Recent Development
The Capital Markets Board of Türkiye (“CMB“) revised its resolution dated 28 August 2026 and numbered 52/1589 (the “Former Resolution“) regarding the requirement to obtain CMB approval for transfers of public company shares by certain shareholders, through its resolution dated 31 August 2026 and numbered 53/1590 (the “Revised Resolution“). For further information, please see our legal alert on the Former Resolution here.
What’s New?
The Revised Resolution reiterates the provisions set out in the Former Resolution. In addition, under the Revised Resolution, public company shares in non-tradeable form falling within the scope of the regulation cannot, under any circumstances, be converted into tradeable shares unless and until the information memorandum has been approved by the CMB.
Furthermore, public companies included in the BIST 30 index, as well as public companies whose control is held directly or indirectly by the Ministry of Treasury and Finance of the Republic of Türkiye, Türkiye Varlık Fonu Yönetimi A.Ş. (Türkiye Wealth Fund Management Inc.), or other public institutions, are exempt from the provisions of the Revised Resolution. Accordingly, the restrictions and conditions provided in the Revised Resolution will not apply to such companies.
Conclusion
The Revised Resolution largely preserves the regime adopted under the Former Resolution, while providing further clarification regarding the implementation thereof.
