The Capital Markets Board of Turkey (the "CMB") issued a new communiqué regarding covered securities on 21 January 2014. The new communiqué repealed two previous communiqués on asset covered bonds and mortgage covered bonds.Whilst certain provisions of the old communiqués have been retained, asset covered bonds and mortgage covered bonds are now being regulated under the new communiqué (Covered Securities Communiqué (the "Communiqué")) and new concepts are being introduced on the Turkish capital markets.