On 27 November 2015, the Capital Markets Board of Turkey (the “CMB”) proposed a landmark amendment to the Debt Communiqué (the “Proposed Amendment”) which will lift the restrictions on bond buy-back activities by non-bank issuers incorporated in Turkey. If adopted in its current form, the Proposed Amendment will pave the way for a wider range of liability management practices, as well as alternative, more cost-efficient debt restructuring methods for issuers to adjust their capital structures by using more balanced solutions.