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Prior to the enactment of Capital Markets Law 6362 and of December 30 2012 (the Law), it was not clear whether over-the-counter (OTC) derivatives were subject to the Capital Markets Board's (CMBs) regulations under the old legislation. This was because the old legislation did not provide clear rules in terms of OTC derivatives. According to the CMB's principle decisions issued under the old legislation, OTC derivatives were not subject to the CMB regulations. Accordingly, it was generally understood that OTC derivatives did not require an authorisation from the CMB under the old legislation. However, given the fact that Article 6/8 of Decree No. 32 requires such transactions to be carried out through CMB-licensed intermediary institutions operating in Turkey, or by intermediary institutions abroad, this gave rise to an uncertainty amongst banks in particular that were willing to execute OTC derivatives with their customers.

The success of IPOs often hinges on the cornerstone investors involved. But standards are slipping and the HKEx must intervene

Indonesia’s new free float requirement is intended to boost market liquidity, but regulators may be unable to enforce penalties against non-complying companies

IFLR's latest poll is live. Vote now on what needs to change in order to improve London's equity markets

Recent Tier 2 offerings prove that Asia’s regulatory capital market is growing, but the evolution of write-down features depends on local regulations

UBS’s purchase of StabFund from Swiss National Bank ended the stabilisation transaction it launched in 2008. Here’s what it means for Swiss banks

Aviva’s £5 billion swap dispensed of an external intermediary and has sparked others to find new ways to de-risk pension schemes’ longevity risk

A new stock exchange geared towards startups is set to open in Chile in this summer. It should help the country achieve its goal of becoming a regional hub for startups, and offers a model to be exported to other jurisdictions

As regulations force US and European banks to focus on core business lines, local firms in Latin America are finding a new role in the market

Nationwide today became the first building society to structure a sterling AT1 bond. The deal is expected to set a template for non- joint stock banks