Sermaye Piyasası Hukukunda Erken Aşama Girişimlerin Paya Dayalı Kitle Fonlaması Yoluyla Finansmanı

İÇİNDEKİLER

KISALTMALAR 15

GİRİŞ 17

BİRİNCİ BÖLÜM

KİTLE FONLAMASI KAVRAMI VE PAYA DAYALI 

KİTLE FONLAMASI

I.  Kitle Fonlaması Kavramı 25

A.  Kökeni ve Tanımı 25

1.  Dayandığı Öncül Kavramlar: Kitle Kaynaklı Katkı ve Mikrofinans 25

2.  Tanımı 28

B.  Sınıflandırılması 30

1.  Bağışa Dayalı Model 31

2.  Ödül ve Önceden Alıma Dayalı Modeller 32

3.  Borçlanmaya Dayalı Model 34

4.  Paya Dayalı Model 35

C.  Kitle Fonlaması Sisteminin İşleyişi 36

1.  Kitle Fonlaması Kampanyası 37

a.  Kitle Fonlaması Kampanya Yaratıcısı (Fon Talep Eden, Girişim Şirketi, Girişimci) ve Kitle (Katılımcılar, Yatırımcılar)  37

b.  Kampanyanın Yürütülmesi 37

2.  Kitle Fonlaması Platformları 39

a.  Genel Olarak 39

b.  Kitlesel Yatırıma Yönelik Platformlar 41

II.  Paya Dayalı Kitle Fonlaması 43

A.  Kitlesel Sponsorluktan Kitlesel Yatırıma Geçiş 43

B.  Kitlesel Yatırım Aracı Olarak Paya Dayalı Kitle Fonlamasının Nitelikleri 45

1.  Girişimciliğin Finansmanı Yöntemi Olması 45

2.  Sermaye Piyasası Hukukunun Alanına Girmesi 46

a.  Genel Olarak 46

b.  Sermaye Piyasası Aracı Olarak Paya Dayalı Kitle Fonlaması 48

c.  Menkul Kıymet Halka Arzından Farklılaştırılmış Prosedür 50

C.  Paya Dayalı Kitle Fonlamasının Girişimciliğin Finansmanı Konusunda Paya Dayalı Diğer Yöntemler İle İlişkisi 52

1.  Şirketlere Erken Aşama Sermaye Sağlanması 

Ekosistemi 52

2.  Girişimciliğin Finansmanı Konusunda Paya Dayalı Diğer Yöntemler 54

a.  Girişim Sermayesi 54

i.  Genel Olarak 54

ii.  Nitelikleri 55

b.  Melek Yatırımcılık 58

i.  Genel Olarak 58

ii.  Nitelikleri 60

c.  Türk Hukukunda Girişim Sermayesi ve Melek Yatırımcılık 62

3.  Girişimciliğin Finansmanı Yöntemi Olarak Paya Dayalı Kitle Fonlaması 65

a.  Genel Olarak 65

b.  Fon Açığını Kapatma Konusundaki İşlevi 67

c.  Modelin İşleyişinde Piyasa Kaynaklı Tedbirler 70

i.  Tedbirlerin Sınıflandırılması 70

ii.  Kitlenin Bilgi Birikiminden Destek Alınması 71

iii.  Gelişmiş Sözleşmesel Koruma Yöntemlerinin Uyarlanması 74

iv.  İlk Halka Arz İçin Öngörülen Hukuki Sürecin ve Piyasa Kaynaklı Koruma Tedbirlerinin 

Uyarlanması. 76

aa.  Genel olarak 76

bb.  Halka Arz Riskini Azaltıcı Piyasa Aktörleri ve Kamuyu Aydınlatma 76

cc.  Fiyatlama Mekanizması 79

İKİNCİ BÖLÜM

PAYA DAYALI KİTLE FONLAMASI MODELİNİN DÜZENLENMESİNDE FARKLI YAKLAŞIMLAR

I.  Genel Olarak 83

II.  Yatırımcı Kitlesinin Sınırlandırılması Esaslı Yaklaşım 85

A.  Amerikan Menkul Kıymetler Kanunu’nda Menkul Kıymetlerin Kayda Alınmasında Temel İstisnalar 87

B.  JOBS Kanunu ile Getirilen Kitle Fonlaması Düzenlemeleri 90

1.  Kitle Fonlaması İstisnası 90

2.  Platforma İlişkin Yükümlülükler 91

3.  İhraççı Açısından Getirilen Yükümlülükler 95

a.  Toplanabilecek Fonun Sınırı ve Kamuyu Aydınlatma 95

b.  İhraç Tutarına Bağlı RaporlamaYükümlülükleri 96

c.  Reklam Yasağı 97

4.  Yatırımcılar Açısından Getirilen Kademeli Yatırım Sınırlamaları 97

5.  İkincil Piyasanın Sınırlı Olması 99

6.  Eyalet Sistemi İçinde Kitle Fonlaması Düzenlemelerinin 

Yeri 100

C.  Yatırımcı Kitlesinin Sınırlandırılması Esaslı Düzenlemenin Destekleyici Unsurları 101

1.  Zorunlu Kamuyu Aydınlatma Yükümlülükleri 101

2.  Dolandırıcılık Karşıtı Önlemler 103

III.  Girişim Şirketlerinin Teşviki Esaslı Yaklaşım  105

A.  Girişim Şirketlerine İlişkin İtalyan Şirketler Hukuku 

Reformu 105

B.  Girişim Şirketleri Reformu Üzerinde Etkili Olan Delaware Düzenlemeleri 109

1.  Amerikan Federal Düzenlemelerinde Başlangıç Aşaması Girişim Şirketinin Hukuki Niteliği 109

2.  Anglo-Amerikan Sözleşme Doktrini Çerçevesinde Girişim Şirketleri 112

3.  Delaware Yasalarında Sağlanan Geniş Sözleşme Özgürlüğünün Önemi 116

C.  2003 Reformu: Girişim Şirketlerine İlişkin Hukuki Yapı Değişikliği 122

1.  Esnek Yapıda Başlangıç Aşaması Şirketlere Duyulan 

İhtiyaç 122

2.  Yeni Şekillendirilen Girişim Şirketi 

(Basitleştirilmiş SRL)  125

D.  2012 Reformu: Girişim Şirketleri Ekseninde Kitle 

Fonlaması 127

E.  Kitle Fonlamasına İlişkin CONSOB Düzenlemeleri 129

1.  Genel Olarak 129

2.  Platforma İlişkin Yükümlülükler 130

3.  Profesyonel Yatırımcılar veya Kuluçka Merkezlerinin Katılım Zorunluluğu  130

4.  Fon Talep Eden İhraççının Yenilikçi Girişim Şirketi Olma Zorunluluğu 131

a.  Genel Olarak  131

b.  Fon Talep Eden İhraççı Kapsamının 

Genişletilmesi  133

IV. Riskli Yatırım Esaslı Yaklaşım 134

A.  Genel Olarak. 134

B.  Riskli Yatırım Esaslı Yaklaşımın Temel Unsurları 136

1.  İhraççı Açısından İzahname Yayımlama Muafiyeti 138

2.  Kolay Elden Çıkarılamayan Menkul Kıymetler Kavramı. 139

3.  Kolay Elden Çıkarılamayan Menkul Kıymetlerin Pazarlanmasında Kısıtlamalar 140

a.  Yatırımcı Kitlesinin Sınıflandırılması  140

b.  Platforma İlişkin Yükümlülükler 142

i.  AB Düzenlemeleri Çerçevesinde Yetki Belgesi Alınması 142

ii. Kitle Fonlamasına Konu Menkul Kıymetlerin Pazarlanmasına İlişkin Kısıtlamalar 143

C.  Kitle Fonlamasına Yönelik Hükümet Desteği 145

D.  Riskli Yatırım Esaslı Yaklaşımın Yansımaları 146

1.  Kontrol Mekanizması Olarak Platformların İşlevi  146

2.  Paya Dayalı Kitle Fonlamasının Uygulama Alanı 148

3.  Modelin Uygulanmasında Yaşanan Zorluklar ve Menfaat Sahipleri Tarafından Alınan Önlemler 150

E.  Riskli Yatırım Esaslı Yaklaşımın Etkileri 153

ÜÇÜNCÜ BÖLÜM

AVRUPA BİRLİĞİ’NDE YEKNESAK KURALLAR OLUŞTURMAYA YÖNELİK ÇALIŞMALAR

I.  Paya Dayalı Kitle Fonlamasında Uygulama Alanı Bulan Çok Katmanlı AB Düzenlemeleri 157

A.  Genel Olarak 157

B.  Platformların Faaliyetlerine Uygulanabilecek 

Düzenlemeler 158

1.  Payların Satılmasına Aracılık Edilmesi Bakımından 158

a.  MiFID Rejimi Kapsamında Yatırım Şirketlerinin Tabi Olduğu Kurallar 158

i.  Genel Kapsam ve Yetkilendirilme 158

ii.  Organizasyonel Gereklilikler 160

iii.  Bilgi Verme Yükümlülükleri 160

iv.  “Müşterini Tanı” Esaslı Yükümlülükler 161

b.  MiFID Rejiminin Kitle Fonlaması Platformları 

Açısından Uygulama Alanı 161

2.  Fonların Toplanması ve Elde Tutulması Bakımından 163

3.  Yatırımcılara Yönelik Tavsiyede Bulunulması

 Bakımından 165

4.  Toplanan Fonun Yönetilmesi Bakımından 166

C.  Fon Talep Eden Şirketlere Uygulanabilecek 

Düzenlemeler 168

1.  Avrupa Birliği’nde 2003/71/EC Direktifi ile Kabul Edilen İzahname Rejimi 168

a.  Genel Olarak 168

b.  İzahname Düzenlemeleri Kapsamında Muafiyetler 171

c.  İzahname Düzenlemelerinin Kapsamındaki Devredilebilir Menkul Kıymetlerin Sınırlı Olması 172

2.  2003/71/EC Direktifi’nin Ulusal Hukuklarda Uygulanmasının Sonucu: Farklı Nitelikte Kitle Fonlaması Düzenlemeleri 173

3.  2017/1129 sayılı İzahname Tüzüğü ile İzahname Muafiyetlerinde Ortaya Konulan Sistem 174

II.  AB Nezdinde Yeknesak Kitle Fonlaması Rejimi Oluşturulması Konusunda Girişimler 177

A.  Avrupa Sermaye Piyasaları Birliği Hareket Planı 177

B.  Avrupa Komisyonu’nun Çalışmaları 178

1.  Mart 2014 Tarihli İnceleme Raporu (EU Communication 2014/172)  179

2.  Sermaye Piyasaları Birliği’inin Oluşturulması Hakkında Yeşil Rapor ve Hareket Planı 180

3.  Mayıs 2016 Tarihli İnceleme Raporu (EU Communication 2016/154)  181

III.  Avrupa Kitle Fonlaması Hizmet Sağlayıcıları Bakımından Ortak Düzenleme Taslağı 183

A.  Temel Amaçları 183

1.  Hizmet Sağlayıcıları Açısından Yeknesak Kurallar Uygulanması 183

2.  Yatırımcıların Menfaatlerinin Korunması 185

B.  Konusu ve Kapsamı 186

C.  Kitle Fonlaması Hizmetleri ve Hizmet Sağlayıcılarının Organizasyonel ve Operasyonel Yükümlülükleri 188

1.  Etkin ve Ehliyetli Yönetim 188

2.  Dışarıdan Hizmet Alımı 189

3.  Fonların Saklanması, Elde Tutulması ve Ödeme 

Hizmetleri 190

D.  Hizmet Sağlayıcılarının ESMA Tarafından Yetkilendirilmesi 

ve Gözetimi 192

1.  Yetkilendirilme ve Sicile Kayıt 192

2.  Gözetim ve Yetki Belgesinin İptal Edilmesi 194

E.  Kitle Fonlaması Hizmet Sağlayıcılarının Yatırımcının Menfaatlerinin Korunması Açısından Yükümlülükleri 195

1.  Müşterilere Bilgi Verilmesi ve Yatırımcı Bilgisi 

Testi 195

2. Şeffaflık ve Kamuyu Aydınlatma Çerçevesinde Yükümlülükleri 196

a.  Yatırımcı Bilgi Formu 196

b.  Pazarlama Amaçlı İletişimler 198

DÖRDÜNCÜ BÖLÜM

TÜRK SERMAYE PİYASASI HUKUKUNDA PAYA 

DAYALI KİTLE FONLAMASI

I.  Kitle Fonlamasına İlişkin SPKn Sistemi 200

A.  Kitle Fonlaması Türleri Arasında Ayırım Öngörülmemiş ve Sermaye Piyasası Aracı Olarak Nitelemesinin Yapılmamış Olması 200

B.  Paya Dayalı Kitle Fonlaması Faaliyetinin Halka Arz Kapsamı Dışında Kabul Edilmesi 203

1.  Kitle Fonlamasının İzahname Muafiyeti Kapsamında Düzenlenmemesi 203

2.  Fon Talep Eden Girişim Şirketinin İhraççı Tanımı Dışında Tutulması 205

C.  Kitle Fonlama Platformlarının Düzenlenmesi 206

D.  Kitle Fonlamasına İlişkin Olarak SPKn Sisteminin Değerlendirilmesi 208

II.  Paya Dayalı Kitle Fonlaması Tebliği (III-35/A.1)  214

A.  Temel Nitelikleri 214

1.  Platform Odaklı Düzenleme 214

2.  Yatırımcı Kitlesinin Sınırlandırılması ve Girişim Şirketlerinin Teşviki Esaslı Yaklaşım 214

B.  Amaç ve Kapsam 215

C.  Platformlara İlişkin Prensipler 217

1.  Listeye Alınma Koşulları 217

a.  Ortaklık Yapısı ve Yönetim Kuruluna İlişkin Gereklilikler 217

b.  Teknik ve Operasyonel Altyapı 218

c.  Yatırım Komitesi Oluşturulması 218

i.  Yatırım Komitesinin Yapısı ve İşlevleri 218

ii.  Yatırım Komitesinin Hukuki Niteliği 221

d.  Yazılı Bir Çıkar Çatışması Politikası Oluşturulması 226

2.  Faaliyetlerine İlişkin Esaslar 228

a.  Platformların Temel Yükümlülükleri 228

i.  Kampanya Sayfası Oluşturulması 228

ii.  Yatırımcıların Hak ve Menfaatlerini Koruyucu Tedbirler Alınması 229

iii.  Kampanya Süreci Bitene Kadar Toplanan Fonların Emanet Yetkilisi Nezdinde Saklanması 230

iv.  Genel Risk Risk Bildirim Formu ve Yatırımcının Uygunluğunun Değerlendirilmesi 232

b.  Platformların Gerçekleştiremeyecekleri Faaliyetler 235

i.  Kitle Fonlaması Kapsamında Gerçekleştirilemeyecek Faaliyetler  235

ii.  Kitle Fonlaması Dışında Gerçekleştirilemeyecek Faaliyetler  236

c.  Katılım Bankaları ve Geniş Yetkili Aracı Kurumların Kitle Fonlaması Platform Faaliyetleri,  239

d.  Dışarıdan Hizmet Alımı. 241

D.  Yatırımcılar Açısından Getirilen Sınırlamalar 242

1.  Genel Olarak 242

2.  Yatırım Sınırlandırmaları 243

E.  Fon Talep Edenlere İlişkin Prensipler 246

1.  Girişim Şirketinin Nitelikleri 246

2.  Girişim Şirketine İlişkin Niteliklerin İtalyan Hukukundaki Erken Aşama Yatırımın Teşviki Esaslı Yaklaşım ile Karşılaştırılması 247

3.  Kamuyu Aydınlatma Yükümlülükleri 250

a.  Fon Toplanması Sırasında 250

i.  Paya Dayalı Kitle Fonlaması Bilgi Formu 250

ii.  Toplanan Fonun Kullanım Yerleri 252

iii.  Özel Amaçlı Bağımsız Denetim Raporu 

Hazırlanması 252

b.  Sürekli Olarak Kamuyu Aydınlatma 253

4.  Fon Toplamaya İlişkin Esaslar ve İhraç Sınırı 255

F.  Kampanya Sürecine İlişkin Esaslar 257

1.  Fonların Toplanması 257

2.  Cayma Hakkı ve İade 258

3.  Fonların Aktarımı Sonrasında Sermaye Artırımı 260

G.  Paya Dayalı Kitle Fonlaması Tebliği Sisteminin İnceleme Konusu Yaklaşımlar Kapsamındaki Düzenlemelerle Karşılaştırılması  262

GENEL DEĞERLENDİRME VE SONUÇ 269

BİBLİYOGRAFYA 283

Anahtar Kelimeler : Paya dayalı kitle fonlaması, erken aşama girişim, başlangıç aşaması girişim şirketi (start-up), girişimci, kitle fonlaması platformları, kitlesel yatırım.

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INTERNET KAYNAKLARI:

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- Why UK Crowdfunders Are Holding Their Breath on Regulation, David Prosser, Forbes, March. 7, 2014 [https://www.forbes.com/  sites/davidprosser/2014/03/07/why-uk-crowdfunders-are-holding-their-breath-on-regulation/#51242e5a3063 (07.07.2019)].

KONUŞMALAR, BASIN AÇIKLAMALARI

- Capital Markets Union Action Plan: Overview of Progress Achieved and Next Steps; Making It Easier for Companies to Enter and Raise Capital on Public Markets [https://ec.europa.eu/info /business-economy-euro/growth-and-investment/capital-markets-unio n/capital-markets-union-action-plan/making-it-easier-companies-enter -and -raise-capital-public-markets_en (08.08.2019)].

- Communication on Crowdfunding in the European Union - Frequently Asked Questions, Brussels, European Commission, 27 March 2014 [https://europa.eu/rapid/ press-release_MEMO-14-240_en.htm (14.05.2019)].

- ESMA Basın Açıklaması, National Thresholds Below Which the Obligation to Publish a Prospectus Does Not Apply, 2 December 2019, ESMA31-62-1193 [https://www.esma.europa.eu/sites/default/ files/library/esma31-62-1193_prospectus_ thresholds.pdf (12.012020)  [ESMA Basın Açıklaması, 2019].

- Investor Bulletin: Crowdfunding Investment Limits Increase, May 5, 2017 [https://www.sec.gov/oiea/investor-alerts-and-bulletins/ ib_crowdfundingincrease (15.01.2020)] [SEC Investor Bulletin, 2017]. 

-SPK Bülteni, No: 2019/71, 26/12/2019 [https://www.spk.gov. tr/Bulten/Goster?year =2019&no=71 (1