NEWSLETTER-2017

212 NEWSLETTER 2017 Board.” Thereby, not only direct promotion, but also indirect promo- tion are excluded from the exception. Note that the promotional activi- ties stated in the article are exemplary; each activity should be evalu- ated for each concrete event, taking into consideration the intended persons by the promotional activity. Leveraged Transactions Another matter that should be emphasized regarding the activities of foreign investment institutions in Turkey is the prohibition of lever- aged transactions. According to the amendment to Article 99 of the CML through Article 67 of Decree Law No. 690 (“Decree numbered 690”), which was resolved by the decision of the Council of Ministers dated 17 April 2017, “In the event of detection of leveraged transac- tions abroad through the internet in relation to the residents in Turkey, the Information Technologies and Communications Authority shall block access to such website upon application of the Capital Markets Authority.” The exception foreseen underArticle 9 of Communiqué on Invest- ment Services does not apply to the leveraged transactions. The CML forbids leveraged transactions or similar derivative transactions which are subject to the same terms with leveraged transactions, abroad, in relation to residents in Turkey. The mentioned restriction is also regu- lated expressly under Articles 11, 15, 16 and 20 of the Communiqué on Investment Services. Principles on Activities of Brokers with Institutions Abroad As explained, above, the capital market activities of institutions established abroad does not require authorization, provided that no promotional or marketing activities are conducted. However, the ac- tivities of brokers residing in Turkey are predicated on notification. In the event that the Capital Markets Authority is not given an opposing opinion within twenty workdays from such notification, brokers may conduct their activities with investment institutions that are established abroad.