Disclosure of material informations in capital market from the law perpective

Material events disclosures serves the purpose of immediate and continuous enlightenment of the public in the capital markets. General framework of material event disclosures in our law system determined by article 15 of the Capital Markets Law No. 6362. In accordance with the aforementioned article, Communiqué on Material Events Disclosure No. 15.1 and Communiqué on Material Events Disclosure Regarding Non-Publicly Traded Corporations No. 15.2 has been prepared by the Capital Markets Board of Türkiye. The subject of our study is material events disclosure determined by the aforementioned regulations. In the first part of our study, firstly, the principle of public disclosure is briefly explained and then within the principle of public disclosure of material events disclosure is attempted to locate. Within this scope, historical process of material events disclosure development in the United States, European Union and Turkish law were placed. In the second part of our study, the information that is the subject of material events disclosure and their specifications were examined. In this context, first, the distinction between internal and continuous information made by the Capital Markets Board of Türkiye were examined and then the characteristics of this information were tried to be determined, finally material events with internal and continuous information were classified and exemplified. In the third and the last part of our study, the principles regarding the disclosure of material events to the public in terms of Turkish capital market law are included. In this section, first of all, the application area of the material disclosure obligation, the principles to be taken into account in the fulfillment of the obligation and the principles to be obeyed were tried to be determined; then, disclosure principles of inside information and ongoing information are also examined. Keywords: Material Events Disclosure, Inside Information, Ongoing Information, Capital Market Instruments Price, Investment Decisions, Public Disclosure.