In its session held on 6/2/2008, the CMA Board approved a number of amendments to capital adequacy rules, fundamentally aiming at measuring the ability of the companies operating in the field of securities to fulfill their current obligations and to face all types of risks arising out of practicing their activities.
It was resolved that Clause No. (13) be amended by adding the long-term obligations to Annex (A) of CMA Chairman's Decree No. (147/2007) amending Decree No. (14/2007) and reviewing same upon calculation of the net liquid capital in the capital adequacy report, for some long-term obligations not to be inserted, if certain conditions are met, such as: if the obligation arises out of acquisition of fixed asset, if the main revenues and risks caused by ownership of assets were transferred to the company, and if the asset's purchase contract provides for a condition that assets shall guarantee any obligation arising out of acquisition thereof, while obligation installments, mature during the respective financial year, shall be included in the year's obligations upon calculation of the net liquid capital.
In case these conditions are met, these obligations shall not be deemed as effective on the status of liquidity in brokerage companies, which would positively be reflected on the rates provided for in the capital adequacy rules that measure the scope of availability of the sufficient liquidity enabling the company to face its financial obligations whether listed or de-listed in its financial status report.
This amendment comes within the framework of the actual application by brokerage companies of the capital adequacy resolution issued by the CMA, and in light of the continuous contact between the CMA and market institutions.

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