Turkey: Amended Disclosure Requirements
The Capital Markets Board of Turkey (CMB) issued a new communiqué (no. II-15.1.c), published in Turkey’s Official Gazette on 17 November 2018, that amends the rules applying to disclosures of threshold crossings.
Clearstream Banking1 advises customers settling transactions in Borsa Istanbul (BIST)-listed equities that,
any acquisition or disposal that causes a holding to reach, exceed or fall below 5%, 10%, 15%, 20%, 25%, 33%, 50%, 67% or 95% of the total voting rights or share capital of a (Turkish or foreign) BIST-listed company no longer requires investors to disclose the threshold crossing on the MKK’s Public Disclosure Platform (PDP) whenever the investor or investors act as direct investors in the company.
Based on the transaction and holdings data recorded in all individual or joint MKK accounts linked to the same tax ID(s) or Turkish national ID number(s), the MKK will disclose the relevant threshold crossings via the Public Disclosure Platform on the investors’ behalf, without requiring further action by the investors.
However, whenever investors are acting together with other investors, keeping their holdings on separate MKK accounts linked to different tax IDs or Turkish national ID numbers, and their acquisitions or disposals cause their joint holdings to reach, exceed or fall below 5%, 10%, 15%, 20%, 25%, 33%, 50%, 67% or 95% of the total voting rights or share capital of a (Turkish or foreign) BIST-listed company, such investors are still required to disclose the relevant threshold crossing through the MKK’s Public Disclosure Platform.
Likewise, investors whose total voting rights or share capital reach, exceed or fall below 5%, 10%, 15%, 20%, 25%, 33%, 50%, 67% or 95% for reasons other than a direct investment must equally continue disclosing the relevant threshold crossing through the MKK’s Public Disclosure Platform.
Updated disclosure form
An amended version of the disclosure form was attached to the CMB’s communiqué no. II-15.1.c. The updated disclosure form is available under Disclosure Requirements – Turkey.
For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.
1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG (for Clearstream Banking AG customers using Creation Accounts), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.