Amendments to the Guidelines on Investment Funds
Pursuant to the Capital Markets Board’s resolution dated 14 August 2025 and numbered 45/1480 (the “Board Resolution”), amendments have been introduced to Article 5.4 titled “Valuation Principles of Spot and Forward Value Gold Transactions” of the Investment Funds Guideline (the “Investment Funds Guideline”) and to Article 4.5 titled “Valuation Principles of Spot and Forward Value Gold Transactions” of the Pension Investment Funds Guideline (the “Pension Investment Funds Guideline”):
In this context, the following identical amendment has been introduced in both guidelines:
- Under the previous regulation, in gold spot transactions, it was mandatory to use the weighted average price announced in Borsa İstanbul’s relevant Daily Bulletin for T+0 value date transactions conducted in USD/ounce or other currencies. This price included all transactions without any distinction between transaction types.
- With the amendment, the same price data continues to be used; however, in calculating the reference price, only self-trades and transactions carried out solely for registration purposes are excluded. This refers to the weighted average price, called AOF-2, which is adjusted for such transactions.
In summary, with the new amendment, the aim is to use a price reference that more accurately reflects market conditions by excluding transactions that could create artificial price effects. Thus, a more reliable and transparent method has been adopted to value the assets of investment funds and pension funds.
The amendments will be effective from 25 August 2025.
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