“CAPITAL MARKET INSTRUMENTS” IN CONSIDERATION WITH NEW REGULATIONS

Abstract

Within the conventional distinction of financial markets as money market and capital market, along with the difference of institutions, maturity, and resource costs between these markets, one of the criteria used for making this distinction is “the difference of traded instruments”. At this point, whereas the main instruments of money markets are cash, foreign currency, gold and commerical paper (promissory note, bill of exchange, cheque), “capital market instruments” emerge as the parent concept of securities and other capital market instruments. Gaining importance of capital markets depends on whether confidence, which is difficult to gain but easy to lose in this market, can be gained by the market actors that supply funds to and demand funds from the market. This situation has also been considered in the implementation of regulations concerning the capital market instruments. Similarly, relavant duties and authorities of the Capital Markets Board of Turkey which is the supervisory and regulatory authority of the capital markets are to ensure functioning and development of capital markets in a secure, transparent, efficient, stable, fair and competitive environment and to protect the rights and interests of investors. In this context, general framework of relevant regulations and the evaluation of financial impacts of desired legal structure is essential. In this study, it is aimed, with an interdisciplinary perspective, to make a remark within the scope of the legal framework of capital market instruments, the terms “issuer” and “public offerers” and legal and financial impacts of issue of these instruments, concerning the Capital Market Law numbered 6362 and the new Turkish Commercial Law numbered 6102 and the communiqués of the Capital Markets Board of Turkey.