Article 24- Securities may be delisted permanently or temporarily by the decision of the Executive Council by consulting to the Listing Committee or upon the proposal of the Listing Committee for the cases mentioned below. The Executive Council may issue a warning and extend a time period to the corporation for correcting the problems prior to taking a decision.
a) If the total amount of current year loss and accumulated loss reached to the total amount of other items excluding current year loss and accumulated loss in the shareholders’ equity,
b) Noncompliance with the written declaration stated in the subsection (p) of the first paragraph of Article 9,
c) Not exerting maximum effort in public disclosure and not submitting any information and documents, which might influence the decision making process of investors and which might cause a change in the market value of the security, to the Exchange through fastest communication means in order to be disclosed within the context of the relevant Regulations as well as not complying with the Regulations referring to similar issues,
d) Noncompliance with the rules and regulations which will be set by the ISE, as well as relevant legislation,
e) Filing for bankruptcy or suspending operations for more than three months, for reasons other than acceptable by the ISE,
f) Dissolution of the corporation due to liquidation or termination,
g) Company facing difficulties in paying its debts or being financially distressed as well as respiting for a concordat,
h) Company not fulfilling fee obligations to the Exchange or execution proceedings against the company being ineffective,
i) Cancellation or invalidation of any permits, licenses or agreements of the company, crucial to operations,
j) Loss of 2/3 of the corporation’s capital according to the interim balance sheet which has been prepared based on the sale prices of its assets within the framework of the Turkish Commercial Code,
k) Declaration of negative opinions or avoidance to declare any opinions in independently audited reports (limited, permanent and special) for the last two financial periods including interim reports,
l) Occurance of any events which might effect the activities of the company significantly such as fire, natural disasters, state of war, terrorist acts, loss of 2/3 of its production factors and similar,
m) Submission of any information and/or documents to third parties, media and other individuals and institutions by the persons authorized to represent the company, prior to disclosure to the ISE,
n) Redemption of the debt securities listed on the Exchange or failure in payment of debt securities which have been matured or failure in timely payment of interests or taking any actions to obstruct the use of the rights of debt securities holders,
o) Dropping of the market price far below the nominal value, dropping of the trading volume or trading frequency far below market average or temporary or permanent suspension of trading,
p) Not providing information requested by the ISE or the officials assigned by the ISE or providing insufficient or misleading information and/or documents, not submitting books and documents to the respective officials and withholding, destroying these books and documents or impeding the ISE officials from performing their duties.
Article 25- Companies may apply for the delisting of their securities listed on the ISE.
If the securities requested to be delisted are traded on the Exchange, the Executive Council may require the company to take some precautions prior to its decision for delisting, in order to prevent any loss of investors. In any case for the delisting by the request of the corporation, Executive Council is the final decision body by all means.
Article 26- The Executive Council of the ISE is authorized to decide whether to relist the permanently delisted securities or not by considering the listing requirements mentioned in Section 3. The Executive Council may require that a specified period of time have elapsed for permanently delisted securities to be relisted.
For the temporarily delisted securities to be relisted, first of all, the circumstances causing delisting should have been terminated, then if a time period and any requirements are set by the Executive Council’s delisting decision, the time period should have been elapsed and the requirements should have been met by the company.
The Executive Council, upon reviewing the temporary delisting decision, may decide whether to extend the temporary delisting period or to delist the security permanently at the end of the period.
For the securities, which have been delisted due to inadequate trading volume or not being traded for a certain period, to be listed and resume trading, the Executive Council must decide whether the information, documents and the reasons submitted are sufficient or not to indicate the company will maintain the sufficient market depth, trading volume and will have the circulation potential.
The Executive Council may require the company to deposit the securities to be relisted at the ISE Settlement and Custody Bank, not to be less than the amount stated in subsection (e) of the first paragraph of Article 13 of this Regulation.
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