On 14 July 2015, the Capital Markets Board approved the Listing Directive, prepared under the Regulation of Principles Regarding the Stock Activities in Borsa İstanbul A.Ş. ("Directive"). The Directive established the legal framework for capital markets instruments to be listed, maintain listing and be delisted, as well as be traded without becoming listed. The Directive entered into effect as part of BISTECH transition on 30 November 2015.
Borsa İstanbul A.Ş. and NASDAQ signed a Strategic Alliance Agreement on 20 January 2014, in which the parties aimed to have all markets within the Borsa İstanbul on through one common trading platform. The first step involves transferring the Stock Market onto a new trading platform. Accordingly, a new Share Trading System is launched with the Directive coming into effective on 30 November 2015.
Significant changes introduced by the Directive include:
- Market forms and names in the Stock Market have been changed. The National Market and Second National Market contained in the Stock Market have been revoked and two new markets established: BIST Star and BIST Main. The Free Trade Platform, which is contained outside of the Stock Market, is renamed the Pre-Market Trading Platform.
- The terms "Listed/Delisted Market" are revoked. Under the Directive, all capital markets instruments traded in Equity and/or Debt Securities Markets will be listed.
- A new regulation exists for companies with shares currently being traded in the National Market and/or the Second National Market. Companies which have traded shares valued at more than 100 Million Turkish Liras, or companies listed in the BIST 100, will be traded in the BIST Star. Companies which have traded shares valued at less than 100 Million Turkish Liras will be traded in the BIST Main, subject to the same listing terms as the BIST Star.
- Shares currently being traded in the Free Trade Platform will continue to be traded in the Pre-Market Trading Platform without being listed.
Provisions of the Directive will be conducted by the General Director of Borsa İstanbul A.Ş.
Please see this link for full text of the Directive (only available in Turkish).
Information first published in the MA | Gazette, a fortnightly legal update newsletter produced by Moroğlu Arseven.
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