ERDEM-NEWSLETTER-2018-metin

212 NEWSLETTER 2018 Public Disclosure on Material Events The legislator has separately regulated the obligation of public disclosure for corporations, the shares of which are publicly traded under the Communiqué on Material Events, and for corporations, the shares of which are not publicly traded, under the Communiqué on Material Events Disclosure Regarding Non-Publicly Traded Corpora- tions (II-15.2). Public disclosure of material events is announcement immediately on the information that may impact the price of the capital market instruments, the occurrence of which is not in a determinable manner. The timing of material events are undeterminable. Although the reports to be periodically disclosed are clearly stated, and the dis- closures with respect to material events would require interpretation 4 . This Newsletter focuses on the obligation of public disclosure of cor- porations, the shares of which are publicly traded. • Material Events The information to be publicly disclosed is separated into two – those being, inside information and continuous information. As per the Communiqué on Material Events, inside information refers to non- public information, and events and developments that may affect the value or price of securities or the investment decisions of investors. Continuous information is further defined as all information, events and developments that fall under the definition of inside information. On the one side, continuous information covers the information re- garding changes to the capital structure and management control, and on the other side, inside information includes other material informa- tion that is comprised of general and broad content. Inside information, and any changes in such information, that has previously been disclosed to the public, should be disclosed by issu- ers to the public whenever they come to light. The issuer may, at its sole discretion, postpone the public disclosure of insider information in order to avoid damages as to its legitimate interests, providing that it does not mislead its investors, and it ensures that such information is kept in strict confidence. As soon as the cause that justifies the post- 4 Manavgat , p. 210.