CMB Introduces New Regulation On Off-Exchange Share Sales

Through its Decision of Principle dated 28 August 2026 and numbered 52/1589 (i-CMB 128.31) (the "Decision of Principle"), published in Bulletin No. 2026/54, the Capital Markets Board ("CMB") introduced certain restrictions on the sale of shares outside the stock exchange by publicly traded companies listed on the stock exchange.

The Decision of Principle applies to following  shareholders that are listed under the first paragraph of Article 27 of the Communiqué on Shares No. VII-128.1 of the Capital Markets Board:

1.     Shareholders who directly own more than 20% of the publicly held company's share capital, either individually or together with persons acting in concert with them; or

2.     Shareholders who hold privileged shares granting the right to elect at least one member of the board of directors or to nominate a candidate at the general assembly.