Capital Markets Board Announces the Draft Communiqué on Crowdfunding

ELIG Gürkaynak Attorneys-at-Law | View firm profile

In September 2018, the Capital Markets Board ("CMB") had issued an announcement on its
website, declaring that a secondary legislation for crowdfunding was underway.

Just recently, on January 4, 2019, CMB published the Draft
Communiqué on Equity Crowdfunding No. III-35/A ("Draft Communiqué")[1]. In
the announcement, CMB states that the Draft Communiqué aims to ensure the effective
penetration of the crowdfunding model into the capital markets legislation and
create a regulatory framework for crowdfunding activities.

The Draft Communique addresses principles on (i)
crowdfunding platforms, (ii) activities of crowdfunding platforms, (iii)
subscription to crowdfunding platforms and the campaign process and (iv) areas
for the use of the funds and venture capital firms. The Draft Communique
requires crowdfunding platforms to apply to CMB for listing and comply with the
specific requirements set forth by CMB.

The Draft Communique is open to public comments until
February 4, 2019.

Authors: Gönenç Gürkaynak, Esq. and Ceren Yıldız, ELIG
Gürkaynak Attorneys-at-Law

 (First published by Mondaq on January 8,  2019)

[1] Full text of the announcement and the Draft
Communiqué is available at http://www.spk.gov.tr/Duyuru/Goster/20190103/0

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