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Updates to Price Adjustments in Capital Reductions
On 27 January 2026, Borsa İstanbul A.Ş. has amended its Derivatives Market Procedure with which it has ceased price adjustments of underlying shares in cases of capital reductions by cancellation of shares after share buybacks, effective as of 1 April 2026. Recently, Index Directorate of Borsa İstanbul A.Ş. has adopted the same approach for theoretical prices of shares. With announcement dated 3 April 2026, Borsa İstanbul A.Ş. (“Borsa Istanbul”) has amended the Procedure for Determination of Theoretical/Reference Prices of Shares in Corporate Actions regarding adjustments for capital reductions effective as of 6 April 2026. Similar to the amendments made to...
Crypto Asset Service Providers’ Principles of Establishment and Operation
The crypto asset sector, whose fundamental legal framework was established with the amendments made to the Capital Markets Law No. 6362 in 2024, is undergoing a significant transition period with various regulations enacted over the last two years. Through this article, we present our explanations regarding the prominent matters concerning the conditions that CASPs are obliged to fulfil during their establishment and operation stages, as well as their operating principles. The conditions that crypto asset service providers (“CASPs”) must fulfil during the establishment, commencement of operations, and performance of activities stages, as well as matters regarding their legal obligations and...
Kripto Varlık Hizmet Sağlayıcıların Kuruluş ve Faaliyet Esasları
2024 yılında 6362 sayılı Sermaye Piyasası Kanunu’nda yapılan değişiklikler ile temel hukuki çerçevesi belirlenen kripto varlık sektörü, son iki yılda yürürlüğe alınan çeşitli düzenlemeler ile önemli bir geçiş dönemi yaşamaktadır. Bu yazımız ile, kripto varlık hizmet sağlayıcıların kuruluş ve faaliyet aşamalarında karşılamakla yükümlü oldukları şartlar ile faaliyet ilkelerine ilişkin öne çıkan hususlara ilişkin açıklamalarımız bilgilerinize sunulmaktadır. Kripto varlık hizmet sağlayıcıların (“KVHSler”) kuruluş, faaliyete başlama ve faaliyetlerini yürütme aşamalarında taşımaları gereken şartlar, hukuki yükümlülükleri ile başvuru süreçlerine ilişkin hususlar ilk olarak Sermaye Piyasası Kurulu’nun (“Kurul”) i-SPK.35.B (08/08/2024 Tarih ve 42/1259 s.k.) sayılı İlke Kararı (“İlke Kararı”) ile düzenlenmişti. İlke Kararı sonrasındaki...
International Data Transfer Regime in Türkiye
With amendments to the regulations in recent years, data transfer regime in Türkiye is converging to the practices of European Union (namely, General Data Protection Regulation), with certain localization differences arising from Turkish laws and the practices of the Personal Data Protection Authority. We hereby present you this briefing note regarding the Turkish international data transfer regime including transfers to international institutions outlined under (i) Legislative Framework, (ii) Definition: International Transfer of Personal Data, (iii) Transfer Mechanisms, and (iv) Subsequent Transfers. 1. Legislative Framework General framework in Türkiye for international transfers of personal data is set through the Personal Data...
Short Selling in Turkish Capital Markets
Short selling, which is a key transaction for deep and efficient capital markets, has in recent years been subject to certain temporary restrictions for maintaining market stability in Türkiye. This briefing note outlines the general framework of short selling in Türkiye, in which such temporary restrictions are being gradually lifted, its current regulatory status, the assets that may be subject thereto and the applicable requirements. 1. Definition and Purpose Short selling is regulated under the Communiqué on Margin Trading, Short Selling, and Lending and Borrowing of Capital Market Instruments (Serial: V, No: 65) (“Communiqué”) issued by Capital Markets Board of...