247 / 522
evant capital market instruments with advance knowledge on order of
the investors, or to change or cancel such orders, or to transfer the
information on the orders in question to third parties are considered as
market abuses.
Following transactions in stock markets or other organized mar-
kets that are absent a power of attorney issued by a Notary Public, are
considered as market abuse:
a) to transmit orders, execute transactions, or make transfers by
using the account of another person; or
b) to allow other persons to transmit orders, execute transactions,
or make transfers by allowing others to use his/her account.
In the event that the shareholders having control plans to sell their
shares in the stock market, which exceed 10% of its share capital, or
50% of the value of their shares on de facto circulation in any twelve
month (12) period, the relevant shareholders shall issue an information
form in accordance with the legislation, and the form shall be approved
by the Capital Markets Board prior to the sale. The form approved by
the Capital Markets Board shall be announced through a Public
Disclosure Platform. Non-compliance with aforementioned Article 27
of the Communiqué on Shares (VII-128.1) and the principal decision
of the Capital Markets Board shall be deemed as market abuse.
If a person who is prohibited from concluding transactions by
Capital Markets Board trades in stock markets, or in other organized
markets, by using his/her own account, or the account of other persons
during the prohibition period, the person in question shall be deemed
to have committed market abuse.
Actions Not Considered As Market Abuse
The following transactions are not considered as market abuse
actions:
1. Transactions in order to ensure the financial stability or imple-
mentation of the policies on money, rates of exchange, and
management of public debts by the Central Bank of the
Republic of Turkey, and other authorized administrative
authorities, or those persons who act on their behalf,
CAPITAL MARKETS LAW
231