Short answer: KAP (Kamuyu Aydınlatma Platformu) is Turkey's Public Disclosure Platform, the official site at kap.org.tr where listed companies, funds and regulated firms publish legally required notices; the Central Securities Depository (MKK) has run it since 17 March 2014. Since 1 October 2026, every public company with exchange-traded shares must publish material event disclosures in English at the same time as in Turkish, and the English text must state that the Turkish one prevails. The rule covers material events, not every filing type.
For a foreign investor or analyst, KAP is the primary record of what a Turkish company has officially said. Its English site has many tools and little explanation of them, so this page says what each part does.
Rules come from Capital Markets Board (SPK) texts and the KAP, MKK and Borsa Istanbul sites, all read on 6 November 2026. The example company is invented. Nothing here suggests how to trade on a notice.
KAP in English: the rule since 1 October 2026
Since 1 October 2026, every public company with shares traded on Borsa Istanbul must publish material event disclosures (özel durum açıklaması) in English at the same time as in Turkish.
SPK announced this under Board decision 49/1489 of 13 August 2026, published in Bulletin 2026/51, by extending section IV of its Special Events Guide. Until then the duty, in force since 1 January 2015, covered only companies in the first corporate governance group. On KAP's notice list, an icon with the tooltip English marks notices that have an English version.
| Point | The decision | Not covered by its text |
|---|---|---|
| Who | Public companies with exchange-traded shares | Issuers with only debt on the exchange; notices filed by shareholders or other parties |
| What | Material event disclosures | Financial statements, fund notices and other notification types |
| When | Simultaneously with the Turkish text | Any grace period |
| Responsibility | The company answers for accuracy | Any review by KAP or SPK |
| Which text governs | The English text must state that the Turkish one prevails | How a mismatch is handled |
In practice, treat the Turkish text as the legal one and check figures against it when anything matters. Article 23 of Communiqué II-15.1 still makes Turkish the language of disclosures, and the Special Events Guide says this includes those made by foreign issuers and foreign investors. MKK itself files threshold notices for direct holdings (Article 12(4)), but a foreign investor who must file one, for example for an indirect holding or when acting in concert, cannot rely on an English-only text.
What is KAP, and who checks what it publishes?
KAP is the electronic system through which legally required notices are sent with electronic signatures and made public, and publication does not mean KAP or a regulator has checked the content.
- Legal definition. Article 3 of Communiqué VII-128.6 defines KAP; each notifying entity must keep valid electronic certificates for at least two people (Article 5).
- Operator. Borsa Istanbul announced on 24 February 2014 that operations would move to MKK effective 17 March 2014, and MKK's page says it runs the system. KAP's general information page says it operates on a 7/24 basis.
- Who files. Listed companies, funds, investment firms, portfolio managers and others; SPK, Borsa Istanbul, Takasbank, MKK and other market institutions also post their own announcements (VII-128.6, Article 4(3)).
- No pre-check. Borsa Istanbul's KAP page says notifications become public as soon as they are sent to the system. Article 7(3) of VII-128.6 says publication of notices the operator forwards to KAP does not mean it reviewed, confirmed or guaranteed them.
A KAP notice is therefore a signed statement by its sender, not a regulator's finding, and each material event disclosure carries the sender's declaration that it complies with the Communiqué, matches the company's records and that the sender is responsible for it (II-15.1, Article 23(2)). Communiqué II-15.1 bars false, misleading, unfounded, exaggerated or incomplete disclosures and bars using them for marketing, and SPK can act afterward; see the Turkish Capital Markets Board.
What the English KAP site offers
The English site at kap.org.tr/en shows notices, search tools, a calendar and report downloads, with no login needed for the pages read on 6 November 2026.
| Tool | Use it to |
|---|---|
| Today's Notification | See today's, yesterday's or the last 15 days' notices, filtered by sender type and notification type |
| Expected Notices | See notices expected from companies and funds, by tab |
| Detailed Search | Go beyond the default date window, by company, type or period |
| Financial Statement Item Search | Compare a statement line across up to 10 companies; the page warns that it uses the current-period column of the latest filing, ignores restated prior periods and updates with a delay |
| Search in notification contents and attachments | Find a phrase inside notices |
| Corporate Actions tab | See general meetings, capital increases and decreases, dividend payments, mergers, withdrawal and sell-out rights and tender offers by day |
| Financial Statements tab | Download reports by company, year (2009 onward) and period |
Two windows apply: the home list offers Today, Yesterday and Last 15 Days tabs, and a footnote says the quick search covers the last 14 days when you enter only an index, market or period and 30 days otherwise. For older or complete results, use Detailed Search with explicit dates.
The four KAP notification groups and their deadlines
KAP's search box sorts notices into four categories, Material Event Disclosure, Financial Statement, Other Notifications and Fund Notifications, and only the first two carry the fixed deadlines most readers ask about. The home page tabs are cut differently (Company Notifications, Fund Notifications, Financial Statements, Corporate Actions), and the type filter adds Regulatory Authority Announcements.
| Group | What it holds | When it must appear |
|---|---|---|
| Material Event Disclosure | Inside information and changes to it | When it arises or is learned (Article 5); shareholding notices under Articles 12 and 22 by 09:00 on the third business day after the transaction (Article 23(3)) |
| Financial Statement | Annual and interim reports with audit reports | Annual: 60 days after period end, 70 if consolidated. Interim: 30 days, 40 if consolidated, plus 10 days for listed issuers when limited review applies |
| Other Notifications | Filings outside the types above | Depends on the underlying rule |
| Fund Notifications | Fund statements, disclosures and regulatory notices for each fund type | Depends on the fund rule |
A company may defer inside information to protect legitimate interests if investors are not misled and confidentiality holds (II-15.1, Article 6), and the later disclosure must state the decision and the reason. Treat the periods above as the base rule: a last day that falls on an official holiday moves to the next business day (II-14.1, Articles 10 and 11), so take actual dates from MKK's yearly file (opens in a new tab). Counting 70 days from 31 December 2026 gives 11 March 2027, for example, while the file gives 12 March 2027.
| Issuer | Nine months: unconsolidated, consolidated | Twelve months: unconsolidated, consolidated |
|---|---|---|
| Listed companies | 30 October 2026, 9 November 2026 | 1 March 2027, 12 March 2027 |
| Listed banks and participation banks | 9 November 2026, 19 November 2026 | 1 March 2027, 12 March 2027 |
Under MKK's footnote, a bank, participation bank or insurer that also prepares individual statements files them by the consolidated date.
Thresholds also changed recently. SPK's principle decision i-SPK.15.2, in Bulletin 2026/57, moved the first shareholding threshold to 3% from the end of 11 September 2026, with MKK updating the table of direct holders of 3% or more. The guide to the MSCI Turkey index freeze places that decision in its 2026 timeline.
How to read a material event disclosure
Read the form fields before the narrative, test any amount against the company's size, and treat conditional wording as unresolved.
- Check the status fields. The form says whether the notice is an update or a correction and gives the date of the previous notice on the same subject; a notice that ends a deferral must say so and give the reason (II-15.1, Article 6(2)).
- Do not stop at the summary line. The company writes it, and the full text is what counts.
- Note the template. Topic templates ask for specific fields, and empty fields tell you something.
- Scale the number. The Special Events Guide uses the same logic: tangible asset deals reaching 25% of net tangible fixed assets or 10% of total assets may be inside information, and a tender bid of 5% or more of total assets must be disclosed.
- Look for the resolution date. Under II-15.1, uncertain matters must be stated as uncertain, with the expected date and conditions for resolution, followed by a further notice.
Hypothetical disclosure, invented company. Example Sanayi A.Ş., template New Business Relation. Summary: contract signed for component supply. Amount: EUR 20 million over three years. Share of last year's net sales: 4%. Status: subject to the buyer's final approval, expected by 30 January 2027. Closing note in the English version: the Turkish text prevails.
Reading it: 4% spread over three years is about 1.3% of net sales a year, and the contract is conditional until a follow-up notice confirms approval. The notice says nothing about margin, and that is not a gap you can fill by assumption.
One warning applies to anyone with early access to such facts. Under Article 106 of Capital Markets Law No. 6362, placing, changing or cancelling orders on price-sensitive information that has not been made public, and so gaining a benefit, is a crime carrying three to five years in prison or a judicial fine, and any fine may not be less than twice the gain.
KAP Turkey entity search: company, fund and provider lists
To look up an entity, open its list under Companies or Funds and go from there to its notices, because the lists group entities by type.
| Menu | Lists |
|---|---|
| Companies | BIST Companies, Investment Firms, Portfolio Management Companies, Independent Audit Firms, All Companies, Other PDP Members, Rating Companies, Crypto Asset Service Provider, Old PDP Member Companies |
| Funds | Exchange Traded, Mutual, Pension, Auto-Enrolment Pension, Foreign, Asset Finance, Housing Finance, Real Estate Investment, Venture Capital, Project Finance, Liquidated and All Funds |
Use Old PDP Member Companies and Liquidated Funds for entities that have left. A KAP list shows who files, not who is licensed: SPK said on 5 August 2024 that appearing on its own list of operating crypto asset service providers did not mean authorization, so confirm any firm's status on SPK's pages. How shares are held and recorded is covered in the guide to MKK.
Beyond the website: data feeds, dividends and shares
The website is built for reading, and feeds, tax and account questions each have their own route.
- Disclosure feeds. MKK lists a data publishing service and SWIFT messages alongside the site. Access terms are in TEFAS, KAP and EVDS data APIs, and an alerting design appears in Fincode's KAP disclosure alert bot example scenario.
- Dividends. Dividend proposals and decisions are KAP notices, and the Corporate Actions tab shows payment days; the tax side is in Turkey's dividend withholding tax.
- Buying shares. KAP needs no account, but trading does; see how to buy Turkish stocks.
- Design review. For a second opinion on a disclosure product, see Fincode's project and product analysis service.
Frequently asked questions
What is KAP in Turkey?
KAP is the Public Disclosure Platform, the electronic system where legally required notices from listed companies, funds and regulated firms are signed, sent and published. MKK operates it at kap.org.tr.
Are all KAP notices in English now?
No. From 1 October 2026 the English duty covers material event disclosures of public companies with exchange-traded shares. SPK decision 49/1489 does not extend it to every filing type.
Which text prevails if English and Turkish differ?
The Turkish text. The decision requires the English disclosure to carry a reservation saying so, and the company stays responsible for the accuracy of the content.
Does anyone check a KAP notice before it goes live?
Borsa Istanbul says disclosures are published as soon as they are sent, and Communiqué VII-128.6 says publication through the operator does not mean it reviewed or guaranteed the content.
When must Turkish companies publish results on KAP?
Under Communiqué II-14.1, annual reports are due within 60 days, or 70 if consolidated, and interim reports within 30 or 40 days, plus 10 days for listed issuers when limited review applies. MKK's yearly file gives actual dates: for listed companies' 2026 annual reports, 1 March 2027, or 12 March 2027 if consolidated.
Sources
- KAP: English site, notifications, search tools and lists (opens in a new tab)
- SPK decision 49/1489 of 13 August 2026, Bulletin 2026/51: English material event disclosures (Turkish) (opens in a new tab)
- SPK principle decision i-SPK.15.2 of 3 September 2026, Bulletin 2026/57: 3% threshold (Turkish) (opens in a new tab)
- SPK Communiqué VII-128.6 on the Public Disclosure Platform (Turkish) (opens in a new tab)
- SPK Communiqué II-15.1 on Special Events (Turkish) (opens in a new tab)
- SPK Special Events Guide (Turkish) (opens in a new tab)
- SPK Communiqué II-14.1 on Financial Reporting, Articles 10 and 11 (Turkish) (opens in a new tab)
- KAP: General information (opens in a new tab)
- MKK: KAP Public Disclosure Platform service page (opens in a new tab)
- Borsa Istanbul: Public Disclosure Platform page (opens in a new tab)
- Borsa Istanbul notice of 24 February 2014: KAP moves to MKK (Turkish) (opens in a new tab)
- MKK general letter 1058 of 7 January 2026 and its file of 2026 financial report dates on KAP (Turkish) (opens in a new tab)
- Capital Markets Law No. 6362, Article 106 (Turkish) (opens in a new tab)
- SPK: Announcement on crypto-asset service providers, 5 August 2024 (Turkish) (opens in a new tab)
This guide is general information, not investment, legal or tax advice. Amounts, rates and rules in Turkey change often: check the date given for each figure and the official source before you rely on it, and ask a licensed adviser about your own situation. Sources, checks and corrections: see the editorial policy.