[Last updated: 1 January 2024, unless otherwise noted]

All information and documents attached to Borsa Istanbul regulations must be prepared in Turkish. Other required documents must be submitted with certified Turkish translations.

Key differences in requirements for domestic companies

Listing requirements for domestic companies are generally the same as those for foreign companies. Foreign companies are, however, subject to certain requirements that Turkish companies are not, such as:

• The application for listing or offering of foreign securities must not have been rejected by a stock exchange or any competent capital markets authority in order to protect investors or on any other similar grounds.
• The foreign securities must have been issued in Turkish Lira or in a convertible currency recognized by the Central Bank of Türkiye.
• The home jurisdiction must not have imposed any restriction on the sale of the foreign securities in Türkiye, the performance of transactions and payments in relation to the financial rights the securities grant in Türkiye, and the exercise of managerial rights arising therefrom.
• In case of the issuance of foreign securities other than shares, the foreign issuer is required to obtain a long term grade confirming that such securities are adequate for investment according to the rating scale from a rating agency, within a year prior to the application to the CMB.
• The foreign issuer and/or the shareholders are required to enter into an agreement with a representative in Türkiye, who performs certain transactions on behalf of the shareholders or the issuer, as the case may be, and ensures that the financial and managerial rights of the investors are exercised in compliance with the laws and regulations to which the shares are subject.

Foreign issuers are exempt from certain CMB requirements such as publishing of the draft prospectus on the website of the issuer and the broker.