{"id":157035,"date":"2026-07-31T12:00:18","date_gmt":"2026-07-31T09:00:18","guid":{"rendered":"https:\/\/paksoy.av.tr\/?p=157035"},"modified":"2026-07-31T12:15:40","modified_gmt":"2026-07-31T09:15:40","slug":"capital-markets-law-bulletin-issue-2026-1","status":"publish","type":"post","link":"https:\/\/paksoy.av.tr\/en\/2026\/07\/capital-markets-law-bulletin-issue-2026-1\/","title":{"rendered":"Capital markets law bulletin \/ Issue 2026-1"},"content":{"rendered":"\r\n\r\n\r\n

This bulletin examines six decisions and regulatory measures adopted by the Capital Markets Board of T\u00fcrkiye (“CMB<\/strong>” or the “Board<\/strong>“) during the first half of 2026. Spanning geopolitical crisis measures, the electronic ledger system, investor classification, the crypto asset transition timeline, the free float ratio calculation, and the limits on banks’ overseas activities, these decisions reflect a common point: the regulator is using the measures available under the capital markets framework to support market stability.<\/p>\r\n

The bulletin first covers the emergency market measures the Board adopted following the US and Israeli military operations against Iran. In this respect, the ban on short selling in the Borsa \u0130stanbul equity market \u2013 initially imposed for four months \u2013 and the reduction of the equity maintenance ratio in margin transactions to as low as 20% were extended eight times successively, remaining in force until 29 June 2026. Around the same time, a more technical but no less practical development took place: the Board’s confirmation that notarisation is no longer required for general assembly and share register books maintained through the Electronic Commercial Ledger System (“ECLS<\/strong>“). This may initially seem like a minor step, but for issuers that regularly file applications with the Board, it eliminates a repetitive obligation or burden.<\/p>\r\n

On the investor side, a new resolution has been adobted on qualified investor and professional client status. In this respect it has been confirmed that investors who have met the prescribed financial thresholds to obtain these classifications will retain their status even if their assets subsequently fall below those thresholds, and it is clarified that supporting documents may be submitted electronically. A similar shift toward flexibility can also be seen in the crypto asset space: for crypto assets, the Board decided not to set a fixed deadline for crypto asset service providers to complete their transition. Instead, the deadline will depend on when authorised custody institutions are actually ready to provide custody services.<\/p>\r\n

These measures extended beyond investors and platforms to other elements of the capital markets architecture as well. The exclusion of indirect shareholding from the free float ratio calculation has a direct impact on several regulatory instruments; in this respect, the share sale information form requirement set forth under the Communiqu\u00e9 on Share No. VII-128.1 and the group classification defined under the Corporate Governance Communiqu\u00e9 No. II-17.1 should be stated. The final section of the bulletin addresses the prohibition on deposit and participation banks from intermediating the transmission of orders in overseas equities and equity-based derivatives, together with the new rules on transactions in foreign exchange-traded funds. These measures draw an even sharper line between the permitted activities of banks and those of investment firms.<\/p>\r\n

We aimed to cover the topics in this bulletin with both analytical depth and practical relevance. We hope this bulletin will be a useful resource for our readers in an increasingly active regulatory environment.<\/p>\r\n\r\n\r\n\r\n

by \u00d6mer \u00c7ollak, <\/strong>\u00d6kke\u015f \u015eahan<\/strong><\/p>\r\n\r\n\r\n\r\n\r\n\r\n

Overview<\/strong><\/h2>\r\n\r\n\r\n\r\n

The first half of 2026 was marked by the interplay of regulatory intervention and institutional capital markets activity in T\u00fcrkiye. The deepening geopolitical tensions that followed the US and Israeli attacks against Iran on 28 February 2026 prompted the CMB to adopt a series of measures aimed at preserving market stability. Short selling in the Borsa \u0130stanbul equity markets was temporarily banned, and a flexibility was introduced for the equity ratio in margin capital markets transactions. While only a limited number of initial public offerings were approved during the first quarter, Board approvals for IPO applications picked up again in the second quarter.<\/p>\r\n\r\n\r\n\r\n

Debt instrument issuances remained active in the first half of 2026. The CMB approved 173 debt instrument issuances in total, including 128 domestic issuances and 45 overseas issuances. The total issuance volume was approximately USD 31 billion. This shows that, even though IPO activity was relatively slower, issuers continued to use the capital markets as a source of debt financing.<\/p>\r\n\r\n\r\n\r\n

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Interest-free financing instruments also saw continued activity, with the Board approving a total of 63 lease certificate issuances in the first six months, including T\u00fcrkiye Petrolleri’s landmark USD 4 billion sukuk programme and inaugural USD 1 billion issuance<\/a>, on which Paksoy advised.<\/p>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n<\/div>\r\n\r\n\r\n\r\n

Sustainable financing instruments maintained their place on the Turkish capital markets agenda. A total of 14 issuance applications structured under the CMB’s Guide on Green Debt Instruments, Sustainable Debt Instruments, Sustainability-Linked Debt Instruments, Green Lease Certificates, and Sustainable Lease Certificates were approved within the first six months.<\/p>\r\n\r\n\r\n\r\n

Following this overview, the key Resolutions and regulatory measures adopted by the Board during the first half of 2026 are discussed below.<\/p>\r\n\r\n\r\n\r\n

Short selling banned for four months in the Borsa \u0130stanbul equity market and flexibility introduced for margin transactions in response to geopolitical developments<\/h2>\r\n\r\n\r\n\r\n

Under CMB Decision No. 11\/417 dated 1 March 2026, the CMB banned short selling in the Borsa \u0130stanbul equity market and allowed more flexibility in margin transactions from 2 March 2026 until the close of trading on 6 March 2026. The decision was taken against the backdrop of increased geopolitical risks and uncertainty in global markets following the US military attacks against Iran. The measures aimed to support the reliable, transparent and stable operation of the capital markets, protect investors, and reduce risks such as sharp price movements, manipulative trading and a potential loss of market depth.<\/p>\r\n\r\n\r\n\r\n

Under the same decision, the CMB allowed investment firms to apply the minimum equity maintenance ratio for margin transactions flexibly, reducing it from 35% to no lower than 20%, subject to each firm’s own risk policies and, where possible, client requests. The measure was intended to support market liquidity, reduce forced sales by investors, and help prevent sudden price declines from accelerating.<\/p>\r\n\r\n\r\n\r\n

The decision was extended eight times successively before expiring on 29 June 2026.<\/p>\r\n\r\n\r\n\r\n

Notarisation no longer required for general assembly and share ledgers maintained through the ECLS.<\/h2>\r\n\r\n\r\n\r\n

By Resolution No. 3\/52 of 15 January 2026, the Board resolved that notarisation is no longer required for general assembly meeting and deliberation books, share registers, or general assembly resolutions created or maintained through the ECLS by legal entities, within the framework of the Communiqu\u00e9 on Keeping Non-Accounting Commercial Ledgers of Enterprises Electronically<\/em> (“ECLS Communiqu\u00e9<\/strong>“), published in the Official Gazette dated 14 February 2025 and numbered 32813 and effective as of 1 July 2025. In practice, notarised copies of resolutions had been required in applications filed with the Board \u2013 particularly for capital increases, amendments to articles of association, mergers and demergers, share issuances, and similar transactions.<\/p>\r\n\r\n\r\n\r\n

Because the ECLS generates records electronically and provides technical safeguards such as timestamps and systemic record integrity, it largely fulfils the functions traditionally served by notarisation. However, once the ECLS Communiqu\u00e9 entered into force, uncertainty arose as to whether separate notarisation was still needed or required for ECLS-governed decisions and registers of companies subject to CMB regulations. The Resolution make it clear by expressly confirming that no separate notarisation is required for ledgers maintained through the ECLS and thereby eliminating a redundant compliance step.<\/p>\r\n\r\n\r\n\r\n

Board resolution published on the continuity of qualified investor and professional client status acquired through financial thresholds<\/h2>\r\n\r\n\r\n\r\n

By Resolution No. i-SPK.37.8 (Board Decision No. 14\/492) of 10 March 2026, the Board established that investors who have obtained professional client or qualified investor status by meeting the financial thresholds set out in the applicable legislation will retain that status even if their total financial assets subsequently fall below the relevant thresholds.<\/p>\r\n\r\n\r\n\r\n

Under the Communiqu\u00e9 on Principles of Establishment and Activities of Investment Firms<\/em> (Communiqu\u00e9 III-39.1) (“Investment Firms Communiqu\u00e9<\/strong>“), investment firms must classify their clients as either professional or retail. The clients, on the other hand, must notify the investment firm of any change in circumstances that could affect their classification.<\/p>\r\n\r\n\r\n\r\n

The financial amounts referred to in the Resolution correspond to the thresholds in Article 31(1)(d), the transaction volume criterion in Article 32(1)(a), and the financial assets criterion in Article 32(1)(b) of the Investment Firms Communiqu\u00e9.<\/p>\r\n\r\n\r\n\r\n

By Board Decision No. 65 of 18 December 2025, the Board had already updated the financial criteria for obtaining elective professional client or qualified investor status. The aggregate financial assets threshold was raised from TRY 1 million to TRY 10 million, and the transaction volume threshold from TRY 500k to TRY 5 million. At the same time, it was resolved that investors who had already attained such status under the previously applicable criteria would retain it.<\/p>\r\n\r\n\r\n\r\n

The Resolution continues to follow the same approach. Accordingly, it provides that clients who have obtained professional client or qualified investor status on the strength of the prescribed financial amounts will keep that status even if their financial position later falls below the relevant thresholds. The Board has adopted continuity of status as the governing principle.<\/p>\r\n\r\n\r\n\r\n

Under the Investment Firms Communiqu\u00e9, a professional client retains the right to request reclassification as a retail client. Separately, under the Communiqu\u00e9 on Sales of Capital Market Instruments<\/em> No. II-5.2 (“Sales Communiqu\u00e9<\/strong>“), the obligation to notify the member investment firm of the Central Registry Agency Inc. (“CRA<\/strong>“) remains in place if qualified investor status is lost.<\/p>\r\n\r\n\r\n\r\n

The Resolution also clarified that the existing obligation on investment firms to request and retain supporting documentation for professional clients applies equally when determining qualified investor status. Investment firms may not rely solely on the investor’s self-declaration; they must also obtain documents evidencing qualified investor status and retain them in accordance with the applicable record-keeping requirements.<\/p>\r\n\r\n\r\n\r\n

The Resolution further confirmed that electronic means may be used to obtain supporting documents and to submit qualified investor declarations and elective professional client acceptance requests to investment firms. Rather than creating an entirely new digital regime, the Resolution simply clarified that the documentation and declaration processes specific to professional client and qualified investor status may be conducted through the electronic channels already available for remote client onboarding and electronic contracting in the capital markets.<\/p>\r\n\r\n\r\n\r\n

Crypto asset service provider transition timeline converted to a flexible model tied to the establishment of the custody infrastructure<\/h2>\r\n\r\n\r\n\r\n

The regulatory framework for crypto asset service providers (“CASPs<\/strong>“) in T\u00fcrkiye rests on the Law on the Amendment of the Capital Markets Law<\/em> No. 7518, published in the Official Gazette dated 2 July 2024 and numbered 32590. Article 35\/B, inserted into Capital Markets Law No. 6362 (“CML<\/strong>“) by this Law, requires CASPs to obtain Board authorization before they may be established or commence operations. Provisional Article 11 set out a transitional regime for existing CASPs: within one month of the Law’s entry into force, they were required to declare that they would apply for an operating licence, or within three months, that they would resolve to liquidate without prejudicing client rights and interests. CASPs that were operational as of 2 July 2024 and wished to continue their activities had to submit their declarations to the Board in writing by 2 August 2024. The applications were published on the Board’s website as the “List of Operating Platforms” and the “List of Platforms Declaring Liquidation”.<\/p>\r\n\r\n\r\n\r\n

The secondary legislation envisaged by the Law followed approximately eight months later. The Communiqu\u00e9 on Principles of Establishment and Operation of Crypto Asset Service Providers<\/em> No. III-35\/B.1 (“CASP Establishment Communiqu\u00e9<\/strong>“) and the Communiqu\u00e9 on Operating Procedures and Capital Adequacy of Crypto Asset Service Providers<\/em> No. III-35\/B.2 (“CASP Capital Adequacy Communiqu\u00e9<\/strong>“), published in the Official Gazette dated 13 March 2025 and numbered 32840, established the core regulatory framework for CASP activities. The Communiqu\u00e9s set out a phased compliance timeline for platforms and custodian institutions on the List of Operating Platforms, with the following deadlines: (i) 30 June 2025 for operating licence applications; (ii) 31 December 2025 for platforms to sign a contract with at least one custodian institution and transfer client assets to that custodian; and (iii) 30 June 2026 for obtaining an authorization certificate \u2013 with liquidation provisions applying in the event of non-compliance. In practice, however, the delay in authorizing custodian institutions \u2013 a critical element of the framework – made it impossible for platforms to execute custody agreements or obtain authorization certificates. The Board responded by reassessing its approach in Resolution No. 18\/617 of 26 March 2026. Under that decision, the deadlines for platforms to execute and submit custody agreements and for CASPs to obtain authorization certificates were deferred, to be set separately once Board-authorised custodian institutions begin providing services to platforms on a widespread basis. The transition thus moved from a fixed-date calendar to a flexible model contingent on the actual build-out of the custody infrastructure.<\/p>\r\n\r\n\r\n\r\n

Indirect shareholding excluded from the free float ratio calculation<\/h2>\r\n\r\n\r\n\r\n

By Resolution No. i-SPK.67.1 (Board Decision No. 34\/1044) of 4 June 2026, the Board added a new sub-paragraph to its existing resolutions on the calculation of the free float ratio. The new provision applies to companies whose shares are traded on the Borsa \u0130stanbul Equity Market. Under the revised approach, where persons whose shares are already excluded from the free float calculation also hold issuer shares indirectly \u2013 through participation units in hedge funds or private funds \u2013 those indirect holdings will likewise be excluded from the free float. In other words, the portion of issuer shares attributable to a person’s proportionate holding in the relevant fund will no longer count as free float.<\/p>\r\n\r\n\r\n\r\n

The same decision provides that, as of 15 June 2026, the CRA will calculate the number and ratio of shares in free float on a daily basis. This methodology directly affects several regulatory instruments that rely on the free float ratio as a threshold. The principal instruments concerned are as follows:<\/p>\r\n

    \r\n
  • Under Article 27 of the Communiqu\u00e9 on Shares, the obligation to prepare a “Share Sale Information Form” for sales exceeding 50% of the free float will now be assessed against a more precise ratio from which indirect holdings through funds.<\/li>\r\n
  • Under Article 5 of the Corporate Governance Communiqu\u00e9, the market value of shares in free float – used to classify companies by systemic importance \u2013 will now reflect the company’s accurate public float under the revised methodology.<\/li>\r\n
  • Under the Communiqu\u00e9 on Material Transactions<\/em> No. II-23.3 (“Communiqu\u00e9 on Material Transactions<\/strong>“), the revised calculation will serve as the basis for determining the materiality thresholds applicable to corporate transactions.<\/li>\r\n<\/ul>\r\n
      \r\n\r\n\r\n\r\n<\/ul>\r\n\r\n\r\n\r\n

      Deposit and participation banks prohibited from intermediating order transmission in overseas equities and derivatives<\/h2>\r\n\r\n\r\n\r\n

      By Resolution No. i-SPK.37.9 (Board Decision No. 37\/1118) of 17 June 2026, the Board added a new provision to the “Guide on Investment Services and Activities and Investment Firms”. It provides that deposit and participation banks may not intermediate the transmission of orders in overseas equities or equity- and equity index-based derivative instruments. Under Article 12 of the Communiqu\u00e9 on Principles of Investment Services and Activities and Ancillary Services<\/em> No. III-37.1 (“Investment Services Communiqu\u00e9<\/strong>“), banks may intermediate order transmission subject to Board authorization. However, although banks qualify as investment firms, they do not enjoy the same scope of permitted activities as investment firms. Consistent with these existing limits, the new Resolution extends the prohibition \u2013 which already covered leveraged transactions overseas \u2013 to equities and equity-based derivatives. At the same time, the Resolution offers banks an alternative: they may refer clients wishing to trade overseas to investment firms authorized by Board, either by facilitating the opening of accounts with those firms or by transmitting orders to them. This referral activity falls within the order transmission intermediation mechanisms set out in Article 11(2) of the Investment Services Communiqu\u00e9. It covers promoting the authorised firm’s services to investors, intermediating the execution of contracts, and bringing the parties together for a commission. Note that no separate framework agreement with the client is required for such referral.<\/p>\r\n\r\n\r\n\r\n

      The same Board Decision also addressed purchase and sale transactions in exchange-traded funds (“ETFs<\/strong>“) listed on foreign exchanges. Investment firms may execute ETF transactions under the order transmission intermediation or transaction intermediation provisions of the Investment Services Communiqu\u00e9. Two methods were envisaged for transaction intermediation: direct membership of a foreign exchange or other organised marketplace, or acting through an overseas entity licensed by the competent authority of the relevant jurisdiction. In either case, the Board must be notified before transactions commence. Where an overseas entity is used, additional requirements apply: a written agreement must be concluded with that entity, a framework agreement must be executed with the client, and the requisite risk disclosures must be made. The decision also confirmed two important limitations: transaction intermediation in overseas markets may not be conducted for leveraged transactions, and the existing restrictions on spot or derivative transactions involving crypto assets remain in force.<\/p>\r\n","protected":false},"excerpt":{"rendered":"

      This bulletin examines six significant decisions and regulatory measures adopted by the Capital Markets Board of T\u00fcrkiye during the first half of 2026.<\/p>\n","protected":false},"author":3,"featured_media":157156,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[281],"tags":[],"class_list":["post-157035","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-publications"],"acf":[],"yoast_head":"\nCapital markets law bulletin \/ Issue 2026-1 | Paksoy Attorneys at Law<\/title>\n<meta name=\"description\" content=\"This bulletin examines six significant decisions and regulatory measures adopted by the Capital Markets Board of T\u00fcrkiye during the first half of 2026.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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