Search

After the amendment made in the Capital Markets Law, an assembly was formed under the name of the debt security holders' assembly and a special communique containing detailed provisions was published by the Capital Markets Board. This amendment Communique aims to remedy the incompetence in Turkish law due to the fact that the debt security holders' assembly, which is subject to detailed regulations in international law, was not previously regulated. However, it is observed that the regulations introduced by both the Law and the Communique include some flaws and shortcomings, especially when compared with foreign country laws. In this context, it is particularly important to analyze the provisions regarding the decisionmaking of the debt security holders' assembly, which is a more problematic area. It can be said that the current regulations are intended to serve the interests of the issuing companies rather than protecting the interests of debt security holders. In addition, in the evaluation of the regulations pertaining to the debt security holders' assembly, it would be beneficial to make comparative use of the provisions pertaining to the privileged shareholders' assembly, as the latter is similar in certain respects. [ABSTRACT FROM AUTHOR]

Article 31/A has been added into the Capital Market Law no. 6362 after an amendment in 2020. In this article, noteholders' committee consisting of every holder of debt instruments in circulation is regulated and the authority to regulate important issues like the operation of this committee has been granted to the Capital Market Authority of Turkey. While the Capital Market Board of Turkey has issued the Communiqué on Noteholders' Committee no. II-31/A.1, stating some procedures and principles, many other matters have been left to issuers' discretion to be determined in prospectuses and certificate of issue. Holders of debt instruments as corporate creditors in Turkish law come together to discuss material issues in relation to themselves, which is an important step to protect this particular stakeholder class. Material changes regarding fundamental terms and conditions of obligations or debt instruments are not valid unless approved by the noteholders' committee, which especially requires a detailed examination into operation of this committee. [ABSTRACT FROM AUTHOR]

Information is the most critical factor affecting the market value of securities, and constitutes the basis of the capital market activities. Making right decisions in conducting such activities depends on the realisation of the public disclosure and transparency principles as well as the equal access to information. One of the reasons which prevent the functioning of the capital markets based on trust, honesty, transparency and equality, and cause unfair benefits for investors is the crime of information abuse. The crime of information abuse is regulated in Article 106 of the Capital Market Law. Information abuse is a term of art that refers to unlawful trading in securities by a person who possesses non-publicly available information about a company whose shares are traded or the market, which may affect the value of securities. The subject of the information abuse prohibition can be analysed under four categories, namely a) the managers of the issuers and their controlling parents and subsidiaries as well as the persons who possess information due to their shareholding in such companies; b) persons who possess information due to the performance of a job, profession or duty; c) persons who acquire information by committing a crime; d) persons who know (or must know, if proven) that the information in their possession is in the nature described in the relevant provision. The Capital Market Law's regulation on this matter, which is generally in line with the EU acquis, extended the categories of persons who can commit the crime of information abuse. [ABSTRACT FROM AUTHOR]

In this study, the emergence and use of crypto currencies are examined in terms of whether these currencies can be defined as illicit money. Then, electronic payment systems are evaluated and the place of crypto money in the electronic payment systems is explained. It is discussed whether the crypto currencies occur as a smart contract. Finally, these moneys are evaluated in terms of capital market law. [ABSTRACT FROM AUTHOR]