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ARTICLE · 04 NOVEMBER 2019

Turkey Passes The Communiqué On Equity Crowdfunding

Moroglu Arseven
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The long-awaited Communiqué on Equity Crowdfunding numbered III-35/A.1 ("Communiqué") issued by the Capital Markets Board of Turkey ("Board") has entered into force.

TurkeyFinance and Banking
Dr. E. Seyfi Moroğlu, LL.M.
Dr. E. Seyfi Moroğlu, LL.M.
Sevi İslamageç
Sevi İslamageç
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The long-awaited Communiqué on Equity Crowdfunding numbered III-35/A.1 ("Communiqué") issued by the Capital Markets Board of Turkey ("Board") has entered into force. The Communiqué regulates the procedures and principles regarding equity crowdfunding, activities of crowdfunding platforms, fund-raising from the public through equity crowdfunding as well as examination and supervision of the use of the collected funds in compliance with the declared purpose.

In 2017, articles 3, 4, 16, 35/A and 99 of the Capital Markets Law numbered 6362 were amended to pave the way for crowdfunding in Turkey. The Board has become the authority to regulate crowdfunding and grant licenses to crowdfunding platforms. The Communiqué, as a secondary regulation, has long been awaited by the public.

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