NEWSLETTER-2020-metin

92 NEWSLETTER 2020 idly adapt to changing market conditions 2 . The respective regulations have been made, firstly, through by inserting the Article in the Capital Markets Law and, subsequently, into the Communiqué. The Com- muniqué allowed investors to act, collectively, according to changing conditions, and issuers and investors to agree to change the terms and conditions of their debt instruments 3 . According toArticle 31/Aof the Capital Markets Law, the owners of the debt instruments of the issuer in circulation form the BDIH. Holders of each tenor of debt instrument can create a separate BDIH. BDIH is divided into two, as general and tenor BDIH. Tenor BDIH is a board formed by the debt instrument owners of one or more than one tenor debt instrument. It acts with an aim to decide on changes that will affect the investment decisions of the investors on conditions and subjects, which are specified in the Communiqué, or in the prospectus / issuance certificate, regarding the debt instruments owned or defined in the Central Registry Agency (“CRA”) based on these documents. It convenes at the request of the issuer’s board of di- rectors or the relevant debt instrument owners. General BDIH refers to the BDIH collected in line with the demands of the issuer’s other debt instrument owners in circulation, excluding the schemes participating in the Tenor BDIH decision on the grounds that any decision of Tenor BDIH adversely affects their rights. According to Article 4 of the Communiqué ( Board of Debt In - strument Holders ), the Tenor BDIH that is formed by the related debt instrument holders must take a decision in order to make changes in the original terms and conditions of the debt instrument, and which will affect the investment decisions of the investors. Meetings of BDIH and Decision Quorum The principles and conditions regarding the invitation and deci- sion making of the BDIH must be determined in the prospectus and / 2 https://www.procompliance.net/borclanma-araci-sahipleri-kurulu-tebligi-ii- 31-a-1/ (Access date: 21.09.2020). 3 https://www.spk.gov.tr/Duyuru/Goster/20200911/0 (Access date: 21.09.2020).