Certain Amendments to the Capital Markets Legislation

On 16 March 2011, the Capital Markets Board of Turkey issued two communiqués, which amended certain provisions of two previously issued communiqués. Among other things, the amendments create certain exemptions for issuers whose shares are traded on the Emerging Companies Market of the Istanbul Stock Exchange and expand the scope of certain exemptions and thresholds available to issuers in private placements. The two communiqués are:

– Communiqué, Series IV, No. 50 on Amendments to the Communiqué on the Principles Regarding Exemptions Available to, and Deregistration of, Issuers (Series IV, No. 39, dated 8 March 2008) (İhraççıların Muafiyet Şartlarına ve Kurul Kaydından Çıkarılmalarına İlişkin Esaslar Tebliğinde Değişiklik Yapılmasına Dair Tebliğ (Seri: IV, No: 50)); and

– Communiqué, Series IV, No. 51 on Amendments to the Communiqué on the Principles to be Complied with by Joint Stock Companies that are Regulated by the Capital Markets Law (Series IV, No. 41, dated 19 March 2008) (Sermaye Piyasası Kanunu’na Tabi Olan Anonim Ortaklıkların Uyacakları Esaslar Hakkında Tebliğde Değişiklik Yapılmasına Dair Tebliğ (Seri: IV, No: 51)).

Both communiqués entered into force as of their dates.

Click here to read our summary note on the subject.