Newsletter-21

237 CAPITAL MARKETS LAW reasons why Facebook management resorted to this path despite new investments may be that stock prices are not at an adequate level, or that investors may wish to gain the confidence of investors for new investments to be made in 2017. Conclusion In Turkey, especially during the State of Emergency period, share buy-backs are fully liberalized in order to prevent the losses that com- panies may experience in the stock market 8 . However, it is already a mystery for both companies and investors as to how the regulations on the subject of share buy-backs may take form after the said period. In recent times, instead of allocating corporation budgets to drive growth, funds reaching 150 million TL 9 have been invested on acqui- sition of own shares. Although share buy-backs are useful to protect market value, it is open for discussion and up to economists’ analysis as to whether or not it is a suitable method for protecting shares’ real value. Such analysis will also allow us, the lawyers to have a better understanding of the limitations and appropriateness of restrictions by the CMB regulations imposed before and after the State of Emergency period so as to comment on the validity and appropriateness of the regulations. 8 Please see: http://www.businessht.com.tr/piyasalar/haber/1270174-spk-duzen- lemesi-sonrasi-hisse-geri-alimlari-birbirini-izledi (access date: 30.12.2016). 9 Please see: https://www.kap.org.tr/tr/Bildirim/548083 (access date: 30.12.2016).