NEWSLETTER-2020-metin

99 CAPITAL MARKETS LAW that this value is not below the market value, or the right to deduct the value of these capital market instruments from the obligations of the debtor, by assuming ownership of these instruments. Therefore, it is possible to say that this regulation offers a different method than the lex commissoria rule and enables the guarantee taker to take over the ownership of such instruments. However, it shall be noted that this al- ternative, and the evaluation method of the capital market instrument, shall be explicitly stated in the contracts of guarantee. This require- ment also complies with the principle of clarity and definiteness under the pledge law. Conclusion Article 47 of the CML envisages a practice that differs from one of the main principles in the pledge law, lex commissoria, and offers special provisions for the pledge of the capital market instruments due to their complex nature. This Article offers the guarantee taker dif- ferent rights depending on the assignment of ownership of pledged instruments. This Article also brings Turkish law into conformity with international rules, such as UNIDROIT.