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News of November

Procedures and principles of financial intermediary services for users of electronic systems in oil market
This regulation was issued in the official gazette dated 22 November 2010 and catagorizes who can provide agency services to dealers and the owners of the dealership station licence.



Regulation related to making amendments on electricity market balancing and settlement regulation was issued
Pursuant to this Regulation, which was issued in the official gazette dated 6 November:

- Market operators shall take into account issues such as participants’ proposal amount and imbalances. If any continuous increase in the imbalance has occured, the market operator will charge an additional guarantee from participants

- When eligible consumers purchase electric power from a supplier by making a bilateral agreement, which is located outside of its residential area, counters of consumers and counters that measure flows of electricity between the two residential areas will be recorded in accordance with the provisions.

- Registration process of settlement aggregation units and transaction documents which are required for registration, are also regulated in this regulation.



Regulation related to board registration and sale of foreign capital market instruments and deposit certificates was issued and published in the official gazette
The following changes were introduced by the communiqué of SPK Series III, No:44:

  1. Public offering sale of foreign stocks had to be done through depository receipts in Turkey. This obligation was cancelled, and from now on foreign stocks can be offered directly to the public sale.
  2. For public offering sale of foreign stocks through depository receipts, these conditions are no longer exist:
    - foreign partnership has to be established since at least 2 years before the public offering.
    - foreign partnership has to make profit according to audited financial statements of the previous year, which was prepared up to international accounting standards.
    - previously issued shares have to be quoted on the stock exchange at least one year before the date of application and have to be dealt at least 100 days during this period.
  3. Foreign capital market instruments which was offered to the public had to be quoted on the stock exchange in its country. This obligation was cancelled, and from now on, foreign capital market instruments which are not quoted on the stock exchange can be offered to the public as long as the application is not rejected because of investor protection or a similar reason.
  4. Foreign Partnerships shall appoint a representative during the sale of capital market instruments. Qualifications’ requirements of this representative are determined in this context.
  5. Previously, intermediary organizations had to apply to commission for receiving opinion whether capital market instruments have required qualifications or not. This process was cancelled.
  6. Stock keepers and depository institutions are defined by this regulation. If a depository institution has the required qualifications of representative, it can be deputed as a representative for public offering sale of foreign stocks.
  7. Financial reports of foreign partnerships shall be prepared like reports of partnerships whose shares are publicly traded or in accordance with generally accepted international accounting standards. Publicly announced method of financial reports is settled in this regulation
  8. Foreign partnerships shall implement independent audit regulations, as well as partnerships whose shares are publicly traded. Independent audit shall made by competent authorities, which are listed on commission’s list or international independent audit organizations in accordance with international auditing standarts.


Regulation related Common Data Base of Intellectual Property was issued.
Principles of creation, scope, security, data sharing and access to a common data base were settled for ensuring the protection of intellectual property and using investigations and prosecutions. This regulation was issued in the official gazette dated 6 November 2010 with number 27751.



Internet Domain Names Regulation was issued
This regulation settled principles and procedures of management of “tr” extension domain names and was issued in the official gazette, dated 7 November 2010, number 27752.
For further information: http://rega.basbakanlik.gov.tr/eskiler/2010/11/20101107-2.htm

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