NEWSLETTER-2019-metin

202 NEWSLETTER 2019 Removal from the List If the platform that is on the list has lost one of the specified conditions, then the Board should be notified of such situation within two business days. The Board then removes the platform that does not qualify under the respective conditions within the notified period of time. As well, the Board has the right to ex officio remove the platform without granting any period if it is detected that such platform acts contrary to the obligations arising from the Draft Communiqué. It is required that such unlisted platform must inform the Board once the trade name and the scope and activities under the articles of associa- tion have been amended. The platforms that are unlisted ex officio by the Board, or those based on an application, cannot reapply to be listed in order to engage in crowdfunding activities within one year follow- ing the resolution regarding the removal from the list. Likewise, the shareholders of such delisted platform cannot be assigned under any title or become a shareholder in another crowdfunding platform for a term of one year. Campaign Process The entrepreneur who would like to be in the campaign under such platform must submit an application. The investment committee of the crowdfunding platform then evaluates the entrepreneur, and/ or the business idea, and denies or approves. The approved submis- sions would be uploaded to the system, and the campaign process of a maximum of 60 days would begin. During the campaign process, the platform would provide daily updates to the entrepreneur. The result of the campaign should further be announced to the public, and the blocked funds should be transferred to the entrepreneur, or returned to the investors based on the results. If the campaign is successful, then the funds should be transferred to the entrepreneur, and the entrepre- neur is to make a capital increase within 30 days. When the capital increase has been performed, the investors then become shareholders prorated to their investments.