Turkey To Amend Public Disclosure Rules

On November 27, 2015 the Capital Markets Board (the "CMB") published draft amendments to its current Disclosure Communiqué (II-15.1) which would amend the scope of disclosure for related parties and certain issuers. It is available on the CMB's website for public comment until December 18, 2015.

What the CMB proposes

If adopted in its current form, the draft communiqué would introduce a number of new rules for disclosures of public companies and issuers of capital markets instruments other than shares:

• Persons with managerial responsibility, persons closely affiliated to these persons, and the parent company will be required to disclose sales of an issuer's shares exceeding TRY 50,000 (approx. USD 17,500) within ten business days prior to the sale transaction. Currently, these persons and parent companies are only required to disclose the sale transaction at least one business day prior to the transaction while share purchases by these people are also