New Restriction on Over-the-Counter Share Sales from the Capital Markets Board
With a new principle decision taken by the Capital Markets Board, restrictions have been introduced on over-the-counter share sales based on the actual free float rate.
The Capital Markets Board has taken a new principle decision regarding the over-the-counter sale of shares or voting rights of certain partnerships above certain rates, depending on the actual free float rate.
Proportional Limits Imposed on Over-the-Counter Sales
According to the announcement by the Capital Markets Board, over-the-counter share sales that can be carried out by persons within the scope of the first paragraph of Article 27 of the Share Communiqué have been restricted.
In partnerships where the actual free float rate is above 50 percent, more than 2 percent of the shares or voting rights cannot be sold over-the-counter, and in those with 50 percent and below, more than 4 percent cannot be sold over-the-counter.
Calculation Methods and Exceptions
In calculating the limits, sales made through special orders, BİAŞ Wholesale Markets, or transfers via wire will also be taken into account, and a share sale information form will be prepared and submitted for board approval for transfers exceeding the specified limits.
Sales carried out over-the-counter before August 29, 2026, will not be included in the calculation process.
Exempt Institutions and Companies
Companies included in the BIST 30 index and partnerships whose management control is held by the Treasury, the Turkey Wealth Fund, and other public institutions have been exempted from this new regulation.