Major Changes in Investment Funds Announced by CMB
The Capital Markets Board (CMB) has made a critical decision that closely affects the balances in the financial markets. The new fund guide, which covers the main principles of the operation and activity processes of investment funds, has been officially published. With this move, which has been discussed and eagerly awaited in financial circles for days, the scope of action for particularly free funds and money market funds has been reshaped.
All balances in investment funds have shifted.
In line with new decisions, a direct limit has been imposed on the amount of free funds that portfolio management companies can issue. Accordingly, companies will now be able to issue as many free funds as the number of portfolio managers they employ in-house. This decision has been expanded to include private fund structures as well. Portfolio management companies that manage free funds above the set limit in the current situation were granted a transition period until June 30, 2029, to complete their compliance processes.
Aiming to strengthen the financial structures of institutions in the capital market, the Capital Markets Board (SPK) also updated the minimum initial capital amounts for portfolio management companies. Depending on the degree of the authorization certificates they hold, the minimum initial capital requirement was revised to 250 million TL and 500 million TL.
Transactions on the Stock Exchange cannot be made without the approval of the SPK.
In the new term, it has been stipulated that a 'Share Sale Information Form' must be prepared and submitted for the board's approval before the execution of share transfers exceeding the set limits. It was strictly prohibited to subject the aforementioned shares to special orders on the Exchange, sell them within the scope of WTS (Wholesale Purchase Sale Transactions), or transfer them without a document approved by the SPK.
Shareholders transferring shares and investment institutions intermediating the process will be held directly responsible for potential violations of regulations in share transfer transactions. To protect past transactions in the markets, share sales conducted outside the Exchange before August 29, 2026, will not be included in the 12-month restriction calculations.
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