Regulatory Alerts2020-10-01
Added · Updated
Communiqué on Shares
The Capital Markets Board issued Communiqué VII-128.1 to establish the procedures and principles for the issuance of shares and quasi-shares under Capital Markets Law no. 6362. The regulation mandates Board approval for public offerings, capital increases, and other share transactions by corporations, requiring the preparation of approved prospectuses or issue documents. It further defines specific eligibility criteria for initial public offerings, including capital payment and financial ratio requirements, while imposing lock-up restrictions on major shareholders and underwriters to stabilize post-offering market prices.
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