Özet:

As some modern law systems, civil liability from prospectus is specially regulated in Turkish Law. According to this regulation laid in the Article 10 of the Capital Markets Law of Turkey, No: 6362, issuer is firstly liable for the losses arising from the inaccurate, misleading and incomplete information included in the prospectus. The liability of issuer is an absolute liability, not based on fault. However, the members of the board of directors of the issuer and the intermediary institution have been held liable in case when the loss cannot be compensated by the issuer. In this framework, they are liable to the extent of their fault and to the extent the losses can be attributed to them according to the necessities of the situation. This liability regime, called diff erentiated joint liability, is excerpted from the Article 557 of Turkish Commercial Code, regarding liability of the members of the board of directors in joint stock companies. The principle of diff erentiated solidarity, compared with joint liability, provide to apportion liability more fairly among responsible persons. Consequently, it can be said that prospectus liability is regulated in Turkish law in according with the EU Directive and contemporary approaches, including protective provisions for investors

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