The legal landscape in the field of capital markets in Turkey underwent a major change. Capital Markets Law No. 2499 and Decree-Law No. 91 Regarding Securities Exchanges (the former is the act that regulates almost every aspect of the capital markets as statute law and the latter forms the legal foundation of organized markets in Turkey, including İMKB), were repealed by the recently enacted Capital Markets Law No. 6362 (CML).
In an effort to harmonize the Turkish capital markets regulation with the EU acquis and improve the integration of the Turkish capital markets with the global markets and enhance competitiveness thereof, Turkish law maker enacted the Capital Markets Law No. 6362 as a reform making law, bringing about not only liberalization of the activity of running organized markets, but also re-structuring and re-branding of İMKB as Borsa İstanbul, which is devised by the said law as a joint-stock company subject to private law, having market stakeholders as shareholders alongside the shares of Treasury, and thus allowing the realization of good governance principles as well. The process of re-branding of İMKB as Borsa İstanbul under the provisions of CML was completed by the registration of articles of incorporation of Borsa İstanbul on April 3, 2013.
The legal framework of Turkish capital markets, as it currently stands, is mainly devised by two major pieces of legislation, namely CML and Turkish Commercial Code. There is also an extensive deal of detail level regulation which specifically may be manifested as Communiqués of Capital Markets Board and Regulations of Stock Exchange. Capital Market Law, No. 6362 BİAŞ Articles of Association Regulation on Principles of Foundation, Activities, Operations and Audit of Stock Exchanges and Market Operators Borsa İstanbul A.Ş. Regulation on Principles Relating Stock Exchange Activities Borsa İstanbul A.Ş. Regulation on Principles of Exchange Activities Relating to Precious Metals and Precious Stones BIAS Ethical Principles Directive