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TCMA
2016
Annual Report
Principles Regarding Those Engaged in Rating and
Ranking Activities of Collective Investment Instruments
The revised Circular sets out, among others, that
international rating agencies established abroad, which
have been allowed by the CMB to engage in rating activity
in Turkey, will be included in the list by being exempted
from the terms and conditions stipulated by the relevant
Circular to engage in the rating and ranking activities of
collective investment instruments, provided that they
file a written application with our Association. This has
been regulated and communicated to our members in the
Circular no. 27.
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.
Circular on Reporting Principles of Special
Circumstances in the Market
Circular on Reporting Principles of Special Circumstances
in the Market covering the principles and procedures
defined by our Association in relation to reporting the
special cases in the market has been published pursuant
to Article 29/A of the CMB Communiqué on Principles
Regarding Investment Services, Activities and Ancillary
Services.
Circular on Intermediary Institutions’ Announcements
on their Websites Regarding Leveraged Transactions
and Their Collective Announcement on the Association’s
Website
Pursuant to Article 28 of the CMB Communiqué on
Principles of Establishment and Activities of Investment
Firms, the obligation to make the announcements
mentioned below has been regulated.
Accordingly, the Circular on Intermediary Institutions’
Announcements on their Websites Regarding Leveraged
Transactions and Their Collective Announcement on
the Association’s Website has been published. The
said Regulation defines the principles and procedures
for intermediary institutions’ postings regarding their
leveraged transactions in a noticeable fashion by the
investors, as well as notices to be sent to the Association.
Within this context, intermediary institutions are required
to make the following information available regarding their
leveraged transactions:
a) Disclosures about the enterprises acting as price
providers and their places of residence; whether
intermediary institutions have direct or indirect
shareholding relationship with these enterprises;
b) Ratio of rejected orders to all orders;
c) Number of customer complaints, and the ratio of these
complaints to total number of customers.
Circular on the Principles Regarding Proportional
Distribution and Announcement of Intermediary
Institutions’ Customer Accounts Posting Profits vs. Loss
on Leveraged Transactions
Pursuant to Article 28 of the CMB Communiqué on
Principles of Establishment and Activities of Investment
Firms, the obligation to announce the proportional
distribution of intermediary institutions’ customer accounts
posting profits versus loss on leveraged transactions on
their websites has been regulated.
Accordingly, Circular on the Principles Regarding
Proportional Distribution and Announcement of
Intermediary Institutions’ Customer Accounts Posting
Profits vs. Loss on Leveraged Transactions has been
published, which covers the principles and procedures
defined in relation to calculation methods and the format
of the announcements, as well as the notices to be given to
the Association.
Circular on the Principles Regarding Communication
of Leveraged Transaction Prices Announced by
Intermediary Institutions and Spread and Public
Disclosure of Deviations Above a Certain Threshold
Broken Down by Institutions
Under Article 32 of the CMB Communiqué on Principles
of Investment Services, Activities and Ancillary Services,
Circular on the Principles regarding Communication of
Leveraged Transaction Prices Announced by Intermediary
Institutions and Spread and Public Disclosure of Deviations
Above a Certain Threshold Broken Down by Institutions
has been published, which covers the principles and
procedures defined for the following:
a) Intermediary institutions are required to communicate
the prices they announce for leveraged transactions at
intervals set by the Association and the spread within a
period of time to be defined by the Association,
b) The Association will create retroactive price series
for each intermediary institution, create the data on
the spread, which it will then use to create a price
and spread series for each asset. The Association
will employ the statistical methods it deems fitting to
identify deviations above a certain threshold out of this
series on the basis of institutions and publicly disclose
the same on a weekly basis.