New Limit on Off-Exchange Share Sales from the Capital Markets Board
The Capital Markets Board has limited off-exchange share sales made through hedge funds based on the free-float rate.
With amendments made by the Capital Markets Board in the investment funds guide, new restrictions have been introduced on off-exchange share sales by company owners and major shareholders.
A New Era Begins in Share Sales
The Capital Markets Board implemented a new regulation by amending its investment funds guide with a Board decision dated August 28, 2026.
Limit Based on Free-Float Rate
The amount of a company's publicly traded shares that hedge funds can purchase has been restricted based on the free-float rate. Sales of up to a maximum of 2 percent of the capital will be permitted for companies with a free float of over 50 percent, and up to a maximum of 4 percent for those with 50 percent or less.
CMB Approval Requirement Introduced
Shareholders who wish to sell shares exceeding the specified limits to a fund via special orders or in the Wholesale Transactions Market will prepare a Share Sale Information Form, submit it to the CMB, and await the Board's approval.
Intermediary Institutions Will Be Held Responsible
In case of non-compliance with the rule, responsibility will not be limited solely to the shareholder selling the shares; the institution acting as an intermediary for the transaction will also be held responsible as part of the process.
Certain Companies Exempted
Large companies in the BIST 30 index and companies whose management directly or indirectly belongs to the Ministry of Treasury and Finance, the Turkey Wealth Fund, or public institutions were exempted from this restriction.