On 20 January 2014, Borsa İstanbul A.Ş. (the "Borsa İstanbul") and NASDAQ entered into a strategic cooperation agreement. The goal of the strategic cooperation agreement is for all markets under Borsa İstanbul to operate under a single trading platform. The first phase of this transition envisages the Shares Market and all submarkets operating thereunder to move to a new trading platform, the NASDAQ Genium INET ("BISTECH"). Accordingly, on 13 November 2015 Borsa İstanbul approved a new Listing Directive (the "Listing Directive") that sets forth the listing procedures to be carried out after the adoption of the BISTECH platform. Under the Listing Directive; which came into effect on 30 November 2015, the market structure of the Shares Market is reorganised, and changes to the listing and delisting requirements are introduced.