Turkey Makes English Material Event Disclosures Mandatory for All Listed Companies from 1 October 2026

Last updated: 16 August 2026

Short Answer

From 1 October 2026, every publicly held company whose shares are traded on a stock exchange in Türkiye must publish its material event disclosures simultaneously in Turkish and English.

The new requirement was introduced by the Capital Markets Board of Türkiye, commonly known by its Turkish abbreviation SPK, through Decision No. 49/1489 dated 13 August 2026, published in SPK Bulletin No. 2026/51.

The Turkish disclosure will remain the governing version. The English disclosure must include a disclaimer stating that the Turkish version prevails. However, the listed company will remain responsible for the accuracy of the English content.

Companies newly brought within the scope of the requirement must complete their preparations by 1 October 2026.

What Did the SPK Change?

Before this decision, the simultaneous English-language disclosure obligation applied only to companies classified in Group I under the SPK’s corporate governance regulations.

The SPK has now extended the first paragraph of Section IV of the Material Events Guide, titled “Language and Form of Material Event Disclosures,” to all publicly held companies whose shares are traded on an exchange.

The principal requirements from 1 October 2026 can be summarized as follows:

The decision does not replace Turkish as the principal language of public disclosure. Instead, it creates a mandatory English version alongside the Turkish announcement.

When Does the English Disclosure Requirement Begin?

The expanded obligation takes effect on 1 October 2026.

Until that date, the existing requirement will continue to apply to Group I companies.

Companies entering the scope of the English disclosure obligation for the first time should therefore use the period before 1 October 2026 to establish, test and approve their bilingual disclosure procedures.

Which Companies Are Affected?

The decision applies to publicly held companies whose shares are traded on a stock exchange.

The relevant test is not whether the company:

• has foreign shareholders;

• conducts international business;

• has an English-language website; or

• prepares financial statements in English.

The key question is whether the company’s shares are traded on an exchange and the company falls within the category specified by the SPK decision.

Companies that were already subject to the English-language requirement as Group I companies must continue to comply. The main change is that the obligation will no longer be limited to Group I companies.

What Must Companies Publish in English?

The obligation applies to the material event disclosures made by covered companies. These disclosures are generally published through Türkiye’s Public Disclosure Platform, known as KAP.

The English version must:

1. be published simultaneously with the Turkish disclosure;

2. accurately reflect the substance of the Turkish disclosure;

3. include a disclaimer stating that the Turkish disclosure is the governing version; and

4. be prepared through a process that does not delay the publication of time-sensitive information.

The company itself remains responsible for the accuracy of the English content.

Using an external translation provider does not transfer this regulatory responsibility from the listed company to the translator or service provider.

Why Is Simultaneous Publication the Real Compliance Challenge?

Material event disclosures may need to be published without delay.

A workflow in which the Turkish disclosure is completed first and then sent into a separate translation queue may create timing and consistency risks.

The operational challenge is therefore broader than translation.

Companies must establish a controlled process that can:

• prepare two aligned disclosure texts;

• verify the financial and legal terminology;

• obtain the necessary internal approvals; and

• publish both versions simultaneously.

Typical compliance risks include:

• publishing the English version later than the Turkish version;

• differences in figures, dates or percentages;

• inconsistent translation of defined terms;

• last-minute amendments being reflected only in the Turkish text;

• omission of the required Turkish-prevails disclaimer;

• unclear responsibilities among legal, finance and investor-relations teams;

• translation delays outside normal business hours; and

• reliance on unreviewed machine translation.

What Should Listed Companies Do Before 1 October 2026?

1. Map the Existing Disclosure Process

The company should document who:

• identifies a potentially disclosable event;

• prepares the Turkish disclosure;

• prepares or reviews the English version;

• checks the financial figures;

• provides legal approval;

• gives final management approval; and

• publishes the announcement through KAP.

The procedure should also identify who has authority to act outside normal working hours.

2. Create an Approved Bilingual Terminology List

Companies should prepare a Turkish-English glossary covering recurring:

• corporate terms;

• accounting terminology;

• financial measures;

• legal expressions;

• committee and management titles;

• operational terms;

• sector-specific terminology; and

• abbreviations.

The same terms should be used consistently across financial statements, annual reports, investor presentations and KAP disclosures.

3. Prepare Bilingual Disclosure Templates

Turkish-English templates should be prepared for recurring disclosure categories, including:

• board resolutions;

• changes in management;

• related-party transactions;

• investments and disposals;

• financing arrangements;

• significant agreements;

• litigation and regulatory developments;

• financial guidance and revisions;

• dividend decisions;

• capital increases or reductions; and

• interruptions in operations.

Templates can reduce preparation time. However, each disclosure must still be reviewed according to its specific facts.

4. Establish a Two-Language Approval Matrix

The English text should not be treated as an informal translation prepared solely for foreign investors.

The internal approval matrix should specify who confirms:

• the legal meaning of the disclosure;

• the accuracy of the financial figures;

• the accounting terminology;

• company and counterparty names;

• dates and percentages;

• consistency with earlier disclosures;

• consistency between the Turkish and English texts; and

• inclusion of the Turkish-prevails disclaimer.

5. Build an Urgent Disclosure Workflow

Not every material event will occur during normal business hours.

Companies should establish a process that can prepare, translate, review and approve an unexpected disclosure rapidly.

Backup translators, reviewers and authorised executives should be designated in advance.

6. Test the Process Before the Deadline

Companies should conduct simulations using previous material event disclosures.

The test should measure:

• how quickly both versions can be prepared;

• whether the texts remain consistent;

• how long each approval stage takes;

• whether the translation process creates a bottleneck; and

• whether the company can complete the process outside business hours.

Any weakness identified during the test should be corrected before 1 October 2026.

7. Maintain an Audit Trail

Companies should retain:

• Turkish and English drafts;

• reviewer comments;

• internal approvals;

• translation records;

• publication timestamps; and

• final versions of both disclosures.

A clear audit trail can help demonstrate how the company controlled the accuracy, consistency and timing of its announcements.

Can the English Translation Be Published Later?

No.

The SPK decision requires material event disclosures to be published simultaneously in Turkish and English.

A procedure designed around publishing the Turkish announcement first and adding the English translation later would therefore not comply with the wording of the new requirement.

Does the English Version Replace the Turkish Disclosure?

No.

Turkish remains the principal language of the material event disclosure.

The English announcement must contain a disclaimer stating that the Turkish disclosure is the governing version.

However, this disclaimer does not remove the company’s responsibility for the English text. The SPK decision expressly states that responsibility for the accuracy of the English content belongs to the relevant company.

Is Machine Translation Sufficient for KAP Disclosures?

The SPK decision does not introduce a safe harbour for machine-translated disclosures.

AI-assisted translation may help companies prepare an initial draft more quickly. However, using unreviewed machine translation may create significant risks where the announcement contains:

• accounting terminology;

• legal conclusions;

• financial covenants;

• complex conditions;

• market-sensitive wording;

• forward-looking statements; or

• technical industry terms.

A material event disclosure is a regulated corporate communication, not ordinary marketing content.

Companies may use technological tools as part of their workflow, but an appropriate human review and approval process should remain in place.

What Does the New Rule Mean for Foreign Investors?

The change should make market-sensitive information about Turkish listed companies more accessible to international investors.

It may also:

• reduce the delay between Turkish disclosures and English explanations;

• improve comparability among Turkish listed companies;

• support more informed investment decisions;

• increase the visibility of Turkish issuers; and

• strengthen communication with international shareholders and analysts.

For listed companies, however, the reform creates an ongoing disclosure-control obligation.

The English version will become part of the company’s regulated public communication process rather than merely an investor-relations convenience.

Practical Compliance Checklist

Before 1 October 2026, a newly covered company should be able to answer “yes” to each of the following questions:

• Have we confirmed that the new requirement applies to our company?

• Is there a designated owner of the bilingual disclosure process?

• Can we prepare Turkish and English versions simultaneously?

• Do we have an approved financial, legal and corporate terminology list?

• Is the Turkish-prevails disclaimer included in our English template?

• Are all figures, dates, names and percentages cross-checked?

• Can we process urgent disclosures outside normal working hours?

• Have backup translators and reviewers been appointed?

• Are the responsibilities of legal, finance, accounting and investor relations documented?

• Have we tested the workflow using a realistic urgent disclosure?

• Do we retain evidence of review, approval and publication timing?

• Is the English text checked against the final Turkish version rather than an earlier draft?

Frequently Asked Questions

What is the effective date of the SPK English disclosure requirement?

The expanded requirement takes effect on 1 October 2026.

Does the rule apply only to Group I listed companies?

No.

Until 1 October 2026, the existing obligation continues to apply to Group I companies. From that date, it will extend to all publicly held companies whose shares are traded on an exchange.

Must Turkish and English KAP disclosures be released at the same time?

Yes.

The SPK decision requires simultaneous publication in Turkish and English.

Which language prevails if the two versions are different?

The Turkish disclosure is the governing version.

The English disclosure must contain a disclaimer stating that the Turkish version prevails. Nevertheless, the company remains responsible for the accuracy of the English content.

Is the translator responsible for an inaccurate English disclosure?

The SPK announcement places responsibility for the accuracy of the English content on the relevant listed company.

The company’s contractual arrangements with an external translator or service provider do not change its regulatory responsibility.

Does every Turkish company need to make disclosures in English?

No.

This particular decision applies to publicly held companies whose shares are traded on an exchange. It does not create a general bilingual publication obligation for every company incorporated in Türkiye.

Does the rule apply only to companies with foreign shareholders?

No.

The rule is based on the company’s regulatory status, not the nationality of its shareholders.

Is the Turkish version still mandatory?

Yes.

The new requirement adds a simultaneous English disclosure. It does not remove or replace the Turkish disclosure requirement.

How OZM Consultancy Can Help

The 1 October 2026 deadline is close enough that newly covered companies should begin preparing immediately.

OZM Consultancy can support listed companies and their finance teams with:

• a readiness review of the Turkish-English disclosure workflow;

• accounting and financial terminology controls;

• bilingual disclosure templates and checklists;

• reconciliation of figures and terminology between both versions;

• internal responsibility and approval matrices;

• documentation of disclosure-control procedures;

• testing of urgent disclosure workflows; and

• coordination between accounting, finance, investor relations and external advisers.

If your company is newly affected by the requirement, contact OZM Consultancy to arrange an English Disclosure Readiness Review before 1 October 2026.

Official Source

The new requirement was published in the Capital Markets Board of Türkiye’s Bulletin No. 2026/51 under Decision No. 49/1489 dated 13 August 2026:

https://spk.gov.tr/data/6a7e119c8f95db31f025d66b/2026-51.pdf

This article has been prepared for general information purposes only and does not constitute legal advice. The application of the capital markets regulations should be evaluated according to each company’s particular circumstances.