The new communiqué of the Capital Markets Board (CMB) regarding amendments to the Communiqué on Collateralized Securities came into force by being published in today’s issue of the Official Gazette.
In line with the new communiqué, some paragraphs in the section regarding the issuance and circulation limit of secured securities have been amended.
Within the scope of the amendments, the nominal value of the part of the covered securities issued by an issuer in circulation at any time is determined by the issuer’s latest accounting period prepared and independently audited in accordance with the financial statement and reporting regulations determined by the board for partnerships whose capital market instruments are traded on a stock exchange. cannot exceed 10 percent of the total assets included in the annual financial statements.
This limit will not apply to secured securities issued by a mortgage financing institution.
In the old communiqué, while the phrase “other than the mortgage financing institution” was included at the beginning of the first sentence of the paragraph in question, the second sentence of the paragraph was not included.
On the other hand, “The nominal value of the part of the secured securities issued by the mortgage finance institution in circulation at any time is the latest of the mortgage finance institution prepared in accordance with the financial statement and reporting regulations determined by the board for partnerships whose capital market instruments are traded on a stock exchange and subjected to independent auditing.” “It cannot exceed 5 times the equity amount included in the annual financial statements for the accounting period.” The paragraph was also removed from the notification.
The board fee will be “zero per thousand” for issuances until December 31, 2021
Within the scope of the changes made, regarding net present value compliance, “In mortgage-backed securities issuances, the net present value of the assets included in the collateral book must be higher than the net present value of the total liabilities by a ratio to be determined by the issuer at the beginning. This ratio must not be less than 2 percent.” The following statement was added to the end of the article:
“The mandatory collateral excess consists of replacement assets and is not taken into account in the limitation specified in the third paragraph of Article 19. The collateral excess is recorded in the collateral book.”
The limitation stated in the 3rd paragraph of the said article 19 is: “In the calculations regarding the collateral compliance principles, the part of the commercial loans and receivables secured by establishing a mortgage in the relevant registry, exceeding 50 percent of the value of the collateral of the loan and receivable, is not taken into account.” It is stated in the notification.
From the paragraph on stress testing in the Communiqué, “the mandatory collateral excess consists of replacement assets and is not taken into account in the limitation specified in paragraph 3 of Article 19.” statement was removed.
In the communiqué, in the section where the principles regarding the board fee are determined, it is stated that “in the issuances to be made by mortgage finance institutions, fifty percent of the rates in the first paragraph shall be taken as basis.” article was added.
The date of the temporary article regarding the implementation of the board fee as “zero per thousand” in issuances has also been extended from “31 December 2019” to “31 December 2021”.
Source: https://www.aa.com.tr/tr/ekonomi/spk-teminatli-menkul-kiymetler-tebliginde-degisiklige-gitti/1840251
