TCMA 2020 ANNUAL REPORT

Draft Communiqué on the Board of Debt Instruments Holders The Association submitted to Capital Markets Board of Turkey (CMB) its comments and suggestions prepared based on the comments and suggestions of our members and in line with the needs and demands of the sector in relation to the draft Communiqué on the Board of Debt Instruments Holders prepared by the CMB, for which feedback was sought. Draft Communiqué on Material Transactions and the Right to Opt-out The Law Amending the Banking Law and Certain Laws that amended various articles of the Capital Market Law was published in the Official Gazette dated 25 February 2020 and entered into force. Accordingly, within the framework of the Capital Markets Board of Turkey (CMB) activities in relation to ancillary legislation, the CMB prepared the Draft Communiqué no. II-23.3 on Material Transactions and the Right to Opt-out, taking into consideration the amendments to the Capital Market Law and other demands received from the market. Our members’ feedbacks were sought regarding the draft communiqué in order to form and submit to the CMB the sector opinion regarding the draft communiqué. The Association submitted to the CMB its opinions prepared based on the feedbacks from our members and in line with the needs and demands of the sector. Draft Communiqué on Project Bonds The Association submitted to the Capital Markets Board of Turkey (CMB) the feedbacks and suggestions conveyed by our members regarding the “Draft Communiqué on Project Bonds”, presented for public opinion by the CMB, together with the points that our Association wished to particularly emphasize. Principles and Procedures for Issuance of Asset Secured Capital Market Instruments The Association submitted to the Capital Markets Board of Turkey (CMB) its feedbacks and recommendations prepared based on our members’ opinions and suggestions, and the demands and needs of the sector regarding the “Draft Communiqué on the Principles and Procedures for Issuance of Asset Secured Capital Market Instruments” prepared and presented for public opinion by the CMB. Draft Communiqué on Squeeze-Out and Sell-Out Rights The Association submitted to the Capital Markets Board of Turkey (CMB) its opinions prepared based on our members’ opinions and suggestions and the Association’s assessments regarding the “Draft Communiqué on Squeeze-Out and Sell‑Out Rights, which was presented for public opinion by the CMB. Activities of the Intermediary Institutions Professional Committee and Banks Professional Committee regarding Draft Communiqués Intermediary Associations Professional Committee and Banks Professional Committee carried out work to submit the Association’s opinions to the Capital Markets Board of Turkey (CMB) in addition to the opinions and suggestions conveyed by our members regarding the draft amendments to: • Communiqué no. III-37.1 Principles Regarding Investment Services, Activities and Ancillary Services • Communiqué no. III-39.1 on Establishment and Activities of Investment Firms, • Communiqué no. III-45.1 on Documentation and Record- Keeping System for Investment Services and Activities and Ancillary Services • Communiqué Serial V, No. 34 on Principles Regarding the Capital and Capital Adequacy of Intermediary Institutions prepared by the CMB. Good Practice Guides Our Association was requested to submit its opinions and suggestions regarding seven draft Good Practice Guides compiled by the Turkish Appraisers Association (TDUB) under Article 23(2) of the Capital Markets Board of Turkey (CMB) Communiqué no. III-62.3 on Real Estate Appraisal Firms Operating in Capital Markets published in the Official Gazette issue 30874 dated 31 August 2019. Based on our conclusion that the Good Practice Guides prepared by TDUB for providing guidance and support to real estate appraisal activities are of the quality to serve the intended purpose, and would contribute positively to the development of real estate appraisal activities, our positive opinions about the drafts were submitted to the CMB. About the Draft Real Estate Appraisal Minimum Fees Tariff and Implementation Principles Paragraph 6 of “Article 76 - Turkish Appraisers Association” of the Capital Market Law set out that the principles regarding the amounts and limits of fees to be charged by the members of the Turkish Appraisers Association (TDUB) would be determined by the Capital Markets Board of Turkey (CMB) after seeking feedback from the Banking Regulation and Supervision Agency (BRSA), TDUB, Banks Association of REGULATORY FRAMEWORK 32 TCMA 2020 ANNUAL REPORT