NEWSLETTER-2017

205 CAPITAL MARKETS LAW alternative source of funding for urban transformation that plays a determinative role. Final Changes to the Property Certificates The Communique on Property Certificates published on the Of- ficial Gazette dated 5 July 2013 (VII-128.2) (“Communique”) 4 stipu- lates the characteristics of the property certificates and the rules for their issue. According to the Communique, the primary performance ( asli edim ) for which the issuer is obliged is to grant ownership in the name of the holders of the property certificate, and the delivery of the inde- pendent section ( bağımsız bölüm ) within the framework of the pro- spectus ( izahname ), or the issuance document ( ihraç belgesi ) within the term set for performance. Accessory performance ( tali edim ) is the sale of the independent sections (bağımsız bölümler) corresponding to the property certificates subject to the property certificates, and the distribution of the sale proceeds to the property certificate holders pro rata to the number of their property certificates within the framework of the prospectus ( izahname ), or the issuance document ( ihraç belgesi ) within the term set for performance. Since 2013, the year that the Communique entered into force, there were no other examples of practice. Significant amendments were incorporated in 2016 and 2017 in order to render the Commu- nique more practicality. As per the amendment dated 3 August 2016, following the end of the term for the use of the primary performance ( asli edim ), it is deemed that the investors who have not made an ap- plication for primary performance ( asli edim ), or have not fulfilled the conditions stated under the issuance document, have accepted the accessory performance ( tali edim ). Since there is no detailed provision in the Communique with regard to the foreign sale of the property certificates, obligatory provisions of Title Deed Law No. 2644, and that of the relevant legislation, should be taken into consideration in the prospectus ( izahname ) with regard to the execution of the primary performance ( asli edim ). 4 http://www.spk.gov.tr/apps/Mevzuat/MevzuatGoster.aspx?nid=171282.