Exemption Relating to Examinations

Pursuant to Article 10 of “the Communiqué on Principles Regarding Licensing and Recordkeeping For Those Engaged in Capital Market Activities” (VII-128.7) (“Communiqué”) of the Capital Markets Board (“Board”), there are two different exemptions relating to examinations:

1- Exam exemptions granted to foreign certificate holders

Persons, holding a certificate received from an internationally accepted institution recognized and designated by the Board in order to be eligible for a license corresponding and equivalent to that certificate, should take exams for differential exam subjects if any and get at least 50 out of 100 from each of them and the average of the grades taken from all exam subjects must be at least 60. Exams on differential subjects can also be held in a foreign language.

2- Exam exemptions granted to the Board staff according to the working time in the Board

Total working time the Board as professional staff, except informatics personnel;

Persons having a minimum past service period of 3 years are eligible to receive Capital Market Activities Level 1 License

Persons having a minimum past service period of 5 years therein as specified are eligible to receive Capital Market Activities Level 2 License, Credit Rating License, Corporate Governance Rating License, and Residential Real Estate Appraisal License

Persons having a minimum past service period of 8 years therein as specified are eligible to receive Capital Market Activities Level 3 License, Derivative Instruments License, and Real Estate Appraisal License.

Those who have a minimum of 8 years of working time in the Board as informatics assistant expert, informatics expert and engineers, system analysts and system programmers for information systems related duties in the Department of Data Processing, Statistics and Information of the Board, are entitled to receive the Information Systems Independent Audit License.

Persons who have served as Vice President and Department Head in the Board for at least 2 years will be eligible to receive all of these licenses.

For those who are licensed pursuant to this paragraph, no other condition is sought for working with the relevant licenses, and the provisions of the Communiqué pertaining to license renewal trainings are not applicable.