Turkish regulator updates legislation.

The Capital Markets Board (CMB) in Turkey has been actively updating its legislation as stated in its annual work plan for 2003 by issuing communiqués or by amending existing legislation. One of the notable updates is the Communiqué On the Principles for Venture Capital Companies. It sets out rules on the registration of the shares of venture capital companies with the CMB and the public offering of the shares of venture capital companies. Also included in Communiqué VI/15 are venture capital companies' permitted scope of activities, portfolio limitations, management principles and requirements to be met by their managers, and rules regarding public disclosures. In Communiqué Serial VI No. 15 the CMB has reflected its principle decision about privileged shares in publicly held companies by limiting the scope of the privileges that can be granted to incorporators and impeding the issuance of further privileges once the venture capital company has gone public. The CMB also amended several parts of existing legislation, including the Communiqué on the Sale of Shares and Registration of Shares with the CMB, the Communiqué on Principles Concerning Shares Without Voting Rights, the Communiqué on Principles About Brokerage Activities, the Communiqué on Bookkeeping During the Brokerage Activities, the Communiqué on Portfolio Management Activities and Companies Performing Portfolio Management Activities and the Communiqué on the Correction of Financial Tables During High Inflation Periods.