Türkiye's Capital Markets Board has added a new temporary exemption to the share-buyback framework introduced in March 2025. Until a further announcement, companies using that framework will not be subject to the rule that normally limits the total cost of repurchased shares to resources available for profit distribution. The measure widens financial flexibility; it does not require a listed company to launch or enlarge a programme and does not guarantee market support.
The exact limit SPK stopped applying
Article 9(3) of the Share Buyback Communiqué normally links the total purchase cost to the company's resources available for profit distribution. Bulletin 2026/63 says that ceiling will not be applied, until further notice, to buybacks conducted under principle decision i-SPK.22.9. The decision is dated 22 September 2026 and does not state a fixed expiry date.
How this adds to the March 2025 framework
The March 2025 decision already allowed exchange-listed companies and their subsidiaries to start a programme by board decision and inform shareholders at the next general meeting. For those programmes, SPK also stopped applying the 10% nominal-value ceiling and the daily limit equal to 25% of the previous 20 days' average trading volume. The latest decision adds the total-cost ceiling to that exemption package; it does not replace the entire communiqué.
What companies still have to disclose
A board decision must identify the purpose, expected maximum duration, maximum number of shares and maximum fund amount, and it must be publicly disclosed. Under the 2025 framework, repurchased shares cannot be sold for 30 days. Investors should read the company's KAP disclosure for the actual programme, funding and transactions rather than assume every eligible issuer will buy shares.
How international investors should read it
A buyback may reduce free float, change earnings-per-share calculations or signal management confidence, but the effect depends on price, scale, funding and the company's balance sheet. Foreign investors must also consider lira exposure, brokerage access, withholding and home-country tax treatment. The SPK decision changes a regulatory limit; it does not remove company, liquidity, valuation or currency risk.
Turkey Compass fact check
Confirmed: SPK suspended one more ceiling for buybacks made under the March 2025 principle decision. Not confirmed: that all Borsa Istanbul companies will buy shares, that buybacks are unlimited in every legal respect, or that prices must rise. Company-specific KAP disclosures remain the primary evidence for an actual programme.
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