Companies can take advantage of the opportunities by offering shares, bonds and other financial instruments to public or issuing those instruments directly to qualified investors without offering to the public. In this section, detailed information is given about the capital market instruments issued with or without public offering to be traded in our stock markets.
Shares of the companies are traded in the Equity Market of Borsa İstanbul. Various markets and platforms have been established within the Borsa İstanbul in order to ensure that the shares offered by the companies are traded in Equity Markets and in addition, shares without public offerings can also be traded in Borsa İstanbul.
By offering their shares to the public, companies acquire new corporate and individual investors as new shareholders, make investments with the resources supplied from public offering, support employment, and play more active role in the development of their financial situation. Individual investors, on the other hand, take the opportunity of the growth of the companies and obtain return by purchasing shares of the companies.
Debt securities and lease certificates offered to public or issued for sale to qualified investors can be listed by and traded in our Exchange.
An application for listing of debt securities and lease certificates may be filed for a one-off issue covering a pre-determined amount in full, or may be filed in such manner to cover all of the issues to be made in ranks within a ceiling of issue to be approved by the Board within a certain period of time.
In the case of issues made in ranks within a ceiling of issue approved by the Board, in each of such issues, an application is filed for trading of the relevant capital market instruments in our Exchange. The portion of capital market instruments the sale of which is completed will start trading in the Debt Securities Market following an announcement in Public Disclosure Platform.
However according to type of lease certificate, Board of Directors may decide them to be traded on Equity Market. Lease certificates to be issued through public offering may be traded at Collective and Structured Products Market, and the ones sold to qualified investors may be traded at Equity Market for Qualified Investors.
In the event that capital market instruments whose sales has been renounced or that have not been sold partly or entirely in the course of sales by the issuer through public offering are offered for sales within the relevant ceiling of issue approved by the Board, it will immediately be reported to the Exchange.
For trading of covered warrants and certificates in our Exchange, the warrant issuer or investment firms files an application to the Exchange under the same principles with those relating to the application to CMB. The application is required to be filed within 3 months following the date of decision of the Board of Director of the issuer. If and when an application filed for trading in the Exchange of warrants and Certificates included within a certain cap of issue is found acceptable by our Exchange, at least 2 business days prior to sales of each tranche to be issued within the limit, an application is filed to the Exchange, together with documents listed on our Exchange web site. Trading in the Structured Products and Fund Market the Exchange’s announcement.
Covered warrants and certificates can be listed in the Exchange only if and when:
a) Application is filed for the whole issuance limit;
b) There is a market maker having the qualifications specified in relevant regulations of the Board pertaining to Warrants and Certificates.
Exchange Traded Fund participation certificates are, without any assessment or any decision of our Exchange, listed on the market upon an application of the fund founder following approval of the prospectus by CMB, and are traded in the Structured Products and Fund Market.
Without prejudice to the provisions of relevant regulations of CMB, in listing of capital market instruments, also including depository certificates, issued or to be issued by foreign institutions in Turkey or foreign country, and of capital market instruments issued abroad by domestic institutions, the listing requirements specified in the relevant articles of Listing Directive are required.
In the case of listing of share of foreign corporations by dual listing without public offering, the values current in the relevant Exchange as of the date of decision are taken into consideration for the ratio of shares offered to public to the paid or issued capital and for the market value of shares offered to public as mentioned before in Listing Directive.
As a fast track listing, capital market instruments traded in main markets of foreign exchanges which is determined by our Exchange may unconditionally be listed and traded providing that the prospectus or issue document is approved by CMB.
The Board of our Exchange may impose additional requirements or may decide not to apply some certain requirements according to the rights and circulation restrictions of capital market instruments, also including depository certificates, or according to the legal regulations of the countries where they are issued.
For debt securities issued by foreign corporations in the form of international organizations of Ministry of Treasury and Finance and Central Bank members or partners, or by foreign states or by local administrations, the Board of our Exchange may decide not to ask for all or some of the requirements specified in Listing Directive.
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