Significant CMB Principle Decisions On Block Trades And IPOs

On 27 and 28 August 2026, the Capital Markets Board of Türkiye (the “CMB”) issued principle decisions introducing significant changes to the rules governing share transfers (block trades) in listed companies and the prioritisation of initial public offering applications.

New rules on block trades

Pursuant to Article 27 of the Share Communiqué and the CMB Principle Decision dated 14 February 2023, shareholders who directly held more than 20% of the share capital of a listed company or held privileged shares conferring board representation could, in any 12-month period, sell or transfer shares exceeding 3% of the company’s share capital through a wholesale transaction or a private order notification (special order) on the exchange, or by way of an off-exchange transfer, without preparing a Share Sale Information Form approved by the CMB.