TSPB ANNUAL REPORT 2017

Our innovative efforts aimed at deepening and strengthening our sector continued in 2017. Principles Regarding Engagement in Rating and Ranking Activities of Collective Investment Instruments Our Circular no. 39 communicated the amendments to the Circular to our members. Accordingly, our Association will set and charge the listing fee and annual fee for remaining in the list for engagement in rating and ranking activities after 31 December 2019. In addition, experts to be engaged in rating and ranking activities are required to obtain Capital Market Activities Level 3 License or Credit Rating License until 31 December 2019 under the CMB’s requirements concerning licensing. The up-to-date list of establishments that will be engaged in rating and ranking activities of collective investment instruments is available on our Association’s website. International Valuation Standards The CMB Communiqué on Valuation Standards in the Capital Market set out the principles of valuation services to be received in appraisals by companies subject to the capital market legislation, capital market institutions and issuers. The said Communiqué revoked the Communiqué on International Valuation Standards in the Capital Market and introduced the obligation to comply with the “International Valuation Standards” that will be released by the Association and the Turkish Appraisers Association (TDUB). International Valuation Standards and its appendices, Technical Information Notes and International Valuation Standards Glossary, were produced by the Standards Committees set up by our Association and TDUB based on the international valuation standards published by the Initiatives 20 TCMA 2017 Annual Report