NEWSLETTER-2017

209 CAPITAL MARKETS LAW Activities of Foreign Investment Institutions in Turkey* Att. Melisa Sevinc Atilganer Introduction Pursuant to Article 39 of Capital Markets Law numbered 6362 1 (“CML”), “It is mandatory to obtain permission from the Authority for performance of investment services and activities as a regular occupa- tion, business or a professional activity…Persons and institutions not meeting conditions as foreseen under this Law, and have not obtained the permission of the Board, cannot carry out investment services and activities, even if they have been authorized according to their special laws.” Accordingly, performance of investment services requires spe- cific authorization to be obtained from the Capital Markets Authority (“Authority”) for each service. Authorization certificates may contain one or more investment services. The investment services as foreseen under the CML are as follows: • Reception and transmission of orders with regard to capital market instruments; • Execution of orders with regard to capital market instru- ments in the name and account of the customer, or in their own name and in the account of the customer; • Acquisition and sale of capital market instruments; • Portfolio management; • Investment consultancy; * Article of September 2017 1 Please refer to the following link for Turkish version of Capital Markets Law numbered 6362, http://www.mevzuat.gov.tr/Metin1.Aspx?MevzuatKod=1.5.63 62&MevzuatIliski=0&sourceXmlSearch=sermaye%20piyasas%C4%B1&Tur=1 &Tertip=5&No=6362.