Recent development

On June 27, 2014, the Turkish Capital Markets Board (the “CMB”) published new disclosure guidelines for capital market instruments issuers pursuant to the CMB's Public Disclosure Communiqué No. II-15.1 issued in January this year. Consistent with established CMB practice, the guidelines clarify the communiqué's relatively general disclosure requirements, providing illustrative examples.

In the guidelines

  •  Disclosures by private companies

Previously, private companies' capital markets instruments were not subject to public disclosure requirements. That changed under the Communiqué; the Disclosure Guidelines apply to all companies offering capital market instruments.

  •  Disclosure of future projections

The Communiqué authorizes listed companies to publicly disclose their future projections. The Disclosure Guidelines, accordingly, discuss these requirements and provide several examples of acceptable types of future projections.

  • Confidentiality of insider information

Under the CMB's disclosure rules, all information required to be disclosed is deemed "insider information," tying into the Communiqué's requirement that all issuer insider information be disclosed. In this respect, the Disclosure Guidelines provide that all third parties, including the issuer's advisers, must be under a statutory or contractual obligation of confidentiality until that information is disclosed publicly.