top of page
Search

Three Days Later CMB Narrows New Share Sale Restrictions: BIST 30 and State-Controlled Companies Carved Out of New Share Sale Restrictions

  • 5 hours ago
  • 2 min read


The off-exchange share sale restrictions introduced only last week have already been significantly scaled back. Under the Capital Markets Board of Türkiye’s (the “CMB”) principle decision No. 53/1590 dated August 31, 2026, companies included in the BIST 30 Index and companies whose management control is held, directly or indirectly, by the Ministry of Treasury and Finance, the Türkiye Wealth Fund or other public institutions are now entirely outside the regime established by principle decision No. 52/1589 dated August 28, 2026.

What had changed?

The August 28 decision capped off-exchange sales (including special orders, Wholesale Market transactions and off-exchange transfers) by shareholders falling under Article 27/1 of the Communiqué on Shares at 2% of share capital or voting rights over any 12-month period for companies with a free float above 50%, and at 4% for companies with a free float at or below 50%. Sales exceeding these thresholds required a CMB-approved share sale information form before the transaction.

What changes now?

For BIST 30 and state-controlled companies, the regime simply does not apply: the 2%/4% thresholds are lifted, no share sale information form is required for exceeding them, and the conversion of non-traded shares into traded status is no longer conditional on such approval. For all other listed companies, the August 28 regime remains fully in force.

Conclusion

Following the CMB’s swift response, the new exception narrows the scope of the share sale restrictions under the Principal Decision of August 28, 2026.

However, as the BIST 30 constituents are revised periodically, shareholders of a company dropping out of the index will again become subject to the restrictions. When planning a sale, both index membership and the free float ratio should be assessed as of the transaction date.

bottom of page