The legal landscape in the field of capital markets in Türkiye underwent a major change. Capital Markets Law No. 2499, which constituted the legal basis of capital markets in Turkey, and Decree-Law No. 91 Regarding Securities Exchanges which regulates almost every aspect of the capital markets as statute law and the latter forms the legal foundation of organized markets in Türkiye, including İMKB, were repealed by the Capital Markets Law No. 6362 (CML).
In an effort to harmonize the Turkish capital markets regulation with the EU acquis and improve the integration of the Turkish capital markets with the global markets and enhance competitiveness thereof, Turkish law maker enacted the Capital Markets Law No. 6362 as a reform making law, bringing about not only liberalization of the activity of running organized markets, but also re-structuring and re-branding of İMKB as Borsa İstanbul. According to the new law, stock exchanges are regulated as private law legal entities, the establishment of which is authorized by the President of the Republic upon the assent of the Capital Markets Board, and established to ensure that capital market instruments, foreign exchange, precious metals and precious stones, and other contracts, documents and assets deemed appropriate by the Capital Markets Board are traded in a reliable, transparent, effective, stable, fair and competitive environment. Accordingly, Borsa İstanbul A.Ş. was structured as a joint stock company subject to the provisions of private law.
The process of re-branding of İMKB as Borsa İstanbul under the provisions of CML was completed by the registration of articles of incorporation of Borsa İstanbul on April 3, 2013.
The legal framework of Turkish capital markets, as it currently stands, is mainly devised by two major pieces of legislation, namely CML and Turkish Commercial Code. There is also an extensive deal of detail level regulation which specifically may be manifested as Communiqués of Capital Markets Board and Regulations of Stock Exchange.
Borsa İstanbul A.Ş. Regulation on Principles Relating Stock Exchange Activities
