A BRIEF GUIDE ABOUT LICENSING AND LICENSING AGENCY
According to the Article 128/f of the Capital Markets Law; determining the principles regarding those who would be employed in publicly held corporations, the professional education of managers and other employees of capital market institutions, awarding of certificates which certify their professional competence and professional license, establishing headquarters or companies for these purposes and determining the principles and procedures of their activities is determined as one of the duties and authorities of the Capital Markets Board of Türkiye. The Communiqué on Principles Regarding Licensing and Recordkeeping for Those Engaged in Capital Market Activities No.VII-128.7 drawn up pursuant to subparagraph (f), paragraph 1, article 128 of CML has been published in Official Gazette dated 14.08.2014, No.29088 and entered into force. The communiqué regulates the exams held to determine professional competence, knowledge, and skills of those employed by capital market institutions and publicly held corporations, licenses to be granted after these exams, training programs related to licenses and recordkeeping of licensed personnel.
Any person wishing to work in capital markets is required to hold different licenses depending upon his/her fields of capital markets activity and areas of specialization. For eligibility for a license certificate, the candidate must be successful in licensing examinations. According to the licensing regulations there are 8 types of licenses which are listed as below:
- Capital Market Activities Level 1 License,
- Capital Market Activities Level 2 License,
- Capital Market Activities Level 3 License,
- Derivative Instruments License,
- Corporate Governance Rating License,
- Credit Rating License,
- Residential Real Estate Appraisal License,
- Real Estate Appraisal License.
Licensing examinations are held both electronically and/or in paper-based form. Paper-based licensing exams are being held twice a year and in 12 provinces: Istanbul, Ankara, Izmir, Adana, Antalya, Bursa, Samsun, Gaziantep, Diyarbakir, Konya, Kayseri, Erzurum. Examinations made electronically are held 5 days in a week. In order to pass the licensing exams, at least 50 marks out of 100 are needed for each topic and the arithmetic mean of the marks obtained from all exam topics should be at least 60. At the moment the licensing exams are held only in Turkish.
Capital Market Licensing, Registry and Training Agency (SPL) has been established as a joint-stock company in 2011 under the provisions of Turkish Commercial Code to operate within the framework of commissioning and authorization by Capital Markets Board pursuant to Capital Market Law and relevant legislation and upon its registry, it acquired legal entity status. SPL has been authorized by CMB to hold licensing exams to determine professional competence, knowledge level and skills of those who work at capital market institutions and publicly held corporations, grant licenses confirming professional competence in relevant fields of specialization, keep registry records of license owners and organize renewal trainings regarding licenses.
For further information, please refer to SPL web site: https://www.spl.com.tr/mainpage