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24
TCMA
2016
Annual Report
Personnel Employed in Liaison Offices of Intermediary
Institutions
The CMB has been presented with our opinion and
suggestions that employment of only one licensed
personnel (Liaison Office Contact Person holding Capital
Market Activities Basic Level license) in liaison offices will
suffice, as a result of which intermediary institutions will
be able to promote capital market investment services
and capital market instruments from a greater number of
service points at a lower cost.
Valuation of Collateral Amounts and Updating Collaterals
in Leveraged Trading Transactions
Under the requirements set out in the CMB Communiqué
on Principles regarding Investment Services, Activities and
Ancillary Services, intermediary institutions undertaking
leveraged trading transactions are unable to update the
collaterals during the period of time positions remain open
since these intermediary institutions update customer
collaterals before İstanbul Clearing, Settlement and
Custody Bank Inc. (Takasbank) within the frame of profit/
loss amounts arising after the position is closed.
In order to manage risks intermediary institutions engaging
in leveraged trading may be faced with due to non-updated
collaterals maintained with Takasbank, the CMB has
been presented with the opinion and suggestions that
end-of-day collateral amounts valued as at 23:59 hours,
which also include clients’ profits and losses pertaining
to open positions, be taken as the basis, as is the case in
the transactions on Derivatives Market and international
practice.
Draft Regulation on Postponement of Transactions within
the Frame of Prevention of Laundering Proceeds of Crime
and Financing of Terrorism
The members’ feedback and suggestions regarding the
Draft Regulation on Postponement of Transactions within
the Frame of Prevention of Laundering Proceeds of Crime
and Financing of Terrorism drafted based on Article 19/A
of the Law no. 5549 on Prevention of Laundering Proceeds
of Crime published by the Financial Crimes Investigation
Board (MASAK) have been communicated to the CMB.
Distance Contracts to be made in Capital Market
Transactions
A detailed memorandum has been presented to the
Financial Crimes Investigation Board (MASAK), which seeks
that our members be allowed to make distance contracts
within the frame of CMB regulations. The memorandum
also requested that the issue be addressed mutually in a
meeting to be held.
Borsa İstanbul A.Ş. Shares
Borsa İstanbul has been informed of our opinion that it
would be beneficial to enable Borsa İstanbul to purchase
the shares in Borsa İstanbul A.Ş. held by our members
wishing to sell these shares for strengthening their
companies’ shareholders’ equities, at the price set in the
transfer transaction conducted with the European Bank for
Reconstruction and Development (EBRD).
Cooperation between Borsa İstanbul and Our Members
It has been resolved to hold regular monthly meetings
in order to intensify the cooperation between the Stock
Exchange and the sector, and to address the sector’s
feedbacks. The initial meeting was held at the Association
on 1 December 2016. The topics addressed in the meeting
included the problems and hesitations arising in practice
in relation to the exchange fee charged to equity market
transactions, annual member dues to the stock exchange,
setting-off these dues from the exchange fees, co-location
service, and increased charges for data distribution.
Draft FATCA Communiqué
Our members’ feedback and suggestions regarding the
Draft General Communiqué on the Agreement between the
Government of the Republic of Turkey and the Government
of the United States of America to Improve International
Tax Compliance through Enhanced Exchange of Information
drafted under the Agreement between the Government of
the Republic of Turkey and the Government of the United
States of America to Improve International Tax Compliance
through Enhanced Exchange of Information (FATCA
Agreement) were presented to the T.R. Ministry of Finance
Revenue Administration.
Initiatives