Amounts Subject to Revaluation within the Scope of Capital Markets Legislation Were Increased!

Some of these re-evaluated thresholds are as follows;

• The minimum capital amount required for the transition of companies to the registered capital system was increased from TL 10.000.000 to TL 30.000.000.
• The minimum initial capital of portfolio management companies was increased from TL 7.500.000 to TL 30.000.000.
• For 2023, the minimum amount of equity capital that portfolio management companies are required to hold according to the size of the portfolio under management is (i) TL 30 million for portfolio management companies with a portfolio size of up to TL 1 billion, (ii) TL 40 million for portfolio management companies with a portfolio size of between TL 1 billion and TL 4 billion, and (iii) TL 50 million for portfolio management companies with a portfolio size of between TL 4 billion and TL 36 billion, (iv) updated as TL 100 million for those exceeding TL 36 billion, (v) for those exceeding TL 72 billion, additional equity capital requirement of 0.02% of the amount exceeding TL 72 billion (iv) if the equity capital of the portfolio management companies exceeds TL 200 million, additional equity capital requirement will not be required.
• The minimum initial capital required for the establishment of real estate investment trusts and the minimum amount required for each of the existing paid-in/issued capital and shareholders' equity for conversion to a real estate investment trust was increased from TL 64.500.000 to TL 142.000.000.
• The minimum amount required to be reached by the fund portfolio value within one year at the latest following the commencement of the sale of participation shares of real estate investment funds to qualified investors has been increased from 13.000.000 TL to 40.000.000 TL.
• The minimum total amount of resource commitment to be received from qualified investors in venture capital investment funds was increased from TL 6.500.000 to TL 25.000.000.
• The minimum initial capital required for the establishment of venture capital investment trusts and the minimum amount required for each of the existing paid-in/issued capital and shareholders' equity for the conversion to venture capital investment trusts were increased from TL 29.000.000 to TL 100.000.000.
• In the event that the shares of venture capital investment trusts are sold only to qualified investors, the minimum amount required to be held for each of the initial capital at the time of establishment and the existing paid-in or issued capital and equity capital at the time of conversion has been increased from TL 7.250.000 to TL 30.000.000.

Conditions for Initial Public Offerings Tightened!

• The market value to be taken as a basis for the underwriting obligation of the companies whose shares will be offered to the public for the first time according to the market value to be calculated based on the public offering price of the shares to be offered to the public, excluding additional sales, is determined as TL 150.000.000- TL 250.000.000; previously it was TL 60.000.000- TL 100.000.000.
• The market value to be taken as a basis in determining whether the shares to be made available for sale will be created according to the market value to be calculated based on the public offering price of the shares to be offered to the public, excluding additional sales, of the corporations whose shares will be offered to the public for the first time has been increased from TL 104.025.474 to TL 231.903.989.
• The amounts to be taken as the basis for determining the financial statement sizes required for exclusion from the scope of the Capital Markets Law have been determined as total other revenues excluding net sales revenue and net sales revenue both less than TL 180 million or total assets less than TL 300 million for 2021, and total other revenues excluding net sales revenue and net sales revenue both less than TL 270 million or total assets less than TL 450 million for 2022.

By Onur Kucuk, Managing Partner, and Tansu Eksi, Assocate, KP Law