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The Turkish Capital Markets Board (the CMB) has decided to implement a 50 percent discount on fees charged in initial and secondary public offerings as well as real estate and lease certificates (i.e., sukuk) on 24 June 2016. This measure is an effort to incentivize savings, increase the depth of Turkish capital markets, decrease the cost of financing for Turkish issuers, and create a competitive advantage for Istanbul as an up-and-coming financial center. On 30 June 2016, the CMB also amended its communiqués on shares and lease certificates to grant the CMB the right to determine fees.

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