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1.Signed on June 7, 2006; Entered into force on June 7, 2006.
The Financial Supervisory Commission of Taiwan and the Capital
Markets Board of Turkey, recognising the increasing
international activity in the financial markets, and the
corresponding need for cooperation between the relevant national
authorities, have reached the following understanding:

1.The Capital Markets Board of Turkey (CMB) is an independent
legal entity with its own authority and responsibility
mandated by the Capital Market Law (Law) dated 1981.
The CMB has the responsibility for the regulation, supervision
and enforcement of all capital market activities, institutions
and instruments in Turkey within the scope of the Law and
relevant legislation. It has statutory powers of
investigation, and has the ability to exercise its powers for
the purpose of cooperation with regulators in other countries.
2.The Financial Supervisory Commission of Taiwan (FSC) is a
single national financial regulator in Taiwan and was
established on July 1, 2004 under the Organic Act of the
Establishment of the Financial Supervisory Commission. The FSC
is responsible for regulation and supervision of banking,
insurance, securities and futures markets and industries and
has the ability to exercise powers to obtain evidence on
financial institutions or similar bodies governed by the
Banking Act, the Insurance Act, the Securities and Exchange
Law, the Futures Trading Law and relevant legislation.

3.For the purpose of this Memorandum of Understanding (MoU),
‧"Authorities" means:
the Capital Markets Board of Turkey and;
the Financial Supervisory Commission of Taiwan;
‧ "Requested Authority" means the Authority to whom a request
is made under this MoU;
‧ "Requesting Authority" means the Authority making a request
under this MoU;
‧ "Laws and Regulations" means the provisions of the laws,
regulations and other regulatory requirements applicable in
the financial field in Turkey and in Taiwan;
‧ "Securities" means shares, bonds and other forms of
securitized debts, futures and derivative products and any
other financial products within the respective competence
of the Authorities;
‧ "Issuer" means a natural or legal person who issues or
proposes to issue any security;
‧ "Regulated Markets" means securities, derivatives and any
other markets (excluding banking and insurance) recognized,
regulated or supervised by the Authorities;
‧ "Investment Services" means trading or carrying out
transactions involving Securities on Regulated Markets on
its own account and/or on behalf and for the account of
third parties;
‧ "Investment Services Providers" means investment firms,
credit institutions and any other person as authorized to
provide Investment Services within the law and regulations
applicable in the countries of the Authorities.

4.The purpose of this MoU is to protect investors and to promote
the integrity of regulated markets by providing a framework
for cooperation, including channels for communication,
increased mutual understanding, the exchange of regulatory and
technical information, and investigative assistance.
5.The MoU serves as a basis for cooperation for the authorities
and does not create any binding international legal
obligations, nor does it modify or supercede any laws,
regulations, or regulatory requirements in force or applying
in Turkey or Taiwan. The MoU does not create any rights
enforceable by third parties, nor does it affect any
arrangements under other MoUs.
6.The performance of the provisions of this MoU shall be
consistent with domestic laws, regulations, and conventions of
the respective countries of the Authorities and within the
availibity of respective resources of the Authorities, and the
performance of the provisions shall not be contrary to the
public interests of the requested Authority.
7.To the extent permitted by the laws and practices of Turkey
and Taiwan, the Authorities will make reasonable efforts to
provide each other with information which is discovered and
which gives rise to a suspicion of a breach, or anticipated
breach, of the laws, rules, or regulations of the other
Authority's jurisdiction.
8.The Authorities will be sensitive and will make reasonable
efforts to provide each other with information even though the
requested information is not a subject of a suspicion of a
breach, or anticipated breach, of the laws, rules, or
regulations of the other Authority's jurisdiction. In any
case, this kind of requests will be made in order to fulfil
the duties of the requesting Authority arising from the laws
and regulations and to ensure the development and maintenance
of open, fair and efficient markets.
9.Authorities having believed that facilitating the sharing of
core information should be viewed as an essential element of
an Authority's emergency preparedness planning and of
addressing a crisis, to the extent permitted by their laws and
practices, each Authority will be sensitive on the events
subject to its jurisdiction which may adversely affect
Regulated Markets in another jurisdiction and consider whether
it could be appropriate to notify relevant Authority of such

10.To the extent permitted by their respective national laws,
the Authorities will provide the fullest mutual assistance
within the framework of this MoU. Such assistance will be
provided to facilitate the enforcement of the laws or
regulations applicable to regulated markets.
11.The Authorities agree to provide mutual assistance and the
exchange of information in response to requests to assist
them to perform their respective functions in relation to the
following areas, amongst others:
(a) Insider dealing, market manipulation, and other
fraudulent, deceptive, and manipulative practices in
relation to securities;
(b) Enforcement of the laws, rules, and regulations relating
to issuing, dealing in, arranging deals in, managing and
advising on securities;
(c) Fitness and properness of the natural and legal persons
who are authorised to conduct the business referred to
above, and promoting high standards of fair dealing and
integrity in the conduct of that business;
(d) The duties, of issuers and of offerors for securities, to
make disclosure of information relevant to investors;
(e) The disclosure of interests in the securities of
(f) Other matters agreed upon by the Authorities.

12.Requests will be made in writing and addressed to the contact
person of the requested Authority listed in the Appendix A.
An urgent request for assistance and a reply to such a
request may be made in summary form or by means of
communication other than the exchange of letters, provided
that they are confirmed within ten business days in the
manner prescribed in this MoU.
13.Assistance available under this MoU may include but is not
limited to;
(a) Providing access to information in the files of the
requested Authority;
(b) Taking statements from persons;
(c) Obtaining documents and information from natural and
legal persons; and
(d) Conducting compliance inspections or examinations of
investment services providers and regulated markets.
14.In order to facilitate the giving of assistance, an Authority
making a request should specify:
(a) The information sought (including the identity of
persons, specific questions to be asked);
(b) The purpose for which the information is sought (in terms
of breach of the laws, rules or regulations, including
details of the laws, rules or regulations which are
alleged to have been breached);
(c) description of the conduct or suspected conduct which
gives rise to the request;
(d) Any persons suspected of possessing the information, and
any places where the information might be obtained;
(e) The link between the specified laws or regulatory
requirements and the regulatory functions of the
requesting Authority;
(f) The relevance of the requested information to the
specified laws or regulatory requirements;
(g) To whom, if anyone, onward disclosure of information is
likely to be necessary and the reason for such
(h) The urgency of the request, and the period within which
assistance should be given.
15.This MoU does not affect the ability of the Authorities to
obtain information from persons on a voluntary basis,
provided that any procedures in place in the Authorities'
respective countries are observed. The Authority which
obtains information from persons on a voluntary basis will
notify the other Authority in detail when necessary.
16.The Authorities agree to provide assistance on matters which
are not necessarily an offence in their own jurisdiction.

Execution of Requests
17.The requested Authority will endeavour to obtain information
and statements from persons in order to satisfy the other
Authority's request. This includes obtaining information from
natural and legal persons relevant to the request.
18.When requested by the requesting Authority, the statements
from persons involved, directly or indirectly, in the
activities underlying the request, or holding information
that may assist in carrying out the request, will be taken,
and other evidence will be obtained, by the requested
Authority. The requesting Authority may, in its discretion,
request the taking of the statements from specific persons.
19.The statements from persons will be taken in the same manner
and to the same extent as in investigations or other
proceedings in the jurisdiction of the requested Authority.
20.To the extent permitted by law, the requested Authority will
conduct inspections or examinations of the books and records
of an investment services provider, or its custodian or
agent, regulated markets, or securities, futures and options
processing businesses.
21.In order to avoid unnecessary delays, the requested Authority
will pass on portions of the requested information as they
become available and consult on procedure as appropriate.
22.In case where the requesting Authority is not satisfied with
the information provided, additional information can be
requested by the requesting Authority pointing out the
subjects to be clarified.
23.Each request will be assessed on a case by case basis by the
requested Authority to determine whether information can be
provided under the terms of this MoU. In any case where the
request cannot be accepted completely, the requested
Authority will consider whether other relevant information or
assistance can be given.
24.In deciding whether or not to accept or decline a request,
the requested Authority will take account of:
(a) Matters specified by the laws, rules, or regulations of
the requested Authority's country;
(b) Whether broadly equivalent assistance would be available
from the country of the requesting Authority;
(c) Whether the request involves an assertion of a
jurisdiction not recognised by the requesting Authority;
(d) Whether it would be contrary to the public interest for
assistance to be given;
(e) Whether the communication of information might adversely
affect the sovereignty, security or public policy of the
requested Authority;
(f) Whether judicial proceedings have already been initiated
in respect of the same facts against the persons in
question or whether a final judgement has been passed.
If the requested Authority believes that a request is not
accord with this MoU, taking into account the provisions of
this Article, it will promptly inform the requesting
Authority of the reasons for its refusal.
25.Any document or other material provided in response to a
request under this MoU and any copies thereof should be
returned on request.
26.To the extent permitted by any laws or regulations applying
in Turkey or Taiwan, the Authorities will use reasonable
efforts to provide each other with any information they
discover which may be relevant for the other Authority. If
the cost of fulfilling a request is likely to be substantial,
the requested Authority may, as a condition of agreeing to
give assistance under this MoU, require the requesting
Authority to make a contribution to costs.

27.The assistance or information will be provided under this MoU
by the Authorities for the purposes of assisting each other
in the performance of their regulatory functions relevant to
the scope of this MoU. To the extent permitted by law, each
Authority will keep confidential;
(a) Any request for information made under the MoU;
(b) Any matter arising in the course of its operation;
(c) Any information passed under this MoU.
28.Such assistance or information will not be disclosed by the
recipient to third parties without the consent of the
Authority providing the assistance or information.
29.Information supplied under this MoU may be used solely for
the purpose stated in the request and consisting of;
(a) Ensuring compliance with or enforcement of the law or
regulation specified in the request;
(b) Making or assisting investigations in relation to the
following, or conducting or assisting in the conduct of
the following:
(i) Market surveillance;
(ii) Investigations related to any general charge
applicable to the breach of the law or regulation
specified in the request;
(iii) Civil or administrative proceedings relating to
matters in paragraph 4 above;
(c) Instituting or making a report to bodies responsible for
criminal proceedings.
30.Where the requesting Authority intends to use the information
furnished for any purpose other than those set out above, the
requesting Authority must obtain prior written consent of the
requested Authority. If the requested Authority consents to
the use of the information for other purposes it may subject
it to certain conditions. If use of the information opposed
by the requested Authority, the Authorities agree to consult
about the reasons for the refusal and the circumstances or
conditions under which the use of the information might
otherwise be allowed.
31.The confidentiality provisions of this MoU shall not prevent
the Authorities from informing other law enforcement or
regulatory authorities in Turkey and in Taiwan where such
communication is required in order to comply with the
obligations under domestic laws. In this case the requesting
Authority shall inform the requested Authority and shall
undertake that the confidentiality requirements stated in
this MoU will be realized by the corresponding authority.

32.The Authorities will keep the operation of this MoU under
continuous review and will consult with a view to improving
its operation and resolving any matters that may arise. In
particular, the Authorities will consult upon request in the
event of a denial by one Authority of, or opposition by an
Authority to, a request or proposal made by the other
Authority pursuant to this MoU.
33.The Authorities may consult informally, at any time, about a
request or proposed request or any information provided
within the discretion of an Authority in accordance with
paragraphs 10, and 11 of this MoU. Additional information may
be requested where further clarity is sought.
34.The Authorities may consult and revise the terms of the MoU
in the event of a substantial change in the laws,
regulations, or practices affecting the operation of the MoU.
35.To improve the cooperation under this MoU, the Authorities
will conduct consultations and discussions on the
implementation of the MoU periodically.

36.All communications between the Authorities should be between
the points of contacts in Appendix A, unless otherwise

37.This MoU shall be concluded for an unlimited period and may
be denounced by any of the Authorities at any time by giving
at least thirty days prior written notice to each other
Authority. If either Authority gives such notice, this MoU
will continue to have effect with respect to all requests
that were made before the effective date of notification
until the requesting Authority terminates the matter for
which assistance was requested. The provisions concerning
confidentiality shall remain in force thereafter.

38.This MoU will come into effect between the Authorities from
the date of signature.
39.This MoU is signed in duplicate, in the English language.

SIGNED IN Hong Kong ON June 7, 2006.

Mr. Daung-Yen LU, Acting Chairman

Dr. Do?an CANSIZLAR, Chairman