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Securities law in Istanbul, Turkey, primarily falls under the national regulations formulated and enforced by the Capital Markets Board of Turkey (CMB). This sector is governed by the Capital Market Law of 2012 which covers the creation, issuing, selling, and trading of securities such as shares, bonds or other financial instruments. It ensures the efficient and secure functioning of these markets, fostering trust among investors. Compliance to these laws and regulations is obligatory for businesses in Istanbul involved in securities.
Any involvement with securities—such as issuing, trading, managing or advising on securities—requires a thorough understanding of the laws and regulations involved. Common situations that may necessitate legal assistance include dispute resolution in securities transactions, compliance issues, legal consultancy, and litigation. If you are planning on structuring a new investment fund, launching an IPO, or dealing with corporate finance operations, having a securities lawyer is essential to ensure your activities are compliant with the current legislation.
The main regulatory framework for securities in Turkey is the Capital Market Law; however, there are also a series of CMB communiqués and related legislation that have an impact. Particularly relevant laws for Securities in Istanbul cover public offerings, insider trading, capital requirements, licensing of brokerage firms and asset managers, market manipulation, and transparency obligations. Violations of the securities law carry legal penalties including hefty fines and imprisonment.
The CMB is responsible for the regulation and control of the capital markets in Turkey. Its primary aim is to ensure the functioning and development of capital markets, securing investor confidence as well as the protection of rights and interests of investors.
Violations of securities laws can result in significant administrative fines, cancellation of business licenses, or even imprisonment.
Insider trading is the buying or selling of a security by someone who has access to material, non-public information about the security. It is considered illegal under Turkish securities law.
An issuer meant to offer securities to the public must apply for an authorization from CMB. After getting the authorization documents, securities can be issued by a resolution of the issuer's competent body.
Various factors are considered, including the company’s capital adequacy, experience of managers, and integrity of the owners. The CMB can refuse a license application if they find discrepancies.
A valuable resource for anyone seeking further information on Securities in Turkey is the CMB's official website. Here, you can find a comprehensive overview of securities law in the country, along with guidance papers, important announcements, and contact details for the board.
Should you need legal assistance in Securities, it is highly recommended to consult with a legal practitioner specializing in Turkish securities law. They will be able to guide you through the complexities of your specific circumstances and ensure that you are protected under the law. Make sure to prepare all necessary documentation before your consultation to expedite the process and seek professional advice as soon as possible to avoid potential pitfalls.