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On 8 February 2016, the European Securities and Markets
Authority ("ESMA") published an opinion on Turkish laws
and regulations on prospectuses. The opinion compares the Turkish
and EU requirements set out in the Prospectus Regulation. It
considers that:
a prospectus drawn up according to Turkish laws and regulations
can constitute a valid prospectus under the Prospectus Directive;
and
it is not necessary for a Turkish prospectus for shares to be
accompanied by a wrap, provided that the prospectus contains
financial statements in accordance with International Financial
Reporting Standards ("IFRS").
It is noted that the ESMA opinion does prevent the national
authorities having discretion to request additional information in
a wrap or the prospectus.
The content of this article is intended to provide a general guide
to the subject matter. Specialist advice should be sought about your
specific circumstances.
