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disclose in English as well simultaneous with the Turkish disclosures,
effective from January 1, 2015. With the English disclosure, a dis-
claimer can be attached stating that the Turkish disclosure shall prevail.
Update of Disclosure
With the new Communiqué, a very crucial provision is introduced
which was not present in the former Communiqué. If there is no
progress regarding certain disclosed event, the reasons as to why there
has not been any development must be disclosed every 60 days from
the last disclosure.
By all means, this provision will cause many problems for the
issuers. For example, in an acquisition, no development may occur
within 60 days. Even though we awaited a flexible approach in the
Guide regarding this obligation, the explanation in the Guide is
straightly in line with the Communiqué’s wording.
In a situation where the conditions for delaying disclosure arise, it
may be argued that the update disclosure may not be repeated every 60
days.
Other Amendments
With the Communiqué, the minimum content of the issuer’s dis-
closure policy is identified. Especially, the investor relations depart-
ments have to pay attention to comply with such content.
Further, the disclosure obligation has been introduced with the
Communiqué for those capital market instruments offered to public
other than the shares, and new disclosure principles are enacted for
those issuers that offer non-listed shares to the qualified investors only.
Possible Sanctions
The Capital Markets Law provides that those who violate the reg-
ulations, standards and forms will be subject to an administrative fine
from TRY 20,000 to TRY 250,000. If a benefit is derived from this
abuse, the amount of the administrative fine cannot be less than twice
the amount of such benefit.
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