Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 08 OCTOBER 2024

Amendments On The Sale Methods And Distribution Principles For Public Offerings

Sadik& Çapan
Explore more from Sadik& Çapan

The Capital Markets Board (the "CMB") introduced rules concerning distribution principles and sale methods for initial public offerings of non-public companies...

TurkeyFinance and Banking
Nazlı Tönük Çapan
Nazlı Tönük Çapan
Seda Köprülü
Seda Köprülü
Author LinkedIn connections

The Capital Markets Board (the “CMB”) introduced rules concerning distribution principles and sale methods for initial public offerings of non-public companies in order to meet investor demands in an efficient way through its Principal Decision No. i-SPK.128.23 (dated 19 September 2024 and numbered 1508) published in its bulletin dated 19 September 2024 and numbered 2024/48 (the “Principal Decision”). With this Principal Decision, the previous Principal Decision No. i- SPK- 128.21 (dated 30 March 2023 and numbered 20/412) published in the CMB bulletin dated 30 March 2023 and numbered 2023/21 (the “Previous Principal Decision”) has been abolished. However, it should be noted that certain rules on the Previous Principal Decision have been retained in the new Principal Decision.

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

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

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
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