ERDEM-NEWSLETTER-2018-metin

201 CAPITAL MARKETS LAW among the competent authorities to ensure that they have access to all records of transactions and orders, including those entered on plat- forms that operate outside their territory, in financial instruments under their supervision. The records shall be provided to the client involved upon request and shall be kept for a period of five years and, where requested by the competent authority, for a period of up to seven years. Legal Entity Identifiers (“LEI”) The LEI is a twenty character alpha-numeric code used as an international standard for reporting and identifying underlying coun- terparties to transactions. All entities subject to the MiFID II need LEI data on all their business partners to make required transaction reports to their regulators. Therefore, the investment firms and listed corporations in Turkey should obtain this number. Applications for an LEI may be made to an accredited issuer in the home country or an LEI issuer that offers cross-border services. In Turkey, this service is provided by Takasbank 1 . Conclusion Since a large number of corporate investors that invest in Turkey are established in the EU, there may be changes in commercial behav- ior. Therefore, even the investment firms and listed corporations in Turkey are not directly subject to MiFID II, and those adapting to this new framework shall provide a competitive advantage. Regarding the extra-territorial application and third country as- sessment of the MiFID, Turkey still needs to meet the equivalence rule. In this manner, Capital Market Law No. 6362, prepared in accor- dance with the MiFID I and ESMA announcement on the equivalency of Turkish share prospectuses 2 , may be taken into consideration. 1 https://www.gleif.org/tr/about-lei/get-an-lei-find-lei-issuing-organizations (Ac- cess date: 30.03.2018). 2 https://www.esma.europa.eu/press-news/esma-news/esma-assesses-turkish- laws-and-regulations-prospectuses (Access date: 30.03.2018).