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ARTICLE · 15 DECEMBER 2021

The Draft Communiqué On Crowdfunding Has Been Published

Bezen & Partners
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As per the amendments made to Article 35/A of the Capital Markets Law (the "CML"), the Capital Markets Board (the "Board") published the Draft Communiqué on Crowdfunding numbered III-35/A.2...

TurkeyCorporate/Commercial Law
Yeşim Bezen
Yeşim Bezen
Murat Soylu
Murat Soylu
Ufuk Söğüt
Ufuk Söğüt

As per the amendments made to Article 35/A of the Capital Markets Law (the “CML”), the Capital Markets Board (the “Board”) published the Draft Communiqué on Crowdfunding numbered III-35/A.2 (the “Draft Communiqué”) to obtain feedback from market players.

Borrowing based crowdfunding

The Draft Communiqué rescinds the Communiqué on Equity-Based Crowdfunding numbered III-35/A.1, published in the Official Gazette dated 3 October 2019 and numbered 30907. The current legislation contains provisions relating to equity based crowdfunding and the Draft Communiqué contemplates to include borrowing based crowdfunding in the capital markets legislation.

Previously, investors participating in crowdfunding could only make a profit if the value of the shares of a venture increases or the venture distributes dividends. Following the Draft Communiqué, investors will also be able to make a profit by participating in borrowing based crowdfunding activities.

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