TCMA Annual Report 2021 27 authorized for, are notified to apply in the form of written document to our Association before they are launched. A planned campaign can only be implemented after the application is approved by our Association. “Turkish Capital Markets Association Guidelines for Promotional Campaigns”, which is developed for updating the Association’s related regulations incorporating the CMB’s opinions, was announced to our members by the Circular no. 45. Research Report Principles Guidelines The Association announced the “TCMA Research and Analyst Reports Principles Guidelines” to our members by the Circular no. 44. The Guidelines are developed by the Association for establishing the principles, procedures and contents (sector principles) for research and analyst reports on company and sector reviews (initiation of coverage reports) that Association members prepare for providing information within the fundamental principles of finance, and for determining the minimum standards and the report format. for a given period of time or use external funds (loans, etc.), might not be aligned with the intended purpose; it is assessed that investors’ rights and benefits may be harmed as they may be tempted to act for the sole purpose of winning the prize, and that the healthy operation of the market might negatively be affected in contradiction with the goodwill principle. Accordingly, after seeking the opinion and feedback of the Capital Markets Board of Türkiye (CMB), it has been announced to our members by the General Letter no. 846 that our Association will adhere to its former practice of non-evaluation of applications for promotional campaigns that are of a nature to transcend the intended purpose, injure investors’ rights and benefits, contradict with the goodwill principle, and/or that are exaggerated. TCMA Guidelines for Promotional Campaigns Pursuant to the Capital Markets Board of Türkiye (CMB) requirements, promotional campaigns to be organized by brokerage firms, and by banks, for the capital market activities they are
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