Article 100 of Capital Markets Authority Law

A beneficial owner means anyone who has an interest representing five percent 5% or more of the capital of a company listed on the exchange, whether directly or indirectly or in alliance with others. The instructions and rules issued by the Authority shall regulate what is meant by a beneficial owner, whether directly or indirectly, and shall also define the beneficial owner when one or more persons act as a group that may be considered a beneficial owner or when one or more persons act in alliance with others. They shall also define the other interests that must be disclosed and specify the procedures relating to the method and timing of disclosure.