Turkey's Capital Markets Boards Amends Disclosure Rules For Material Events

Turkey's Capital Markets Board has amended its rules for material events to address needs which have arisen in practice. Notably, the obligation to make a public disclosure if shares exceed or fall below certain thresholds has changed, so that the disclosure must now be made by the Central Registry Agency, not the real or legal entity itself.

Notable changes include:

• The obligation to make a direct disclosure if a real or legal entity's shares in a listed company exceed or fall below certain thresholds has been removed. Previously, a disclosure must be made by the real or legal entity itself at the following thresholds: 5%, 10%, 15%, 20%, 25%, 33%, 50%, 67% or 95%. The necessary disclosures will now only be made by the Central Registry Agency.