Warrants can be issued by intermediary institutions domiciled overseas or in Turkey that have been awarded a solicited long-term rating corresponding to the highest  third grade or a higher grade among the investment grades as per the rating scale by such institutions established in Turkey which have been authorized by the CMB to engage in rating activities as described in the regulations of the CMB governing rating activities and rating institutions in the capital market, or by international rating institutions which have been authorized by the CMB to engage in rating activity in Turkey.    

Intermediary institutions domiciled in Turkey that do not have a rating corresponding to the highest third grade or a higher grade as per the rating scale can make issues provided that the reconciliation obligations arising from the issue are guaranteed by intermediary institutions that meet the said criteria.     The issuer and the guarantor are severally and jointly responsible for the satisfaction of the reconciliation obligations arising from the issue.  The minimum elements of the guarantee agreement are determined by the CMB.

It is compulsory that documents evidencing the validity of the rating grade are submitted to the CMB during the issue application, that the rating institution reviews the issuer's grade regularly throughout the term of the warrant, and revises the grade subject to the result of the review, re-evaluating the rating study in a timely manner.