New Regulation for Investment Funds from the Capital Markets Board

The Capital Markets Board has taken significant decisions with new guide amendments prepared for investment funds and portfolio management companies. The Board introduced a manager limit on the number of hedge funds, while clarifying capital amounts for 2027 and the principles for over-the-counter share sales.

Hedge Fund Limitation

The number of hedge funds that portfolio management companies can issue has been limited so that it cannot exceed the number of portfolio managers employed within the company. Meanwhile, the ratios in which hedge funds can invest have been graded according to the actual free-float share ratios of the issuers.

Compliance Period and Capital Amounts

Existing portfolio management companies were granted a period until June 30, 2029, to comply with the new hedge fund regulations. Additionally, for the year 2027, the initial and minimum paid-in capital of broadly authorized companies was set at 500 million TL. For portfolio management companies with limited activities, the initial and minimum paid-in capital amount for 2027 was determined as 250 million TL.

Principles for Over-the-Counter Share Sales

Limitations based on a 12-month period principle were introduced for share sales to be conducted outside the stock exchange by persons within the scope of the Share Communiqué. It was ruled that more than 2% of shares cannot be sold over-the-counter in partnerships with an actual free-float share ratio above 50%, and more than 4% in partnerships with a ratio of 50% and below.

Approval Process and Calculation Details

In the event that the specified ratios are exceeded, obtaining approval from the Capital Markets Board via a share sale information form has been made mandatory. On the other hand, it was announced that sales made outside the stock exchange before August 29, 2026, will not be included in the 12-month period calculations.