Capital Markets Board Imposes Ratio Limit on Over-the-Counter Share Sales

In accordance with a new principle decision adopted by the Capital Markets Board, a ratio limitation has been introduced on over-the-counter share sales of certain partnerships based on their free-float share ratio.

Ratio Limits Imposed on Share Sales

According to the Capital Markets Board's Board Decision Body principle decision announcement, new limits will apply for a 12-month period for persons within the scope of the Share Communiqué.

In partnerships where the free-float share ratio is above 50 percent, no more than 2 percent of the capital or voting rights can be sold over-the-counter.

Partnerships at and Below Fifty Percent

For partnerships with a free-float share ratio of 50 percent and below, the over-the-counter sale of more than 4 percent of the shares representing the capital has been restricted.

Transactions exceeding these ratios have been restricted to cover special orders, BİAŞ Wholesale Markets, or transfer methods via wire transfer.

Board Approval and Obligation to Issue Information Form

If it is desired to transfer shares in amounts exceeding the specified ratios, it has become mandatory to prepare a share sale information form prior to the transfer and submit it for Board approval.

Shares of a non-traded nature within this scope cannot be converted into a traded nature on the exchange under any circumstances without the approval of the form.

Transaction Liability and Exemptions

Responsibility for transactions that cannot be carried out without an approved information form will belong to the transferring shareholder and the intermediary investment institutions.

BIST 30 Index companies and partnerships whose management control resides in public institutions have been exempted from this regulation.