Structured Finance & Securitisation 2020
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Under Turkish law, there is neither a specific legislation that governs securitisation transactions involving an offshore special purpose vehicle (SPV) nor a restriction for such securitisations involving foreign SPVs. However, Capital Markets Law No. 6362, the Capital Markets Board of Turkey's (CMB) Communiqu é on Debt Instruments II-31 (the Communiqu é on Debt Instruments), the CMB's Communiqu é on Asset-Backed and Mortgage-Backed Securities No. III-58.1 (the Communiqu é) and the CMB's Communiqu é on Principles Regarding Establishment of Mortgage Finance Institutions No. III-60.1 (together with Capital Markets Law No. 6362, the Communiqu é on Debt Instruments and the Communiqu é: the AMBS legislation) provide a legal framework under which asset-backed securities (ABS) and mortgage-backed securities (ABS together with MBS: AMBS) may be issued in Turkey by using an onshore SPV (ie, fund) established in accordance with the said legislation.
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