The activity of intermediation for public offering and agreement of intermediation for public offering in capital markets law

Capital market instruments are required to be offered to public through an authorized investment firm. The activity of intermediation for public offering refers to the intermediation of the issue or public offering of capital market instruments by investment firms. The activity of intermediation for public offering of capital market instruments can be carried out on a firm commitment basis or without a firm commitment basis. Accordingly, the activity of intermediation for public offering is divided into sub-types as "best effort", "full commitment underwriting" and "standby underwriting". Activity of intermediation for public offering requires the conclusion of a written agreement of intermediation for public offer between the parties. The type of contract, the acts of the parties and the legal nature of the contract differ according to the way the public offering is performed. The agreement of intermediation for public offering fundamentally includes the characteristics of the contract of attorney, some of its features are similar to the sales contract. In this study, the concept of activity of intermediation for public offering and agreement of intermediation for public offering will be explained within the scope of Capital Markets Law No:6362 and the secondary legislation of Capital Markets Board of Turkey and the opinions in academic studies.