Press Release on Measures to Strengthen Financial Stability has been Published
Following the press release of the Ministry of Treasury and Finance, on 09.06.2022 the Capital Markets Board ("CMB") announced its Measures to Strengthen Financial Stability to (i) establish the "Commodity Market" and initiate its internal processes regarding issuance of gold certificates, (ii) reduce its fees on domestic public offerings in order to attract international investors and facilitate Turkish companies to collect funds from abroad through issuance of capital markets instruments.
As a result, the CMB decided to reduce its fees regarding the initial public offerings conducted only through capital increase. Such fees would be subject to;
- a reduction by 50%, in the event that amount allocated and sold to the foreign investors corresponds to at least 20% of the nominal value of the shares subject to the capital increase,
- a reduction by 90%, in the event that the amount allocated and sold to the foreign investors corresponds to at least 40% of the nominal value of the shares subject to the capital increase.
- The CMB also decided to urgently finalize its review to such applications.
Similar to these developments, the CMB announced a reduction by 50% to its fees charged for the issuance of capital market instruments to be offered abroad other than stocks. For the offering of shares of non-public companies abroad, the CMB will not charge any fee.
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