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Exam Review

Key Facts: SPK Sermaye Piyasası Araçları 2 Exam

25

Official examination multiple-choice questions

SPL Sınav Kılavuzu

45 min

Examination duration

SPL e-LS

50 / 60

Passing thresholds (min 50 module, 60 average)

SPK Tebliğ VII-128.7

TRY 748

2026 Examination sitting fee

SPL Fee Schedule

Independent English-language MCQ study adaptation for SPL Module 1004 Sermaye Piyasası Araçları 2. The official assessment has 25 five-option questions in 45 minutes covering issuance communiqués (II-5.1, II-5.2), asset finance and covered bonds (III-58.1, III-59.1), lease certificates / sukuk (III-61.1), real estate certificates (VII-128.2), warrants (VII-128.3), and foreign depositary receipts (VII-128.4). Passing requires at least 50/100 on the module and a composite average of 60/100 across licence subjects.

Sample SPK Sermaye Piyasası Araçları 2 Practice Questions

Try these sample questions to review concepts for the SPK Sermaye Piyasası Araçları 2 exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Under Communiqué II-5.1 on Prospectuses and Issuance Certificates, what are the three distinct documents that form a tripartite prospectus (üç parçalı izahname)?
A.Financial Statements, Board Evaluation Report, and Tax Clearance Certificate
B.İhraççı Bilgi Dokümanı (Issuer Information Document), Sermaye Piyasası Aracı Notu (Securities Note), and Özet (Summary)
C.Articles of Association, Trade Registry Gazette, and Independent Audit Opinion
D.Underwriting Agreement, Clearing Protocol, and Central Depository Registration
Explanation: II-5.1 permits a single prospectus or three parts: issuer information document, securities note, and summary. These distinguish information about the issuer, terms of the offered instrument, and an essential overview of information and risks.
2Under the Sales Communiqué (Sermaye Piyasası Araçlarının Satışı Tebliği II-5.2), when bookbuilding is conducted using a price range (fiyat aralığı ile talep toplama), what is the maximum permissible spread between the base price and the ceiling price?
A.The spread is capped at exactly TRY 5.00 per share
B.The ceiling price cannot exceed the base price by more than 20%
C.The ceiling price cannot exceed the base price by more than 50%
D.The ceiling price can be set at any level decided by the underwriter
Explanation: In price-range bookbuilding, the ceiling cannot exceed the floor by more than 20% of the floor. The calculation uses the lower price as its base rather than a fixed lira amount or a percentage of the ceiling.
3An issuer conducts an initial public offering using a price range with a base price (taban fiyat) of TRY 25.00. Under Communiqué II-5.2, what is the highest ceiling price (tavan fiyat) that can be set for the bookbuilding range?
A.TRY 37.50
B.TRY 30.00
C.TRY 35.00
D.TRY 27.50
Explanation: Under Article 13 of Communiqué II-5.2, the price range spread cannot exceed 20% of the base price. $\text{Maximum ceiling} = \text{TRY } 25.00 \times (1 + 0.20) = \text{TRY } 30.00$.
4Under the share-offering price-stabilization rules, what is the maximum stabilization period from the start of exchange trading?
A.Up to 7 calendar days
B.Up to 30 calendar days
C.Up to 90 business days
D.Exactly 1 calendar year
Explanation: The share-offering stabilization period may not exceed 30 days from the start of trading. This is a limited, disclosed mechanism rather than a promise to maintain the price indefinitely.
5During share-offering price stabilization, which buy-order price necessarily breaches the offering-price ceiling?
A.At the public offering price
B.Above the initial public offering price
C.Below the public offering price
D.At the closing price of the previous trading day
Explanation: Price stabilization aims to support the market price if it falls below the offering price. The manager is strictly prohibited from entering buy orders at a price higher than the public offering price, as that would artificially inflate the price above issue value.
6Which description best explains a share-borrowing over-allotment mechanism used with a share offering?
A.Free bonus shares granted to every subscriber after listing
B.Additional allocation using borrowed existing shares, with the position covered through permitted purchases or a contractual option
C.Automatic cancellation of unsold shares before bookbuilding ends
D.A permanent guarantee against a price below the offer price
Explanation: Borrowing shares permits an additional allocation but creates a position that must be covered. Permitted stabilization purchases or exercise of the agreed option can supply the shares; neither guarantees investors a return.
7Under Communiqué III-58.1 on Asset-Backed and Mortgage-Backed Securities, what is the legal nature of an Asset Finance Fund (Varlık Finansmanı Fonu - VFF)?
A.A registered-capital investment company owning a diversified securities portfolio
B.A segregated pool of assets without legal personality, established exclusively to issue asset-backed securities (VDMK) backed by transferred receivables
C.A covered-bond program in which the issuing bank retains the dedicated assets
D.A discretionary portfolio held in separate accounts for individual clients
Explanation: An eligible founder establishes a VFF as a segregated pool without legal personality to back VDMK issuance. Its fund board administers it; appointing a board does not turn the fund into a company or make the board its founder.
8When selecting receivables for VDMK issuance under III-58.1, which assumption is unsafe?
A.Check the permitted asset classes and originator conditions
B.Check documentation and transfer requirements
C.Assume every invoice is eligible because it has a stated payment date
D.Check restrictions and encumbrances affecting transfer
Explanation: III-58.1 specifies eligible asset classes and inclusion conditions. A payment date alone does not establish eligibility: asset type, originator status, documentation, transferability, and applicable quality requirements also matter.
9What is the statutory bankruptcy-remoteness rule governing the assets of an Asset Finance Fund (VFF) under Capital Markets Law No. 6362 and Communiqué III-58.1?
A.Fund assets must be liquidated immediately if any single borrower defaults
B.Fund assets cannot be pledged, attached, or subject to bankruptcy for any debts of the originator or founder, even for public taxes, until all VDMK holders are paid in full
C.Fund assets automatically revert to the Turkish Treasury if the originator's share price drops 20%
D.Fund assets can be seized by the general creditors of the bank that originated the loans
Explanation: Law No. 6362 protects segregated fund assets from the founder's or originator's general creditors, including public claims, until the securities obligations are met. This does not guarantee underlying receivable performance or eliminate investors' credit risk.
10What is the primary difference between Covered Bonds (Teminatlı Menkul Kıymetler - TMK) under Communiqué III-59.1 and Asset-Backed Securities (VDMK) under Communiqué III-58.1?
A.Covered bonds give investors only a claim on transferred assets and no issuer claim
B.Covered bonds are direct issuer obligations with cover-pool recourse, whereas VDMK are issued against assets transferred to a fund
C.Covered bonds and VDMK always have identical recourse and accounting treatment
D.VDMK investors automatically become ordinary depositors of the originating bank
Explanation: TMK combine an issuer obligation with a dedicated cover pool, providing dual recourse. VDMK use a fund holding transferred assets; accounting derecognition and consolidation depend on the transaction's facts, so fund issuance is not automatically off-balance-sheet in every financial statement.

About the SPK Sermaye Piyasası Araçları 2 Exam

Sermaye Piyasası Araçları 2 (Module 1004) is the advanced capital market instruments examination required for Düzey 2, Düzey 3, and Derivatives licensing. The curriculum covers public offering and sales communiqués, securitization and asset-backed instruments (VDMK/TMK/PDMK), Islamic lease certificates (kira sertifikaları / sukuk), real estate certificates, warrants, investment firm certificates, and foreign depositary receipts. OpenExamPrep provides an independent English-language MCQ study adaptation, not an official translation or simulation of the Turkish exam environment.

Exam sponsor: Sermaye Piyasası Lisanslama Sicil ve Eğitim Kuruluşu A.Ş. (SPL). The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Assessment

Single 45-minute computer-based electronic licensing examination (e-LS) session of 25 multiple-choice questions administered at SPL test centers.

Time Limit

45 minutes

Passing Score

Minimum 50 out of 100 on the module, and an arithmetic average of at least 60 across all modules required for the candidate's target licence

Exam / Certification Fees

TRY 748 per subject sitting; eligible university students pay TRY 548, or TRY 456 under SPL cooperation protocols.

Exam sponsor website

Fees, eligibility, and exam policies can change. Confirm them with the exam sponsor before applying or paying.

Official sources

Our practice resources: topics covered

We aim to reflect publicly available exam outlines and topic information in our study resources. Coverage, format, and difficulty may differ from the actual exam, and we cannot guarantee that every detail is accurate or current. Confirm exam requirements, fees, and policies with the official exam sponsor.

Official topic; percentage not published

İzahname, İhraç Belgesi ve Satış Tebliğleri

Prospectus formats, shelf registration, issuance certificate (ihraç belgesi), sales techniques (talep toplama, borsada satış), allocation methods, and price stabilization rules.

Official topic; percentage not published

Varlık Finansmanı ve Teminatlı Menkul Kıymetler

Asset-backed securities (VDMK), mortgage-backed securities (İDMK), covered bonds (TMK), asset finance funds (VFF), cover pools, project-backed securities (PDMK), and collateralized issuance.

Official topic; percentage not published

Faizsiz Finans Araçları (Kira Sertifikaları)

Asset lease companies (VKŞ), sukuk structures (ownership/ijarah, management/wakalah, murabaha, mudarabah/musharakah, istisna'a), and taxation rules.

Official topic; percentage not published

Gayrimenkul Sertifikaları, Varantlar ve Yabancı Menkul Kıymetler

Real estate certificates (asli edim / tali edim), structured warrants (call/put, delta, gearing, intrinsic/time value), investment firm certificates, and foreign depositary receipts (ADR/GDR/TDR).

Preparing for the SPK Sermaye Piyasası Araçları 2 Exam

What You Need to Know

  • Passing score: Minimum 50 out of 100 on the module, and an arithmetic average of at least 60 across all modules required for the candidate's target licence
  • Assessment: Single 45-minute computer-based electronic licensing examination (e-LS) session of 25 multiple-choice questions administered at SPL test centers.
  • Time limit: 45 minutes
  • Exam / certification fees: TRY 748 per subject sitting; eligible university students pay TRY 548, or TRY 456 under SPL cooperation protocols. Official sources

Using Our Practice Resources

  • Work through all 100 available questions
  • Review every answer and explanation
  • Track weak areas and revisit them
  • Use our AI tutor for tough concepts

SPK Sermaye Piyasası Araçları 2: Suggested Study Strategy

1Review the distinct legal structures and underlying contract types for lease certificates (kira sertifikaları / sukuk) issued through an Asset Leasing Company (VKŞ).
2Understand the dual-recourse mechanism and cover pool requirements for covered bonds (TMK) under Communiqué III-59.1.
3Practice warrant valuation calculations: distinguishing between intrinsic value and time value, calculating delta, and computing effective gearing (etkin kaldıraç).
4Master the allocation procedures (equal vs. proportional) and price stabilization rules under the Sales Communiqué (II-5.2).

Frequently Asked Questions

What is the SPK Sermaye Piyasası Araçları 2 (1004) exam?

Module 1004 is a specialized examination covering advanced capital market instruments in Turkey: structured debt, securitization (asset-backed and covered bonds), Islamic lease certificates (sukuk), real estate certificates, warrants, investment firm certificates, depositary receipts, and issuance regulations. It is required for Düzey 2, Düzey 3, and Derivatives licences.

How does Module 1004 differ from Module 1003 (Sermaye Piyasası Araçları 1)?

Module 1003 is a separate instruments assessment; SPL introduced a revised study note and transition arrangements effective for all its sittings from 15 October 2026. Module 1004 independently covers issuance and sales, asset finance, lease certificates, real estate certificates, warrants, foreign instruments, project-backed securities, and collateralized issuance. Check the current SPL outline rather than assuming the two modules share one paper.

Does Module 1004 cover derivatives?

Module 1004 covers securitized derivatives such as warrants (aracı kuruluş varantları) and certificates. Exchange-traded futures, options contracts, and OTC swaps are covered in detail in Module 1011 (Türev Araçlar, Piyasalar ve Risk Yönetimi).

How is the Module 1004 exam scored?

The official exam has 25 questions in 45 minutes, scored on a scale of 0 to 100 (4 points per question). A candidate must score at least 50 points on the module, and achieve an overall arithmetic mean of 60 points across all subjects required for their target licence.

Can I sit Module 1004 independently?

Yes. SPL's e-LS system allows each subject to be booked, scheduled, and scored independently.

Is this practice bank an official translation?

No. OpenExamPrep provides an independent English-language MCQ study adaptation with four options per question. Official SPL e-LS examinations are administered in Turkish with five options. Key Turkish financial terminology is preserved for clarity.