New Investment Fund Regulation Statement from the Capital Markets Board

The Capital Markets Board provided comprehensive information regarding the regulatory process introduced to prevent unusual price movements and systemic risks observed in investment funds.

Background of the Regulatory Process

In the final quarter of 2025, the Capital Markets Board observed that funds belonging to certain portfolio management companies caused price movements that did not align with economic reality in stocks with low actual free float rates. Following the discussion of the issue at the Financial Stability Committee on December 2, 2025, a working group was established within the CMB.

Update on Qualified Investor Requirements

As a first step within the scope of the measures taken, the total financial assets requirement sought for qualified investors was raised from 1 million liras to 10 million liras on December 18, 2025. During this process, opinions were requested from Borsa Istanbul and Takasbank to prepare the draft text.

TEFAS and Valuation Regulations

While evaluation requests regarding the operation of TEFAS were being assessed during the process, the TEFAS Application Principles were approved on June 17, 2026. Additionally, it was decided that real estate and venture capital investment fund participation shares would be valued at net asset value.

Public Announcement of the Guide

Shaped in line with the opinions of institutions such as Borsa Istanbul, Takasbank, MKK, and TSPB, the Guide was announced to the public on August 28, 2026. The regulation aims to increase transparency in the markets and protect investor savings.