Proposed Changes to Turkish Debt Instruments Regime

January 2016

On 27 November 2015, the Capital Markets Board of Turkey (the "CMB") announced a draft amendment to the Debt Instruments Communiqué (Serial No. II-31.1) (the "Draft Amendment"). This draft amendment aims to introduce a variety of changes concerning both domestic and cross-border issuances, including changes to the relevant provisions governing (i) the exemption from the tranche issuance certificate approval and the CRA registration; (ii) the issuance limits; and (iii) the buy-back options for debt instruments. We understand that this amendment is intended to increase compliance with international standards; however, it may have adverse impact on the domestic issuances due to the additional requirements, in particular those on the issuance limits. It is not yet certain when the Draft Amendment will come into force.