SPK Announces Shareholding Disclosure and Circulating Shares Regulation for Listed Companies

Shareholding Disclosure Requirement The SPK has established a 3% threshold for shareholding disclosure that will apply to issuers listed on Borsa Istanbul from September 11, 2026.
This measure is intended to strengthen investor protection by ensuring that significant shareholders are identified and reported.
Definition of Circulating Shares Circulating shares are defined as the portion of a company’s equity that is publicly available and can be tracked by the Central Registration Organization (MKK).
This definition provides a clearer picture of a company’s true market presence.
Direct and Indirect Shareholding Tables The SPK will publish two tables: one showing real and legal persons holding 3% or more directly, and another showing real and legal persons holding 10% or more indirectly, including free funds.
These tables will be updated in real time by the MKK.
Exclusions from Circulating Shares Shares owned by public legal entities Shares held by company founders Shares held by related entities subject to consolidation Shares acquired in buyback operations Board and Other Officials’ Disclosure Obligations Members of a company’s board of directors, audit board, general manager, and any other individuals holding positions equal to or higher than the general manager in terms of authority and duties are subject to the shareholding disclosure requirement.
These regulations aim to increase transparency for companies listed on Borsa Istanbul and facilitate easier access to information for investors.