Abstract :
Acquisition of own shares by corporations were prohibited in repealed Turkish Commercial Code numbered 6762 apart from a few exceptions and there were not any relevant regulations in repealed Capital Markets Law numbered 2499. After the enactment of new Turkish Commercial Code which is harmonized with the EU regulations, on 30/12/2012 the new Capital Markets Law dated 6/12/2012 and numbered 6362 is entered into force. In CML numbered6362, Capital Markets Board is entitled to set down the procedures and principles of buy-back of shares by publicly held joint stock companies and investment companies. Within the limits of this entitlement, Communiqué On Buy-Backed Shares numbered II.22.1, in which regulations parallel to EU regulations but somehow different from TCC regulations are stated, is published in Official Gazette dated 3/1/2014. In this article, the new regulations regarding the buy-back of shares by corporations are introduced and the regulations of TCC numbered 6102 and the CML numbered 6362 are compared. In this context, beside others, especially, the new regulations on the procedures of buy-back of shares by publicly held joint stock companies, the exceptions of buy-back of shares and the situations not deemed as insider trading or manipulation are reviewed.
NaturalLanguageKeyword :
Buy , back of shares by publicly held joint stock companies , acquisition of own shares , accepting own shares as pledge , exceptions to buy , back prohibition , Communıqué On Buy , Backed Shares
