ERDEM-NEWSLETTER-2018-metin

205 CAPITAL MARKETS LAW taking in writing that the shares shall be disposed within the time period that is stipulated by the Board; • The change in the management control of the main partners- hip of a publicly traded company not aiming to acquire the management control of the publicly traded company; • Sale of the public shares in publicly traded companies that are under privatization; • Change of management control that originates from a merger where the partnership that intends the merger is a party with the title of transferee, with the condition that the shares of the shareholders who have voted negatively in the general assembly meeting in which the transaction is approved, are repurchased prior to the merger, under the principles and procedures indicated in the prospectus issued because of the public offering; • In the event of non-repayment of bank loans, acquiring ow- nership of the shares that were given as collateral through Article 47/4 of the CML, transfer of such shares to a special purpose entity in which the bank is founder, and acquisition of such shares from the bank, or the special purpose entity by third parties, following the transfer of the ownership of the shares to the bank or the special purpose entity; and • Transfer of the shares for the fulfillment of a legislative pro- vision that determines the qualification of shareholding. Communiqué on Amendment to the Communiqué No. II-26.1 Governing the Share Purchase Offer published in the Official Gazette dated 05.06.2018 and numbered 30442 introduced two more exemp- tions regarding repayment of bank credits and fulfillment of a legisla- tive provision. The exemption provision refers to the CML provision that pro- vides convenience on collection of receivables from the collateral in the event of default, or other circumstances foreseen under legislation or agreement. The related CML provision provides convenience for the pre-conditional obligations; in other words, the obligations prior to