Capital Markets Board Announces Fund Regulation and Guide
The CMB made a detailed statement regarding the new Guide regulation prepared to prevent systemic risk and increase transparency in the mutual fund sector.
The Capital Markets Board has published a written notification regarding the Guide regulation implemented with the objectives of preventing systemic risk in the mutual fund sector, protecting investor savings, and increasing transparency.
Rationale of the Regulation
It was observed in the last quarter of 2025 that funds belonging to certain portfolio management companies, through hedge funds and money market funds, led to price movements in shares with low actual free float that could not be explained by fundamental financial metrics.
Financial Stability Committee Decisions
These issues were brought to the agenda at the Financial Stability Committee meeting chaired by Minister of Treasury and Finance Mehmet Şimşek on December 2, 2025, and an advisory decision was issued regarding macroprudential measures that could be taken by the CMB.
Working Group and Qualified Investor Requirement
Following the FSC decision, a working group established within the CMB commenced its activities, and on December 18, 2025, the 1 million TL total financial assets requirement for qualified investors was updated to 10 million TL.
Institutions' Opinions and TEFAS Process
While drafting the Guide, the opinions of Borsa Istanbul, Takasbank, MKK, TSPB, and relevant institutions were taken; TEFAS implementation principles were approved on June 17, 2026, and put into practice by Takasbank on July 20, 2026.
Valuation and Entry into Force of the Guide
The practice of valuing real estate investment fund and venture capital investment fund participation shares in mutual fund portfolios with net asset value was adopted after July 31, 2026, and the prepared Guide was announced to the public on August 28, 2026.
Main Objective of the Guide
Ultimately, the Guide has been put into effect to prevent the impact of unsecured borrowing and unusual price movements on financial stability, to protect investors, and to limit the potential for manipulation through funds.