NEWSLETTER-2019-metin

199 CAPITAL MARKETS LAW provisions are to apply as general rules in this area of law, to the cases not explicitly regulated within the CML, including the issuance of shares. In this context, the CML and the secondary regulations can be interpreted in different ways on the question as to whether the shares of joint stock companies that are subject to the CML, and with a regis- tered capital system, issue by registration, or at the completion of the sales transaction.