Upload
ugur-baskan
View
261
Download
3
Embed Size (px)
DESCRIPTION
Sermaye Piyasaı Faaliyetleri Temel Düzey Lisansı Eğitimi
Citation preview
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
1
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
2
! "#
$%% '( ## $ # %# % ')*+ $ ( $# $ ###&(%$##'#%,'#' #& # '( (- ',,$&
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
3
$#'( !"#""$%&
$# &'# "("&'##)'""*,#&
$ +'+' ,+#")" -"." ") " , # )% . $ /01 " 2") 0 ) +3+ 4#)" )" $ ''"' $+# 5&3'"'"'))' * )*! %) + + #+3' 2)) +6 7 " , / $ 0+)" +'+'*+'+ " "(" ,"%" ! 8"++ !"#"+%%#%)+1)" ")'"" $1
'-##&$# &'# "("&'##)'""*"(,
231-%1455666&1&($#'&$#,$''-,##'#(-#&
'#&
!"#""$%& +" 3'$. " -"3' 3'"+3' ,"%0+6)3+ +& +9&" +&:;
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
4
????????????????? >
> @@A@ B ???????????????????????????????????????????????????????????????????????????????????????????????????? >
C@@ $@ @ 252 ?????????????????????????????????????????????????????????????????????????????????? >
?> 2+#"++''"6 +" + /1 2")& # D +"D)+"?????????????????????????????????????????????????????????????????????????????????????????????????? >7
8&@&@ # ...................................................................................................13 8&@&8 .
#A'),71) ....14 8&@&: #))...............................................14 8&@&2 #B) ...................................................................................15 8&@&< 011 .........................................................................................................19 8&@&C %
..............................................................................................................19 8&@&;
B........................................................................19 8&@&9 )%)$7 ..............................................21 8&@&D 7.
#.................................................................22 8&@&@3 .......................................................................................................................23 8&@&@@ .)) .......................................25 8&@&@8 ..................................................................................................................25 8&@&@: .
#......................................26 8&@&@2 ) .................................................................................................26
? 2+#"+6)"#" ???????????????????????????????????????????????????????????? E
?7 2+6%"???????????????????????????????????????????????????????????????????????????? E 8&:&@& E$BA( BA! ..............................................................27 8&:&8& )" )!.................................................................................30 8&:&:& A#7 A7!....................................................................................32 8&:&2& AF.....................................................................................................34
?= 30"+0" + +''"6 +" + # D +"D)+" ? ?????????????????????????????????????????????????????????????????????????????????????????????????????????????? 7F
8&2&@ ,,)/
.............................................................37 8&2&8 %$
)
..............................................................................................42 8&2&: .
#-'%$+ .!)
.....................44 8&2&2 '%$+ !)
.......................................................47 8&2&< ............................................................................................................................49 8&2&C ,,.............................................................................................51
?G? " )!+++!3+" " .$" +)'" #":$
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
5
?E? -+1 0" ????????????????????????????????????????????????????????? GF 8&;&@& #$$.........................................................57 8&;&8& 1"G............................................................................58 8&;&:& 7',)0# ....................................58 8&;&2& #. ....................................................................58 8&;&
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
6
:& ''"'*+'+4"'D''8"#+" ????????????? =G
G? ''"'+'+,#)" ??????????????????????????????????? =G
G?7 +6$+#6-"?????????????????????????????????????????? =E
G?= +'+'+6)6-" ???????????????????????????????????????????? =H
G?G +'+'+65&3'"'"')?????????????????????????????????? G
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
7
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
8
H?> '0")"+ " ?????????????????????????????????????????????????????? E7
H? )"+)""'+" A+",+#" ????????????????????????????????? E7
H?7 '0""++)"+ + +A+"++"D)+$%&+""??????? E7 9&:&@ M.......................................................................................................273 9&:&8 ,/0.#...............................274 9&:&: ,/$-0#'.#7- ................................................................................................274 9&:&2 *, ...............................................................287
@@@@@A8 ??????????H
> 85B88???????>
>?> ".+0" ?????????????????????????????????????????????????????????????????????????????????? >
>? ".+,#)" ???????????????????????????????????????????????????????????????????? >
>?7 ".+I1. D" ?????????????????????????????????????????????????????????????????
>?= 8")???????????????????????????????????????????????????????????????????????????????????????????????????
>?G ")@&6+61 ''"'D" +"????????????????????????????????????????????
>?F ".+4(+" ##%%???????????????????????????????????????????????????????????????? @3&C&@ /...............................................................................................................293 @3&C&8 7-........................................................................................................293 @3&C&: ...................................................................................................293 @3&C&2 ...........................................................................................................294 @3&C&< /.........................................................................................................294 @3&C&C 1 ......................................................................................................294
>?E ".+""???????????????????????????????????????????????????????????????????????????????????? G
>?H "2%)%"?????????????????????????????????????????????????????????????????????????????????????? G
>> 8 5 B 8@@!@888@5 ????????????????????????????????????????????????????????????????????????????????????????????????????F
>>?>? +"")" ???????????????????????????????????????????????????????????????????????????????????????? F @@&@&@& $#$) ...........................................................................296 @@&@&8& *
0$)...............................................................................296 @@&@&:& #) ......................................................................................................296 @@&@&2&
) .........................................................................296 @@&@&
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
9
>>?? %D#"""D)"????????????????????????????????????????????????????????????????????????????? E @@&8&@& * .........................................................................................297 @@&8&8& *? ..................................................................................297 @@&8&:& (F ...............................................................................................................297 @@&8&2& **" .................................................................................................298
>>?7? $.8"""D)" ????????????????????????????????????????????????????????????????????????? H @@&:&@& .K'0 ................................................................................298 @@&:&8& )$K ....................................................................................................299
>>?=? C" D+" +%D#"""D)" ???????????????????????????????????????????????????????? @@&2&@& G*A)....................................................................299 @@&2&8& #
$ ..................................300 @@&2&:& $$) ...................................300 @@&2&2& *
/ .........................................................................300
> 8 5 B $@A@B????????????????????????????????????????????????????????????????????????????????????????????????7>
>?> $I"+5&" ??????????????????????????????????????????????????????????????????????????????????? 7> @8&@&@ ?...........................................................................................................................301 @8&@&8 ......................................................................................................................302 @8&@&: M ...............................................................................................................302 @8&@&2 >#/,GM ...........................................................302 @8&@&< >#G ......................................................................303
>? $I"+3# ?????????????????????????????????????????????????????????????????????????????????? 77
>?7 ,+#''"' -"(# ??????????????????????????????????????????????????????? 77
>?= "#&???????????????????????????????????????????????????????????????????????????????????? 7=
>?G " ++"D ??????????????????????????????????????????????????????????????????????? 7=
>?F $I"+5&" + +1"6 )%" + ???????????????? 7=
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
10
> @@A@B
1 82DD $ ! (# @D9@ # *# $ ,(%$*'##& $ I " % # $('#&,,$1#####'$ #% # # - $ ' 1 #' $ , $&*$ $!$ ' $# # , - '##&D. 60 )"+++'++,+#")-". ")" + + ##+"+/##ILJJMMM?I)?(3?# /##ILJJMMM?)-?(3?#/##ILJJMMM?3-?3(?#+#+#6"+6+'"D " #3"'+'? #$#1 '#
'#&4F===H4@'$ ' # ' (- (1 '4 = 4.
== 4%$
=== 4
=F 4*% %
F 4 F= 47 F== 47" F=== 4G =N 4*' N 4## N= 4*%'# N== 4,''##88+##"(-- # (#%" ' #&) ' ' ## - # ('-#$&
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
11
"#
$##(,#,'$ %# "# # ' # ,& ' # # $ $ ' , # '- # +'-@! ,#)%.$8! )%,$.,A:! 2! $
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
12
C@@ $@ @ 25 2
'####4=======F$F===' # ' 1& '- 1 , # %%$ (###'#$$&1,%%$#%,$ % 1 , # $ (# %
# 1 , % $ (,##(-$$##&''")6 +" + 1 , %, $ % # - '# '( $ '( '$#& '$# ' - 1 # ###& #1 #, # $ (, # ' ',# % , $ (, (- '$ 1###'&/ $ ', # $ M * "# %,
1 , ###& ' %,%#'($&9 # # .
# (- % , # ( (- %
# %# "
%%,#%
'(#'1 ( # 6' "# $ # ' $ #&K" (
'&/0 1 , %, "# ,1 % #$ % # "# #& )%,O -
1 #% # ''
%
# '(-$"(-#$#& + ' %, # & =%, 1 ,%%( '# % # $ % , #-# % ' :3 ( ,# '# ##& A#, ' # -# % %, - $ '##&2") & 1 , , % # %,#'O%'$#$#O %
' $ # 1# (-O + (- % , #1$%
"##&
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
13
1 #+ ' 1# ##O'#### $ ', ' # '#(-('& 1 '- # %
%
& 1 , % # 1 ,%,$%#%,%#-'$#,%%#(#$(# # $ (-$ '' '( %' ' # 1 ' ' ## $ % % - 1,##$#&1 $# % # 1 , #,-(-###& J( ($-! .#1,# )%$/+# 1%
# .
,! 1, 1,
# ( # ,# # '' '# # 1 ,# , %, $ % #%
$%$
#,'(##% #& # %
# $ %$ $ #, ' ( ## %
# $ %$
( #" 1 1 # (- ' $&
?> 2 +#"++ ''" 6 + " + /1 2")& # D +"D)+"4=H48CP.
#$ )
'Q# # $"#$##%
#$
#&?>?> ''"6 +" + '$ % $ $ % %
$ -(- '( ,1 ,# # # ,,$# & ) # ,#$(,#',#%,
$ (, (- '$ %
# # #'O ( (- %
#&
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
14
#1%
%,##89+##(-'M%*J'##,%'&%#'(,:3(,#
- ( %' $ # '( ##'$##& 3@&@@&@DDC % $ 88932 K /+# :3&3D&@DDC%$DC59? 2+#"++36# D3+'4"-"0+I "1)D""
.
# (- ## #(-%
#',O$O
1#' %
'I#1#&-%
# ' $ ( %# 1 " # " # %1 M%*J'#(%1&' (
1 #1 # %
# -(- 1 $ $ #$'#& "# '##, #1 # %
, (#
'& 1 %
## %# #-%
##(,&K# %%
#(-#(-$%
%#% ,# ' % # %# 4= H48C'+#''('$#&?>?7 . &$+##+6#" ""D)"2%)%".,1%#%'##,,$#%
$#-"'%#'##(-#'#$'#1
& ##O
! #(-%,,%% #$1 % # %' # #(- % (, :
" ' '# 1 #- " ' -'#1
'! !'#%1I#(-% , # ' # " '1 %1 #- ' C ,# % ###
"','#1
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
15
C # ' #-# % # ## # C # D #- " ' %#
'#1
& 1#'#'#$-'#' % " ' #- 1 I# (-'#1 '#1%'###-(-,#'&
?>?= ''"6 3'+"'D""
#' # %,$%#%
#,'$#&!##'!. , $ $ ,%
%! . , $ $ , %
%#!0
%
%!.,''-#"!%'8?=?> 61'"64#)" )''" # $ # & 1 "# %% # & # ' 1 "# %% $ ( , # %# #&8;C!#$+##- # - (#& ' % #$ $ % # %
#'('(#'#,#&?>?=? 1'#2+#"++2")& 0
1# #% %
#% - % ## %
# %1 # %
% #' ,%
! A-#'! .
# 1 + '$ % '
O @
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
16
#! %
# ( #&
A%
#,'$%# "# 1& A - '$ , ( '(
$#$-(-
"(&0
)# "# $ %
% , ## '$ 1 ' % # -#'&%
#'# %#%#%
I##'###%
#'$-%
#&?>?=?7 2") 0 ) 4"+ 4#)" )" + # " 3"'"2")&. , 1 # 1 % $ %
% #'&'$-##1&! 7- - # $ , $
( % ( , ( # $ ### ,## # % -# ,&
'! . #%# ( $ 1 %#&
1 '$# % # %
O @
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
17
# - $
''O--### , ## # % $ ## # , '%#%#(&(#1%#1(# %# - "#1 % # $ , " # " (,,#'1'(#&71%$ ##O'%
- # - -#
- # ( #
,,'(-1% # ,,$# # %'
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
18
#O! # ## # $%((%1#
%, # %
# '! # , %'# %, # %
# '($(#& %
# #' , # #,,$#%
#',##( # %
# '%1#-2+(##& " $ ## ' # # # "#'# %
# $ 1 1 '## # # # " # '# %
#$1'& % '/%#'C(,#(-#&?>?=?E ,"%+0
1# #% % , ', "1R@
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
19
# # #
# -## # 1 '('##&(-$'$$#8
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
20
- .
% # %1 # %
%#
- . , %
%#
- .
'# (- 1 %
#%
%#
% # %
' -(#& -# % # %
' ' $
,,$##'"#%%#&?>?E?> +#1 " . ( % # 1 , %#(- ,# %,, 1! # $ ' #% - %% ,
"##&?>?E? 1 " )%)"+ -# "# %,, % # 1 , $ '
' %% ##& $ # ' ' '%%#(,'&1#1,O .$'#
#$#-# 7!
# '# - $ # -#
% 7!
.$''#
#$#-# 7!$'# '# - $ # -# '
% 7!
1%%#(,'&?>?E?7 1 ''"'D" +%)"+1)")#"
- %
"# #,,$#%1&*$ %
% % , % # # ' #
%
% % ##
(-%14
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
21
Halka Arz Oran (h) (%) Katsay Halka Arz Tutar (t) (TL) Katsay h < % 25 1 t < 36.500.000 1 % 25 h < % 35 0,75 36.500.000 t < 73.000.000 0,75 % 35 h < % 50 0,50 73.000.000 t < 145.600.000 0,50 % 50 h 0,25 145.600.000 t < 364.000.000 0,25 364.000.000 t < 728.000.000 0,10 728.000.000 t 0
'#O%4%#%
$4%#%
%,#4%#%
# ,-(-"##&0O.R8
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
22
# # '# $/#&1,%%#(-
#%#1&)% $ $ $ %,"# & '(# '( (, # '',## %, #& # '# # '( %, ' '(# '( (, #',##%#& 1 , % $ # '
$ ( $ #
( (,#&)%#$#%,##,# $ %
"# ' -# % ## %' $ '#& +# #
%# # $ /# # # ' ##(##&?>? +"2)" + +'""+6 " A#1%
#%# ' @
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
23
''### -1%#'&
?>?? 2+#"++2")& +6# D,+#".
%, "# % # # % #
'& 1 , % %# (-
$',#1&.%
#'#
#-#& ,# 1 # "# $ '#
-# 1 %1 $ # ' "# %% # & %% # 1 1 %1 $ "#1'#
#-##1&.
"%1(- ##- .
% # %1 # %
%- . , %
%
- .
'# (- 1 %
#%
%)#4F===H488P,.#7-)
'Q##-#'%,$ %
# ,
& - ' , ''-##&?>?> )# D
O1 1 # 1 ' %
##"%#"'#%- ' $ # 1 # ' 1 %
#$#"##&*$ %
% % , % # 1 1 -
##1'%
##"%# %# ( , 1 ' ' (,'&%
"#'('%# # ' "# # -#, -#, # '& 0#, O %1 %
-#,"##&%
%#11' ( ,#%
# ''$$-%
%#%
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
24
%#& %
% # # '"# -#, %# # -#, - ,,$# %
(, "#$ #-#, " %1
#&0#,(,-#,#-#,-#
,,$#%
# (- '# % ' ( ,# 1#&0#, - -#, %
"# %
-#, $ #% "# 1' % ,#& -# %
, ( '& '( %
# (- '# %& - -#, # %
( %
# (- '# %
,# #
#' (' ' ,#--,,$#%
(%
'#
-##%%#1'&-#,-#%%#1 ,#(,' # " # ( $"
#& 1 %
- % # %
#R@
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
25
?>?>> 2")&3+ !##) + ." 1 D""
*$ %
% % , % # 1 1 -
##%
#(-'#%%#(,1%#$%#'"#" #''&. " ( %
# # (-'#%',((,'& # % " # $&,#"%"##%#$%#'"##''&- # ( $ "
#'&0#,(,%#"-#,"#(,#& 1 # (4= H&8C '+# ' '( (, "# '#& O " %#-(- ## '#4=H48C'+#''($(,'( $ '#& ' - - '(#&",,$##%
#1,-$#(-$ " ,,$# # %
%##'%"#''#
& (,' "#'&. # " (,"#$#''%,$%
%#,'& . # " 4= H&8C'+# '
,,$# # (, #&?>?> # D!# "##"%#-(-"$'"%1#
-'#& "' " ' %# 1 ,% $ -
# # (&
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
26
,,$# " 1 1 1 # ('#$#%-##(#&011%#"%
##-'##&?>?>7 2+#"++# +"+D""6".
#
- *$%
%$
##- ), # # # '( $#
'@
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
27
%- 1 '( '#
'- =% $ $ # ( '
%%- ,%#'(#'C(,#(-#&
? 2+#"+6)"#" 2@:+##%(-$%%
#'(%
#4
VJ>$V*VJ%V# H.#$&!V#)'#
-#'#',#'(#%
'4
V#%,%V-'-$(##V#%$1##V0'(V1'(V $ % % $
V1(1$&
H',%
##%
%%1 #, # (-#& 8:&3C&@D9D %K/+#4=H4
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
28
&GO
- $'(%1-#%$&- %
# ' '( $# 1 $# '# 1 $
1'(%1(-#& '( E %$
# ' ( &G ##
%'#-#&4===H48;'(-)%,$" (# " %, ,O ,# #$ '1#
## $ ' 1 # # ' 1 #
U $B A (U # # %, #'& *
(#BA%,#&)%, 8;53@5@DD: % $ 8@2;9 K /I# D:5:D9:
# ' #%# # 8&2&@ -#,#&!BA %,#'&BA %,O %,($-"#(&BA%###4!##BA%,#&'!)%,'1,#BAI'#"#%,#'('%##
'O''BAI%,(#
%1#-,#'#&.,%,%(-#'#&!BAI%,,(#! )%, # BAI $ $ ' '( ($,,&!BAI%$#%,#'&"!BAI#$1$#%,(#
%1#-((#'&BAI#$#' $###&F# "-
(-%"#-#$ #&F##BA'#
#"-#& " %# ' " %#&1 ,# " $# '(, % % '
'(#&)%,#AI(#
%1#- 'E$ AI ,1 # 1 # %1A- $ $"#1(-'&E$1#%1$(#
%1#-'#&)%,##%1#-#$#
$$#%1#-AIE1-#$ % %' (#
%1 #- ('#%1$(-1&
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
29
)%,%#'
(-'##$ (
' '# ' 1$' #$#BAI ,$ $,1'"R;
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
30
$/I#&BAI % # $ % # '& . #
%,#BAI%%#%,#%,#&AI %, # '( , , ## #$ , "# 1'& A (,$'##$1$,'(&.#AI'%#'C(,#1$ ! )% # /I ## ( '% '!,(-'( !#$"#'
-A'-#1##(-'((-##&.##AI'%$
##%'#&?7?? # "+#9+#":
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
31
?7??>? *"+''"6 +" + A%,#)+#,O
!$#'$),#,
- '!),(, !G$,)$'+#'#'(''$##& 1 '$ % $ $ )+ ( '(#'(,1,##$#&.)#$%#(-'% C ( - 1& )I '%',:#&,#)V'%%$-V'#',C ( ,# %# 1 # 1 & G )
#,$1##,),&)%$O%,#'#$,# , '# %# # '# $ %
"# ' -# % %##'#-$,###$$1%#1###%'$'## # %# # $/+# # # ' ##(##& " % # 1 $ %# 8 ( - & ) $ % ,# %$ # '( ## %%( ' '( $&((-####1 '$'#1#& " # # 1 $ #%$#'-+###" - -# $ %# $ 1' $ ''('(,#''& ## % ( 1 # ## $ (# #& #
# ( % ,, ' $(-,$#$#'& " % $ % %1 1 -#1#&
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
32
'#'O! . %# % # / $
##('%'!)$1(1'#-(-'(
$ # $ %# 1 # ) '1(-##&?7?7? 46+3)'+":4
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
33
1 #-&- #A7 1 ' # "#&A7 %1 # ' ( # $
-# ' # E 1 & A7 %1 ,
-#(-#E1##&A7%1 E1##&A7%1E1##,'#,E$- %# $ , , , $"$'('$E#1#$&A-#%'A7%1'#1%####%
#'& "'#%#',-##$# + 23@+ ## % - "'# A7 %1 # -# ,%#&A1 #A7%1#'
11%$#&), # A7 %1 %# 1#'#A7%%1&A7%1%%1#(''(%$#&A7 %1 -# % ' # ( %''$#-(-,'&A7 %1 -' &A7 %1%##( 1 %# ' (, ' ,# ' - #,%"#&A7 %1 ## $ # # , -$#,%#$,'&A7%1%%1&A7+##,,$#*###&?7?7?>4*++''"6 +" +
A A7 % $ % , + %
# ##'(#'(#(#+'$##&!$#'$A7%,#,-'!A7%,(,!G$,A7
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
34
,!+((-#'($'(&?7?=? 4#)" )+#" PA F # $ ) )
'Q 8@ A 833D % $ 8;@@; K /# (&-#(-$O
%'
@V )*+#(-%%('1$8V )*+#(-'%,%
-#''"$##%$$1)*+#(-%,(1%#%,#1#&?7?=?>/1"D)+"
A$1)*+#(-"#%
$',, (' 1 , % # 1)*+# (- ' ' %
$% %, # %
- 1 , "
%1'#
#'#$%,#'&A $ '# $ %, # ##'(1"%1#
1$#&A$(
1#'#
%,#%#O (1"%'"#-$#(&A $ ( 1 # '#
%,# %# ( 1 ,# $1#&A $ %, # %
%, ###%,'#& #"%# %,##%
# $ %, #'& %, $ $#
#(,#&)(1%
##'%
%,##&?7?=?4#)" )+#" +"D)+"
A $ ( 1 % # $ " %1 #
# ' '#(-$'"#'
#&)%,#$$##'#"&)( 1 # ( $# '(, %
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
35
'#&A$'#@&$(%,''&A$%,#1&)%,*#?7?=?74#)" )+#" + +''"6 +" + )%, %, # $ ( 1 '+#&A $ % , %, -# ' $ %'$'#(#&A$%,--#$#'& ( 1 % # 1 # '$ $ %, '$ % $ %, $ $ $ -(-# $ + ( (-# '(,1 ,## #
,,$# $$#&) # , # $ (, # ',# % , $ (, (-'$$###' %,#$$ ( %,$""($
&. ( % $ 1 # $ ,# #$""
,,$#'"#
& (# %
# $ #%#(,##'&
?7?=?='""+ 2)) +"D)+"'""+ /)) $$##$%'-#'
" $
$ %
%"##&'""+ /)) $ $# ' 1 # ( #&'""+ %:3((,&'""+ 9# $%'$%
%
##'%
,-#("&'""+ 3+ $%'$%
%
## % ' $ # "
%'$1(-&
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
36
?7?=?G? " # "D)+"
A $ '((- (1# 1&)%,#$',''$#'&A$"+#'("#+"$#,,$#& $ %%( ' (,# $ - 1# - $
$(#%$$-,$,'P$'#"Q
$'"$#&
?= 30"+0" + +''"6 +" + # D +"D)+" 8@ A 833D % $ 8;@@; K /+# 4== H488 P, , # $ )
.# 'Q# ', , # $ %# (
', , #&- ## P, ,Q %, ', " #1# %,#$%#%$
.
#-'%$
.!' %$
! / $ $''+#' ' ',#'#1,#&8@A833D%#4==H488 P,,# $ )
.# 'Q # ##4! @25;5@DD8 % $ 8@892 KL /I# 4==
H4@:P%$
#)
'Q'! @25;5@DD8 % $ 8@892 KL /+# 4==
H4@
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
37
P%$
JJ)'Q(! 8;5@85@D9 30"+0" +"D)++""
?=?>?> ''")6 +" ++ +)I
)%,%,#',,+##&, % ,# %,-#' $ % ' $ ' # ( #&/1$1'#+:;8$:;9##%((#&I@: ## (- ', , %, - -#$#'&)%, # ', , ( # ',$#$"'(
'',$#$$#'$(#%'@,# 1 (#& )%, '$ '
' #- ,# 1', , %, 1 # # 1'& #-,# ', , " $# 1 $ " %1 1 $''%#'& ' %, '$ '
' #- ,# 1', , %, 1 # 1 ## ' #$ (, ' ,#
1''1 ', , # $(, %# ' # #%I'#&?=?>? 6" +0+''"K-D''
)%,-$$#-$',%(#',,#,'+#''('I'$&
#- ,# % # ', , ##%,%1$#@3(-O ( # ,# '# '# ' '( ' +'$& ( 1 & #'&
#- ,# %
', , ##%,+'$(,$,+'($&)%,', %, , %, (-$'
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
38
'$($( %,'$#'$'&0$''(-$#'%, + 1 # '$ -# % ( # %%( ' % 1 # # ( %## + (-# (- , ( '$#'(#&.#',,'#(-1%#%, %, # ', , ( ' 1# (-1(-''$&.',,,%,:
"' ' ## (, #& )% %1 #-' #'#-#(,## C$D#-"'#'##(,&%
',, , %,$ #$ %1#"'-,'##(,#&?=?>?7 ''")6 +" +
%,#',,#'$$ -(-
,,$# $ ,#& )
# , # $ (, # ',# % ,$(,(-'$',,###'& %,# ', , -# ,# ' '$,' "#( 1#'&?=?>?= 30"+0" + +#%%
, , % # $ % # %
'&, , $ % %( # %, #%$#$&, , %
# % $ #&,,%
(,$(' , # # ( # 1@33+(,&+ %, " ## 1 %
# -#' (& ', , + :+ ### % 1 ( # # %#%$##&
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
39
?=?>?G $1"+6)%, # ', , # ## 1 ##& # ## 1 ## ##%$#$#&)%, # ', # ## 1 #####'($#'#' "# $ %, %# # (-# (,(-# (, ' ## , ###$#(
###%,+-#,#,,$#,#&?=?>?F 30"+0" + +/)/I"-& +6&"+
7,#%,#',,+@35##,,$#*###%%1'##&?=?>?E /0"#
,, %, $ @25@5@DD: % $D:5:D9:+#
$,,$#1&)%,%,#'',,1#'
#%#'&
4C@52C# > > 7 F7- 7A FK 7A FK 7A 7A FK FKA FK FK FK FK
2C@4@4@2C> ##(,"'# /"'##,7 /"'#7= @W8W:G BF 2V
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
40
O %
# $ ' ( - $ " (-#$$(--
1#%#''
',%,@25@5@DD:%$D:5:D9: +#
$ ,,$# '& ##-#'(&''#$ $ '+
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
41
+ ( ' % ,,$# ' # ' %,% $ # # #- # $ "
, '( ( ' # $ 1( % $ ( ' # (&)% $ $ $ "# # (& '(# '( (, # ' ',## %, #& ## ' -(- # %, , #& # # # ,,$#%# '( (, # ' ',# # %
#&)%, $ # # %##'#1#$##&)% $ % ,# '#$ ,##($'#%##'# $ %
%, "# -# % % ##
'#- $ ,# ## %, $ "# # %' $ + '##&+# # %# # + $/+# O ## ' ##(#$%,##&. ', , # # %'(%#'@
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
42
%$
.+ $ + $# '(, % '#
($#'(,%'#&'($1'''$#'(,%'#'#($#'(,%'#&?=?>?>> )+1"ID""
#(-',,'#$'##'$,,$##&)('# (-',,'## $# " " "#' ' $$,#& '# (- ', , , $#
" " # # ( ' # #& # (- ', , $#"""#''$$#,&?=?>?> A&"6''" +0 )"+
)%, %, ', , + - #, %# # ,,$# ( - # ,1&?=?>?>7 6"%1#
)%, '( $# - 1 ', ,%,##+#'1#'#,%'#',, $' 1%#',,'#1#&?=? /"""D)+"?=??> /""+6
%$
$#@#',''&%$
%###$#'(,%%
,'(#&?=?? /""+#9
%$
1 $# '# ' #"# $ $# ,# %#-#'&. # %$
" # ## "
%$#$&
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
43
.#%$
#"1#$%,##&)" 1 '
" # %$
" %$
"#1,(-(,&?=??7 /""+)+#9
)%,$"%'''$"#' %$ %,#'&.#%$
" ## "
$ " ## %$
#'%$#$& " %$
'#
" %1 " '#%'(,
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
44
?( " ' , ( +##-1$'%#1 - %
# # $# ##1"%$
-#"(%1#&0#"'#-,#%#1"#'&?=??F /"")6+I"
)%, -# $ $ - $# % ' %$
# 1 $'& . # %$
# 1$
%$#$&%$
$1%1#+1,''# (- , '# " ' $ 1 #,,$# % $ %, ( ' #
"'&)%, %$
$ 1 '# #
# '
,'4 !$'%$#1$ '!1"##%%#"-#O"($#%"1%1-# !"-(-%$#1$&.,,#%$
-#1' $
(-'&%$
-# 1
" ' %, ( 1 $ %1 #- 1 #
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
45
'(,%#'@1'&?=?7? /01 + ++#".
.+ % ## %,1 '#$#1#(-#&?=?7?7 $,+%D#%9# 3+
-".%1%$
%
#-%#'%
("&- %
# #- # .+ ##$1(-& '# $ # 1# (- %,#.+%
##(#-"'#%
'#(-%
"1
(&)%,#.+ #- $$%$"'##(,&)%, # .+ $# ,# -# $ '# %
" ## #- '# # " $ #- #
.%%$#'&?=?7?= #9I"+ +-." 6,+%D#%
.+ "1 ' %
#-'& .+ % ####-
$ "1 %$#&.+ %
%# #- ## # .$#'%#'#&A"1'#-##
#','4!A#-.#$(1# # 1 %
#- .
%1 #& )" # .+ %1 #- ,# '% .+ %
#- $ 1 "'(
&- ,##-''$#'"%1 #.'#
#-# # ## $ ' '#
.+ #-
# "#( "%1%1&-
#%
#.+## %
+ %
# #(%#&'! A .+ %
#- %
' ,#- 1 1 '(, %# @
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
46
'. %1 - . # $ (1
# # 1%
#-'#&-11,#1'.%1%#$#&- .+ 1 1 1 $ '# $ 1 1O #- " 1($#(##&?=?7?G 4#)" . +#"-+-." 6,+%D#%6,+%D#%0.
.+ $ ' ' ' %
#-'& .+ % # ## #-
% $ # '& .+ #- ###- .+ # ' %
%# $&.+%
#-%
' ,#-11'(,%#@
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
47
- %
1 ' 1 .+ #$%
##11R83+### 1'O '## #- # 1 $ #- . # $ (# %
%( # '( %$ # $& - $ # (##&?=?7?E 2+#"++#/+6,+1")/))
.#-#%
:D2##1%##%%-#-.%1%&?=?7?H D"D9&"(6"
.+ #- ( # " . %1 # -#&-(#&?=?7? $,+%D#%/)) + +)")
A"#(#-%
. %1 #- % # $ '##.%11$"&?=?= $.D#"-"/"*":$ $*"+66.D#++-D"+( 1
+ $# @ # & + %
# $#'(,%#'@1'&?=?=? $.D#9# 3+
"%1%$
%
#%#'%
("&%
###+##$1(-& '# $ # 1# (- %,#+%
##(# "'#%
'#(-%
"1
(&)%,#+ #- $$%$"'##(,&
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
48
)%, #+ $# ,# -# $ '# %
" ## # '##"$##
%%$#'& + $# ,# 1 ' #%1#%,"#-#,#&?=?=?7 #9I"+ +-." 6.D#
+ % # ## #
$ "1 % $
#&+%
%#####$#'%#'#&)%, + %
# %
' ,#11'(,%#@
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
49
1 1 ,# 1 ' " %1 #'#
#-####$''#
+#%# %, "# ( " %1 %1 & $#(#%,#&+111$'#$1#&?=?=?G '9 /-++ #"-+ -." 3") 6.D# 6.D#/)) + +)'""+ " +$'"%'''%
#'& + % # ## #
% $ # & + # ### + # ' %
%# $& %
%1 + % %#'%#'-#%
,%, '## '& '# $ 1#&)%, -'#1' ,( -& $ # (# %,
#&?=?=?F D"D9&"(6"
+ # ( # " %1 # -#&(#%,&?=?=?E $.D#/)) + +)")
)%, "# ( #%
%1#%#$'##%11$"&?=?G 3+3"?=?G?> !+++-3+3'
' %,''%(-',"#1%,#(-&'$#C3(#:C3(#"& ' %, "# ' $# ( # ' " # & . #
" ' # ( $# (
'# %1 1 # ,# %,"##&
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
50
?=?G? "# +(%%DI"#+-3+3"
($1')'#'
### %,# $
&($1'$#C3(#:C3(#"&.#$(-($1' # ( $# (
'#%1 1 # ,# %, "##& ( $ 1 ' '#
% $ #'##-$$#%#& ( $ 1 ' -#
% $ #' # # '# " $ -# %# M% * "# # (-(# #-$
#-$##%,#"
-(-##$1&?=?G?7 +)-3+3"
' $ ' ' ' % (- ',
"#1%,#(-&'#'-#$$'#1&. # ' ' $# C3 (# :C3 (# "& %
' ' $# @
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
51
' (-$ " # ( $ " '#(-###"1#$$#$#',,##(,$ %1# - ' # ' "'$%1#"''##(,%#-'#1&. , # $ ' #$ %'##
,,$##,##&'#$%1#@25@5@DD:%$D:5:D9:+#'
& ' # # ' '"##& ,#1'#$ #%# (,& #$ # ' %%('##$'(& # ' ' 1 # %# # ' ' , '' + # 1 ' '&* (, $ %# ' #% - + # #''##'$'&%$
#$""$"'-
'##(&?=?F $.30"+0" +4==H488P,,#$)
.#'Q# ' ' ',#'#1,#'$ # , ' ' % (
,#&
?G? " )!+++!3+" " .$" +)'" #":$
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
52
?G?> " )!+++!3+'F""%,#F*#11F*%1%' ,
(- $#& M% ,# #& & $ % $ $# #& "# " (- # #& $ "# 1 % -# $ % , ' ' ###%1##'%1,& $ & ## $ #
#' - "1"-# $###-#1'$'1#( 1# '# ' ## F*
%1 #& # " 1"-# $###-#1'$'1#(1#F*%1#-, $ %# '
,,$# '# '#&F*-##"#&'#',##$
&'1# " ,UF " "U'1#%, # , U$ # U UF*U $'#"#
&
!3+''1'" + +@#")"
F""'"$"1"$'##&
O! # - $ $5$ 1 $ ,,$# %1 ( $ " $ ' "'$',#@$#%"(,
#$##$'! 7 " $ % 1 $ -
% % ## # " $ % ,,%,,,(' , % ",$#$(,,$-",##$ # - $ $ 1 $ #%#$%'('O
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
53
V#1,%,$%
V%-%,#1,
V$"(-(1,#$#-$#$# $1-#%% $V1,($%%#V7#V"-)$-
"#'#- (-%1'(((
-@3V ' (# R:3 "
(#2." 1 ( ## % #& . $%1(%#'&.(-$$###'%-'$(#%
1&! 1"-# $ # % # $%''! 1"-# $ ( $( $ ' # (!,-#'(-$# -#(,1$%,1%#',(%1,! # '( -#$''(#(-#1#!'#(-$&. 1 # -#& .
-'($#-$( " 1 %# - " "# #-#'''%$('($&!3+3#9,%+" +-"1)" )"1"-,#%'#$#%#'O! $ " 1 # %# ##1####1Y"##$##'! )( $ " 1 1"-##! &M& ' 1 )# ( #,! 1"-# $# # #### -1'$##!((-#$&H'$#O,#$#1$$# " ) $ ((- $ #
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
54
#1$1,"##& $ ' ' " , $ ( # $ #(##
&$ %, # F*I " # # ' ' , "#%#(-%##% %# % #' $ $ " #%#&?G? " .$" +)'" #"F*$""1"-#$#%,#',
#&F*,#%' '('((-'#(-'&F* %, "# # ' (- " %
%1"#'&!F$#'!F1$"-#"!1$"-##-,!"1#%#!#!((-#&F*""$$##%,#'&F*+%#%,#'('%# '& . # ## "# % $ #& )% $ , "#'&
?F? +)'"#9)" / " 4=== H4@D / "#)
'#&/ " %, '#
# $ # (1Y"#
%,# % & " %1 ( # "
%1$# # #(#$' # #"##'&/ " # # ' '#&!/"''!)%,$!"##! " (1" #1 $ #! " %1
# ( 1 # % $ '#(
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
55
"!#$((!M$(%! " %' -# $( %, " ('(#%#'(!)%,#('"#(##&
# 4 / "# ' # (
" %' (, #&
#
"
%1"#'%##''-(#
# " ' O %, ' # ($
1##"#" '#
,,$#
#11#' 4
# ( ' ,# 1
" %1 1 $ %#' # " -# $(" %11#'-' "#,"%1##&)%,#',#(#&MJ4"1Y(,$(%#(%%##&)%,#$'''"#(##&%,%$(,$1Y(- ' %' # *'I $(#&/"%,O!/" %1Y#''1Y - $ ( '$ %#-? +)'" #9)" + + ''" 6 + " + +"D)+"/"##&. " # # %, % '( %# '@
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
56
# $'&/1# ## 1 $ (# $ %##&(#$##%''& ( ' % C ( ,# (-#&"'%#'C(,#O!)%#/$##('%'!,(-'(! # " 1 # %# '-#1##(-'((-##&"'#'(,'(,#( '($ '$& '( (, @# ' 1 , $ #1 " # $
4===H4837',#$)
',##&7'1,O,#'#$ ' % $ # ##& .
%$
"'($&'&!1"O'$+((-# #1 # ' , $' $# % ' -# % #'1'#"##1#&'##' '1,$#1"#4! 7,'1,%'! 7'1,%! 1"%#! 7'1,$#1"%
&7' %
+# % #1 "$1&7# % $ 1& )%, $ -'#(
'-1##
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
57
1 " ' 1 # '$ -# # # #1 #& # '( '+
# $ #1#1"'"##,&1"##'#4!P1#7'*"Q''!$$#!1 ",'+ $ # $ #!1"#','$#'$!1 " # ' #1 ##
$#'$"! 1 " # ' %
, , 1$1#(!1"%#%!F''%#"#1&1 " ## #1 " %1 '##''+ '# 1 '+ # , ' '$ - #&?E?>? ''"6 +" +3D''+# % # ' #
((#&!7"'(%,'1,,##$'#''#'!7' 1 , $M* + (#'1#!7'%
#1"$%#AO
! # ' 8 (, $
%'
# (- % $ # ' (- #
!%-%,#%
'$%#@-'#$',#@33((-#! 7 '$ % ' +# ,##-(-#!7'%$$#',%,#((-1###PAQ(-#! .$1'$#-'1,#1"$',# ,( 1# # (- '$# ''& ((-#1('#&7' 1 ,+# % # , #%#
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
58
(,&- #- 1",- - '$#&-(-$#'1,$#1 " # , '$& # %$#
%$'1 %
# %$ $ # ' ', # # (-'$'
,,$#&'"'(%,%'
1 , $ #1 "
# ' @
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
59
1 " %1O %# ' : ( ,# %##'#
-#,'$'& #1 " # , ( '( '$& 1 " %1 #1 " % $#& % # ' ,#
'&
% % 1 ,# #$#'& 1 %
,# #1 " %#'&?E?G? +" ''" 3I"+# " 4 2)) + + '""+ " ''6 +"# ( 1 % $ (# 1#1"%11('##1#%,1#1 (# $'#((-#&/ 1#
, - $ $
## ' %,,$#$1&7'%
#%$
, #1 " %1(-%
&)%,,+#'##(##&)%, '# # $ (- % ' $ 1 '
%' # (- %
'#$##1% '%" ,#$+(-#$''#,,$##(#&
?H? I3#)+#" +)'" #"?H?>? +"4")
)1 * )*! @:5## # 4=== H4:: P)1 * )
.# 'Q #& )* %,, ( # $ %$# $ (- %,# ', #& )* %,, ' $ ( ' ( (- '# (-'& )* ' $ # "$1$%%,#'&)1 '$ 1 " "#%, #'& ' ' $ 1 " )* %,,' , ( '& ,,$# ' )*%,',
- (#$(1- )* % $ $ -#
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
60
-#&('$1"#$#'( $ '( ' ! '$& $
%' ' %# ( ')%, (
'% '1 '# # $ !(-&?H?? +#" )"
)%,, 1 $ #$# %$ ,# #&)%, $ %,#$# $5$ # P#"Q ##& #" $
+ ( (- '& + ((- %$ #% # $ %,'###'& $ ( $ %"# #" 1 &%$O1
$#(
1 # $ $ ' 1 -#& ## $$%$#%#&71
1#(##'1
# (
1 # ((##
#%1##& %$#% #1
$ # (
1 # $#(-#1&) $ #$ , ', % " %, # )' $ - ' # ' " %, # ((-'$#& %$# $ ,# 1
#(
1 # $$1#'&)%,, %$# $ " # $ ' # - 1'& %$# $1-#%$#%#&?H?7? +#" )" +3'+ )1 "# # %$#
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
61
$##"#%#(- % # #% %# $ "#%#'%#%#'$&)%,, )*+# -# ( $ %$ #% # $ %1 %#%$#$1%1%,,#$'$'&?H?=? +#3'"'')%,, ' '#&)%,1#'#
#''#-
&)*%1%
# $ I##& ' # '# (##$'#,% & $ ' # # ## $ # (-$ (
'#$#& %,, $ ' % ( % #1##&
- #"# %,, "#$' %( $ (, # $%" #
- #" %,, "# 1 1##%1#-$$,-$((-##'($'( # $ ' % ( $ $# , $ ( #"# %,,# 1#
- )%,, $ $ # , $ ( #"# 1 $ ' %,,$#$&
- @
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
62
# %%( ' $ $ #,$#"#%%('&?H?G? +#'")"
)1"#'O! %$# $ # 1 ##"'!%$#$(1(#"! %$# $# # # ( $ -# #-'#1%11-##! %$# $ '( # 1 '(####"#&' ( $
' $ #&%1#
- )1 # ( '# $ # #1#
- )1###R;
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
63
'- + ( ' %,, (
' % '#
#'##'- $ '+# % @
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
64
)%,, $ 1 # 1 '( $ '( $ #& 1 '( $'( (
%# # #% '##&F " # # %$# $##"#%#(- % # #% %# $ "#%#'%#%#'$& $((- %$ #% # $ %,, '###'& %1 ( '& $ %1 %
# $ I##&
?>? 0" + +2")& +6# D,+#" 1 , %, % # # % #
'&.
% # 4F=== H488 P ,.#7-)
'Q##-#'%,$%
#,
&?>?>? "I3I",+#1 1 -# 1 , 1 1 $ ' 1 ## 1 , # # ' &1 1 -
O ' " " " $ " # '
,,$#&1"'#-'(1#$'-1"&?>?>?>? -#!#""I3I"+ "I!3'
1%#O%
###%,$%
#"#''"1##',## '' "'&' "5"I' 1 1U1U#&)%"0. # # $ # 1 1
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
65
'$ ## 1 ,
$1'#
#('%
$&"I3I"%11#':,
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
66
# %# ( # , $ ' # ' &%1#,##'#'#-$%
#((-###1&
'& 1 1 # 1 , # # '
#"# " 1 ' 1 %1##$#11#&
& #,''%
###
$ - 1 1 # % $ # ,
,,$#1&
#& 1 1 ' 8 ( ,#
'# ' -# 1 #V#M # " # $ # $ 1 1 %' 1 # % $$1,##(-'#%,$%
#$&
6"6")%, $ %
# #
8 ( ,#
#& 1 $ '##'##'&' ('# # 1 '# # %,5%
#'#%#'%1&A # 1 1,
(&!#" . 3"'""I3I"+ ( %# %
' " $ " #Y R83I (, # '& ## 1 $"#1&11##(,"$"#" 1 ' #
% $ % #'&4+"$. # ,+#' " $ " 1 1 - (# %#%#%%('('%#'1
1'('(11'- ''&-1,1%'''#1%#&?>?>?? !#)"9"3"'""I3I"+ % # ' " 1 1# " %, $
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
67
%
#"#O !.
##('"'$#"" !1#',##'"'$'#""1&?>?>??>? !#)"9"3"'"I "1)2+6# D"
"I!3' ( " ' ' # " " $1''I8I#U1U#
1&)%"0. # # $ # 1 1 ( " '$ ## %
$1'#
#('%
$&"I3I"%11#':,
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
68
1 1 ' 8 ( ,# '#' -# %
# #V# M # " # $ # $ 1 %
# $
%' 1 # % $ $ %
##(-'#%,$%
#$&6"6")%, $ %
#
8 ( ,# # '#& 1 $ 1""'##'&'( '# # 1 $ " " '##%,'#%#'%1&A # 1 1,
(&?>?>??? !# )"9 " 3"'" I "1) 1 @#".+6)30"++6# D" &!&4+ I#"I3I" 1 # ', # # #' #&J# %,' "1# ' # " $ " 1"#"#"#%"##1#'(-''#-$'1 #!'#" ( " ' $ ## ' "#&30"++#"++" 1 " 1 # ', #
#&?>?? "I3I") & +# D,+# - 1 , ' %, "# # $''"1##11%#&1 1 -
## 1 ' %# 1 # 1 , , # '##%(&-#-
%,
'&-(%#O"%1#',#1'#
''#,-%'&
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
69
?>?7? 3K6# D,+#1 , % ( ' )'*7-,,$#I#1'&) #" % # %
I# 83 ( - "# ( (- '( ' I 1'$-'$##&?>?=? "" # D ,+#"+ 3'+"'"'.' '"'++/01 "#'##''-
#&?>?=?>? 2+#"3K6D",+4#)" )" 4= H4@: ' %
I# ## (-A 1 %
## 1#UI#U-
#&.
#(-#%,(-'''$('#%%
##'1$(1%
1 %
## 1
#U#U-('#&U# U - ( ## 1 %
## 1 '# (- %
# % #, (# ' 1#(,("#
#&?>?=?? 2+#"36D",1)4#)" )" 4= H48C .
# $ )
' ##% , %
%
# "#%# %(-% , #1$ % ##U11U$UI#U-#'(#&4=H48C'I@:I##-11%#'U'117-U(&%
## ## % , %
%
#"#%#%(-%,
#1$%##U11U$U#U-#'(#& %
# # -11%#''##' " ""$"11-#'(&
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
70
?>?=?7? @#")"""+D2")0 )4#)" )". , %
# # ' # ( % ', (- %
#" # # O',##-#$',"1 @3&333&333 + %# U1 1U $ U#U-#'(#&1%
# R?G? 1 ''"'D" +%)%"%"%)" 1 , # # % $ "# # (& 1, % $ # '
$ ($#
((,##"%,%
#1# % # %
# R
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
71
?>?E? 2")&6D". 1,%#O1,%,$%# %, %#- ' $ #, %% # ( # $(##$(-$'''(%''#1' ' ## $ % % - 1,##$#&7# # (# # ( #&
###%,&
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
72
7? 2CC 2 C @4@4
1 , , # %, $ % , &'(#,O
- /(#1
- +##%$%,- /
#'
- J ' # ## ( 11##- .
'# (- 1 %1%%1(-##"- +# R @3+ %1
'#%%,#R
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
73
##& A #, ' # -# % %, -$'##&
7?? 2")0 )+3+4#)" )" (# . , AO P.
% # $ % # #&Q ##&(1%'8
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
74
7?7? 2")0 )+3+4#)" )"."++2)" 1# $ ' 1#1 $ # %# # $%$%,,##&7?7?>? #" #''4- - .'#",&(-"(#& # % # ( 1(#&H1#(1(#1$'##'V$'##&1$"(#$,(&.
%1#
%
% # #'#'&%#,$-#1# # %
,-"# ! %''&G%
'#
-##,%
,&'(,'# $ $
# '(# , (-#& -# # ' 7-##$'&- )$'##%
#,- %11%#- )%
#%1%&7- 1 % 1 %1 #,#
&7--O1%11% # #& #% ''( ,#$/I# #& 1 (, ' ( ,# '
,,$#
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
75
%
% $ , ( 1('##&)% (,,(,#1#((-##&- 1%11%##$-'1%1# , #
%# - #, $ %%#1%1-((##':3 ( ,# '# %# 1 #$,'& @8I ## ,,$# - - '#-%2CI##''#1#$,'&7- @8I ## 1# # #%,(,#'##&)1 #$ #, - $ % % # "#,%#-#$,#-#%'; ( ,# # '# #& *% % 1#$ , - ( ' $###"-# %'(,: (,#'# #& *% ( ' $#
#%
##$& ' 1#
' 1# # "#'#-& #" # ## + +" +
7-& $# - #'&
/&7- -
### ,###%$### , '%#%#( &
# +"//%6%
B& 1
# C (,#1#&
%% & # 1 %% # "#
$#&
2+6++"
.
#
#1&
. %
#
:3( ,# %
# D3 ( ,# %
#&
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
76
7?7?>?>? #" #+"D)+"A(,$,#(
#,$,# 8:&3@&8339 %K/# 4=F H4:9 )
' '!#&)( ' # ,,$# (,$G$##&OA-#%'#- I # % ' ,' %
# (- I #
#&(, O %1 (, #& 833D # ( (, '(, :&D33&333 '& % * # # # ##&GO1%
##&)('#'%
'#&- A'- $1- A'$#-$1- $###%'
$1- #, $ $ $# # #% "
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
77
$& . $ - $
( (- -# '&
(,$$''&
! + 1# )+" . &+L #
- # ' - # , $ #&
#! +"''"" L - # (-1 %1($ 1%1(1,
-#'&
! 1#1"+1""+L/#-# $ /# #&/'%1(-#&
7?7?>?? #" #+6+C )C ) " # #,' (' ' # %# "###,&AO- (,'#- A 1 # ' %, #
1'##- ## $ # " %1
,#
#'%#"##,',$,,%#'8(,## ' #& - # $
# , $ , '1 # 1## 8
# '# #
(,$'&7?7?? /"$.30"++#"/1 7?7??>? /"/0#)%(-(%$,'#&&@:+##(- %$ $ 1 ##',#%,--#$#'#+%$%#(28:+##(&7?7??? /"/0#+ 288+ ## (- , %$
-# $ # ', (- $# &. , %, #' %$ $ 1 # # ', 1 @:+## '& (- % , %, #' %$ $
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
78
1 # # ', 1 (-# ' ## (, '# , $-#('#(-#,$###"1#$ ##(,&.###+(-%$%,
#,$###"1#&7 @:+ ## (- P*%
# $ ' ( -$ " (- # $ $ (--
1#% # ''
%$ $1 # # ', # %, +'#-#'(&%$$1##',%,+ 288+ ### 1 # ,'%$ # (# I ( $
-''&Q ' 8;&3@&@DD: % D:5:D9: %$ $ H# , )%,
&.(%$#%,#$-(-%,&G %$ $ 1 # # ', #,$ 1##, # %$ $
1##',,&
7?7??7? 2")0 )+3+4#)" )"6/"/0+ . , %, #' %$ $ 1 ##',1((-#'##(,'#,$-# ( '# (- # , $ ## # " 1# $ ## (,& %1 #- ,# # -#5, (-# ' ', # '$# $ %, %'#'#####-','##(,#&,# ( ',# ## $ 7##' '%# ' %,%'###%$)%,$##"#'4/" /0+ R:C ) " DJA6+DS6))0S$$!
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
79
7?7??=? 2") 0 ) +3+ 4#)" )"6 /" /0 + +6# 7# , (- %1 %$ %, $ ( #,,$# '# 8;&3@&@DD: % D:5:D9: %$ $ H#,)%,!&(-%,O ' # ( % $ ''##'(-##-#$,-(-',+ ## + @:+ ## %1 %$ $ #',1C#O '##-## '''####&@:+(-%1:#%,1'& ''##%, (# & . , ## %, %$ $ # 1 # ', # %'# #&G %$ $ 1 # # ', #, $ 1 ##, # %$ $
1##',#,&7?7??G? 2")0 )4"++3+4#)" )"6/"/0+ )%, #' %$ $ 1 # # ',
1 / "# ',# -# $ # # # " 1# ##(,&/"/0+ R:C ) " DJA6+DS+?$.?$.?!3+'
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
80
%$ %, ( I ' %# '$' %$ %, #
(-%1 ( 1# #$# ' %$ $ 1 ##',#%1&. ( %$
-
1 #% ) %$
%
# $ ' ( - $ " (- # $%$$1##',# %,
I '& ## - ' (&7?7?7? +'+'+ - +3+ 4#)" )" ++"''"" +6)"4'""+ +"D)+" - $ #
,' $ '
$
4=F H48D P ' A /
#A
)
.#'Q#&
' (
#-$#, #%' ,
% $ ' $ ',
,#'
'-#&
O ( - $ # ,#
%1 # $ $ "
#,1-$#,1'$'''#,$'#"#'-
'
-#& - (' , -# , %' #& .
'# (- $ (, ,#1 %'
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
81
!7-$#,##(-'%# ' # 1 ,'#(- %1('-' '#(-%1('-'(#(-##,1$%'(#&
-
4=FH4:@
P'A/
#A
)
.#'#71'Q 1#(#1'+%8@833:%# (
# -'+# '
,,$##$(
#'-(##&7?7?7?? )"4'+'""+ " +"D)+"7- $ # , 1 (
# ' - (%(-
'(& 1
& 1#' # (- $
%1###& %'# -# ' $ , 1 - $# # #& A '
# ' '# " # # ' ###'#&7?7?7?7? )"#+4'""+ +6)"4A%$
.,A/
# F A
$ G 7 F $ .
#1)
'$$"#'
-# ' $ ## $ ' 1 % '
##& - $##'1' %'##1 %(%,,$#
&7?7?7?=? )"4,+#+'""+1)D++%)%"%"%)"
( %# (- '
'###&'#1( # ' - ( , 1 ( #'
#'#1&G $ 1 $ $ 1 1 '
, ## , 1 . , A /
# F A
$ G 7F$.
#1)
'#P( Q# ' - , $
,$(#&
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
82
7?=? +3+4#)" )" +%)%"%"%)"#'1#$##'#$ 1 ' # '#,&7?=?>? +3+4#)" )" +1)" "7?=?>?>? +3+ 4#)" )" + ''"' 6 +" +" + ' %, # & 1, %%( ' # % # $ % ,
# - # '$&7?=?>?? +'+-4"++3+4#)" )" +1)" " '
@D&3:&8339 % K /# 4=F H42@ ' #&'(#-&$."I# %)%"%"%.%'#(- "#$%$ " # % ' #,
" '# "1 $ ' 1 R @3I $ #% " -(-##-#
'#1#&,,$# " # 1 #$1#(-1#$1- & A - - 1 # " 1 (,1(, $&)"(,##"''##$# '(O##
$$#,,#1-O# 1# , ( ' # (, '# (, , 1 ( 1# @
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
83
# # ' ' #O'$('#,&!8V)#-##'%':V)#'O'!"O!" - ' ' '' # ##''
#'O#!"O"1$###$#$ $ -(#('-1#O! " ' ## ! $ #! '# ' #'O"!"'## #!$ !'#'##$# $ % # $# - ###'###"%%1#'O(! " $ ' " %%( ' ,%('"$&( +%)"")&6+D""+$."'#(- "#($ #$ % $ " # - "# '& '# (- " ( $ # $ % $ " # ,
"'#"1$'1R@3I$#%" -(- %# ' # $ 1 #
' -# #1 #& A - - 1 # "1(,1(,$&) " -# # ' ( $
# ( % %1 #- # # "# -# 1 # ,#
, ' , ,,$# - "# ' 1#%#'1%$'1-
( 1# @
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
84
'#1&/I"""D)"'#(-#1%1%
#"(--11$-1%1#1%1'#& %1 ' - # # $ '( ''(## ( # I - # ,#,,$#''##''#&%1''(-$##&! %1 ($ $ (
'!J(,($#'(%,1%1('(1!/ 1$-$# ,#(1,!/1#1%1'#%#!A,#$,(11%1
"! *$ $ '(# 1 #% # ( %
%(-$&7?=?>?7? +6+ $." I+ +3+ 4#)" )" + 1)" "4F===H4:7#71AP Q ,# ?
' (- %
%$8
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
85
. , -# ' (- #& "# ' $ ' ##$4=FH48;' '##11O' %1#-E#(-(#, $( "$-# $ $ (, ## #' ER83+#& %, $ #' ' ##'$'&7-%#$,#1#',-#%'&7% (#,$-#1%1 ,' ' #, ' # , $- %#$,#1# $ $ ' -##, ' #1#&%1#-'$1'%,$1%##&., 1$(#$ ' ## (, , #- ' %# '##O- $ - (- # # # ,
$("$$$(,
##$(',##,(,
- -#%'$((
-$
- ( 1# # $ ( %1 #-
#$##'-',# # ,# # # ,##$# 1 ,$1 ( ## ' # %1 #%#'
$#'& %1#-#$ 1 $ ' - #- $ - (- ( # , $("$$$(,
## $ ( ',# #,&A#, (,
'#$(-#-#$#$ # $ # $ # ## (, # ,# #
%'
#%#('&0 #-# -# $
%1 ## $ $$$#$&
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
86
7- $ # #, '#1$'#(,$O#-',$('(,#$$ %' $
( # # # , 1 %1 $ ## # $#$-##', ,#1#1',#&. # %
$ %# 1 %1 - #, $ "# # ' ( ,# 1#$,'& # # #% ', $( ' # $ # #& F( ? $( % 1 (
"#'&. , # '# 1 %#$1#&.,O-#$'##$# '##'''$%
(-'# " " $ '# ( (' - # ' $5$$&7?=??>? *+-+3+)#"6Q$. # +'#1##'#-&
- V!F($77H- F(#! V!/,7B V!=&17#, 2CC5=!"#' 0#'''#! V!)#B'H- V!A 2CC5===! %1-#R
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
87
$,+ 1 Q 4 J ( '# $( $ #-#&$,+@#Q 4-#%1$($###-&$(#%1#%VV #- # "#& ' # $( #%1#####& # $( " $ $( ,# '# (# # " #& - 5# $(,,$#($#1#'%#%1$(####-&0D " " 4 - # $( $ # ##'#-#$(,
#&
?#I+'+6))04I2CC5="#%"#'-# ' ' ' # # , # #& # , , P-#
' ' #Q (' ' , ' ### '
' (& 2CC5==+ (- #%',#1&V.
#%,1V.
#1- )1#,D"#6 ) " )+!3+"4*$ ( #- # #' ( % $ #& ) 1 (,#"# """$'&!&4#)"+1Q 4+(-1%1R
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
88
7?=??? 2")0 ))#"6$. # '%,$ $ # %
# A7.! %1 E 1 ## $ #
4=F H48; ' A . , A $ $#?
.#' '!#&7?=???>? 2 +#" 36 D" ,+ 4#)" )"6 +1##%4+ ##%$. # A -# ' (- #&A ' %1 #- E# (- ( # , $( " $ -# $ $ (, ###'ER83+#&.
'# (- ' ## & '#4=FH4:D )%,*"J$##G)
'+#'#"1('#$5$%
#',##'& $ %
#',###'+#'
$,#1 1 #& 1 1 @
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
89
.
'#(-(
'O! ##'! %
##!
# '
# %
# #
'#'#! H#%
###'#'#'&'((# ##'-#-E#'##('& ' - #- ' #(,#1$#%
#$
# (- # #- # # # #'####&J(
'#$##'%11##,&.
# (- -# , ' ' ,#$'+1&.
$(%1#- '$1'%,$1%##%,#%
##%1#-'%& # %, # %
1 %#%1#-'% # %, # %
,# %1 #- %1 #- ( 1 #% ' %
(, %1 #- E 111#&7?=???7? ##%$. # + # %1 #-
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
90
%%( ! !$ '!'#,'
##'#'%1#-
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
91
## (-
## ## # - % ,
'$%#&7?=??7? ##%+ $. # "
7?=??7?>? ##%+ $. # A 1$(#$'## (, : C $ D #- ' %# '##$#'&$ # ' ' - # ''& $ # -# % '$( (
-$#&( 1# # $ ( %1#- # $ ## ' - ',# # ,# # # , ## $ # 1 ,$1 ( ## ' # %1 #% # ' (#& 7- ( "# $ # , $# ## - "#(%1#-#%:#-C%",#$ # $ # # ' #& - - 0 , )
'1#,&7?=??7?? $. # "1)##%+ '# + +2I"+ $ #- # $ - (-(#, $( "$$$(,
## (,& 7#-%1#(,, #!#& %1#-#$ 1 $ ' - #- $ - (- ( # , $("$$$(,
## $ ( ',# #,&A#, (,
'#$(-#-#$#$ # $ # $ # ## (, # ,# #
% '
#%# ('&7 # ' - #- E%1#(,, #!#&%1#-,#'#"$-#1### #-# -# $
%1 - #-#-#$
#&
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
92
0 %1#-# -# $
%1## %1#-#$$$$#&) 1 %1 A7. %1 $ ## # 1 $5$$#&.
%'$#%#'#(#$'$,,$# $# #&7?=??7?7? "+"6" $ # ( #- C %" ,# ' $ # '$' $- # 1 (-# $ (# #&.
#(--'(#(-###&7?=??7?=? ##%+ $. # + $# ' $#''$-#1'(-##%(2 %" C %" ' #& ', $ (' # $#,,$# $ $ # %1 #- ,# 1 ## #$#%'&7?=??7?G? ##%+ A6"$#%'$1'%,$1%##%,#%
## %1 #-
# %, # %
1 %
#%1#-'$%& %1 #- ,# $ # $ ## (, #% ' $ # ###'
(&! #1 ' $ -## # %,#$1$-#%1%
#%1-$&'!--$1%
#%1#-,##1$##$#&! $ 1 %
# %1 %1#- ,# # 1$#$$'%1 #-# -# $ $ 1 %1 #&.
# (- $ -# , ' ' ,
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
93
#$'+1&7?=??7?F? ##%+ $. # +63'"'"')7- $ # #, '#1$'#(,$#-',$(' (, # $$ %' $
( # # # , 1 %1 $ ## # $#$-##', ,#1#1',#&. # %
$ %# 1 %1 - #,$"#1#$,'&7?=??7?E? /" 6"+ ##% + 6""++ +D +. A$#"#%#1'#
"#%#$'#
#%#''#&7?=?7? /00 " + '9# #" + ''" 6 +6+C ) "" +"D)+" 1 ( %,#O %
1,%"1'%%,$ % ' # $ # 1 , %, $ % # ' ' ##$"'&" %, ## , $ ,
% #"''& *#&@@52!)%,+'##"' %, ##,
4=FH4:D P)%, *" J $ ## G )
' '!Q #& ' # " $ ## , %O '# ' ## 1'# (- % , $ %
'# (- ' % , %#(&'%,"# ' 1 ' # " # "#','$$1((-(#&- #"&- E#"&- )%#"&.,#
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
94
!$ %# '(, ,#O 833+##$5,RD
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
95
'(-"D#$$'O4#)" )$"3"'""D'"$1"' ' ' ' #$# " "% #$ %
# #$ $ $ #$ #$O+4#)" )''" 3"'""D$#%, " "% # " $1" ' ' ' ' #$ $ %
%
#$"##&7?=?=?>? #)"4(+" +A+ ' ,' "#- '' " # ## ( ''-%$
'$-%
1(-$'&7?=?=?? " +1)!++"-"3". &$+#"'"'%' # # ,,$# % $ ' # # ,,$# - ' ## (,#& " ' ' # 1 %#-'#&"'%'-%(1%#C& ,,$# ' " # ( O
!"'%#-$'! # ## -(- ,#
'##&+ :82I ## % ,,$# " " # ', (- 85:+ #$"'&7?=?=?7? ")D+1" " - 1 % ' "# 1 $ - ' "# 1'&' -'#1#(- '# 1 # ( (-$ 1# (-'# ## -##%
,,$# # $ ' #, "# ' ' O ' 1 ' ' %& ' ' #
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
96
1# (- '# $ (- '# ## -''&7?=?=?=? "D 4+ + + 2I"+ +6 ('"+-"1),+#" ' " ' - %1& # - - ( %# # '- (- - - ## ' - ( %# %--%#,#-(-%1'# $ ' % '1#$#&'"'1#',O'",'$1%'
! . # %
# 1
R8
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
97
7?=?=?F? "D ,&"D ,+# ''"' I3' ''"D''-'"-
"#'#$(,#%& " -
"# ' ' ' - , ' % $ # (,$#%
$'1%&-(1#-'#'('$#&7?=?=?E? /I"++"("+6"A #$ ' $ '# '# - ( " % $ "##$'-
!.
+#(-'(' '# # , Y %
(#'#O
'!.
+#(-%
#$#(#'-(1#:3(- #"%1##& " # ' %
# (-%# - # $ ' - +# $)*+6'"###(1#:3(-+(-#&.
+#(-##$'
-'-(1#:3(- ' ' - ( 1#6'"##&7?=?=?H? ,&"D++4+"+ # #'-'"(
#&A #$ ' # #$ ( ##$ $ #$ ( ##$$'"%&7'#'"(
#'$'"%&/
' $# $ 1
%1 "#%1 %$$'',%11-'1#$#,(&
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
98
7?=?=?? ''"6 +" + " 1 ( 1 1 # @>? $" 3"'" "D 3+ +6 "D "1) '# 0 $ , # -
## #$'###%1&$- 4 $ '#"!- 4 $-#5, 4 M
A \5 W!\ ? \M5
"' "'# $'#,-%1##& #$ '# " !#$##$1##&
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
99
7?=?=?>? + 4#)" ) ''" 3"'" "D 3+ +6
"D "1)'# 7'#' " ,5-# 1#& "' "'# $ ' # % ' , ' %1##$''&
7?G? +3+ 4#)" ) ''" + +''6 +"#%)%"%"%)" ' 1 ' # ##$
'$1
' #
$ ## - # '#,&7?G?>? "+)"""D)+"7?G?>?>? "+)"" +61)" "*($$,#(-$"%1%$"#'1 $' $ ,,$# $ " ( $ #
4F=== H4@@ P* . # J * ) ? ) $ K#?
.#'Q '!#&1$-'#' ##% '(#'$(#%#'$ #$$$(%1$1% -$(-, $''1#P$Q# ' (, $ $ ' ' %'#4! * $ $ % # $ %,
#'! '$##! '!'###'&)$#(4! )(###'! (#,! ' %
(, % # $ '( $ '
# - (-$'( %$ %##-
#! . $ % (, O " ( $
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
100
$'(%,'$',#,,'
! ) $ $ ( 1' $ % # %##"(,'
"! * % 1 $ %$##'($%-#
(! 7 # $ $ $ -#
#$"(-&
) $ ' %# $ $ $$# # (' ( %
# ' $##$#&7?G?>?? "+" + + +"D)+"'$#$'(1##
4F===H4
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
101
##'#1'& # ## ' $ 1 %# 1# $ '( $ # #'#%#&- #-(-'$1- #'##'#1'$
#%#(-#$#&'$%'#'N='#$1#N'1&7?G??>? +6 " -"3 I3" "D)+ ") '"" ' $ # ' $ 1 ' % $ ( $
4N=H4@ P # * ' $ K1 ) ) $
.#'Q '!'''(,$ 1 *?.H)*F) ?KK ''-(#$& 3@53@5833
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
102
7?G??>?? '/-")":" ?=? "-"3""D)+('"#+6#" * ' %# # $ ( #$%$''&7?G??>?G? "-"3""D)+"")"*'%###4
! * 'O $ # $ E $%#(,$#'#%#&
'! * ' , $ , ' '# ' ('(&
! * '# ' '# ''%1(-&
#! '# %1 , $ ' # (,((-'('#1#$#$&
! * ' %1 #- # #& *'# '( ' - #- ' $(&
"! * ' # U * 'U UE'UU'U$UH'U'I#
(%&
(! * '# %1 %%( ' ,' ## %' #1 ,
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
103
1&7?G??? $%&+"+1)"+03"-"3')"-"3", '
' % # $ # $ $1(,($#'',#(-'#&/''
'%1#-##%$(1$(#"'#(-$#-",$-'#& ' '# ' -
%1 $ ', $ ( ' # $ '$#'##
U'UUH 'U U * 'U UE 'U##& ' V
'!O( '',$#1# '( # , $ '
' %1 #-# #" !$'
(-'#&H 'O' #'
'#-# ($,!,'#&'O#-,#% ## $ (' ## $ %(-'#&E#'O#-#(-'#&7?G??7? "-"3"-"3$%&+"%)%"%"%.% , '# ' ' # $'#4N==H4@'AF*'FK1F 7 ) / , ' 1&'#%
#-&! I ' $
'-#$,$I#(-1 (-# ' ! ' "
', $ ( '##&
'! "'"$%
'# (-#-,',$('##&
! 7$%
'#(-,#-,#',$('##&
#! * % # # ', " 1 @33&333+ ' % 833&333 + $ , 1
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
104
('' "$#'!####&
! .
% # 1# ## %$" ' $ ' ', % # '
', $ ( ' ##&
"! % - 1 ## 1 $ $ 1%%
%',# %,%1#-, ,#%, ,
'O#%%$ %, ,',$('##&
(! .
#(-%
%$ %1#- ,# ' ,#%'$###', $ ( ' # $ ' ' , ' #1 #&*$1 % %##%(&
7?G??=? "-"3"-"3" +''""6.
'# (- $ %1#-' @3%" ,#'( %# ',('''#1$''#('(-##&.
'# (- ', $ ( '
(1%@,#(-#&0$ (- ' $
,,$# ' $ 1# $ ( 0 ' ( - " "( $&'& ('! ' # $ (- ' 1 '# -(- # $ E ( & $ ' # ( ' $ 1 # $ # - -$'%'#&*'$1 # $ ( - - $%'%#'%(&''##O- .
'#(-
o ##(,'$'#1-(#-C%",# 9%"!
o ## (, ' $ ' #1-(#-2%",# C%"!
,#$'#'(-#&
- $"'(#-
C%",#(-#&- #$$"###'$'
# 1 - ( ( 1 :3 ( ,# (-#&
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
105
7?G??G? "-"3" +"+ "+" +''""6
$ ' ( %# - '%(1 :3(,#/###&O
!* ' '# (- ,1# #
1%%('(#$'##,Y%
(#'#
'!* ' '# (- ''##Y%
(#'#%
(#
!* ' '# (- #''#
- '
( 1 :3(,##&*%
(#,1#1(##('&* ' ## ' ## (, ' '# U' ## (,U ' $&*''-#,1$'#1- # ( ' - E C ( ,# (-#&7?G??F? 1 ''2I"+ # $ # # ' $ %
1$ ('(-%' ( # # # ($ ' #'%%11$
4N= H4; P .1 $
.#'Q#&P#*'$K1))$
.#'Q''%###%1 ##'##%11(& # *?. H)* F ) ?KK ''-(#$&7?G??E? # !3+'2I"+ * " # ' 1% $ ( $
4N=H4C
P* 7 * ' $ K1 ) ) $
.#'Q#&
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
106
7?G??H? "-"3" ++9"3+,$%&"#"7 " #-# ' % $
4N= H483 P7 " -# * ')?$
.#'Q'&A $ ' ' $ " #-# ' ' $
(%&-#3@&3@&833:%#
$'#
( '# (, %# (& # - ' % (''& # *?. H)* F ) ?KK ''-(#$&7?G??? 3+3"6 " -"3" D#)"+'/-"D#"+"D)+'"" "### '%$ (
# ' $ - ' # 1
%1%'$
4N=H48@P # # * ' $ ) *%')?$
.#'Q'& # ' %#O $ %
' $ # 1# (-%'#-#($
& # *?. H)* F ) ?KK ''-(#$&7?G?7? +'+ - 4#)" ) ''"'D"6 . & $ D$+#" # 1 ($ , $ ,# , " %1 % $ #' # ' $ # "##'$1,,$#1#$
# #%# ' # # #
U +6) . & $ D $+#" 2)) +6 ,+#")V '& (# 4N H488 U +6). &$+##+6#" 2)) +6-".V#& # *?. H)* F ) ?KK ''-(#$&7?G?7?>? %)'/-#+6#" ''"' " '#O " ' %((,
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
107
($#('$',%' ( $ ' $ , ( %' # 1 $ %#$-%1*%'#& *%' # O * $ 7 0 . * $ A# $ +# ' ' *%' * *$ $ 7 * *$ A#+# ' $ $ ' ' %' $ D#&>(-$ :#& ##(,& *%' # '( # $ # ' $ ' #
# #-
##- 1 ' ' - # ##-1'#
#1$'# @8 # %' & # #$'#,&7?G?=? '+'+6 +"# " +6A&"$''" , 1 %1 $ #
- . , $ -# 1 %1 ,# ' %
# 1 (#'# $ (
# %
, $#
- A1#--,##$%
###
- #- $#$#- *#'-$(#
#1& *#&@C5V@!.
' $ # 1# (-
- -- (#$#- R@3$#%"%1
# %
( # ,# ( (-# '( ' $
#%# $ ( ' $ #1 '# #& *#&@C5V8!7?G?=?>? A&"$''" +'0 )"+ +"D)+" '# (-1 ,#$ ' $ %
- - $(#,-# ',
4F===H4
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
108
'!#$##- # , 1
%# ' %' #&'# - #O P, '(Q $ P '(Q # #&), '(O 1 # $ '%,'(#&'(O,'(##$'',('(1#&7?G?=?>?>? %)""("4#)" . +I +,+#)3+#3"%+ "D)+6.D)")"" "("-"6%)%"%"%.%W!(,$$'(,$'%##(,$##$#$1%R
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
109
% # 1 , '# 1#1 '# '# 1 (, '( $ $'( # '( ,#(4!1##1%,#$'!7#'$-## '1 # 1 1 ##$#,#%!1##1'%V
#,! F 1 # %1 ##'(#!1%
,''-(-%# 1 # # 1 # # # ##'%$'(! 1 $# $ ' # # - %"1'1##%''#,1(#'# "(,$ #%#'''#('&''#" '# % $ 1 ##&4#)" . +)+6I" + )#I# ' '# (- ' + :8D ## 1#
##$#R@+#%$1,#11###,''(1 1 $ $ ' 1 '#,#,#&"-"("+0 )"+ ' '# (- " (1#1' %##,##& ## # 1 , ' '# (- -
$# $ " # # # - 1 , %,
# # $ ' 1,#'#%#'%#,##&4#)" )/)" + +)'""+ +"D)+-"(++0 )"+ ''#(-O!/ 1 % (#(### (##
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
110
(#(-'(111$1%'((%#
''!##1%#%1 %
1 1 # % '####%#-#,1##&30"+0" +"D)+-"(++0 )"+ ,,''#(-! , " -# #- # ', % $ 1 %
$ '#
"##$-##'! , %$ '## ! '## %
#%$ %1 1 % $ (# %$ %1 1%#
'-#,1##&,,''#(-',%,$-
' %, , - ( $ ,##& % $ (- -
1 #% #''
%
#'(-$"(- # $ "# 1 ', %,(&7?G?=?>?? 0""("0"-"("+0 )"+ A "# , '( $ ' '( #% - ,%
# # ,# $ -## - # ,1#&A '( ## , '( 1 %# $
# - # 1 %1 %
# "# -## -(,$ "##- #,1#&), '( ' $ # %' % # ' "#$(-$"#,,%#''("#,&('#-$-'-( - '( ( $ ' ## ,"%(&
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
111
0"-"("+)'0 )"+ + +#"+#,(-, ,'(,',$''(('#'&), '( , '1 # - # , '( ' '#
( # , ##& 71 ,# $ '# '1 '& ( (-# ## '1#1##&A,,'(($''(#&1#O! /-$ " # , '( ( # %# ''(-#1'! '( ' ( $ ($ ' $ ' '( -
$ (#(1#%'#(-!),'((%#(,'(''#-#'-#%,,$#,
-##&A , '( , $## '( % # $ ' '(( , (' #' # - $-"#$$'&0"-"("D3"+" +"#A#$%'%#(,$ #$'##',$,'(# ' % $ ' # ## (
#&),'($#1(
1$('(-#&4".+6 D 9#)#/)#"A1, "$ %#1
,#(##(''#%,1##&,#%,-#1#'$$,-#$&2-,"+#"+63.'"+ A %# $ 1 ,# ' - %1 'V ( $ # , $ #% - - # ,% # " 1 $ #
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
112
# # $ # '(# ", %' $ - $ %# ' # $ 1# # ' '# '
,,$# ',1#&-,$('"# %%( ' '# $ 1 ' (&- %' $ - , '( ,,$# '( ###$##&6 3'"'"'.' -'"'++ )D"+ I 0" + "D)+D""++0 )"+ #1 $ '1 # # 1 ,,##'$'#"#(,1"#(''#& #1 $ '1 # # 1 , # ' $ ' # %'1 1 ,# @3&333 #,'##'&7?G?=?>?7? 0 )"" +$""6)"IA&"")"A&"6''0 )"" + +6"0#,#,#&A&"6''0 )"" + +-"6D)"0 # $ - # '(# # , $-# # %' $ ' ,,$# "#%-#,K%'#"
('#&A 1 $ - # 1 #
1 , '# $ # 1 1 '# (-#,K%'#"
(, # , ( , ( D433+#('(#&A&"6''0 )"" + +)I,&"")"71, ,#$$# -,# # # # ' $ #& 0 # , # ' # ##' ,( ' # ( # " ' # $ $ "# #' %# 1 ,# $$&.'$
#%'-#'' ' ,& ,# ',-
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
113
$%%$,-$,(
#$&0 # , ' $ $ $
" %1 "# # # 1#& 1# -#,'# "1 $ 1
&0 # , 1 # $ $ (' $ '#& # # ## '# & 0#,1$ #,#&A - # , (, , 1# ( ,# # $ - , ' # '# ##& A '# "
'##,,,'
'# (- ('''1( - # ,# ' %# , ' '%(,#&7?G?=? /0 ##. 0" 36 D"
,+ 4#)" )" + A&" $''" + + '0 )"+ +"D)+"
)%, 1 , ' '# (- (- $ (# , - # $ ',
4F=== H4
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
114
'$ 1 $ " , - -,#
- A $ # " ( ' (' --,#
- A - ' ' #$ # ' '#$$''%#
- A 1 (' " #
# '$ '$ #$
#% # - $ #$ $ # '-#O$#$$'-$-
- A 1 (' " #
# '$ '$ #$
#% # - $ #$ $ # '-#O$#$$'-$-
- ' # - $ # # $ -# # $ (,
- 7-$#$$-#$%'
- A - '$ #, $ -$#$%%(' # # $ ' %# % %,,##%$"(',##$,$'#$%
- A - ' $ #, ( '#$(%#$,( % #$ , $ - % @8+ ## #$ , $ ' #$ %+::C+###$,$,#$'
- A-#-#('('(#(- ( 1 % $(#'(###(##(#(-'(1
- A$,%
"#%
#"# # %
- O ,# '%
# $ $ 1 $ ' ,# ' , ' " $,#''$#''$,
- A 1 %
1 %
#
1$'#1%
%
##$%'
- A$ "#'# "$"(''(#
- 7# ' " $ # --,#'( ##%- " 1 ' ' #1 % " '( $ '
,'##-'#,&
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
115
0 )"+ +)I+#".'1,,#$$#-,####'$O-##'###','#(#"'#$$ "# #' %# 1 ,# $ $#&0# 1 - # ,# # ( ( $#(
#& '# (, - $ 1 , # $ '$$
#-###'$'$#('#R@3$#'##''("##&0 # , ' $ (' $ # %# ##&',('' $'',-#-'$'' # % % $
' ,& # 1 - # ,# ( (, , -(- $ ( -' #,&0#,#''#&-#%##'#1&I "1)0 )"+ +D)"0#$ -### , $-##''(,#'#&0 )"" +)'6'''" A ( ' ' (-# '( ." #& ( (-# ## ' ' (-#'(##%'(##($,1##'&7?G?=?7 2") 0 ) +3+ 4#)" )" +" ''"" +6 )"#+
4'""+ " +C. 3"'")"#2+63I"+ +"D)+"
. , O (
# $
#
$-#1%1,#'$ $ %
# 1# $
4=F H49 P. , A /
# F A
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
116
$G7F$.
#1)
' '!Q#&A $ (
# $
$ -# 1 %1,#'%
#$(
#%
,$1 (# '# $ - 1 , , '$%#($
''1##& %
#
( %'#&7?G?=?7?> )"#+4'""+ " +"D)+"A (
#
% %1 ' % $ 1 %1 $ -# %'#,1%'#
'&A -# % '#, $ '# "
#&A# $ "#' '( ,$"
#&F$"#'&F(#$$%'#$(1,(,#&%#1( # % , $ $ " #& "$"#%'##&F#%%'$" # $ ' #$ #' #
#&F # $ "# $ #(%#&A%$-',,$#
&F'"#%'#&7?G?=?7? /I"+ C. 6 '"'+) )"# 3I"+ + "D)+"A $ -# 1 %1,#'(
#%
,$'&G#' $ 1 -# ( % '##& %1 ,# ' (
# %
, $#%%1$$,%%('"-$& A - 1 , , '$ %#O ,# '$1
&
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
117
A, $ 1 '$# '(#%#1#"%
#
%1##$#
$##&G $ 1 %# "# ' '( ,$"
$'"P,#'$1"#,'("Q#&( " $ 1 ' %# - $ " - ' & # $ , '( $ ###& '$'# '( $ $ '( "#'& F 1 1 % $ # (%#-#((-&7?G?=?7?7 /I"+ C. 6 '"'+) 2 +6 3I"+ +"D)+"A $ -# 1 %1,# ' %
# 1 ( "# $ 1 P,#' %
# 1 (# ' , '("Q#' " 1&G 1#-'( "(-#$,'($##&'$'#''('("#'&( (- # '( " ,1# 1 8(##&":3(#&'% '%",#%
#'#(-%#('$ ### $%
1$-#%#'($&G %
# 1 1 % $#(%#-#((-&G#'#(,'## PG 7 .
# 1# -Q 1#&G %
# 1 (# ' %'(#%
$(,'&G%
#1'$"##%%('-'$'%''##$#'$%R8
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
118
%R8
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
119
= !
=?> !"#"
1(1"O! #1,%,$%
'! %- %,#1,
! $ " (-( 1 , #$#-$#$# $1-#%% $,1
#! 1,($%%#
! 7#
"! "-$-
(! 1"#&
1 , "# # $%''$%'#'%'#&
=?>?> 2")&1 " )!"#."#1,%1"##&.
! ('!
#1'&
P(Q#1,%#(- ,# 1 #$'#%-%%,"##&PQ#1,
! . $ '#
#$#-# 7!
'! #'#-$#-#
% 7!
! . $ ' '#
# $ # -# 7! $ '# '# - $ # -#
' % 7!
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
120
1%%##&1,%#(%,$5$%
#' %, " % ' - ,1 % $ '$ , # '( $ '(% '$# ' ' '(# '(# % # %#(%$'('11%#1,$ - , $ # ( # $ (# (' " " $ ' " -# ' # ( % "1#&
=?>?>?> 2")&1 " )!"#+"D)+A&"#"1,%"#'$$#''
! 4F H4:2 '+ ;+ ## ' " ,-(-(-(
'! # % '2
$ #
#( '( %1 $ % ' (-$ , %# ##-"$#%1# ' # % $ " ####$('(&
*$#''%"#''$# '!'##$&*$# ' ' % ' % '(%$#-'&=?>?>? 2")&1 " )!"#++"
.'(%1
! . %# # ##! $#-#'
,,$#&
'! 71 1 $ % ### $ , %
" "#'&
! 1,%(($'$"#'&
#! 1 % ( %, $5$ %
#%##$#1#((-&
! . " 1 (, # ##(--#-(-&
"! . # , '( # $
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
121
,#"'(,(
&(! % " # '%%#'&=?>?>?7 2")&1 " ),&"D
1,%1%,# # $# ' ' # ## ' P
-Q'&--'#1%#% -# % -# '' $ -
1 %,#-$#$$#''"#'& %# $5$$#''#'-#&-#&=?>? " # 1 " )!"#($(#%-%,#1,"$,"##& ( ,,$ - # # 1 , ' #'& # 1 ( ( $ '
,,$# $ (& ' ## 1 # ,,$ -# '
(- ' # $ - ',,$#(#"(-$'%#,#11,$"###&
=?>??> " # 1 " )!"#+"D)+A&"#" 1 , "# '
! 4F H4:2 '+ ;+ ## ' " ,-(-(-(
'! 1 , ( $ '' " $ # # - $%1#1'(&
' # "# ' '$# '! '## $ & J # '#'#"#"'+##
#&
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
122
=?>?? 3$ D "6)" # D""'##%
#1#+##
! # (- %
, 23+##1#
'! )( $ ,,$# '
#%# '# (-%
#
1'&
## %
# "# ' ' ## "# ' $ $ # $'#'(''$&1#'$((-%#$& # ' ## 1 # ####
'&
=?>??7 ")#3+)4#6" # "++"# " 1# - $ %1 , # # ' # ' #'& - "'#-'##'##'#
! # # , $ - ' #'#(-
# # #
#,(
'! # # , 4FH4C #($.#'+#
! /$ 1 $ # ,# '( $"-
#! # ' # ' ' $ ,#1%#
#&1("#
! (,$"1'! # ' # # "#
# ' $ # 1 '#
! 1,'$1'(#!
'($"$($! A%P'##1Q,"! ( # # (' #
'
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
123
"-(! #P"#$'((#$
#''("#'Q',
$#(%,#-##&=?>??= %D#2I" +6)@)#"1))"++'""+ "
,,$ -# $# ' (,#%%(' $( ''$%1##"1 % ## %' # %1 '# # 1 $ '# ##'& - 1##%###(%1# & ##'
'# (1# # # ( ' (1 # " ###&,,$-#,,'#%1# '
# ' #& ' # # '##& #
-#$&=?>??G ,+#""2)" +'""+ +"D)+" ,,$ -# $# ' $ %' 1 , 1 " $' ( % -# 1 $ '# 1 % $%
##%
%$'&=?>??F '# $ D "6 I "1) " # 1 " . +"D)+"*$## 1# $ # 1 , 1"##
#4
! 7#1#$#1, "##%%(''$ 1$($(-"(- $ & ##%%(''%#':3+##"#
(& ) ( $ (-" (- $ ##
--1&
'! * # ( ,,$
- 1 $ ' -O 1 $'#"$ #%$ (' - %
# 1# 1
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
124
# 1 # 1# ## '%$%#-$('(#&
! # 1# 1 '#',,$#($'( %'$ ,#&
#! #1#1 #'($###&
! # 1# ( $ (- "(- $ "'# - '## ' ##& 1'###'
# $#'($'( 1# ' $1 $#1,'(#&
"! 7#'#1#"#'(11#$%#'%
$("#(1#,%'@
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
______________________________________________________________________
125
$,'($' $ , '( ((-#P7#71)
Q,,$#$##$$(-(###,1# (-$,#1#(-$,"#''&$ , 1 " , %%( ' (,# $ - # -
- ' ' , 1 ##& ' , 1 , +' P$ , '# "Q
$ ' " ' - $##& $, "##'( $ # 4F H4
SERMAYE PYASASI MEVZUATI VE LGL MEVZUAT, TCARET HUKUKU VE BORLAR HUKUKU
____________