The fourth quarter has been very productive for capital markets in Turkey. The Capital Markets Board (the “CMB”) has introduced positive developments in numerous communiqués, including the announcement of a draft communiqué regarding asset leasing companies. The most significant update within the quarter has been the reduction of the minimum free float rate for real estate investment trusts.

In a recent speech, Vedat Akgiray, manager of the CMB, stated that the enactment of the regulation regarding the foreign exchange market (Forex) is being planned. Furthermore, he stated that the CMB is continuing its progress with respect to the preparation of the new capital markets law, with plans to enact the new law before the end of March 2010.