the bank, the decision regarding the closure of the compensation process may also decide together with the gradual liquidation. In this case, it carried out by YTM gradual liquidation procedures.
(2) gradual liquidation of the aim, just the assets of the decision to gradually liquidate or by allocating the value obtained by converting into cash, 85 th ytm'n the balances receivable of compensation of investors under the compensation process is regulated substance is non-payment arising from the successor to investors . and the gradual liquidation decision process; Law No. 6102, Act No. 2004 and the provisions relating to the liquidation of other legislation does not apply. Gradual liquidation procedures and principles are defined by a regulation made by the Board.

(3) The duties of statutory bodies, given the gradual liquidation decision on the rights and powers of the Board, pending the outcome of the gradual liquidation liquidation decision, shall be performed by YTM. registration required from transactions which are subject to a fee be registered and announced without the request of the ytm'n. The date of the announcement of the result of the gradual liquidation without further treatment, since gradual liquidation decision to take on the duties and powers of the previous statutory bodies.
(4) is stopped by the gradual payment of the liquidation decision and on the entire property can only be saved by the YTM. YTM detects subject to gradual liquidation of the related assets and liabilities. The rights and obligations of the contract term from the gradual liquidation after issuance of the relevant decision is determined as of the maturity. granted under the legislation guarantees are taken into account active. Compensation will be implemented in the period between the liquidation process with default interest determined by the Board. In case the court decided the gradual liquidation, bankruptcy can not be decided until the closing of the liquidation decision. Gradual liquidation decision on the Act No. 2004 and No. 6183, dated 21.07.1953 Procedures for the Collection of Public Receivables follow-up will be made under the Law on the stops and starts that have previously been followed; while reducing the statute of limitations and rights that can be cut with a follow-up treatment it does not work.
(5) YTM, the actual rights holders within the scope of the liquidation and determine their amounts of receivables and payables based on the information and documents obtained in the compensation process. ytm'n investors to liquidate expenses and receivables arising from the successor will also be taken into account as YTM. given the gradual liquidation of assets from cash-decision rights directly, by the non-monetized used for the payment of these receivables. Active primarily paid receivables from customers. garamet payment made in case of failure to meet all of customer receivables. This will be fully funded from the excess after the first garamet public receivables and the remaining 85 payments made within the scope of Article ytm'n and receivables arising due to liquidation expenses will be paid. Balance is allocated to other creditors. Of assets other than cash given the gradual liquidation of the court decision will be converted into cash and garamat payment procedures and other matters related to the principles specified in the regulation to be issued by the Board.
(6) Rights in the gradual liquidation decision of management of portfolios managed by the Board may decide to transfer to another organization.
(7) YTM, without delay, compensation decisions given the gradual liquidation decision on together with the management and control, directly or indirectly, alone or jointly holding entity owning more than five percent of the capital of the partners themselves of real people share their wives and immovable property and its affiliates under the custody of children, which permitted the confiscation of goods transported, rights and receivables and securities and all kinds of earnings and revenues; In addition, onerous or gratuitous as the acquisition which they or immovable property which they transfer within two years preceding the announcement of the gradual liquidation decision, seizure permissible movable property, rights, claims and show the securities want to give a goods declaration. According to the provisions of this paragraph desired goods declaration must be given within seven days at the latest ytm'y. YTM, management and control, directly or indirectly, alone or together with having a joint of assets on deposit without seeking the injunction, the official receipt of the mandatory all kinds of protective measures for the benefit of creditors, including the exit ban abroad are associated with sequestration decision to request the relevant court . This declaration of goods and provisions of the relevant provisions of the Law No. 2004 on the results are valid. Since the sequestration measures and decisions taken in the framework of this paragraph shall be opened within six months or the execution or bankruptcy proceedings in case these decisions do not engage in follow disappear spontaneously.
(8) The Board shall decide on the closure of ytm'n the gradual liquidation on the application. assets are given the gradual liquidation decision on the rights of its receivables have rights under the liquidation of the purpose of the case to determine whether sufficient to meet payments and liquidation expenses made under the compensation, YTM may ask the bankruptcy of the related opinion of the Board.

(9) during the gradual liquidation of the performance of duties due YTM legal representatives, managers and staff, and any compensation and will be filed against the case to be opened against the YTM opens. In criminal cases will be opened on the YTM staff Article 133 shall apply. YTM staff conducted the gradual liquidation of the companies born during the liquidation process and the gradual rise of the public debt will not be held responsible for the debts to social security institutions and other financial obligations. YTM staff of the gradual liquidation of the loss of equity capital market institutions the decisions and / or there is no obligation to notify the court due to wrecks debt. Law No. 2004 on the parties to make a report due from 179 th, 277 th and continue to Article 345 / a Article shall not apply; Law No. 6102 on the rights in accordance with Article 341 of personal responsibility can not be the case. ytm'n's reserves the right of recourse to staff with gross negligence or intent.
(10) ytm'n's about gradual liquidation of the right to have the case because the decision is subject to a limitation period. Act No. 2004 278 th in the event of the case being referred to in Article 279 and Article 280, annulment by the YTM can be opened without the need to submit an evidence of insolvency. YTM, during the performance of their duties arising from these substances are exempted from all kinds of guarantees and lien is authorized to request the injunction.
Data storage companies
Article 87- (1) for the protection and supervision of the financial stability of the Systemic Risk Board, in relation to transactions carried out in the capital market, those who perform this procedure, the information concerning these transactions, the form and content will be determined, or directly to him You can ask to be notified of a data storage provider to be authorized. Under this item, which are responsible for notification, not the privacy and secrecy in special legislation to refrain from arguing that the requested information.
(2) In case of a data storage organizations authorized by the Notification of the Board, the obligations of the relevant data storage provider, the information on which form or media activities principles and procedures for tasks within the scope of this article to be held is determined by regulations to be made by the Board.
(3) Data sharing with third parties, including public entities in the storage agencies before the information is subject to Board approval. The implementation of this paragraph shall be in conformity with the legislation governing the use of personal data.
(4) The Board, in order to improve the efficiency of data storage, real and legal persons who carry out financial transactions in Turkey, the institution will be determined by the Board may require to get a code or identifier number. The principles and procedures for the implementation of this paragraph shall be regulated by the Board.

of
PART FIVE PART

Capital Market Supervision and Control Measures, Search and Seizure Control activities and supervision authorities

Article 88- (1) capital of this Law and other laws the implementation of the provisions relating to the market and the control of all kinds of capital market operations and transactions authorized professional staff. This authorization is used by the professional staff appointed by the chairman.
(2) The Board, with the priority principles of materiality and audit risk assessment of the criteria to be considered and identify implementation principles. Control activities are carried out in accordance with the program will be established by the Council under the President of importance and priority to the principles of risk assessment. Chairman of the Board, as it deems necessary to examine the issues created outside the program may make unscheduled inspections. The execution of
audit activities
Article 89- (1) Audit that other natural and legal persons concerned by all institutions and agencies under the law covers activities and procedures related to the provisions of this Law and other relevant regulations of the capital market. Assigned to the audit staff regarding natural and legal persons from this Act and to request information and documents they deem related provisions of other relevant legislation of the capital market, which including records related to tax all books and documents, and including those held in electronic form containing all the records and other information vehicles, information systems, to examine, to ask for the provision of access to them and take their samples, checking accounts and transactions to, to get information from the relevant written and verbal, is authorized to issue the necessary paperwork.

(2) The authorities entrusted with control to fulfill those requests mentioned in the first paragraph and be obliged to sign the minutes. If the accused is to refrain from signing the minutes of the reasons for this is clearly stated.
(3) a request from Chairman of the Board and, where necessary, on the decision of the criminal judge can be searched by law enforcement assistance. which need to be studied in books and seen Search and documents shall be determined with a detailed written report and in cases where on-site inspection is not possible, who reviewed taking into custody is transferred to the place of work.
Privacy and keeping secrets
Article 90- (1) information on the 89 th themselves within the framework of the first and second paragraphs of Article desired natural and legal persons, this Law and special privacy in the law and to maintain secrecy provisions can not abstain from the grant, citing information.
(2) subject to review events and issues about people with information and documents requested by public institutions, including natural and legal persons, the existence and nature of the investigation is necessary to store a secret.

SECTION
Measures to be applied on exports contrary to
Law enforcement
Article 91- (1) this is unlawfully in the capital market issuance vehicle, or who are determined that this undertaking, all kinds of legal and hidden criminal responsibility Subject to the Board any duties and to take all necessary measures are exempted from the guarantee, the provision of the sold portion and sales will be made for capital market instruments are exempted from any fees and guarantees are authorized to request injunctions and sequestration.
(2) The Board issued a consequence of the violation of the law to return to their owners and the removal of cash and other assets away from the date of written notice to the person who has identified the issue in about thirty days. Interlocutor, within thirty days from the date of notification that the actual money collected and detailed information on amounts collected from legal entities and declare, by means determined by the Board and shall transmit. It declared itself within three months following the collected money where the real and legal persons may appeal to the partnership in the civil courts. upon finalization of the said list, it is refundable to the beneficiaries by the person performing the relevant issue. This return is complete and can not be removed precautionary measures made under paragraph sequestration.
(3) Assembly made within one year following notification date and the implications of exporting in violation of this Act does not completely eliminate, the Board is authorized to sue for liquidation of the refund or partnership to the beneficiaries of cash and other assets.
(4) The rights arising from the general provisions of the person who collected money from them reserved.
Issuers of unlawful transaction with capital or to be applied in the process of reducing the assets of measures
Article 92- (1) of this Act, subject issuers, law, capital market legislation, contracts and fund bylaws provisions deemed contrary to or business purpose and scope conditions and due process that led to the reduction or loss of capital or assets in the event of detection by the Board, the Board;
A) 6102 Law prejudice to take measures to remedy the breach of the related and proposed to ask you to do operations and to push transferred to the relevant authorities necessary condition,
b) in this case and operation of three months from the date the Board determined the illegality and every still the case and process the occurrence of annulment within three years from the date and determine the nullity or absence within five years of the trial opening,
c) in this case and to identify the first instance decision of the existence of the act or decision by the court upon request of the Board's decision without waiting in case the court remove the signing authority of the persons who were responsible for this process to, in case of a criminal complaint about the proceedings pending, related instead of impeachment and until the first general meeting to be sacked board members to appoint new ones,
It is authorized.
(2) of the Banking Regulation and Supervision Agency opinion is taken before the procedure established in accordance with this article about public banks. Measures to be implemented in the registered capital system


Article 93- (1) The Board Article 18 The Board of Directors decisions taken in the framework of the principles of expense, from the date of disclosing the decision to open the annulment in place basic commercial court where the central partnership within thirty days and unsecured as to ask for the postponement of the execution of this decision it is authorized.
Be applied in disguised profit transfer measures
Article 94- (1) The Board Article 21 in the public jointly determined to specified transactions, collective investment institutions and their subsidiaries will be determined by the Board of the results of audits of its subsidiaries principles and procedures common within asking to be announced, it is authorized to sue for the return within the time set by the Board amount to be determined.
(2) the first paragraph of Article 92 applies in respect of this article. to send observers to the General Assembly meeting

Article 95- (1) The Board, in cases deemed necessary, public partnership of the General Assembly, without the right to vote may send observers.
Be applied in the capital market institutions of unlawful activity or process measures
Article 96- (1) The Board regulations of the capital market institutions, the Board determined by standards, contracts and fund bylaws provisions in the event of detection of infringing activities; At a time determined by the Board of violation of related relief and law, business objectives and the scope of the wish to ensure compliance with policy or direct the activities of these institutions to limit or temporarily stopping, in whole or in certain capital markets to cancel the powers of activities as or to predict it is authorized to take any other measures.
(2) The Board of unlawful activities or transactions are the responsibility of the license they have managers and employees of the detected temporary or permanent revocation from the decision must be made a criminal complaint against the rights of the proceedings pending, signing authority to limit or abolish the responsibility in the process or held illegality to the members of the board is determined by a court decision to dismiss and the place to be until the first general meeting is entitled to appoint new ones. towards the dismissal of board member prior to processing plants the opinion of the Banking Regulation and Supervision Agency is taken.
Be applied in the financial situation still corruption measures
Article 97- (1) The Council failed to provide the obligations of the capital adequacy of capital market institutions could not fulfill the cash payment and financial instruments delivery obligations arising from capital market activities or can not be fulfilled in a short time or independent of them as it is being seriously weakened by the financial structure or the financial situation still is found to be weak enough to meet the commitment it will be given no later than three months to ask to strengthen the financial structure within an appropriate time or without any time directly to stop the activities of these institutions as temporary; or completely remove powers as certain capital market activities; investors to make compensation decisions; the executives who were found responsible and licenses owned by the employees, temporary or permanent revocation signature authority to limit or remove and required the board to the members of the impeachment and the place until the first general meeting will be held to appoint new ones; To decide the gradual liquidation of these institutions and after the end of the liquidation necessary or gradual liquidation's all go directly deems necessary to ask the bankruptcy or is authorized to take other measures.

(2) Powers of the assets of the capital market institutions permanently removed from the date of receipt of the Board's decision on the abolition of authority IASB gradual completion of the liquidation process; In the event must be made in the gradual liquidation of the following or directly bankruptcy petition, to be decided on the merits by the court of the bankruptcy petition, the Board and the gradual liquidation of the frame except for the action to be taken by the YTM of transferable, may not be pledged as collateral, the measures are not available, subject to attachment. It all foreclosures and applied all precautionary measures that are made about falls and stops automatically in all execution and bankruptcy proceedings does not function while reducing the statute of limitations and rights that can be cut with a follow-up treatment. In the event of the bankruptcy decision taken within the scope of the State's claims arising from payments made by the 6183 Act to ytm'n and the social security institutions will come after that will be collected primarily as privileged. This will be finalized in the cash position of the table, according to Article 232 of Law No. 2004, as shown in the table are paid agents of waiting. About 5411 the bank implemented the provisions of Law and the 5411 Law on rights organizations applied to real and legal persons ytm'n terms of receivables, income from receivables after the Savings Deposit Insurance Fund.
(3) the first paragraph in accordance with activities temporarily stopped capital market institutions of the assets of the temporary stop decision is made that date until the date that allowed back in operation, except for actions to be taken by the Board, non-transferable, may not be pledged as collateral, the measures can not be be seized, this institutions on all foreclosures and all precautionary measures having been implemented, and all executive and bankruptcy proceedings will stop automatically. while reducing the statute of limitations and rights that can be cut with a follow-up treatment it does not work. The decision about the continuation of the activities of the capital market institutions by the Board, is available prior to the cessation of activities, it shall be continued from where they were standing all transactions under the first sentence of this paragraph.
(4) The Board operates in accordance with this Act or temporarily closed temporarily stopped while the capital market institutions in line with their demands can not exceed two years.
(5) to be remedied in the capital markets legislation or Except measures for the execution of capital market activities, the banks on the implementation of the measures set out in paragraph Banking Regulation and Supervision Agency are decided. It said the measures, in accordance with the relevant provisions of Law No. 5411, management or supervision of the implementation of the Savings Deposit Insurance Fund on the banks transferred to the Savings Deposit Insurance Fund will be decided by.
Gradual liquidation and will apply to insolvency measures
Article 98- (1) The Board, capital market institutions of bankruptcy or 86th gradual liquidation into the case in accordance with Article 97 Article in accordance with the condition have responsibilities have been identified; directly or indirectly, ten percent more than the share with partners, dismissal of the separated or on duty, the board of directors and authorized signatory managers, the asset management company executives and mortgage funds and asset financing fund of fund board members are entitled to ask them personally bankrupt.
Unauthorized capital market will be applied in the annual measures
Article 99- (1) The Board unauthorized capital market activities stopped to take every precaution necessary any prejudice to civil and criminal liability of the consequences of unauthorized capital market activities and transactions Since the cancellation and returned to their owners in cash or by the date fixed for the rights of capital market instruments a year, and since the occurrence of any case in history has the authority to file a lawsuit within five years.
(2) without permission on the capital market with natural and legal persons involved in activities of the Board of shareholders and managers are detected responsibility in this regard finalized that the condition of losses from these activities without seeking the second paragraph of Article 96 apply mutatis mutandis.

(3) unauthorized capital market activities are being carried out is detected via the internet; In case of a domestic content and hosting providers, on application made by the Board in accordance with the relevant legislation to prevent access to the courts decision. In case of presence abroad and the providers of content, applications Committee on Information Technologies and Communications Authority block access. declared unconstitutional
Law, Advertising and applicable statements measures
Article 100- (1) in which it operates as intruding in the capital markets, licenses canceled it when, activities that stopped or central trade names fly in cases where the non-governmental organizations have been closed, in advertisements and commercials, in the capital market the activity still is determined that their impression used to be awakened words or phrases, although criminal proceedings held responsible persons, in case of delay in mind, classified in accordance with legislation of charge and ads can be stopped with illegal documents, announcements and advertisements in confiscated can and place regarding the request of the Board of the highest civilian authority by these establishments may be closed temporarily.
(2) The Board determined that it is contrary to the third paragraph of Article 7 of the ads may want to stop and the removal of advertising and disclosure.
Information abuse and the market will be implemented in fraud investigation measures
Article 101 (1) The Board, 106 th and 107 th article in the mentioned acts committed that there is reasonable doubt who the natural or legal persons and legal entities authorities related capital market with regard to vehicle ;
A) Exchange on the prohibition of temporary or permanent inactivity,
b) Changing the Swap method
c) Credit purchases, short selling, borrowing and the introduction of restrictions on the export,
d) deposit liabilities the introduction or modification of obligations
d) determination of different markets or traded in markets or different operation principles,
e) limiting the distribution scope of market data,
f) fulfill Transaction or position limit,
including market active and to take all measures necessary to ensure the healthy functioning and procedures for the implementation of these measures and is authorized to determine the principles.
(2) The Board, in accordance with Article 22 In case the implementation of a program to purchase its own shares, the management of the relevant public partnership, control or capital in terms of direct or indirect question of the actual or other interested persons or legal persons, their relationship public to operate in the open may restrict the company's shares.
Notification requirement
Article 102 (1) in an operation 106 th and that constitute crimes mentioned in 107 Article to require any information or suspected case there is an issue, investment institutions and to be set by capital market institutions or the Board in this case will be determined by the Board are obliged to inform the other institutions and organizations. The Board shall determine the procedures and principles of the notification obligations.
(2) in the Assembly notice, even if the provisions of special laws, on those made in the declarations and notifications made in this clause, courts, prosecutors and the Financial Crimes Investigation Board, except the Chairman, working parties that are involved, can give information to organizations and institutions with third parties .
PART SIX

Administrative Monetary Penalties Requiring Verbs and Capital Market Crimes SECTION

Administrative Monetary Penalties Requiring Verbs

General principles Article 103- (1) the arrangements made on the basis of this law, two hundred and fifty thousand Turkish Lira administrative penalty of up to twenty thousand Turkish Liras given the standards set by the Assembly and to the people who act contrary to the decisions taken in the public and private nature and form of the Assembly. However, the amount of administrative fines will be due in case of violation of obligations to provide benefits that were not less than twice the interest.
(2) In the event that a person who performs tasks within the framework of the legal person's activities, but the legal entity of a special law to persons who act contrary to the obligations of the first paragraph or if the organ or agent of the organ or agent, as well as administrative according to the provisions of the first paragraph legal persons the fine is issued. Contradiction, owned or on behalf of the representative case of detriment as a result of the legal person act, no administrative penalty on legal persons.

(3) Article 26 of them under, and if necessary fulfill the additional time during takeover bid must be given Assembly natural and legal persons, administrative fines up to a total value of the shares subject to takeover bids by the Board is given.
(4) 106 Article in the regardless of the presence of a scholar as specified, the Board permitted except for the case and the Board determined by the time zone in the respective capital market instruments, the management of the issuer who profit from the trading board members and administrators to provide the net gain to the issuer gained are required. This obligation of the interest earned by the Board within thirty days about who fulfill given administrative fines doubled.
(5) Article 75 of the member does not comply with obligations under the sixth paragraph, Turkey Capital Market Association from five thousand to fifty thousand Turkish Lira Turkish Lira administrative penalty issued by.
(6) public open partnerships and collective investment institutions and their affiliates and subsidiaries, the articles of incorporation or bylaws within the framework of prudent and honest merchant, or market practices in accordance with their profits or to do to protect their assets or increase or real they are associated by the failure of anticipated activities profit of twenty thousand legal entities or legal person to the Board regarding the provision in the event of an increase in assets of the two Turkish Lira face administrative fines up to fifty thousand Turkish Liras. However, the amount of the administrative fine shall not be less than twice the benefit obtained.
Market disruptive actions
Article 104- (1) can not be explained on a reasonable economic or financial justification, stock exchanges and other organized markets' confidence, actions and processes in nature to disrupt the operation of the opening and stability, if not constitute a crime, market distorting nature of the action counted. twenty thousand people by the Board to carry out market distorting actions determined by the Board of the Turkish Lira is given an administrative penalty of up to five hundred thousand Turkish Liras. However, this way, will be given in the event that benefits have been provided, the amount of administrative fines of not less than twice the interest.

Implementation of administrative fines ARTICLE 105- (1) defense is taken before the implementation of the relevant administrative fines. from the date of the communiqué for not granting the defense in the event that the defense requested within thirty days, it is deemed to have waived his right to defense related.
(2) In case of processing multiple until given one administrative sanctions from the offenses described in this Law, according to the provision of relevant, given an administrative penalty related natural or legal persons will be given punishment increased by two times. However, in order to cause harm or obtaining a benefit by treatment of this fault will be given in case the amount of the administrative penalty of not less than three times the benefit or harm.
(3) administrative penalty of fifty percent of the proceeds is recorded as revenue in the general budget is transferred to ytm'y recorded revenue of fifty percent.
(4) issued in accordance with this Act to apply to the Administrative Court against the decision of the administrative penalty.

SECTION
Capital Markets Crime
Information abuse
Article 106- (1) for direct or indirect capital market instruments or issuers related capital market instruments in prices, values ​​or investors that might affect their decisions and yet the public is based on information regarding capital market instruments that change orders to buy or sell order that he or given to, or cancel, thereby providing benefit to him or to anyone else;
A) Issuers or their dependent or dominant partnership of managers,
b) due to the Issuer, or any interest in their dependent or dominant partnership people with this information,
c) work, this information due to the exercise of the profession and duties with people who are
d) a person who obtained by committing a crime this information
d) the information they have is knowing that as specified in this paragraph or prove to the people who need to know in the case, or imprisonment for up to five years
two years They shall be punished with criminal fines. However, this due to the offense of criminal fines obtained the award of punishment to be imposed in case the benefit of not less than two times.
Market fraud

Article 107- (1) the prices of capital market instruments, price fluctuations, supply and wrong in relation to demand, or buying or selling that in order to awaken the misleading impression, giving orders, orders canceling, orders amending or account transactions carried out those two years to five years They shall be punished with imprisonment and a criminal fine up to five thousand days to ten thousand days. However, the amount of which will be given criminal fines for these offenses, not least the business gain obtained by commission of a crime.
(2) capital market instruments in prices, values ​​or lie in order to influence the decisions of investors false or misleading information, which, rumor brings news that, commenters or the reporting or they emit two to five years' imprisonment and five thousand days so they shall be punished with criminal fines.
(3) functioning of the offenses described in paragraph one person showing remorse, to not less than five hundred thousand Turkish lira, the benefit caused by or to obtain twice the amount of money obtained as the Treasury;
A) if paid before the commencement of an investigation yet, no penalty shall be imposed.
B) if paid during the investigation phase, half of the rate will be reduced sentence.
C) If the provisions of the prosecution phase verilince pay up, the punishment shall be reduced by one third.
Information abuse and market fraud is not deemed to still have
Article 108- (1) The following case of information not considered abuse or market fraud:
a) CBT or authorized another official institutions or their money by persons acting on their behalf, exchange rate, the implementation of public debt management policy or financial stability to carry out the procedure in order to ensure
b) implemented in accordance with the regulations repurchase program, pay employee training programs or to allocate more shares for the employees of the issuer or its subsidiaries
c) Board price stability under this Law provider operation and the condition of the exercise in accordance with the regulations related to market-making exclusively this means the market price of the construction of predetermined support for a period of time to capital market instruments to purchase or sell or cancellation orders granting or orders
irregular IPO and unauthorized capital market activities
Article 109- (1) approved prospectus publishing obligations, rather than prejudice the capital market instruments to those selling capital market instruments without or approved export document that the initial public offering of up to five to ten years in prison and up to ten thousand days of five thousand a day They shall be punished with criminal fines.
(2) operating in the capital market without permission are punishable by two to five years imprisonment and a criminal fine of five thousand to ten thousand every day. These people, these decriminalize the exercise at the same time if they committed the crimes described in the first paragraph, it shall be liable to punishment only because of the crimes described in this paragraph and the penalty is increased by half.

Confidence abuse and fraud Article 110- (1) The following acts constitute the crime of qualified case of misappropriation; but in this case will be judged according to the second paragraph of the 5237 Law, Article 155 shall not be less than three years:
a) Investment foundation, funds under Article 58 board and Article 59 of the responsible guarantee covered; capital market activities due or in his capacity as trustee or to the administration or whatever, or whatever under the registered collateral, record or physically deposited or delivered capital market instruments, sell cash and any other assets in his or anyone else's interest, use, rehnet to hide or deny to
b) management, control or capital in terms of indirect or another undertaking which related directly or party to the precedents obvious to different rates, fees and charges apply as to reduce the profit entity or goods bulunarak public partnership in covert operations

C) public partnerships and collective investment institutions and their affiliates and subsidiaries, management, control or capital in terms of peers to conform to the natural or legal persons they relate, directly or indirectly, market practices, the commercial life of prudence and contrary to the principles of honesty different rates, fees, costs, make agreements or commercial applications include requirements or procedures to reduce their profits or assets of bulunarak process to produce the volume or profit of or assets to prevent the increase
(2) Investment organization, funds under Article 58 of directors and Article 59 guarantees distorting the records kept in the responsible body covered, destroying, altering or inaccessible makes persons, shall be punished with two to five years' imprisonment and five thousand criminal fines of up to ten thousand every day. However, the legal consequences connected to the conviction of the provisions relating to forgery of documents in the 5237 Act, also apply to those convicted of such crimes.
(3) of paragraph (b) and (c) the person who commits the offense of breach of trust in the scope paragraph, effective showing remorse 21 th in payment as well in the fourth paragraph of the article as it's twice as much money to the Treasury;
A) if paid before the commencement of an investigation yet, no penalty shall be punished,
b) if paid during the investigation phase, the punishment shall be reduced by half,
c) if paid up to the provisions of the prosecution phase verilince, one third penalty to be given downloaded.
Information and documents to give to, prevent audit
Article 111- (1) The Board or the information requested by the persons appointed under this Act, documents and electronically retained, including records of people who give out the form at all or required by up to three years in prison for a year punished.
(2) The Board or the person appointed under this Act which prevents the exercise of their functions six months person shall be punished with imprisonment up to two years. During this block the person in charge in the event of violence or threats were used against that shall also be punished according to the provisions of the 5237 Act.
in legal books, irregularities in the accounting records and financial statements and reports
Article 112- (1) intentionally;
A) the books they are obliged by law to keep and registration procedure to those who keep fit,
b) the book they are obliged to keep documents and those storage statutory During
six months to two years in prison and is punished with a judicial fine up to five thousand days .
(2) intentionally;
A) Financial statements and reports do not reflect reality way organizers
b) It is contrary to account those of you who,
c) that every accounting trick in the record,
d) false or misleading audit and valuation reports organizers by issuers responsible board members or managers responsible for providing the organization are punished according to the relevant provisions of the 5237 Act
. However, to judge convicted of forgery in a private document is not required to have used a fake document.
(3) Investment firms with the Law of the Third Part of the institutions involved in the Fourth Division, 5237 Law No. 244 third-blocking system described in the article, disturbing, data destruction, or change in terms of offenses bank or credit institution is counted.
Obligation of confidentiality
Article 113- (1) carried out by the Board examination or desired scope of audit information or a year and in a statement to others in relation to documents up to three years in prison and five thousand days is punishable by criminal fines. Security measures on
legal entities
Article 114- (1) 106 th and 107 th of the crimes described in items shall be subject to the legal person-specific security measures for legal persons concerned in the event processing as a legal person of interest.

Written application and special investigative methods Article 115- (1) due to the current criminal proceedings be described in or referred to in this Act, the Republican prosecutor's office by the Board is subject to a written application. This application is the nature of reasoning requirement.
(2) in conjunction with the adoption of the indictment in the case of a public lawsuit on the application, a sample is communicated to the Board and the Board also won the title involved.

(3) The public prosecutor in the investigation carried out due to the offenses described in or referred to in this Act, the Board may benefit from the professional staff. During the taking of testimony of the person as a suspect or witness these crimes also be present Board provided professional staff.
(4) of this Act in the case the court described or referred to in the decision not to prosecute the investigation carried out due to the offenses, the Board is authorized to appeal against this decision.
(5) 04.05.2007 dated and 5651 Internet the Regulation of Publications and Article 8 of the Law on Combating Crimes Committed by means of Such Publications applied in respect of the offenses contained in Article 109.

Functions and Powers Article 116- (1) described in this Act or the offenses referred to trial because of Judges and Prosecutors is fundamental to the competent criminal court to be appointed as special courts of the Supreme Council.

PART SEVEN
Capital Markets Basis of Directors
Establishment and independence
Article 117- (1) This Law and performing their duties in the relevant legislation and having legal entity is to use authority, administrative and financial autonomy capital Markets Board was established. Installation of central Istanbul. The Board consists of Board Decision Body and presidential offices.
(2) The Board, with this Law and the legislation fulfills its duties and powers independently under its own responsibility and use. Decisions of the Council shall be subject to audit propriety. No organ, authority, office or individual may give orders or instructions to influence the decisions of the Board.
(3) The Board, in accordance with this Law and related legislation that requires financial resources to the extent of their duties and powers, including free use of the procedures and principles laid down in its own budget.
(4) The Board shall perform the duties of this Law and the relevant legislation and shall employ a sufficient number of qualified personnel in order to use the powers.
(5) Installation of money, documents and all kinds of goods have the force of state property be seized and may not be pledged.

Assembly Resolution Body Article 118- (1) Council Decision Body, one president, one of seven members, including the vice-president. Chairman of the Board, is also head of the presidential offices.
(2) The President of vacation, illness, domestic and overseas assignments and the fall of dismissal or membership with other cases that have dismissed cases the vice-president of, shall represent the President he also deputy chairman in case he does. mainly related
Chairman and members
Article 119- (1) the following terms and conditions of the Chairman and members of transport is obligatory:
a) dated 14/7/1965 and No. 657 on Civil Servants Law of Article 48 (A ) of paragraph (1), (4), (5), (6) and (7) the number received to move the requirements specified in paragraphs
b) at least at the undergraduate level have received education
(2) members, after higher education financial markets, economics, finance, management, capital markets, is assigned at least ten years of experience with or the Council of Ministers at least ten years a faculty member who contacts from the above disciplines in banking or finance or branches of law related to this field. At least one law school to be a graduate of the members, at least one specified in this paragraph ten years of experience to be gained in the private sector, capital market institutions, there must be at least one who has worked at least ten years in the Assembly. The Council of Ministers shall appoint one of its members as Chairman. Assignment decision published in the Official Gazette. Council Decision Body shall elect one of its members with the proposal of the Chairman of the Board and one of the vice president as vice president.
(3) The President and members of their duties during the full attention of the continuation of the mission, they conducted with integrity and objectivity, they will not act contrary to the provisions of the law and the Supreme Court that the First Presidency and Avoid they swear Board. The application for the oath shall be considered urgent by the Supreme Court. The Chairman and members of the task begun taking oath counted. The term of office of the Chairman and members of the Board

Article 120- (1) of the Chairperson and members shall be five years. Periods ending President and members may be reappointed one time. In case any reason to discharge the Presidency and membership of a vacancy, are to be made within two months of the appointment, including the principles set out in Article 119.

(2) before the term of office of the Chairman and Board members can not be an end to the tasks for any reason. However, due to serious illness or disability of six months longer work will not be seen, the conditions of which are determined that they lost or the status is contrary to Article 121 or tasks related to the conviction of rights for the crimes they committed finalized Chairman and Board members to be appointed, while in the expiration they dismissed by the Prime Minister for approval. In addition, it appeared to take more than six months in case of temporary disability, membership of a member which in this case fall.
Prohibitions
Article 121- (1) The Chairman and members, to disrupt their principal duties to scientific purposes broadcasting can, courses and give lectures and take the course and conference fees to the copyright that may arise from them. However, unless based on a special law, the official duties of the board can not take any official or private duties other than execution, associations, foundations, cooperatives and management can not do in other places, trade can not engage in, can be found in self-employed activities, the Board of organizing and overseeing shareholders in subsidiaries and entities in which the competent not, arbitration and expertise can not.
(2) from the date of the Board Chairman and members began to work, they or their spouses and custody of children under the owner found that capital market instruments from excluding instruments and pension fund shares that are related to debt issued by the Treasury, each of the organizations to be responsible for organizing and supervising the Board of Directors kind of capital market instruments spouse, adoption, third degree by blood and second degree by marriage up people off the must dispose of by selling within thirty days. since Appointed members within thirty days to comply with this paragraph shall be deemed to have withdrawn from membership.
(3) Board staff and Board Chairman and members, use the confidential information they learned because of their duties on the board and trade secrets, though they have left office, even legally authorized persons and from authorities, the interest they or others do the same.
(4) The Chairman and members, following the departure from office can not take part in the investment organization within two years. This paragraph dated 02.10.1981 No. 2531 and do not comply with the provisions of the Law on the Provision of Public Works who they can not do the task specified in Article 4 of penalties awarded.
(5) The Chairman and members of the No. 3628 dated 04.19.1990 Goods Facilitate the Declaration are subject to the Law on Combating Bribery and Corruption.
(6) Board professional staff, after leaving office, or in the last two years has examined public partnership that they have control and can not serve two years in the capital market institutions.
Assembly resolution organ of the duties and powers
Article 122- (1) of Council Decision Body consisting of the Board Chairman and members of this Act and other as well as those specified in the legislation performs the following duties and exercise the powers:
a) Board edit and he is obliged to check it and Boards, regulations and draft decree on the application files, Board personnel prepared to review and adjudicate discuss the audit report
b) the Board's budget, to connect to discuss and adopt the final accounts and the annual report
c) the President on the recommendation of Board vice president and assign department heads
d) domestic or foreign representative opening, real estate purchase, sale, construction or adjudicating discuss the recommendations in leasing matters
d) receivables Board with third parties, each about the rights and obligations kind of treatment, if necessary pais, discharge and decide to arbitration
e) membership in international organizations related to the Board's jurisdiction to decide issues to contribute to projects related to the remit of the Board of the international organizations in which the payments to be made to these organizations, these organizations and was a member of the Republic of Turkey || | (2) the Council Decision Body, Article 128 of the first paragraph is located in the Board's duties and powers (d), (e), (it) the first paragraph to make clear that the extent and delegate to the Chairman of the Board, provided that written. The working principles of organ
Assembly Resolution

Article 123- (1) The Council Decision of organs, including at least once every two weeks, it is essential to collect the necessary agenda as it appeared. Board Located manuscript and attachments in the agenda set by the President sent to members three days before the date of the meeting, matters not included in the agenda provided that the acceptance of the majority of the members attending the meeting also discussed in the Assembly. The decision in such a case is determined by a report. Board meetings in the country to be determined by the Board and Board representation can be made in the center and other centers. agenda-making meetings with the participation of all members without a valid excuse, other issues related to distance participation in Board meetings and meetings is determined by the internal regulations to be issued by the Board. Council Decision Body, the Board representative of the center except in case of request of the Board members may also determine the relevant members of the permanent place of work.
(2) the task, and let in a calendar year without a valid excuse, such as illness to attend a total of five meetings of the Committee members deemed to have withdrawn from membership. This is determined by a Board decision and be notified to the relevant Minister.
(3) Council Decision Body shall meet at least five members and takes decisions by a vote of at least four members in the same direction. Board members can not abstain from voting. President of the vote in case of equality, the absence of the President deemed the decision made in accordance with the vote of Vice President.
(4) The Chairman and members of her spouse, including adopted children and related issues with third-degree and second-degree blood relatives, including beech participate in discussion and voting. It is also stated in the text of the decision.
(5) The Council Decision is essential privacy of the meetings of the Governing Body. if needed, in order to benefit from the opinions of people outside the Assembly staff and Assembly Resolution it is beneficial to attend the meeting by the Board Organ Board Decision Body may be invited to the meeting. However, Board decisions can not be taken outside next to the participants in the meeting.
(6) Without prejudice to the provisions of this Act, the Board Decision Body, announces the publication of the country's economy and its decisions other than those deemed detrimental to public order to the public through appropriate means, including particularly the internet environment.
(7) to be followed by the Board members and the Board staff with professional and ethical principles, and other matters concerning the Board Decision operating principles and procedures of the organs of a regulation to be issued by the Board.

President ARTICLE 124- (1) Chairman of the Board's top executive is responsible for the general management and representation of the Board.
(2) The duties and powers of the President are:
a) Assembly Resolution Body for the agenda of the meeting, date and time to determine, manage meetings
b) giving the final shape to the proposals of service units Board decision to offer organ
c ) Board decision to provide the publication of Body decisions, to ensure the fulfillment of the requirements of this decision and to monitor the implementation
d) of the Board's strategy and annual budget prepared in accordance with the objectives of the financial statements, to ensure the preparation of the annual reports and performance reports and their Board decision to offer organ | || d) service units, efficient and harmonious functioning, duties between the Board service units and authorities to solve the problem, give additional tasks and responsibilities to the required service units
e) strategy in the field of activity of the Board, politics and the presidency with the relevant legislation and workers' to comment on performance criteria
f) conducting Board's relationships with other organizations
g) Board decision to appoint the Assembly personnel other than those required to be appointed by the organ
i) the press on behalf of the Board and to make the publication of the declaration and description
h) the implementation of the Council budget, the collection of revenue and the Assembly resolution and performance of expenditure are not within the jurisdiction of organs
i) Article 128 of paragraph (i) to enable the delivery of scientific research held in paragraph establishing the necessary internal organization and to determine the guidelines for the functioning
i) to perform other duties related to the Board's management and operation
j) of this Act and the case is related to the area that requires industry expertise of the investment contracts issued by the relevant legislation, expert staff to work with the public institutions and organizations, or to request a specific subject in the study report

(3) Chairman, Board Decision no duty of organ and authority of a portion of the border to be clearly defined and may delegate to the lower levels shall be in writing.

Assembly deputy Article 125- (1) the President, five vice-president of the Board by the Board to assist in the tasks of the presidency is assigned. The transport conditions specified in the second paragraph of Article 119 of the Assembly vice president are mandatory.
Services
units Article 126- (1) Installation of the service units of the departments are organized in the form of services consists of twelve units. With the proposal of the Board Decision organ and about the approval of the Minister of the new departments not to exceed half of that number can be created, the number twelve to fall below the record with the current departments can be turned off, a portion of the fusible or duties and powers granted to the presidential office to be established. Service units, this area of ​​activity specified in the law, in accordance with the duties and powers of the proposed Council Decision Body and Ministers are determined by regulations promulgated by the Council.
(2) in the country where considered necessary by the decision of Board Decision organ, the capital market in the country of residence in an intense relationship in terms of representation on the Council of Ministers opened. Places to open the foreign representative and the working procedures of the agency with the time and procedures, qualifications of the personnel who will work in these agencies, number, tenure and determination of these fees to be paid, what happens in other expenses, except for payments to staff and spending procedures and principles of Ministers determined by the Council.
(3) Council Decision Body of the first paragraph of Article 128 (i) Research Center Director may establish to ensure the performance of scientific research held at me.
Assembly staff
Article 127- (1) of this Act and as required by the mandate given to the Board by the relevant legislation continuous duty and service, professional staff, the presidential adviser with attached (1) No in the list of the staff working in other staff Board staff will conduct hands. The professional staff of the Board executive vice president, head of department, deputy chief of the capital market, Chief Expert, experts and assistants, the Chief Expert lawyers, specialist lawyers and expert legal help and information chief expert Thani, consisting of IT specialists and expert help. Professional staff who have won the title before the presidential adviser, the group's president and the head of the professional staff counted.
(2) Board staff are subject to Law No. 657 except for the matters regulated by this Act.
(3) Council staff are attached (1) are shown in the list. swarm of the total number of personnel in the said ruler and current staff titles or 13/12/1983 dated and 190 numbered General Staff and Procedure on the Decree staff to be limited AnlArIylA title staff involved in addition to the ruler by changing the titles and ranks the procedures regarding the use of this staff the Board is authorized to determine the principles and decisions of the Governing Body.
(4) Board staff staff outside the profession can not be temporarily appointed to other public institutions.
(5) Capital market experts assistant with specialist lawyers and IT specialists deputy assistant will be assigned to about 657 additional Article 41 shall apply.
(6) working principles and procedures of the Board's regulation to be issued by the Board.
Board's duties, powers and responsibilities
Article 128- (1) The duties and powers of the Board are:
a) the tasks assigned by this Law, the fulfillment of this law ordered the application and business is necessary to ensure the provision of anticipated results and make transactions
b) timely public enough and take decisions in general and specific qualifications in order to provide clarification as correct
c) of this Act within the scope of corporate and partnership of independent audit, rating, valuation and information requirements and work on the systems audit activities to determine the principles and to declare the lists are still carrying these requirements
d) financial stability and national or in order to ensure the requirements of international legislation to make all kinds of cooperation with other financial regulatory and supervisory authorities and to exchange information

D) Capital markets regulation and supervision with authority equivalent foreign institutions regarding the capital market reciprocity and professional secret protection principles within the framework of mutual information to be exchanged and document requests to be met, the organizations operating in the capital markets in foreign countries centers in Turkey, branches or subsidiaries with an audit in the institutions they receive outside services in a written contract framework and necessary administrative measures to be taken to the bilateral or multilateral agreement to sign the memorandum for the sharing of costs related to the activities carried out in this regard and make any kind of cooperation on capital markets
e) ensure the development of the capital market the new capital market institutions and edit rules and procedures relating to the vehicle and to check them
f) public partnerships will work, vocational training of the capital market institutions, managers and other employees, to determine the basis for granting the certificate shows professional competence and professional qualifications, with the aim centers or set up the company and to determine their operating procedures and principles
g) will be advised on investment for investors and savings in the capital market of individuals and organizations to determine the principles and procedures to be followed
i) under this Act with operating and working procedures of the Public Disclosure Platform Board to determine that the notification and application of the principles and procedures performed
h) Capital market institutions, public companies, stock exchanges and the operation of the self-regulatory organization of information systems and to determine the procedures and principles relating to controls in the framework of this Law
i) domestic or foreign academics or the working groups or individuals consisting of practitioners, present or future arrangements preferences constitute a basis in order to make a national or international quality scientific research regarding the capital market
i) international organizations as a member of the Board, the financial, the economic and find Turkey a direct member of the vocational organizations to participate in the work of international organizations, to develop joint projects with these organizations and to contribute to the project
j) the international organizations concerned with the Board's mandate, financial, become a member of the economic and professional organizations
(2) the Board authorized the regulatory process plant by and use taking specific decisions. The Board may decide to be published by appropriate means, including the Official Gazette of the decision or the internet. regulatory actions published in the Official Gazette in the nature of regulations and notices are put into effect.
(3) The Board, in the foreign capital market regulation and supervision to get the information and documents from any equivalent authority, prosecuting matters that constitute claims or other crimes, the judicial organs except for the case, to be signed by the legislation relating to these institutions may also reflect the relevant authorities within the framework of memorandum of understanding and use.
(4) The Council Presidency organization, from the ministries to fulfill their duties, and may seek information from relevant public and private organizations and individuals. They are obliged to respond to these requests and the Board showed the necessary assistance to officials. The Board of subjects required by law to follow other authorities, transport them to the relevant authorities.

Accountability Transparency and accountability Article 129- (1) The annual report, the year following the term of the report of the Board until the end of June will be published on the website and sent to the relevant Minister. The Board, at least once a year concerning the activities of the Planning and Budget Commission of Grand National Assembly of Turkey informs.
(2) The Council of Ministers informs the Board of the Ministry in cases deemed necessary.
(3) The arrangements made by the Board of Directors by constantly updated to include changes will be posted on the website.
(4) The term of the Assembly to prepare the form and content of reports with the procedures and principles determined by the Board.
Board's budget, expenditure and operation of the control
Article 130- (1) to meet the expenses of the Board's income is essential. Assembly budget, dated 10/12/2003 and the 5018 Public Financial Management and are prepared according to the procedures and principles set out in the relevant provisions of the Control Law and accepted.
(2) clear case of income to meet the expenses of the Committee shall be borne by the general budget assistance to the Treasury.

(3) Issuers or IPO who, to the Board recorded as revenue in the budget, if the capital market instruments to be sold in a thousand of the value of exported is not less than the nominal value shall pay costs in three holds. Mutual funds and variable capital investment trusts three-month period of the last working day, wages in the amount of five hundred thousand of net asset value invested in the following account of the Board within ten business days. Not to exceed the rate specified in this paragraph, the nature of capital market instruments, taking into account the maturity or the issuer Board decision is different than determined by the organ. Ministers will be in charge of Directors is authorized to increase or to lower the statutory rate not to exceed twice the legal rate.
(4) held by the Board and supervised exchanges and other organized markets, central clearing institutions, so the maximum of all income, excluding interest income and CRA central clearing house can be saved it as income by the Board to the Assembly budget. However, time and amount of payments to be made under this Article, the Board of Directors in the year following the calendar year in which the income was earned cash consideration will be notified by the Board at least thirty days prior to the relevant institutions. A calendar year will be added to the amount payable in the years following amounts requested by the Board and can be requested in the same way. These revenues will be collected to what extent the institutions which are determined by the Board for each calendar year.
(5) The Board, in relation to the activities of the decision until the end of June each year for the previous year, which prepares them to make an annual report analyzing the economic and social impact with secondary legislation. The annual report also includes the results of the comparison and evaluation of performance objectives with the Board.
(6) of the Board's inventory and asset sales and similar transactions, budget implementation and the merits of making the expense Council's internal audit procedures and principles, without prejudice to the provisions governing the Board of Law No. 5018 is determined by a regulation issued by the Board.
Fees, financial and social rights
Article 131- (1) The President and members of the staff of the Board dated 06.27.1989 and additional designated under Article 11 of Decree Law No. 375 counterpart staff within the scope of the financial and social rights the payments will be paid in accordance with the same principles and procedures. Chairman of the Board and the Board with staff members in terms of pension rights is also considered to coincide with the staff designated as precedent. precedent staff not subject to the payment of taxes and other statutory deductions are not subject to tax and other deductions, according to this Law. The separation of office of the Chairman and members of the Board

Article 132- (1) relations with other tasks as long as they served the Board appointed to Chairman of the Board and membership is interrupted. However, those who are appointed to membership, while public officials, on condition lose their civil service entry requirements, tasks the time of termination of or resignation request in finding and by assigning authorities have recourse to the former institution within thirty days within one month acquired are assigned to the appropriate staff. Assignment they receive them shall continue to be made by the Board until settlement of all payments. An appointed to Chairman of the Board and membership of working in public institutions who ended tasks as described above until you start any task or work, they receive all kinds of payments continue to be given by the Board. The duration of those payments to be made by the Board membership is terminated for reasons specified in this clause shall not exceed two years.
(2) the period of time spent on these tasks by the Board Chairman and members, evaluated their services in accordance with the provisions of law, they are subject. This provision is without prejudice to the conditions required for the acquisition of academic titles, the university also apply to the Chairman and Board members from the academic staff.
Civil and criminal liability of the Board Chairman and members of the Assembly staff
Article 133- (1) The President and members of the investigation related to Assembly staff allegedly committed in connection with the crime task, the Minister related to the Chairman and Board members, Board staff according to the general provisions are made for the condition to allow the President. Board members of the Board with the investigation into the alleged crimes committed in participating still not permit an investigation into the establishment of personnel is the duty of the relevant Minister.

(2) The Chairman and members of the Assembly staff to be allowed investigation for crimes allegedly committed in connection with their duties on these individuals themselves out to provide or acting with the intent to give the Board damage in respect of these transactions they have a vested interest in them as a result of clear and adequate It must exist and indications. this will be communicated to allow the investigation to be relevant in the case. The investigation allowed to, or not against that decision, within fifteen days from the date of notification appeal may be referred to the Council of State. Even if permitted, the objection period as a result of appeals or the Supreme Administrative Court to the investigation can not be started until when the provisions plant.
(3) Chairman of the Board and members of the Assembly staff, even if they are dismissed divided initiated for crimes allegedly committed in connection with their duties of investigation and prosecution, in case the request of the relevant member or staff, followed by a lawyer to be appointed by making contractual mandate them . attorneys' fees not to exceed fifteen times the costs of litigation relating to these proceedings and Turkey Bar specified in the minimum wage tariff announced by the Union of legal fees, the Board met from the budget.
(4) The Chairman and members of the Board staff brought against the Council's decision on the tasks specified in this Act, due to actions and operations, after the required resignation during the execution of required tasks, compensation and debt claims opened or will be opened, the Board filed against counted. This animosity is directed to the Board in any case. third paragraph relating to attorneys' fees and litigation expenses are also valid for this litigation. As a result of Assembly proceedings against the decision and in the event of payment by the Board due to the judgment, the sum of the Board shall request the relevant. Committee, to request payment of his related, it must be the final court decision is flawed on these people.

Assembly against judicial decisions Article 134- (1) to open administrative proceedings against the Board's decision is seen in an administrative court. Made against the Board's decision on the application shall be considered urgent. storage and disclosure of
Secrets
Article 135- (1) Board staff and Board Chairman and members of the secrets they have learned during the mission can not explain to anyone other than the authorized in accordance with this Law and special laws and not use the benefit of themselves or others are. their employees and people outside the Board receives support services and organizations are also subject to this provision. This obligation continues after leaving office.
(2) The provisions of the Act in accordance with the Board, to be held in the framework of the memorandum of understanding with counterpart supervisory authorities abroad to give secret information and documents are not covered by the first paragraph. The Board will organize the protection of the secret agreement to be obtained outside of court records or transcripts are responsible for providing. Information and documents on secret will give the Board the IPO, issuing establishment and activity permit, under the supervision of the activities will be filed against the monitoring and Assembly decision whether or not complied with the regulations used in the processing of administrative cases. Board information on the secret that will get under this paragraph and documents criminal investigation and prosecution under the prosecution with criminal courts, even if they are dismissed divided initiated for crimes allegedly committed in connection with their duties of investigation and will make a request in connection with the prosecution of the Board staff and Board Chairman and members except that no person can not be given to organizations and institutions. The Board can not be held responsible for providing information within the scope of mystery attached to the court decision.
(3) If the second paragraph mentioned in the memorandum of understanding boundaries giving a share authority clearly defined or memorandum of understanding on the basis of reciprocity or if the other party is not subject to the same degree of secrecy, the provisions relating to the said secret storage at paragraph shall apply mutatis mutandis.
PART EIGHT Last


Transitional Provisions and reserved retained provisions and exceptions
Article 136- (1) of this Law, except for Article 47, the Central Bank, the Central Bank, market and the CBRT established under the Central Bank does not apply to payment and securities transfer and settlement system.

(2) Central Bank, the Treasury and the 03.28.2002 dated and 4749 Public Finance and Debt Management established under the Law on the Regulation issued by asset leasing companies, capital market instruments to Article 13, excluding item, the second part of this Act, the first and the second part of the provisions of the first paragraph of Article 31 and Article 69 shall not apply. Central Bank, the Treasury and the Law No. 4749 is that capital market issued by asset leasing companies set up under the car to 13th and procedures relating to the application of Article 80, this means of monitoring under the Central Bank, without prejudice to the arrangements for the visual storage and log on is determined by the Board.
(3) dated 14.01.1970 No. 1211 Law on Central Bank of the Republic of Turkey prejudice to the provisions of other laws and authorizing the Central Bank to work.
(4) the Central Bank's membership in the organization will be applied under this Act to apply to operations in these institutions with special status shall be determined by the Board based on the opinion of the Central Bank's regulations.
(5) Self capital market instruments IPO by or IPO without selling bank with the definition of banks contained in the investment services and activities in this Act, be limited to these activities, be subject to the provisions of this Act. This Law shall not be applied for banks in terms of number of partners. 5411 Law on insurance companies, institutions and subject banks, supervision, accounting and auditing standards dividend will distribute the bank sold through IPO share with issues and principles relating to the use of the equity of the revaluation surplus it is subject to special legislation.
(6) Treasury and established in 4749 under Law No. presence rental companies Article 61 of this Act, are exempt from the first paragraph of Article 71 and Article 130 of the judgment.
(7) Product deed dated 18.5.2004 and numbered 5174 on alivr contract and Turkey Chambers and Stock Exchanges Union of Chambers and Commodity Exchanges Act the provisions of Article 53 are reserved.

Miscellaneous Provisions Article 137- (1) Article 47 of Ministers, at CRA record all non-monitored by the Council or some capital market instruments can also be applied to the subject of guarantee contracts.
(2) established in accordance with this law and operating in the stock market and other organized market places, central clearing institutions, the services carried out by CRA with the central depository institutions strikes and lockouts prohibited.
(3) the operations that carried the stock of publicly traded partnerships can not decline recorded in the share register of the shares purchased. This partnership for unlisted shares the 6102 Act apply Article 494 and 493 of the third. Istanbul Stock Exchange Inc.

Article 138- (1) Subject to the provisions of the Law and Article 67 of the Stock Exchange to engage in specified activities stockbroker Istanbul Corporation has established a joint stock company with the title. The said company, the date of entry into force of this Act shall be registered in the commercial register to another without any further procedure ex officio. Borsa Istanbul Corporation, this matter will be prepared within the scope of the second paragraph of the basis of this Act by the registration in the trade register of contracts Article 65 Situated in the stock market, and the establishment of market operator and be deemed to have granted permission for the activity.
(2) Stock Exchange Istanbul activities and objectives of the Corporation, the amount of capital, shares, turnover basis of the shares, 6102 the concession will be granted to shareholders without being subject to the fourth paragraph of Article 478 Article, liquidation, transfer, merger, dissolution, IPO limitations, bodies, committees, their formation, duties, powers and responsibilities and working procedures and principles, accounts and profits of involving other issues and principles relating to the organization and distribution of the articles of association of the approval of the Minister prepared by the Board following from the date when this law enters into force at the latest in six months Notwithstanding the general provisions directly registered and announced. This period may be extended up to three months with the Minister's decision on. of the Articles of Association registered and announced until the current arrangements regarding the Stock Exchange of Securities and bodies shall continue to apply the provisions are not contrary to this Law.

(3) of this Article in accordance with the Istanbul Stock Exchange with the preparation of the establishment and registration of the Articles of Association of the Joint Stock Company, the fees will be covered by the registration process and advertising is exempt from stamp duty will organize papers. no charge for registration in the trade register process.
(4) This Law abolished the 91 established according to the Decree Law No. Provision Istanbul Stock Exchange and abolished by this Act 2499 Act 40 / established, pursuant to the Istanbul Gold Exchange of legal entities Borsa Istanbul ends with the registration of the articles of incorporation of the Corporation.
(5) Borsa Istanbul with the registration of the Articles of Association of Joint Stock Companies Istanbul Stock Exchange and Istanbul all kinds of assets of the Gold Exchange, payables and receivables, rights and obligations of all kinds, including electronic-media records and other documents as a whole , the exceptions contained in this Article, without the need for any other work deemed to be transferred to the Istanbul Stock Exchange Corporation. So far, the attached property belonging to Istanbul Stock Exchange (2) of the list was handed over to the Board on the specified immovable property and muhdesat. Ownership of the attached Istanbul Stock Exchange (3) immovable property as specified in the annex list of free land in the picture that are registered on behalf of the Treasury and is deemed to be allocated to the Ministry of Education. Attached (3) approval of the Ministry of Finance sought purpose in matters of real estate included in the list. Ownership of the attached Istanbul Stock Exchange (4) specified in the list no real bonus as it is officially registered in the land registry on behalf of the Treasury. (4) attached immovable properties included in the list, along with other buildings on the first fifteen years of the twenty-nine years, including free use of the Corporation directly deposited in the Istanbul Stock Exchange. Borsa Istanbul Anonymous purpose of real estate left to the use of company usage fee, construction, stock exchange as other matters related to the construction and renovation principles Istanbul Corporation has authorized the Treasury to do with the protocol. After the transfer to be made pursuant to the first sentence of this paragraph, the positive difference between the Treasury and the Board transferred assets and liabilities other than Real, Istanbul Stock Exchange constitutes the initial capital of the Corporation. operations to be performed under this paragraph from the inheritance tax, the paper is exempt from stamp duty and fees will be held.
(6) Stock Exchange Istanbul Forty-nine percent of the Corporation shares in the articles of association, the shareholder regarding any transaction Treasury to be carried out by the Treasury, and one fifty percent primarily enroll on behalf of Borsa Istanbul Corporation for evaluation purposes as follows: || | a) the Articles of Association is registered and announced the four percent of the capital after the current members of the Istanbul Stock Exchange, and as a bonus equal to three current members of the Istanbul Gold Exchange in the bin; The portion corresponding to one per cent will be transferred free of charge to Turkey Capital Market Association.
B) Borsa Istanbul TurkDex within one month from the date of registration of the articles of incorporation of the Corporation in the event of demand for the existing shareholders of the Corporation in exchange for shares they hold in the Futures and Options Exchange Inc., with 0.05 that they share ratio has Exchange rates will be found by multiplying the Istanbul Corporation shares are issued. In this share transfer, dated 12.7.1994 and Article 7 of Law No. 4054 does not apply.
C) Borsa Istanbul a portion of the shares of joint stock company needed a strategic partnership with the relevant parties in exchange for the establishment and / or technology, technical knowledge and skills to other stock in exchange for the transfer and market or transferred with the approval of the Board to the system operator.
D) from the date of publication of this Act in the case of shares remain in the hands of the Istanbul Stock Exchange Inc. within three years, these shares shall be transferred free of charge to the Treasury.
(7) Borsa Istanbul IPO under this Law of the shares owned by the public of the Corporation or other methods sale of Ministers upon the recommendation of the Minister in charge of the Treasury will be determined by the Council is carried out in the framework of principles and procedures.

(8) Istanbul Stock Exchange Inc. Articles of Association in accordance with the chairman and members of the current president elected by Istanbul Stock Exchange Istanbul Stock Exchange Inc. as chairman; board member of the Istanbul Stock Exchange Istanbul Stock Exchange Corporation serve as board members. Istanbul Stock Exchange Corporation chairman shipped to the company as the highest executive officer, administration and is authorized to represent and bind alone. Istanbul Stock Exchange Corporation as the chairman and the chairman of the selection is made on the membership or membership for any reason, the assignments shall be made by the Treasury in the discharge case. Istanbul Gold Exchange Chairman and board members of the task Istanbul Stock Exchange Inc. ends on the date of registration of the association.
(9) a) and the Istanbul Stock Exchange Istanbul which are not contrary to this Law, the existing regulations on the Gold Exchange, the regulations to be made under this Act shall continue to apply until it enters into force.
B) Legislation based on the Istanbul Stock Exchange and the Istanbul Gold Exchange citations interest deemed to be made to the Istanbul Stock Exchange Corporation.
(10) Istanbul Stock Exchange and the Istanbul Gold Exchange by the end of the ongoing activities of the entity as a stockbroker with all other ongoing business operations and activities carried out by the Istanbul Stock Exchange Corporation. The Istanbul Stock Exchange opened and the stock market in favor and against the Corporation and enforcement proceedings in the lawsuit party wins the title itself.
(11) Borsa Istanbul until it falls below the fifty percent of the state's share in the joint stock company itself and supervision of all types of accounts and transactions of subsidiaries only an independent auditor will be carried to be selected by the Undersecretariat of Treasury of independent regulatory bodies in the Council's list. As a result of the independent audit report prepared simultaneously presented to the Board and the Treasury. first and third paragraphs of Article 72 of this law also apply to the Istanbul Stock Exchange Corporation.
(12) Stock Exchange Istanbul Corporation and its subsidiaries and affiliates, including state-owned enterprises, more than half of its capital owned by public or private law established public institutions, the legislation applicable to subsidiaries and associated companies, is not subject to application and restrictions. Treasury and in accordance with Law No. 4749 established the presence of leasing companies relating to the securities they have issued, Istanbul Stock Exchange that apply to issuers are exempt from registration fees and listing fees payable to the Corporation.

(13) of Law No. 233 Decree, 01/22/1990 dated and 399 numbered Public Enterprises Personnel Regulating Regime and No. 233 Decree Law of the Decree Law on the Repeal of Certain Provisions, 657, 4/7 / 2001 and 631 numbered Civil Servants and other Public Officials of the Financial and Social Rights in the Regulations on Some Laws and Decree Law on Amendments to the Decree No. 190 Decree, 10/02/1954 dated and 6245 Allowance Law, 3/12 / 2010 dated and 6085 numbered Law Court, No. 3346 dated 02.04.1987 of the Fund by the State Economic Enterprises Law Regulating the Supervision of Turkey Grand National Assembly, the Public Procurement Law numbered 4734 and dated 4/1/2002, 5/1/2002 dated 4735 and the Public Procurement Contracts Law, No. 2886, dated 08.09.1983 the State Tender Law, Law No. 5018, dated 05.01.1961 No. 237 Vehicle Law, dated 11/09/1983 and numbered 2946 Law on Public Housing , dated 01/02/1961 and the Law on the Press Proclamation No. 195 Agency Formation, dated 24.11.1994 and No. 4046 on Privatization Practices Act, Act No. 527, dated 05.18.1994 Decree, dated 12/07/1994 and 4054 provisions relating to these annexes and amendments to the Law on the Protection of Competition Borsa Istanbul Corporation with Borsa Istanbul subsidiary became subject to them because of the ownership interest, directly or indirectly of the Corporation and will be charged on affiliates. the first sentence of this paragraph, this Law abolished No. 91 Decree Law and the Law abolished the 2499 Law, Article 40 / A with the stock market established in accordance with the on their respective subsidiaries and affiliates, starting from the date of formation of legal personality to be effective, provision refers ; For periods prior to the date of entry into force of this Act in the name of the first sentence of this paragraph, the laws and decrees on grounds of nationality or non-processing facility, claiming, which match up to the process itself.
(14) The Minister is authorized to remove the doubts about that may arise during the implementation of this Article.

Changed and removed provisions in force Article 139- 2499 dated 07.28.1981 of the Capital Market Law in force has been removed. References to the 2499 Law on Legislation deemed to be made to the relevant provisions of this Law.
ARTICLE 140- and No. 91 dated 10.03.1983 About Stock Exchange was repealed Decree.
Article 141- No 4059 dated 09.12.1994 of the Organization and Duties of Treasury addition to Article 4 of the Act is included in the following paragraphs.
"That could spread to the entire financial system extent the emergence of negative growth and in case of detection by the Financial Stability Committee in this case, the Council of Ministers to determine the measures to be taken Directors is authorized, but all relevant institutions and organizations apply immediately determined whether these measures are competent and responsible." || | Article 142- dated 23.05.2000 and numbered 4568 Law on the Elimination of the effect of some of the funds in the fourth paragraph of Article 6 has been removed.
Article 143- 5174 numbered paragraph of Article 53 of the Act amended as follows, and abolished the ninth paragraph is added to the same article the following paragraphs.

"Economic necessity for considering the confidence, stability and free competition in the supply of one or more products in quotations and meet the demand; current products are classified according to standard products, organized by their own physical or electronic means of trading venues; physical requirements of the product, which can carry out the trade of products licensed warehouse enterprises of issued shares and representing both product alivr contract; Located reliable recording and storage facilities for the operation; at prices of produce, the information that can be followed by other similar information that can be announced and alternative markets and processing, technical and electronic equipment, which has institutional and financial infrastructure; scope may be national or international joint-stock company specialized in product exchanges on a proposal from the Ministry and the Capital Markets Board, established by the Council of Ministers. Commodity exchanges in the operation of the market on their own or body and / or one or more than they can deal with the market operator which is subject to the Capital Market Law to be managed. This agreement shall not be valid without the approval of the Ministry and the Capital Markets Board. Use rights owned by the commodity exchanges Under an agreement with the market operator of the stock exchange on any approval of the Capital Market Law and ensure the fulfillment of the obligations under the relevant legislation. "
" Unexplained at a reasonable economic or financial justification, commodity exchanges of trust, openness and stability in the creation of an offense of the nature of the action to disrupt the operation of the market if deemed disruptive action. Under the Capital Market Law on actions distorting the market who perform administrative penalty is applied.
Product securities and alivr contractual product specialization to the brokerage in the stock market, the vehicle of the suspension of the authorization to the authorization and to cancel the tool of supervision and control and product stocks and the procedures and principles related to other transactions that the brokerage services on alivr contract Ministry and Capital Markets in the regulations to be issued with the Board.
Product securities and alivr contract on the surveillance activities carried out on the process to be issued jointly by the Board and Capital Markets Department in a regulation. These actions will be taken in relation to the result of the emerging issues measures and actions to take, the Capital Market Law and subject to the relevant legislation. "
ARTICLE 144- 02/10/2005 dated and 5300 numbered Agricultural Products Article 15 of the Licensed Warehousing Act was repealed the second paragraph .
Article of the Law No. 145- 5411;
A) the first paragraph of Article 33 is amended as follows.
"Public Oversight, Accounting and Auditing Standards Agency authorized by the independent auditing firm will be required within the scope of Article 15 additional requirements determined by the Board taking the opinion of the Central Bank and professional associations and announced to the public list of the independent audit firm meet these requirements. The Board is authorized to remove from the list, temporarily or permanently, in doing quality control and inspection activities will result in the list of the independent audit firm to audit the activities covered by this Act detections in violation of standards and regulations. The Board will make the results of quality control and public surveillance audit, accounting and auditing standards are notified to the Authority. Independent audit firms, the activities they do so in accordance with this Law are responsible for the damage they cause to third parties. "
B) The first paragraph of Article 37 is amended as follows.
"Banks, Public Oversight, Accounting and Auditing Standards Board of the organization will be determined by the Board and by taking the opinion of the union in accordance with the principles and procedures to apply uniform accounting systems; Public Oversight, Accounting and Auditing Standards Authority published accounting and financial reporting in accordance with standard all their transactions in accordance with their true nature and to meet the requirements of attaining financial reports information form and content, clear, reliable and comparable auditing, analysis and interpretation convenient, timely and accurate must be organized in such a way. "
c) Article 72 is repealed.

Article 146- No. 660 dated 09.26.2011 Public Oversight, Accounting and Auditing Standards Law on the Organization and Duties of the Institution Article 23 of the Decree is included in the following paragraphs.
"(4) This article is reserved the Capital Market Law and the implementation of the provisions of the Banking Law."
Article 147- Decree Law No. 660 the following paragraph was added to Article 26.
"(3) The Law on the arrangements made on the basis of the Decree, the standards and forms and the Board received general and the independent audit organization acting against the decision of the special features ten thousand by the Assembly of Turkish lira from the administrative fines up to fifty thousand Turkish Lira . This item is recorded in accordance with revenue in the budget of administrative fines. "
Article 660 of Law No. 148- provisions of the third paragraph of Article 27 of the Decree is amended as follows.
"(3) the laws, institutions which are established to regulate and control certain areas and committees, Turkey Accounting, subject to compliance with the standard, they make limited adjustments for details regarding the standards that will apply to their fields."
ARTICLE 149- 660 No. the fourth paragraph of the provisional Article 1 of Law Decree added the following sentence.
"Of the Capital Markets Board and the Banking Regulation and Supervision Agency, are subject to an administrative penalty of implementing powers conferred on authorized independent audit institutions in accordance with their own legislation."
Regulatory processes
PROVISIONAL ARTICLE 1- (1) The arrangements for the implementation of this Law from the date of publication of this Law shall be put into effect within a year. regulations to be issued pursuant to this Act come into force until, shall continue to apply the existing regulations are not contrary to the provisions of this Act.
(2) The Board discussed and decisions are not decided by the present application and the date of publication organ of this Law shall be finalized according to the provisions of this Act.
Intermediary organizations and futures brokerage transitional provisions relating to the company
PROVISIONAL ARTICLE 2 (1) Investment services and activities with the principles and procedures for the provision of ancillary services, from the date of publication of this Law shall be determined by the Board within six months. The procedures and principles, while the intermediaries be edited and futures brokerage companies with new licenses, provided the relevant institutions compliance within a reasonable time will be given. Otherwise, the related institutions such as investment services and activities can be found in the service.
(2) in the first paragraph under the necessary regulations come into force until intermediation and futures brokerage companies are active in the framework of existing powers.
(3) This is the first operating permit granted with intermediation by the Board on the Law of the publication and futures brokerage companies, with this law repealed Law 2499 on the activities they are performing in accordance with, and continues until the end of the period specified in the first paragraph.
Special Fund
Provisional Article 3 (1) before the date of 12.18.1999, the Board all the mandates of the canceled brokerage investors of the capital market of receivables arising from the activities to ensure the payment partly in the framework of the principles in this article the Special Fund was established. The management and representation of the Special Fund shall be conducted by YTM.
(2) The brokerage creditor to the Special Fund, opportunities for the Fund in consideration, payment can be made prior to the date of 12/18/1999 or later rights in the bankruptcy lawsuit and bankruptcy liquidation of being connected to the impotent document from debt receivables
it is mandatory. The rights of the prejudice of those who applied before the entry into force of this Act, that from the date of the Law publication to creditors do not apply to print the creditor within two years Special Fund payment is not made.

(3) Bankruptcy liquidation during bankruptcy administration of cash and securities receivable amount on the date of cancellation certificate of calculation to be made by, intermediaries authorized documents translated of the current on the date of cancellation Central Bank's buying rate on US dollars. These intermediaries payments during bankruptcy liquidation after the opening of the bankruptcy, the date on which the payment is made by turning the current Central Bank's buying rate on US dollar, the dollar will be deducted from the original basis. In this way, which balances are translated into Turkish lira at the current Central Bank's buying rate on the date of the document linked to insolvency and debt payments paid to rights holders on the basis of the fourth paragraph.
(4) till 31/12/2012 will be made with a down payment can not exceed 18 729 Turkish Liras. This amount is increased by the revaluation coefficient declared percent each year after the date 01/01/2013. However, according to the third paragraph, the US Dollar amounts interim payments be deducted from the original will be the basis of, as of the date of cancellation of the mandate Central Bank's buying of dry translated into Turkish Lira and deducted from the maximum payment amount specified in this paragraph is determined by the maximum amount to be made to the rightful owners.
(5) of the Special Fund of the goods and assets management principles for the accretion and be approved by the Board will be prepared by the YTM is determined by a regulation. Special Fund used for any purpose other than payments to be made under this Article. Special Fund, in case of insufficient to cover the payments to be made, additional resources will be determined by the Council of Ministers shall be borne by the Treasury. The date of publication of this Act, the Istanbul Stock Exchange Special Fund assets in the body, receivables, payables and rights from the date of the Investor Protection Fund had transferred from ytm'y are transferred within three months.
(6) Payments to be made for the payment of debt that will be attached to documents submitted incapable of bankruptcy administration, determined by the method of calculation located in the third and fourth paragraphs, it shall be made to the Special Fund administered by the bankruptcy. Special Fund payments in order to enable compliance with the provisions of this article, the final order of the ruler, the documentation on file for bankruptcy, has the right to insolvency administration and insolvency on the basis of documents that may be requested from the circle to mutual inspection and rejection of the request for payment contrary to other relevant legislation in this matter.
(7) payment to the owners of rights, bankruptcy administrations are performed. The creditors appear insolvent brokerage partners, management board and supervisory board members, staff and their spouses and relatives to third degree, including blood and beech and capital market institutions can not be paid under this article. Creditors' rights arising from general provisions for receivables in excess of the payments made pursuant to this article are reserved.
(8) The Board shall make the necessary arrangements to determine the procedures and principles related to the implementation of this article is authorized.

Transition provisions of the Investor Protection Fund for Provisional Article 4 (1) from the date of publication of this Act within six months of the rights of the Investor Protection Fund receivables and payables through ICS.
(2) prior to the date of publication of this Act relating to the case which started gradual liquidation of institutions and transactions related to the liquidation of these institutions is complemented by the CRA. YTM, the necessary payments in respect of the business and operations makes MKK.
(3) Act 2499 abolished by the Law 46 / B of the frame 84 article about the ongoing gradual liquidation of brokerages do not apply. These institutions' capital market activities and transactions against the customer due to accretion arising from stock transactions also included cash payments and stock delivery obligations are met.
Turkey Capital Markets with transitional provisions concerning Turkey Appraisers Association
Provisional Article 5 (1) This Law abolished the 2499 Law 40 / B arranged in the article Turkey Capital Market Intermediary Institutions of the title of this Law, Article 74, held in substance Turkey Union capital Market, as amended. This change of title, in accordance with the third paragraph of Article 75 of this Act, the Minister for the Status changes will apply from the date of entry into force of the decision.

(2) Turkey Capital Market Intermediary Institutions of the Union's institutions need to be a member of the Association of Turkey Capital Markets outside the current members, Turkey within one month from the date of entry into force of the Statute changes are obliged to apply to the Capital Markets Commission. Union to make the selection of the bodies in accordance with the new status within two months after this period, members call for the general meeting.
(3) Appraisal Specialists of Turkey should be a member of the Association of valuation institutions, the Statute held in accordance with the third paragraph of Article 75 from the date of entry into force within three months are obliged to apply to Turkey Appraisers Association. to perform the selection of the bodies in accordance with the new statute within three months following this period, Turkey Appraisers Association, a member calls to the general meeting.
(4) Assembly to remove the doubts that may arise in the implementation of this article is authorized.

Transitional provisions relating to collective investment institutions Provisional Article 6 (1) 48 to 56 procedures and principles related to the regulations in Article determined by the Board within six months from the date of publication of this Law.
(2) the necessary arrangements in the first paragraph come into force until the regulations made under this Law abolished the 2499 Law on the basis of applications will continue to be implemented and concluded in accordance with these regulations.
(3) of this Act publication which was established before the date mutual funds and investment trusts, from the date of entry into force of secondary legislation mentioned in the first paragraph within one year, the bylaws or articles of association, structure, and must apply to the Board to make appropriate regulations about the organization . Otherwise, the Board decides to transfer or liquidation of the investment fund. The investment trusts, be deemed excluded from investment trust status, in this case, the fifth paragraph of Article 26 shall apply mutatis mutandis.
(4) The publication was established before the date the asset management company of this Law, from the date of entry into force of secondary legislation mentioned in the first paragraph with the articles of association within a year building it into the case in accordance with the regulations of the organization. Otherwise, the main activity areas and all ground trade name portfolio management companies are obliged to apply to the Board to change the expression.
(5) The Board is authorized to extend the period specified in this article until doubled. Transitional provisions relating to Assembly staff with
Board Chairman and members
Provisional Article 7 (1) The membership of the Board Chairman and member on duty the date of publication of this Law expires on the date of publication of this law. It is attached to serve until the end of the remaining term of office in accordance with the legislation which they are assigned (5) numbered lists with established is the presidency Counsel staff considered to be assigned without the need no processing and performs advisory tasks set by the President. This paragraph with established is the presidency Counsel staff, for any reason, discharge and probably referred to the remaining term of office in accordance with the legislation that is assigned to the Chairman and members deemed assigned to the staff need no treatment in the event of termination without being deemed to have been canceled. This paragraph is considered by the Board Chairman Advisor to the Chairman and members assigned to the squad as payments made under the financial and social rights, the remaining term of office in accordance with the legislation they are assigned in accordance with paragraph continue until the end.
(2) On 15.01.2012 the personnel located in the Assembly staff, said date before force in the legislative provisions of No. 375 Decree Law temporary Article 10 provisions shall continue to be applied by taking into consideration. According to the provisions of this Act shall continue to be applied according to the payment of the relevant sum payment calculated is lower than the total payments made, calculated according to the provisions of this Act. The date of entry into force of this Article shall continue relations of which are subject to social security institutions outside the Social Security Administration.

(3) team titles in the Assembly due to the arrangements made by this Act shall be deemed unchanging staff assigned to the same titled staff. Staff titles changed or canceled by the board, from the date of entry into force of this article is assigned to the case within a year, according to a new staff; Board appointment process until they need to be appointed by the needed work. It is taking into account the provisions of paragraph until it is assigned to a new cadre of former team titles monthly fees, bonuses and similar names to continue to receive the payments made.
(4) by this Act on the date of entry into force of this article repealed 2499 Act and related legislation, which are employed on a contractual basis by the board according to the staff of the financial and social rights and employment on other matters on the Law of the publication of the implementation of the legislation in force prior to the date continue to be.
(5) Assembly center business and operations related to the transportation center of the board is in Ankara to Istanbul to finish.
(6) The provisions of Article 121 th fourth and sixth paragraphs, separated from the Board prior to the publication date of this article shall not apply to the Board Chairman and Board members with the professional staff. Other transitional provisions

Provisional Article 8 (1) the date of publication of this Act, the Istanbul Stock Exchange Settlement and Custody Bank Inc. capital market activities and is conducting related business processes, without the need for any permission and authority continues to play a central clearing organization capacity.
(2) prior to the date of publication of this Law, dematerialized and delivered capital market instruments and despite the receipt of dematerialization decided yet undelivered capital market instruments on Article 13 The fourth paragraph of the provision of Article applies.
(3) the date of publication of this Act, is a public company under this Act in proportion to the partnerships that are not traded on the stock exchange Article 16 Situated in a two-year period starts from the date of publication of this Law.
(4) the date of publication of this Act, the common number 250 to to be between 500 this Law abolished the 2499 law based public company listed, but according to law, public partnership nature of the third sentence of the fourth paragraph of Article 33 of the transport partnership applies.
(5) limitations stated in the sixth paragraph of Article 26 will begin to be implemented from the date of publication of this Act.
(6) a five-year period specified in the second paragraph of Article 28 shall run from the date of publication of this Law.
(7) the provision of Article 32, after the date of publication of this Law shall apply for liability arising from public disclosure documents to be made public.
(8) Revaluation coefficients of rate regulation in the fifth paragraph of Article 84 of this Law starts from the date the application is 01.01.2014.
Registration of securities transactions
Provisional Article 9 (1) Investment companies by Borsa Istanbul traded Joint Stock Company, Borsa Istanbul Corporation is listed on the or Borsa Istanbul in connection with securities in the record of the Corporation Borsa Istanbul Anonymous of transactions conducted outside the company Borsa Istanbul Stock Exchange with the conditions determined by the Board and approved by the Corporation in Istanbul must be registered with the Joint Stock Company.

Enforcement Article 150- (1) This Law shall enter into force on the date of publication.

Execution Article 151- (1) This Law shall be enforced by the Council of Ministers.


(P. Number: 337)


(1) ANNOUNCEMENT LIST
CAPITAL MARKETS BOARD
TEAM LIST
CLASS
TITLE
LEVEL
PCS
GPP
Vice Chairman of the Board
1
5
GPP
Advisor to the Chairman of the Board
1
15
GPP
Head of
1
12
GPP
Overseas Representative Assembly
1
5
GPP
Provincial Representative Assembly
1
3
GPP
Deputy Head of Department
1
16
GPP
Chief Expert
1
70
GPP
Chief Expert
2
50
GPP
Chief Expert Information NEW
1
2
GPP
Chief Expert Information NEW
2
2
GPP
experts
3
45
GPP
experts
4
35
GPP
experts
5
90

GPP
IT Specialist
3
3
GPP
IT Specialist
4
5
GPP
IT Specialist
5
10
GPP
Assistant Specialist
8
90
GPP
IT Specialist Assistant
8
10
GPP
Presidential Chief of
1
1
GPP
Director
1
15
GPP
Director
2
2
GPP
Director
3
4
GPP
Deputy Director
2
21
GPP
Deputy Director
3
2
GPP
Application Programmer
3
4
GPP
Application Programmer
6
3
GPP
Civil Defense Expert
3
1
GPP
Press Counsellor
3
1
GPP
Computer Operator
3
1
GPP
Computer Operator
7
3
GPP
Public Relations Specialist
3
7
GPP
Public Relations Specialist
5
4
GPP
Public Relations Specialist
6
6
GPP
Protection and Security Chief
3
1
GPP
Safety and Security Group Chief
3
2
GPP
Safety and Security Officer
3
2
GPP
Safety and Security Officer
5
1
GPP
Safety and Security Officer
6
1
GPP
Safety and Security Officer
8
2
GPP
Safety and Security Officer
9
3
GPP
Ayniyat Treasurer
3
1
GPP
Chief
3
24
GPP
Chief
4
4
GPP
Chief
5
5
GPP
Deputy Chief
3
19
GPP
Deputy Chief
4
1
GPP
Deputy Chief
5
4
GPP
Deputy Chief
6
3
GPP
Deputy Chief
7
1
GPP
Deputy Chief
8
9
GPP
Deputy Chief
9
1
GPP
Data Preparation and Control Operator
3
17
GPP
Data Preparation and Control Operator
5
10
GPP
Data Preparation and Control Operator
9
5
GPP
Interpretation
5
2
GPP
officer
3
6
GPP
officer
5
17
GPP
officer
6
10
GPP
officer
7
5
GPP
officer
8
4
GPP
officer
9
4
GPP
driver
3
3
GPP
driver
5
2
GPP
driver
6
4
GPP
driver
8
1
GPP
driver
9
5
AH
Chief Expert Jurists
1
10
AH
Chief Expert Jurists
2
13
AH
Legal Expert
3
20
AH
Legal Expert
4
15
AH
Legal Expert
5
20
AH
Legal Expert Assistant
8
25
AH
lawyer
3
1
THE
System Analyst
1
5
THE
System Analyst
2
6
THE
System Analyst
3
6
THE
System Analyst
4
5
THE
System Analyst
5
6
THE
System Analyst
6
9
THE
System Analyst
7
1
THE
System Analyst
8
3
THE

System Programmer
1
1
THE
System Programmer
3
1
THE
System Programmer
5
1
THE
System Programmer
6
3
THE
System Programmer
7
2
THE
Statisticians
2
1
THE
Statisticians
3
1
THE
Statisticians
6
2
THE
engineers
3
3
THE
engineers
5
2
THE
engineers
6
4
THE
Technician
3
2
THE
Technician
5
3
THE
technicians
3
2
THE
technicians
5
1
THE
technicians
7
1
THE
technicians
8
2
THE
technicians
9
9
THE
librarian
3
1
THE
librarian
5
1
THE
archivists
3
1
THE
archivists
5
1
SH
Medical
2
1
SH
Medical
5
1
SH
Medical Officer
3
1
YHA
cooks
8
1
YHA
Administrators
7
2
YHA
Administrators
8
1
YHA
Administrators
9
1

TOTAL

920

(2) ANNOUNCEMENT LIST OF REAL PROPERTY LIST will

TRANSFER ASSEMBLY PROVINCE
DISTRICT
DISTRICT
DIE
ADA
PARCEL
Ankara
Çankaya / 2
they Karakuyu
-
13 911
4

(3) ANNOUNCEMENT LIST will
TREASURY TRANSFER LIST OF REAL PROPERTY
PROVINCE
DISTRICT
DISTRICT
DIE
ADA
PARCEL
Istanbul
Sariyer
Istinye
F22D11C3B
1352
7
Istanbul
Sariyer
Istinye
51
360
3
Istanbul
Sariyer
Istinye
51
360
64
Istanbul
Sariyer
Istinye
50
380
38
Istanbul
Sariyer
Istinye
50
380
17
Istanbul
Sariyer
Istinye
50
380
18

(4) ISTANBUL STOCK EXCHANGE ANNOUNCEMENT LIST
TREASURY transferred LEFT THE USE OF REAL PROPERTY LIST OF JOINT STOCK COMPANY
PROVINCE
DISTRICT
DISTRICT
DIE
ADA
PARCEL
Istanbul
Sariyer
Mirgün
48
154
119
Istanbul
Sariyer
Mirgün
48
154
120

(5) ANNOUNCEMENT LIST
CLASS
TITLE
LEVEL
PCS
GPP
Assembly Presidential Advisor
1
7

TOTAL
7



As original.


President Habib BIG Laws and Decisions