NEWSLETTER-2017

216 NEWSLETTER 2017 Amendments regarding Transactions relating to Persons having Administrative Liability and Principal Shareholder The Communiqué numbered (II-15.1a) brings certain essential changes to the disclosure obligation. Within this concept, one of the changes regulates the public disclosure of transactions made on the account of the issuer’s principal shareholder. The Communiqué sets forth an obligation to disclose to the issuer’s principal shareholder for transactions made on the account of the issuer’s principal share- holder, as well as the persons having administrative liability and per- sons closely related to such, with respect to shares representing the capital and other capital market instruments based on such shares. It is regulated that the public disclosure obligation shall commence from transactions that exceed TRL 250,000. If the total value of the transactions regarding the capital mar- ket instruments other than the shares offered to public exceeds TRL 250,000 in a calendar year, which are executed by persons having administrative liability, and persons closely related to such, or by the principal shareholder of the issuer, all of the transactions executed by such persons shall be disclosed to public. In this context, apart from this disclosure to be made after the sale, the public disclosure obliga- tion that must be made one business day before the transaction, and which does not include the sale amount, is removed. Amendments regarding Disclosures made by Issuers offering Capital Market Instruments other than Shares to the Public The Communiqué amended certain minor points in Article 19 which regulates the disclosures to be made by the issuers offering cap- ital market instruments other than shares to the public. For instance, the Communiqué stipulates that the agenda of the general assembly should be included in the disclosures to be made, as well as requiring the issuers offering capital market instruments other than shares to the public to disclose transactions where the capital markets instruments, other than shares, are retrieved from related parties.