Capital market activities as defined under Article 34 of the Capital Markets Law No. 6362 (the “CML”) are activities of capital market institutions falling within the scope of CML, investment services and activities and other ancillary services falling within the scope of the CML. In order to carry out capital market activities, permission of the Capital Markets Board of Turkey (the “Board”) is required. Obtaining permission is particularly important given that the consequences of determination by the Board that such activities are carried out without the permission from the Board may have severe consequences.

The end of 2021 has marked adoption of the new Law on Capital Market (the “Law”) in Serbia, which was published on 28 December 2021. The Law was adopted in line with the recently enacted Strategy for Development of the Capital Market for the period 2021-2026 and within a wider process of accession of Serbia to the EU.

On October 18, 2021, CEE Legal Matters reported that Lextal has advised Estonian financial technology group IuteCredit on its EUR 75 million senior secured corporate bonds issuance. CEE In-House Matters spoke with Kadi Raudsepp, Head of Legal & Compliance at IuteCredit, to learn more about the matter.

As a rule, transactions with securities, including shares in joint stock companies, require the engagement of an investment firm, in particular a securities broker. At the same time, the Law of Ukraine “On Capital Markets and Organised Commodity Markets”, which entered into force on 1 July 2021, provides for several exceptions to this rule. Indeed, an investment firm engagement is not required for the transactions made outside of Ukraine.

Former Clifford Chance Partner Arthur Iliev has joined Dentons in Moscow.

Former Pekin & Pekin Senior Partner Yalcin Ozge Okat has established OkatLaw in Istanbul.