NEWSLETTER-2019-metin

204 NEWSLETTER 2019 evidencing documents. Share transfers that have not been ratified by the Board become void. Other than the aforementioned provisions, foreign crowdfunding platforms are subject to the solicitation prohibition in Turkey. Ad- ditionally, an investment limit of TRY 20,000 has been set for real person investors, entrepreneurs cannot run two separate campaigns, simultaneously, control of the utilization of the funds in line with the purpose by the auditing companies, public disclosure requirements of the venture firms, and the responsibilities of the board members, are the other topics regulated under the Draft Communiqué. Conclusion Many topics that remain unaddressed are regulated within the scope of the Draft Communiqué. The scope of the Draft Communiqué only covers equity based crowdfunding. The platforms engaging in funding are required to be included on the list by the Board. As per the Draft Communiqué, there are certain conditions to be met by such platforms to be listed, such as capital adequacy, inclusion of man- datory content to the articles of association, and satisfaction of the required qualifications by the shareholder or board members. If the listed platforms lose one of the qualifications, or act contrary to the legislation, then the Board has the authority to remove such platform from the list. The campaign process of a maximum of 60 days is initi- ated by uploading the campaign that has been approved by the invest- ment committee. The platforms cannot engage in certain activities, such as intermediating loans or lending money, providing investment recommendations, and cannot fund the venture firm or the project for which the campaign process is ongoing. The Draft Communiqué fur- ther regulates the membership procedures, change of shareholding in platforms, investment limitations, monitoring of the utilization of the funds, and obligations of the board members.