The Omnibus Law (or the “Law No. 6111”) introduces several amendments to the Capital Market Law (Law No. 2499) (the “Capital Market Law”). The amendments involve primarily dematerialised securities, revenue sources for the Capital Market Board (the “CMB”), authority of the CMB and relocation of the CMB headquarters.

According to Article 157 of the Omnibus Law amending the Temporary Article 6 of the Capital Market Law, financial rights arising from undelivered physical capital market instruments representing dematerialised instruments will no longer be followed by the Central Registry Agency and physical instruments thatwere delivered will automatically become void and will be destroyed.

According to Article 155 of the Omnibus Law, intermediation in trades involving the leveraged sale of foreign exchange, commodities, precious metals or other assets that may be determined by the CMB will now be listed among capital market activities in the Capital Market Law. The said provision will enter into force by the end of August 2011.

According to another amendment brought by the Omnibus Law, the CMB headquarters will be located in Istanbul instead of Ankara; furthermore the CMB will be able to open representative offices in foreign countries, subject to the approval of the Council of Ministers. The relocation to Istanbul must be completed within two years.