The Communiqué on Venture Capital Market
The Communiqué on the Principles Regarding the Companies whose Shares to be Traded on the Venture Capital Market (II-16.3) (Communiqué) has entered into force through publication in the Official Gazette dated 18.05.2023 and numbered 32194. The Communiqué sets out the principles and procedures regarding the Venture Capital Market to be established under Borsa Istanbul A.Ş. The key provisions of the Communiqué are summarized as follows:
- The scope of the transactions to be carried out in the Venture Capital Market is defined as the issuance of shares through capital increase by non-public joint stock companies. The Communiqué requires this issuance to be made as sale of shares to qualified investors, without public offering. Moreover, only qualified investors may purchase the shares issued in Venture Capital Market as per the Communiqué.
- In parallel with the general principles, a prospectus must be prepared and approved by the Capital Markets Board (Board) for issuances to be made pursuant to the Communiqué. The procedures prior to the application before the Board are stipulated in the Communiqué.
- For the companies whose shares will be traded on the Venture Capital Market, financial thresholds are regulated on the basis of total assets, net sales revenue and registered capital.
- The Communiqué stipulates a two-year waiting period for the companies within the scope of the Communiqué to be traded on the stock exchange and offered to the public.
- The Communiqué introduces certain exemptions for the companies in Venture Capital Market, regarding financial reporting, corporate governance requirements, the Communiqué on Takeover Bids and the Communiqué on Material Transactions and the Right to Exit.
All rights of this article are reserved. This article may not be used, reproduced, copied, published, distributed, or otherwise disseminated without quotation or Erdem & Erdem Law Firm's written consent. Any content created without citing the resource or Erdem & Erdem Law Firm’s written consent is regularly tracked, and legal action will be taken in case of violation.
Other Contents
Through the promulgation of President Decision No. 6434 (“Decision”) published in the Official Gazette dated 30th November 2022 and No. 32029, the procedures and principles regarding the companies subject to independent audit within the scope of Article 398 of the Turkish Commercial Code...
Following the press release of the Ministry of Treasury and Finance, on 09.06.2022 the Capital Markets Board announced its Measures to Strengthen Financial Stability to establish the "Commodity Market" and initiate its internal processes regarding issuance of gold certificates...
Article 38/2 of the Capital Movements Circular published by the Turkish Central Bank on 02.05.2018 (“Circular”) has been amended with the letter of Ministry of Treasury and Finance dated 08.02.2022 and numbered...
The Communiqué Regarding Issuance of Secured Capital Market Instruments (II-31/B.1) (“Communiqué”) entered into force through its publication in the Official Gazette dated 26.01.2022 and numbered 31731...
The Communiqué on Corporate Governance has been amended
Announcement on the Value of the Lease Contracts made in Foreign Currency and Indexed to Foreign Currency is published
Amendment to the Regulation on Foreign Direct Investments Law
Corporate Tax Rate Discount for Some Institutions Whose Shares Are Offered to the Public for the First Time
The Communiqué (No: 2008-32/34) on Decree No. 32 has been changed
The Amendments on the Circular on Capital Movements
Second Extension of the Period Designated for Submission of the First Country by Country Report
The Amendments on the Circular on Capital Movements
The Amendments on the Circular on Capital Movements
The Amendments on the Circular on Capital Movements
Amendments to the Communiqué on Decree No. 32 on the Protection of the Value of Turkish Currency (No: 2018-32/45)