CMB Expanded the Scope of the Electronic Application Obligation
Contents
Recent Developments
Pursuant to the Capital Markets Board of Türkiye’s (the “CMB“) decision dated March 28, 2024 and numbered 18/470, applications that (i) are to be made by institutions, organizations and issuers within the scope of the Central Registry System (“MERSİS“) and (ii) fall under the jurisdiction of the CMB’s Corporate Finance Department were required to be made through the CMB’s e-Submission System, effective from April 15, 2024. With the CMB’s decision dated July 25, 2024 and numbered 39/1162 (“Decision“), the scope of the mandatory use of its e-Submission System has been expanded. You can access our alert concerning the e-Submission System here.
What Does the Decision Say?
Pursuant to the Decision, submissions to be made to the CMB by (i) issuers within the scope of MERSİS, capital markets institutions, and other institutions and organizations submitting applications within the scope of the Capital Markets Law No. 6362, and (ii) falling within the mandate of the CMB’s Legal Affairs Department, Institutional Investors Department, Intermediary Activities Department, Accounting Standards Department and Corporate Finance Department, must be made electronically through the CMB’s e-Submission System beginning from August 5, 2024. Applications, requests, opinion letters, denunciations, complaints and similar applications submitted to the CMB by courts, the prosecutor’s office or relevant persons or institutions within the scope of the right to petition are excluded from this scope.
Conclusion
With the Decision, the CMB significantly expanded the scope of the mandatory use of its e-Submission System.
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