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ARTICLE · 16 DECEMBER 2009

A Preliminary Step For Share Buy-Backs

Eryurekli Law Office
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The Capital Markets Board of Turkey (the "CMB") issued a resolution, on September 1, 2009 through its Weekly Bulletin, which sets forth a framework for share buy-back programs that may be carried out by brokerage firms and investment companies listed on the Istanbul Stock Exchange (the "ISE") (the "Resolution").

TurkeyCorporate/Commercial Law
Mustafa Ünal
Mustafa Ünal
E. Zeynep Saydı
E. Zeynep Saydı
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The Capital Markets Board of Turkey (the "CMB") issued a resolution, on September 1, 2009 through its Weekly Bulletin, which sets forth a framework for share buy-back programs that may be carried out by brokerage firms and investment companies listed on the Istanbul Stock Exchange (the "ISE") (the "Resolution").

The Resolution finds its roots in Article 329 of the Turkish Commercial Code which, as a general rule, prohibits joint stock companies to acquire their own shares, but which at the same time, as an exception, authorizes joint stock companies dealing with securities trading to execute such acquisitions.

The share buy-back process is regulated in detail for the first time and such detail is especially significant as it illuminates the principles to which other type of joint stock companies will be subject in the upcoming period. The Draft Turkish Commercial Code, expected to enter into force in 2010, provides all types of joint stock companies the opportunity

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