Kat\u0131l\u0131m S\u00f6zle\u015fmesi (Subscription Agreement), bir yat\u0131r\u0131mc\u0131n\u0131n yeni ihra\u00e7 edilen menkul k\u0131ymetleri ihra\u00e7 eden \u015firketten do\u011frudan sat\u0131n almay\u0131 taahh\u00fct etti\u011fi bir s\u00f6zle\u015fmedir. Hisse Sat\u0131n Alma Anla\u015fmas\u0131ndan (pay sahipleri aras\u0131nda mevcut hisselerin transferini y\u00f6neten) farkl\u0131 olarak, Kat\u0131l\u0131m S\u00f6zle\u015fmesi \u015firketin yeni hisseler olu\u015fturdu\u011fu ve sat\u0131n alma fiyat\u0131n\u0131 sermaye olarak ald\u0131\u011f\u0131 birincil ihra\u00e7lar\u0131 y\u00f6netir.<\/p>\n
Kat\u0131l\u0131m S\u00f6zle\u015fmeleri \u015funlar i\u00e7in standart belgedir: birincil \u00f6z sermaye finansmanlar\u0131 (Seri A, B, C\u2014yeni olu\u015fturulan imtiyazl\u0131 hisselere kat\u0131l\u0131m sa\u011flayan yeni yat\u0131r\u0131mc\u0131lar), bor\u00e7 veya d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir menkul k\u0131ymetlerin \u00f6zel yerle\u015ftirmeleri, fon yat\u0131r\u0131mlar\u0131 (fon paylar\u0131na kat\u0131l\u0131m sa\u011flayan LP’ler) ve giderek artan bi\u00e7imde tokenize edilmi\u015f menkul k\u0131ymet teklifleri. Mevcut pay sahiplerinin hisselerini yeni yat\u0131r\u0131mc\u0131lara satt\u0131\u011f\u0131 ikincil al\u0131mlardan farkl\u0131d\u0131rlar (SPA<\/a>’lar veya hisse transfer anla\u015fmalar\u0131 taraf\u0131ndan y\u00f6netilir).<\/p>\n Tipik bir Kat\u0131l\u0131m S\u00f6zle\u015fmesi \u015funlar\u0131 i\u00e7erir: ihra\u00e7 edilen menkul k\u0131ymetler (s\u0131n\u0131f, seri, say\u0131, haklar), sat\u0131n alma fiyat\u0131 ve \u00f6deme ko\u015fullar\u0131, yat\u0131r\u0131mc\u0131 beyanlar\u0131 (akredite yat\u0131r\u0131mc\u0131 \/ nitelikli yat\u0131r\u0131mc\u0131 durumu, sofistikasyon, genel davet yok, k\u0131s\u0131tl\u0131 menkul k\u0131ymetler anlay\u0131\u015f\u0131), \u015firket beyanlar\u0131 (kurumsal yetki, \u00e7at\u0131\u015fma yok, menkul k\u0131ymet hukuku uyumu), kapan\u0131\u015f<\/a> mekanikleri, transfer k\u0131s\u0131tlamalar\u0131 ve legend gereksinimleri, imza ve y\u00fcr\u00fctme h\u00fck\u00fcmleri. Anla\u015fma tipik olarak Esas S\u00f6zle\u015fme\/\u0130\u00e7 Y\u00f6netmelikleri ve s\u00fcregelen ili\u015fkiyi y\u00f6neten herhangi bir Yat\u0131r\u0131mc\u0131 Haklar\u0131 Anla\u015fmas\u0131n\u0131 referansla dahil eder.<\/p>\n Kat\u0131l\u0131m S\u00f6zle\u015fmeleri menkul k\u0131ymet hukuku uyumunu y\u00f6nlendirir: ABD’de yat\u0131r\u0131mc\u0131 beyanlar\u0131 ihra\u00e7\u00e7\u0131n\u0131n Securities Act tescilinden muafiyetini destekler (tipik olarak Regulation D kapsam\u0131nda Rule 506(b) veya 506(c)); AB Prospekt\u00fcs T\u00fcz\u00fc\u011f\u00fc muafiyetleri benzer \u015fekilde kat\u0131l\u0131m s\u00f6zle\u015fmesi h\u00fck\u00fcmleri arac\u0131l\u0131\u011f\u0131yla kan\u0131tlan\u0131r; halka a\u00e7\u0131k olmayan teklifler i\u00e7in T\u00fcrk SPK d\u00fczenlemeleri benzer belgeler gerektirir. Uygun yat\u0131r\u0131mc\u0131 beyanlar\u0131 elde edememe veya muafiyet gereksinimlerini takip edememe r\u00fccu riski yarat\u0131r\u2014yat\u0131r\u0131mc\u0131lar yat\u0131r\u0131mlar\u0131n\u0131n art\u0131 faiz iadesini talep edebilir.<\/p>\n","protected":false},"excerpt":{"rendered":" TLDR: Kat\u0131l\u0131m S\u00f6zle\u015fmesi (Subscription Agreement), bir yat\u0131r\u0131mc\u0131n\u0131n yeni ihra\u00e7 edilen menkul k\u0131ymetleri ihra\u00e7 eden \u015firketten do\u011frudan sat\u0131n almay\u0131 taahh\u00fct etti\u011fi bir s\u00f6zle\u015fmedir. Hisse Sat\u0131n Alma Anla\u015fmas\u0131ndan (pay sahipleri aras\u0131nda mevcut hisselerin transferini y\u00f6neten) farkl\u0131 olarak, Kat\u0131l\u0131m S\u00f6zle\u015fmesi \u015firketin yeni hisseler olu\u015fturdu\u011fu ve sat\u0131n alma fiyat\u0131n\u0131 sermaye olarak ald\u0131\u011f\u0131 birincil ihra\u00e7lar\u0131 y\u00f6netir. Kat\u0131l\u0131m S\u00f6zle\u015fmeleri Ne Zaman […]<\/p>\n","protected":false},"author":4,"featured_media":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","format":"standard","meta":{"footnotes":""},"categories":[],"class_list":["post-12582","term","type-term","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term\/12582","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term"}],"about":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/types\/term"}],"author":[{"embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/comments?post=12582"}],"version-history":[{"count":1,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term\/12582\/revisions"}],"predecessor-version":[{"id":12907,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term\/12582\/revisions\/12907"}],"wp:attachment":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/media?parent=12582"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/categories?post=12582"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Standart H\u00fck\u00fcmler<\/h3>\n
Menkul K\u0131ymet Hukuku Uyumu<\/h3>\n