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TCMA
2016
Annual Report
The Circular named above also covers principles and
procedures defined for the announcement of deviations
determined in price and spread series created for each
asset to be made by the intermediary institutions on their
own websites pursuant to the CMB’s regulations governing
investment services and activities.
The Guide for Investment Services, Activities and
Investment Firms Updated
Within the frame of the revisions made to the Communiqué
on Principles Regarding Investment Services, Activities and
Ancillary Services, and to the Communiqué on Principles
of Establishment and Activities of Investment Firms on
14 January 2016, the CMB decided that disclosures about
the provisions of various articles of the Communiqués
mentioned in The Guide for Investment Services, Activities
and Investment Firms be accepted as Resolution no.
i-SPK.37.4 (dated 15 July 2016 and 22/802 s.k.) and
incorporated in the Guide. The Guide updated accordingly
has been announced to our members by way of a General
Letter.
Promotion Campaigns for Leveraged Trading and
Contracts for Difference
Through a General Letter, our members have been notified
of the CMB resolution that intermediary institutions may
not organize promotion campaigns for their customers’
leveraged trading transactions and/or contracts for
difference, and that they may not, under whatsoever name,
undertake any practice of a similar nature to promotion
campaigns including, but not limited to, providing any
retroactive benefits or not charging certain costs in
connection with the trading volume.
TCMA Professional Committees
Pursuant to Article 25 of the Statute of the Turkish Capital
Markets Association (the Association), the following
committees exist under our Association:
a) Intermediary Institutions Professional Committee,
b) Banks Professional Committee,
c) Asset Management Companies Professional Committee,
d) Investment Trusts Professional Committee.
Professional Committees have been set up to work on
topics in their respective fields assigned to them by the
Board of Directors or determined thereby sua sponte. They
collaborate with other committees if necessary, to form and
submit common opinions and suggestions. They also act as
an advisory unit for the Association’s Board of Directors.
Terms of office of the Professional Committees expired
with the General Meeting convened on 27 May 2016
where the elections for the Association’s bodies were
carried out. In order to re-elect the Committee members,
relevant applications of member representatives who will
represent our member institutions were presented to the
Association’s Board of Directors; hence, TCMA Professional
Committees have been formed as follows within the
frame of Formation and Operation Principles of TCMA
Professional Committees through elections made for the
Professional Committee members whose terms of office
expired:
a) Eight members from intermediary associations to the
Intermediary Associations Professional Committee,
b) Eight members from banks to the Banks Professional
Committee,
c) Eight members from asset management companies
to the Asset Management Companies Professional
Committee,
d) From out of listed investment trusts,
1. Four members from real estate investment trusts,
2. Two members from securities investment trusts,
3. Two members from venture capital investment trusts
to the Investment Trusts Professional Committee.
Trading Platform Service to be received from Non-
resident Intermediary Institutions
The Association conveyed to the CMB the issues and doubts
raised by our members in relation to the following:
a) whether such service to be received from an overseas
intermediary institution would fall under the scope of
outsourcing,
b) whether order transmission intermediation activity
license is required for receiving such service
under a protocol to be signed by intermediary institutions
with a non-resident intermediary institution for provision
of a clearing, custody, order transmission infrastructure in
overseas markets.
Initiatives