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ARTICLE · 11 MAY 2018

Recent Changes To Capital Markets Regulations

Bezen & Partners
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The Capital Markets Board has recently effected changes to Communiqué No II-23.1 on Common Principles regarding Significant Transactions and Retirement Rights ("Communiqué No II-23.1").

TurkeyCorporate/Commercial Law
Murat Soylu
Murat Soylu
Can Özilhan
Can Özilhan
Aykut Aydın
Aykut Aydın

The Capital Markets Board has recently effected changes to Communiqué No II-23.1 on Common Principles regarding Significant Transactions and Retirement Rights ("Communiqué No II-23.1"). The amendments to Communiqué No II-23.1 were published in the Official Gazette numbered 30395 dated 18 April 2018 and introduce a new exception to "retirement rights".

In broad terms, retirement rights are tools of shareholder protection which allow minority investors a path to exit on the occurrence of certain "significant transactions".

Article 12 of Communiqué No II-23.1 lists cases where "significant transactions" as described in the Communiqué will not give rise to retirement rights. The amendments to Article 12 of Communiqué No II-23.1 expand this list to include disposals made to finance the repayment of financial indebtedness.

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