NEWSLETTER-2019-metin

203 CAPITAL MARKETS LAW Prohibited Activities of Platforms The Draft Communiqué sets forth those activities that platforms cannot engage in. Accordingly, the platforms cannot intermediate in activities of granting loans or lending money, cannot engage in crowd- funding activities based on real estate, cannot perform crowdfunding activities in order to raise funds from residents in Turkey; for the com- panies that are resident abroad, cannot provide assessments, analysis, or comments regarding the venture firms, or projects to the investors that would qualify as investment recommendations, cannot publish ad- vertisements of the venture firm or the project for which the campaign process is continuing, other than the introduction of such project or the venture firm, and the platform, together with its shareholders, the board members, and investment committee, cannot fund the venture firm or the project for which the campaign process is ongoing. Membership of the Investor to the Platform Investors are obliged to become a member, electronically, to the platform for the purposes of crowdfunding. The platforms should de- termine and confirm the authenticity of the identities of the investors who apply for this membership. Such information is to be transferred to the Central Registry Agency. A membership agreement, the mini- mum content of which is listed under the Draft Communiqué, is to be executed. The awareness of the investor in terms of the risks under- taken is to be determined, and then such application will be accepted, accordingly. Investors who become members as such would make investments 14 days from the acceptance to membership. Other Provisions Other provisions under the Draft Communiqué regulate additional topics to the aforementioned provisions. In the transfer of the shares of a platform that is included on the list, the real person and legal entity becoming a shareholder, or shareholders, which have significant influ- ence of such a legal entity, and that have significant influence in such platform, must meet the required qualifications of the shareholders. The Board must be notified of the share transfer, together with the