With reference to the current report No. 15/2017 regarding the withdrawal of the XTB Capital Group from the activity on the Turkish market and the current report No. 5/2017 regarding legal changes resulting in the restriction of operations on this market, the Management Board of X-Trade Brokers Dom Maklerski S.A. (“The Issuer”, “the Company”, “XTB”) announces that on November 30, 2017 it took a decision on withholding the actions designed to terminate the activities on Turkish market and liquidation of subsidiary X Trade Brokers Menkul Degerler A.S. by the end of the first half of 2018.
The decision on withholding the actions designed to terminate the activities on Turkish market results, among others from completion of the analysis made by the Issuer on the basis of a legal opinion prepared by a law firm operating on the Turkish market according to which there are indications of the possibility of mitigation by Turkish regulator i.e. Capital Markets of Turkey (CMB) changes in regulations regarding the operation of investment services, investment activities and additional services (indicated in the abovementioned current report No. 5/2017), which formed the basis for the Management Board’s decision to withdraw its operations from the Turkish market.
Therefore, in case CMB provides favorable reduced regulations, the Management Board of the Company does not exclude the recommencement of its activity in Turkey.
Legal basis: Article 17 paragraph 1 MAR – inside information.
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