NEWSLETTER-2017

217 CAPITAL MARKETS LAW Amendments to the Disclosure Requirements made by Fund Users, Qualified Investors or Issuers whose Issuance Certificates are approved for Private Placement but whose Shares are not traded on the Exchange and Partnerships whose Shares are traded in the Qualified Investor Market The new provisions impose public disclosure obligations to fund users within the scope of the disclosure of information at general as- sembly meetings, and issuance of capital market instruments, in ad- dition to issuers. The following points are added to the information that is required to be disclosed: i) the developments and circumstances that occurred in the financial circumstance, and/or the activities of the issuer or the fund users, and that may adversely affect the fulfilment of obligations by the issuers, which relates to the holders of capital market instruments; and ii) the retrieval of capital market instruments, other than issued shares, from related parties. Within the scope of the obligation to publish general information with respect to the issuers, the issuers whose issuance certificate is approved for private place- ment and fund users are exempt from such obligation. Moreover, the Communiqué regulates that the partnerships whose shares are traded at the qualified investors transaction market of the exchange shall be subject to various provisions of Article 5 of the Material Events Communiqué relating to Partnerships Whose Shares are Not Traded in the Exchange (II-15.2), in addition to the public disclosure requirements of this Communiqué. Amendments to the Notice, Scope, and Form of Disclosure The principal amendments to the Communiqué on Disclosure of Material Events relates to the form and notice procedure of disclo- sures. Within this context, the Communiqué regulates that the Board may request the disclosure of material events are to be made in lan- guages other than Turkish. The Communiqué renders possible that the disclosures be made within three business days until 9:00 following the conclusion of the transaction, by using the form annexed to the Communiqué.