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02 November 2010
On September 6 2010 the Capital Markets and Financial Markets Supervisory Agency issued a new Regulation on General Provisions and Contracts on Trusteeship of Debt Securities (VI.C4). The regulation was issued in the form of a decree from the agency's chairman.
The regulation contains extensive provisions on trustee-related matters, enumerating trustees' tasks, obligations and prohibited actions. However, most of it deals with trusteeship contracts, including provisions on:
The term 'trusteeship contract' is defined in the regulation as "agreement between an issuer and the trustee in the framework of the issuance of debt securities". The regulation does not define the term 'trustee', as it is already defined in the Capital Markets Law (8/1995).
The regulation will become effective 60 days after its date of issue.
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