Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 20 MAY 2024

Recent Amendments On Investment Funds

Kolcuoğlu Demirkan Koçaklı Attorneys at Law
Kolcuoğlu Demirkan Koçaklı Attorneys at Law
Contributor
Kolcuoğlu Demirkan Koçaklı Attorneys at Law

Kolcuoğlu Demirkan Koçaklı Attorneys at Law

The Firm Kolcuoğlu Demirkan Koçaklı (KDK) is an independent Turkish law firm advising domestic and...

View firm profile
Explore more from Kolcuoğlu Demirkan Koçaklı Attorneys at Law

Pursuant to the decision of the Capital Markets Board dated 16 February 2024 and numbered 11/255, various amendments were made to the Guideline on Investment Funds, which was adopted as the Board's Principle Decision numbered i-SPK.52.4 .

TurkeyFinance and Banking
İrem Cansu Demircioğlu
İrem Cansu Demircioğlu
Sinem Nilsu Bayazıt
Sinem Nilsu Bayazıt
Author LinkedIn connections

Pursuant to the decision of the Capital Markets Board ("Board") dated 16 February 2024 and numbered 11/255, various amendments were made to the Guideline on Investment Funds ("Guideline"), which was adopted as the Board's Principle Decision numbered i-SPK.52.4 (decision dated 20 June 2014 and numbered 19/614). In addition, the Communiqué on the Amendment (III-52.1.e) ("Amendment Communiqué") to the Communiqué on Principles of Investment Funds (III-52.1) was published in the Official Gazette dated 1 March 2024 and entered into force.

The new regulations introduced pursuant to these amendments are as follows:

1. Amendments to the Communiqué on Principles of Investment Funds

Changes in the Application Process for Hedge Funds

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

© Kolcuoğlu Demirkan Koçaklı Attorneys at Law 2020

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

Implementation Procedures For Investment Funds Ordered Into Liquidation

With its decision No. 57/1708 dated 17.09.2026, the Capital Markets Board (the “CMB”) set out the liquidation procedures for the 131 investment funds established by Tera, A1 Capital, Atlas, Bulls, Hedef, Pardus and Pusula Portföy Yönetimi, whose liquidation had been ordered under its previous decision, and updated the relevant list of funds in the same decision.
TurkeyFinance and Banking
Gen Temizer Erdogan Girgin Attorney Partnership
Gen Temizer Erdogan Girgin Attorney Partnership
Article

Sweeping Changes Announced For Turkish Portfolio Management Companies

The Capital Markets Board of Türkiye has introduced comprehensive regulatory reforms affecting hedge funds and portfolio management companies, implementing new investment diversification requirements, graduated ownership caps based on free-float ratios, enhanced capital adequacy standards, and stricter personnel qualifications. These changes, effective from August 2026, establish tiered compliance deadlines and fundamentally reshape the operational framework for Turkish portfolio managers.
TurkeyFinance and Banking
KST LAW
KST LAW
Article

Developments Concerning Liquidity Measures In The Capital Markets And The Fund Liquidation Process

On 16 September 2026, the money market funds founded by Pusula Portföy Yönetimi A.Ş. defaulted after failing to meet the cash redemption requests received from investors, triggering a sharp sell off on Borsa Istanbul. The BIST 100 index lost 5.54% that same day and hit a circuit breaker; the selling soon spread to Tera Portföy funds as well. It became apparent that the problem was not confined to those two firms but also extended to Hedef, Atlas, A1 Capital, Pardus and Bulls Portföy.
TurkeyFinance and Banking
Gen Temizer Erdogan Girgin Attorney Partnership
Gen Temizer Erdogan Girgin Attorney Partnership
Article

Turkish Capital Markets Board Introduces Measures On Investment Funds

Borsa Istanbul’s BIST 100 index came under significant selling pressure over three consecutive trading sessions between 15-17 September 2026. The index closed down 5.54% on 16 September, a move that triggered Borsa Istanbul’s index-linked circuit breaker, and negative momentum continued into the morning of 17 September. The sell-off was primarily triggered by a default at Pusula Portföy Yönetimi A.Ş., a portfolio management company, which failed to meet investor redemption requests from certain funds it manages in a timely manner. A similar liquidity problem emerged at Tera Portföy Yönetimi A.Ş., and this situation put pronounced pressure on the shares of both companies as well as on broader market indices.
TurkeyFinance and Banking
Gen Temizer Erdogan Girgin Attorney Partnership
Gen Temizer Erdogan Girgin Attorney Partnership
Article

New Online Safety And Gaming Platform Rules

Recent amendments have been introduced to Law No. 5651 on the Regulation of Broadcasts via the Internet and Combating Crimes Committed Through Such Broadcasts (Law No. 5651) through the Law on Amendments to the Social Services Law and Certain Laws, which was published on 1 May 2026. For the first time under Turkish legislation, the concepts of game platform, game distributor, and game developer have been expressly defined. In addition, new online safety obligations have been imposed on social network providers.
TurkeyMedia, Telecoms, IT, Entertainment
Kolcuoğlu Demirkan Koçaklı Attorneys at Law
Kolcuoğlu Demirkan Koçaklı Attorneys at Law
Article

Turkish Competition Board Imposes Interim Measures On Meta Over WhatsApp Access Restrictions For Third-Party AI Assistants

The Turkish Competition Board (the “Board”) has imposed interim measures on Meta Platforms, Inc., Meta Platforms Ireland Limited, WhatsApp LLC and Meta Platforms İstanbul Bilişim Hizmetleri Limited Şirketi (collectively, “Meta”) in connection with amendment to the WhatsApp Business Solution Terms that barred third-party general-purpose generative AI chatbots and assistants from using WhatsApp where AI was the primary service offered to users.
TurkeyAntitrust/Competition Law
Kolcuoğlu Demirkan Koçaklı Attorneys at Law
Kolcuoğlu Demirkan Koçaklı Attorneys at Law
Article

Fiili Dolaşımdaki Pay Oranına İlişkin Yeni Düzenlemeler Ve Uygulama Alanları

Serbest fonlar başta olmak üzere yatırım fonlarının fiili dolaşımdaki pay oranı düşük şirketlerde oluşturdukları yoğunlaşma sebebiyle piyasada oluşan yapısal risklerin giderilmesi amacıyla SPK, hem bu oranın hesaplanmasına ilişkin kuralları hem de yatırım fonlarının yatırım sınırlamalarını yeniden ve detaylı şekilde düzenlemiştir. Bu yazıda özellikle fiili dolaşımdaki pay oranına ilişkin değerlendirmelerimize yer verilmiştir.
TurkeyCorporate/Commercial Law
Kolcuoğlu Demirkan Koçaklı Attorneys at Law
Kolcuoğlu Demirkan Koçaklı Attorneys at Law
Article

Uyap’taki Okundu Kaydı Kanuni Süreleri Başlatır Mı?

Türk usul hukukunda genel ilke, kanunda aksi öngörülmedikçe, usule ilişkin sürelerin tebliğ ile başlamasıdır. Hukuk Muhakemeleri Kanunu (HMK), İdari Yargılama Usulü Kanunu ve çeşitli diğer kanunlar uyarınca, taraflara yönelik usul işlemlerine ilişkin kanuni süreler, kararın veya ilgili işlemin usulüne uygun şekilde tebliğ edildiği tarihten itibaren işlemeye başlar.
TurkeyLitigation, Mediation & Arbitration
Kolcuoğlu Demirkan Koçaklı Attorneys at Law
Kolcuoğlu Demirkan Koçaklı Attorneys at Law
Article

The Implications Of The EU AI Act For Turkish Companies

On 2 August 2026, Regulation (EU) 2024/1689 (the “EU AI Act” or “Act”) became generally applicable. Although Türkiye is not subject to the EU AI Act, the Act’s extraterritorial reach covers a broad spectrum of Turkish companies, ranging from software vendors and outsourcing providers to industrial manufacturers that integrate AI into products exported to the EU market.
TurkeyTechnology
Kolcuoğlu Demirkan Koçaklı Attorneys at Law
Kolcuoğlu Demirkan Koçaklı Attorneys at Law
Article

Crypto Asset Regulations In GCC Countries: A Comparison With Türkiye

Crypto assets and their underlying technologies are reshaping the global financial system. Yet the legal nature of crypto assets, their economic implications, and the risks they pose to financial stability have led states to adopt markedly different regulatory approaches. Despite sharing similar economic structures and a common ambition to position themselves as financial hubs, the Cooperation Council for the Arab States of the Gulf (the Gulf Cooperation Council) (GCC) countries have not converged on a uniform regulatory framework for crypto assets.
TurkeyTechnology
Kolcuoğlu Demirkan Koçaklı Attorneys at Law
Kolcuoğlu Demirkan Koçaklı Attorneys at Law
Article

Yatırım Fonlarına İlişkin Rehber’de Kapsamlı Değişiklikler Yapıldı

Son dönemde yatırım fonlarının kendi aralarında yaptıkları işlemler ile Borsa İstanbul’da işlem gören ve fiili dolaşımdaki pay oranı düşük olan şirketlerin paylarına yaptıkları yatırımlar sebebiyle piyasada oluşan yapısal risklerin giderilmesi amacıyla, Sermaye Piyasası Kurulu (SPK), 28 Ağustos 2026 tarihli İlke Kararı ile Yatırım Fonlarına İlişkin Rehber’de kapsamlı değişiklikler yapmıştır. Değişiklikler; serbest fonların yatırım ve organizasyon esasları, repo ve para piyasası işlemleri, kamuyu aydınlatma yükümlülükleri ile portföy yönetim şirketlerinin operasyonel yükümlülükleri üzerinde yoğunlaşmakta olup ayrıca Rehber’e murabaha işlemleri, yurt içi organize
TurkeyFinance and Banking
Kolcuoğlu Demirkan Koçaklı Attorneys at Law
Kolcuoğlu Demirkan Koçaklı Attorneys at Law