ERDEM-NEWSLETTER-2018-metin

233 CAPITAL MARKETS LAW crowdfunding platforms, who will be authorized to fund, or any re- strictions placed upon the funding, etc . Therefore, the secondary legis- lation, which is to be published imminently, would be comprehensive so as to cover all of these outstanding issues. Conclusion It is intended that the Omnibus Law, which includes flexible provisions, to incorporate crowdfunding into the scope of the capital market legislation. The recent amendments under the Capital Markets Law grants great support to the crowdfunding platforms by exclud- ing those from the definitions of publicly held companies and issuers, and keeps crowdfunding beyond the scope of the responsibilities to prepare a prospectus and export documents. With the enactment of the Omnibus Law, the existing crowdfunding platforms are obliged to obtain official authorizations from the Capital Market Board. How- ever, gaps remain under the legislation, which should immediately be addressed under the secondary legislation.