NEWSLETTER-2017

206 NEWSLETTER 2017 In 7 March 2017, the Communique was updated again. Through this new amendment, if there are any independent sections ( bağımsız bölüm ) that remain unsold, the weighed market average of the three months before the end of the term is taken into consideration for the issue of the certificates corresponding to the independent sections ( bağımsız bölümler ) of the property. If this price cannot be calculated, or if the calculated price is determined by Borsa İstanbul or the CMB, value determination will be in accordance with a valuation report. In addition, with the final amendments, the requirement for a bank guarantee for the primary and accessory performances ( asli ve tali edimler ) have been waived, but terms and conditions regarding the requirements for the feasibility reports to be prepared by the audit firms have been regulated 5 . The final amendment especially dwells on the detailed regulation of the use of the funds obtained from the issue. In accordance with this new regulation, the funds obtained from the issue will not be pledged, used as security, cannot be attached for any purposes, including the collection of the public receivables, and cannot be subject to the distri- bution of assets in bankruptcy. In this respect, it is still not settled as to how the provisions of the Communique that contradict the obligatory provisions of the Enforcement and Bankruptcy Law No. 2004 will be enforced, and whether there will be an amendment to the laws enacted. Urban Transformation Projects If urban transformation projects within the scope of the Law Regarding the Transformation of Areas Subject to Disaster Risk No. 6306 are financed through property certificates, we encounter differ- ent regulations under the Communique. TOKİ and İller Bankası ( Pro- vincial Bank ) have also been included in the system, along with their subsidiaries and affiliates for the financing of the urban transformation projects, which have recently been very popular. The requirements for the other issues that the property projects for the issuer is to severally own the land, and to turn the title deed of such property into construc- tion servitude (kat irtifakı), or that construction servitude has been issued on the land for the benefit of the issuer, are not waived for the 5 http://www.spk.gov.tr/duyurugoster.aspx?aid=20130705&subid=0&ct=c.