NEWSLETTER-2019-metin

200 NEWSLETTER 2019 Draft Communiqué on Equity Based Crowdfunding* Att. Nezihe Boran Introduction With the introduction of the amendments to Capital Markets Law No. 6362 1 (“Capital Markets Law”) on December 2017, crowdfunding has been legally accepted. The respective changes have been set out in the earlier newsletter article titled “ Crowdfunding in Turkey. ” 2 Al- though the amendments bring significant impacts to the market, these are very general provisions. Many topics have not been regulated un- der the Capital Markets Law, and have been left to secondary legisla- tion. Within this content, the type of crowdfunding to be legalized and regulated, the documents required for approval by the Capital Market Board (“Board”), transition clauses for the existing crowdfunding platforms, details regarding the investors, and the limitations regard- ing funding, are some of the topics left for the secondary legislation to address. Hence, the Board has published the Draft Communiqué on Equity Based Crowdfunding (III-35/A.1) (“Draft Communiqué”) for the views and recommendations of all persons and institutions with its announcement dated 3 January 2019. This article will mainly focus on the innovations to be introduced in the near future through the Draft Communiqué with respect to crowdfunding platforms, membership to the platforms , procedures of the campaigns, and the principles to use the funds. * Article of May 2019 1 Capital Market Law No. 6362, OG, No. 28513, 30.12.2012. 2 Boran, Nezihe : “Crowdfunding in Turkey,” Erdem & Erdem Newsletter, January 2018, http://www.erdem-erdem.av.tr/publications/newsletter/crowdfunding-in- turkey/ (Access date: 13.05.2019).