Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 03 NOVEMBER 2021

2-In-1 Crowdfunding: Debt-Based And Share-Based Crowdfunding Regulated Under One Single Communiqué

Esin Attorney Partnership
Explore more from Esin Attorney Partnership

The Capital Markets Board's Communiqué No. III.-35/A.2. on Crowdfunding entered into force upon its publication in the Official Gazette No. 31641 and dated October 27, 2021.

TurkeyFinance and Banking
Muhsin Keskin
Muhsin Keskin
Cenk Civan
Cenk Civan
Author LinkedIn connections

Recent Development

The Capital Markets Board's ("CMB") Communiqué No. III.-35/A.2. on Crowdfunding ("Communiqué") entered into force upon its publication in the Official Gazette No. 31641 and dated October 27, 2021. As previously discussed in our Legal Alert dated August 31, 2021, the CMB submitted a draft version of the Communiqué ("Draft Communiqué") to public opinion on August 26, 2020.

The Communiqué regulates the principles of the long-awaited debt-based crowdfunding and also introduces certain amendments in response to issues regarding share-based crowdfunding that arise from market practices.

What Does the Communiqué Say?

Crowdfunding Platforms

Crowdfunding activities will be conducted via crowdfunding platforms, which can be a joint stock company solely providing crowdfunding services; or investment institutions that are development and investment banks, participation banks, or intermediary institutions.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

Implementation Procedures For Investment Funds Ordered Into Liquidation

With its decision No. 57/1708 dated 17.09.2026, the Capital Markets Board (the “CMB”) set out the liquidation procedures for the 131 investment funds established by Tera, A1 Capital, Atlas, Bulls, Hedef, Pardus and Pusula Portföy Yönetimi, whose liquidation had been ordered under its previous decision, and updated the relevant list of funds in the same decision.
TurkeyFinance and Banking
Gen Temizer Erdogan Girgin Attorney Partnership
Gen Temizer Erdogan Girgin Attorney Partnership
Article

Sweeping Changes Announced For Turkish Portfolio Management Companies

The Capital Markets Board of Türkiye has introduced comprehensive regulatory reforms affecting hedge funds and portfolio management companies, implementing new investment diversification requirements, graduated ownership caps based on free-float ratios, enhanced capital adequacy standards, and stricter personnel qualifications. These changes, effective from August 2026, establish tiered compliance deadlines and fundamentally reshape the operational framework for Turkish portfolio managers.
TurkeyFinance and Banking
KST LAW
KST LAW
Article

Turkish Capital Markets Board Introduces Measures On Investment Funds

Borsa Istanbul’s BIST 100 index came under significant selling pressure over three consecutive trading sessions between 15-17 September 2026. The index closed down 5.54% on 16 September, a move that triggered Borsa Istanbul’s index-linked circuit breaker, and negative momentum continued into the morning of 17 September. The sell-off was primarily triggered by a default at Pusula Portföy Yönetimi A.Ş., a portfolio management company, which failed to meet investor redemption requests from certain funds it manages in a timely manner. A similar liquidity problem emerged at Tera Portföy Yönetimi A.Ş., and this situation put pronounced pressure on the shares of both companies as well as on broader market indices.
TurkeyFinance and Banking
Gen Temizer Erdogan Girgin Attorney Partnership
Gen Temizer Erdogan Girgin Attorney Partnership
Article

Developments Concerning Liquidity Measures In The Capital Markets And The Fund Liquidation Process

On 16 September 2026, the money market funds founded by Pusula Portföy Yönetimi A.Ş. defaulted after failing to meet the cash redemption requests received from investors, triggering a sharp sell off on Borsa Istanbul. The BIST 100 index lost 5.54% that same day and hit a circuit breaker; the selling soon spread to Tera Portföy funds as well. It became apparent that the problem was not confined to those two firms but also extended to Hedef, Atlas, A1 Capital, Pardus and Bulls Portföy.
TurkeyFinance and Banking
Gen Temizer Erdogan Girgin Attorney Partnership
Gen Temizer Erdogan Girgin Attorney Partnership