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NEWSLETTER 2013
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Pursuant to Article 8 of the Law, investors may withdraw their offers
to purchase within 2 business days following the publication of the
additions and amendments made to the prospectus. Article 9 of the Law
stipulates the validity period of the prospectus as 12 months from the first
date of publication. More than one issuance may be conducted within 12
months with a sole prospectus.
Public Disclosure
Financial statements and reports shall be prepared and submitted in
compliance with Turkish Accounting Standards regulations as to form
and substance.
In accordance with Articles 14 and 15 of the Law, all information,
instances and progress, which may affect the value of the capital markets
instruments, the market price or the investment decision of the investors,
shall be disclosed to the public. The liability of persons preparing reports
with material disclosures and the scope of issues subject to material
disclosure has been widened with the Law.
Public Companies
Included in the Laware provisionswith regard to corporate governance
principles which were regulated only under a communiqué before. The
CMB may require that listed companies apply the corporate governance
principles.
Pursuant to Article 17/3 of the Law, a resolution by the board of
directors, which determines the principles of a transaction, must be
adopted before entering into a transaction with the relevant party. The
resolution must be adopted with the approval of the majority of the
independent board members. If the independent board members do not
approve, this issue shall be disclosed to the public and submitted to the
approval of the general assembly.
The approval of the CMB is required for companies to enter the
registered capital system. However, as per Article 18 of the Law, additional
approval of the CMB is not required for companies that have already
entered the registered capital system pursuant to Turkish Commercial
Code No. 6102.