Recent Developments
On February 5, 2024, the Capital Markets Board of Türkiye ("CMB") announced the launch of its new electronic system for submissions, known as "e-Başvuru Sistemi". This innovative platform facilitates the submission to the CMB electronically, streamlining the process and enhancing accessibility. For detailed guidance on utilizing this system, please refer to the CMB's official guide here.
What Does the Decision Say?
The CMB's new decision No. 18/470 (the "Decision") published in the CMB Bulletin No. 2024/17 and dated March 28, 2024 mandates the use of its electronic system for various submissions starting from April 15, 2024.
Pursuant to the Decision, submissions that will be made by the institutions, organizations and issuers that fall within the scope of central registration system (Mersis); and fall into the jurisdiction of the CMB's Corporate Finance Department must be made through the CMB's electronic system.
However, exceptions have been granted for the filing of physical applications in situations limited to:
- cases of fire, natural disasters, state of war, terrorist incidents, other developments that may significantly affect the continuation of the activities, unavoidable technical failures occurring in the general network connection, failure of the information processing systems of the parties to be notified for reasons not attributable to them, and other similar events; and
- cases where the applicant does not currently have an electronic signature (limited to the interim period until the electronic signature is procured).
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.