The Central Bank of the Republic of Turkey issued its Decision No. 10865/20464 (“Decision“) on March 12, 2020, which will incorporate the “operation of crowdfunding systems” as one of the activities of the Central Registry Agency A.Ş. (the “CRA“).
The crowdfunding systems will be included among the CRA’s payment and securities settlement activities in order to comply with the Share-Based Crowdfunding Communiqué No. III-35/A.1 (the “Communiqué“).
The Decision clarifies the CRA’s responsibility for dematerializing all shares representing the funds collected under crowdfunding framework and transferring them to the fund owners through the CRA’s system.
The Decision expands the scope of the CRA’s activities in accordance with the applicable laws, and the CRA is able to provide infrastructure services for crowdfunding operations.
You can read our client alert on the Communiqué on Share-Based Crowdfunding and other client alerts at https://www.esin.av.tr/news-insights/.