A new announcement has recently been made on the official website of Capital Markets Board (“the Board”) re. Legal Entity Identifier (“LEI”) Code for issuers on February 18, 2022.
According to the fourth paragraph of Article 87 of the Capital Market Law No. 6362 (“Law”), “ In order to increase efficiency in data storage, the Board may require real and legal persons performing financial transactions in Turkey to obtain an identifying code or number from an institution to be determined by the Board. The procedures and principles regarding the implementation of this paragraph shall be regulated by the Board ”.
The Board, through its decision dated August 8, 2019, made it mandatory for issuers to obtain LEI in ISIN allocation process in capital market instrument issuances, Further, the Central Registry Agency (CRA) made consecutive announcements to the issuers in this respect, by finally reminding the deadline of October 31, 2020.
As a result of the examinations, it has been observed that some issuers still have not completed their LEI code allocation processes. Accordingly, the Board announced that it is necessary for the issuers to complete the LEI code allocations ASAP and make the necessary notifications to CRA in order not to breach the capital markets legislation and lead to sanctions.