Introduction
With the introduction of the amendments to Capital Markets Law
No. 63621 ("Capital Markets Law")
on December 2017, crowdfunding has been legally accepted. The
respective changes have been set out in the earlier newsletter
article titled "Crowdfunding in Turkey."2
Although the amendments bring significant impacts to the market,
these are very general provisions. Many topics have not been
regulated under the Capital Markets Law, and have been left to
secondary legislation. Within this content, the type of
crowdfunding to be legalized and regulated, the documents required
for approval by the Capital Market Board ("Board"),
transition clauses for the existing crowdfunding platforms, details
regarding the investors, and the limitations regarding funding, are
some of the topics left for the secondary legislation to address.
Hence, the Board has published the Draft Communiqué on
Equity Based Crowdfunding (III-35/A.1) ("Draft
Communiqué") for the views and
