Regulations have been amended in Turkey to ensure the
independence and neutrality of credit rating activities. Regulatory
changes also address credibility and reliability checks, exemptions
for international credit rating agencies in Turkey, rating
methodologies, as well as notice submissions. The Regulation
Regarding Changes to the Regulation Regarding Authorization and
Activities of Rating Institutions ("Amendment
Regulation") was published in Official Gazette
numbered 29599 on 20 January 2016, entering into effect on 31 March
Significant changes introduced by the Amendment Regulation
Credibility and reliability checks
are regulated in detail for credit rating agencies.
New conditions are introduced to
become an authorized credit rating institution. Candidates must be
authorized for credit rating by the Capital Markets Board (or
relevant foreign banking authority) and meet certain regulatory
criteria related to fundamental principles, professional competence
The Banking Regulation and
Supervision Agency's ("BRSA")
authority is removed for granting exemptions to the Turkish
agencies of international credit rating institutions regarding
Documents and information required
during authorization applications are reorganized.
Methodologies used by authorized
credit rating institutions must be verified and approved
internally, or by consultancy firms or academics with necessary
experience and qualifications, on at least an annual basis.
The scope of publicly disclosures for
authorized credit rating agencies has been widened to include
information about charges and ethical principles.
Credit rating institutions cannot
announce another rating institution's rating as their own
rating, regardless of the relationship between the
Authorized credit rating institutions
must now also report information about rating levels (and other
information BRSA requests) to the risk center in order to be shared
Please see this link for full text of the Amendment
Regulation (only available in Turkish).
Information first published in the MA | Gazette, a fortnightly legal update newsletter
produced by Moroğlu Arseven.
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.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
A trustee in bankruptcy's rights to obtain a possession order and order for sale against a bankrupt's property will not be suspended indefinitely even where there are exceptional circumstances.
Some comments from our readers… “The articles are extremely timely and highly applicable” “I often find critical information not available elsewhere” “As in-house counsel, Mondaq’s service is of great value”
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).