Practice Areas &amp; Work DepartmentBanking &amp; FinanceCapital MarketsFintech LanguagesEnglishFrenchTurkish MembershipsIstanbul Bar Association EducationUniversity of Oxford, MJur, UK, 2020Galatasaray University, Faculty of Law, Istanbul, 2019

Esin Attorney Partnership

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Yeni Gelişmeler Portföy Yönetim Şirketleri ve Bu Şirketlerin Faaliyetlerine İlişkin Esaslar Tebliği’nde Değişiklik Yapılmasına Dair Tebliğ (“Tebliğ“), 18 Şubat 2023 tarihli Resmi Gazete’de yayımlandı. Tebliğ metnine buradan erişebilirsiniz. Değişiklikler Ne Getiriyor? Tebliğ aşağıdakiler başta olmak üzere portföy yönetim şirketleri (“PYŞ“) bakımından önemli değişiklikler içeriyor:

Portföy Yönetim Şirketlerine İlişkin Mevzuatta Önemli Değişiklikler

&lt;div class="news-item" style="box-sizing: border-box; margin-bottom: 70px; clear: left; color: rgb(17, 17, 17); font-family: bakermckenzieberniniregular; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13px;">&lt;div itemprop="articleBody" style="box-sizing: border-box;">&lt;p style="font-size: 24px; box-sizing: border-box; font-family: bakermckenzieberniniheader; font-weight: 500; line-height: 1.5; color: inherit; margin-top: 20px; margin-bottom: 10px; text-align: justify;">&lt;strong style="box-sizing: border-box; font-weight: 700; font-family: Arial, Helvetica, sans-serif; font-size: 14px;">Recent Developments&lt;/strong>&lt;/p>&lt;p style="box-sizing: border-box; margin: 0px 0px 20px; line-height: 1.5; padding: 0px; text-align: justify; font-size: 13px;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px;">&lt;span style="font-size: 14px;">The Communiqué Amending the Communiqué on Principles Regarding Portfolio Management Companies and Their Activities (“&lt;/span>&lt;strong style="font-size: 14px; box-sizing: border-box; font-weight: 700;">Communiqué&lt;/strong>&lt;span style="font-size: 14px;">“) was published in the Official Gazette on 18 February 2023. The Communiqué is available&nbsp;&lt;/span>&lt;a href="https://www.resmigazete.gov.tr/eskiler/2023/02/20230218-4.htm" style="box-sizing: border-box; background: 0px 0px; color: rgb(3, 102, 132); text-decoration: none; outline: none !important;" rel="nofollow" target="_blank">here&lt;/a>&lt;span style="font-size: 14px;">.&lt;/span>&lt;/span>&lt;/p>&lt;p style="box-sizing: border-box; margin: 0px 0px 20px; line-height: 1.5; padding: 0px; text-align: justify; font-size: 13px;">&lt;strong style="box-sizing: border-box; font-weight: 700; font-family: Arial, Helvetica, sans-serif; font-size: 14px;">What’s new?&lt;/strong>&lt;/p>&lt;p style="font-size: 13px; box-sizing: border-box; margin: 0px 0px 20px; line-height: 1.5; padding: 0px; text-align: justify;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px;">The Communiqué introduces significant amendments such as the following:&lt;/span>&lt;/p>&lt;p style="font-size: 13px;">&lt;strong style="box-sizing: border-box; font-weight: 700; font-family: Arial, Helvetica, sans-serif; font-size: 14px;">1. Sub-portfolio management&lt;/strong>&lt;/p>&lt;p style="font-size: 13px; box-sizing: border-box; margin: 0px 0px 20px; line-height: 1.5; padding: 0px; text-align: justify;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px;">The Communiqué clarifies that Turkish portfolio management companies (“&lt;strong style="box-sizing: border-box; font-weight: 700;">PMC&lt;/strong>“) can manage the portfolio of a PMC that is resident abroad.&lt;/span>&lt;/p>&lt;p style="font-size: 13px;">&lt;strong style="box-sizing: border-box; font-weight: 700; font-family: Arial, Helvetica, sans-serif; font-size: 14px;">2. Capital requirements&lt;/strong>&lt;/p>&lt;p style="font-size: 13px; box-sizing: border-box; margin: 0px 0px 20px; line-height: 1.5; padding: 0px; text-align: justify;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px;">The minimum initial capital required for the incorporation of PMCs was increased to TRY 30,000,000 (from TRY 6,000,000).&lt;/span>&lt;/p>&lt;p style="font-size: 13px; box-sizing: border-box; margin: 0px 0px 20px; line-height: 1.5; padding: 0px; text-align: justify;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px;">In addition, the minimum equity requirements for PMCs were also increased. Accordingly, PMCs will need to meet the following thresholds depending on the size of the portfolios they manage:&lt;/span>&lt;/p>&lt;table style="font-size: 13px; box-sizing: border-box; border-spacing: 0px; border-collapse: collapse; background-color: transparent; width: 64.9505%; text-align: justify; line-height: 1.5;">&lt;tbody style="box-sizing: border-box;">&lt;tr style="box-sizing: border-box;">&lt;td width="166" style="box-sizing: border-box; padding: 12px; vertical-align: top; border: 1px solid; width: 76.779%; text-align: center;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px;">&lt;strong>Portfolio under management&lt;/strong>&lt;/span>&lt;/td>&lt;td width="166" style="box-sizing: border-box; padding: 12px; vertical-align: top; border: 1px solid; width: 23.0337%; text-align: center;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px;">&lt;strong>Minimum equity&lt;/strong>&lt;/span>&lt;/td>&lt;/tr>&lt;tr style="box-sizing: border-box;">&lt;td width="166" style="box-sizing: border-box; padding: 12px; vertical-align: top; border: 1px solid;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px;">Up to TRY 1,000,000,000&lt;/span>&lt;/td>&lt;td width="166" style="box-sizing: border-box; padding: 12px; vertical-align: top; border: 1px solid;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px;">TRY 30,000,000&lt;/span>&lt;/td>&lt;/tr>&lt;tr style="box-sizing: border-box;">&lt;td width="166" style="box-sizing: border-box; padding: 12px; vertical-align: top; border: 1px solid;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px;">From TRY 1,000,000,001 to TRY 4,000,000,000&lt;/span>&lt;/td>&lt;td width="166" style="box-sizing: border-box; padding: 12px; vertical-align: top; border: 1px solid;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px;">TRY 40,000,000&lt;/span>&lt;/td>&lt;/tr>&lt;tr style="box-sizing: border-box;">&lt;td width="166" style="box-sizing: border-box; padding: 12px; vertical-align: top; border: 1px solid;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px;">From TRY 4,000,000,001 to TRY 36,000,000,000&lt;/span>&lt;/td>&lt;td width="166" style="box-sizing: border-box; padding: 12px; vertical-align: top; border: 1px solid;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px;">TRY 50,000,000&lt;/span>&lt;/td>&lt;/tr>&lt;tr style="box-sizing: border-box;">&lt;td width="166" style="box-sizing: border-box; padding: 12px; vertical-align: top; border: 1px solid;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px;">Higher than TRY 36,000,000,000&lt;/span>&lt;/td>&lt;td width="166" style="box-sizing: border-box; padding: 12px; vertical-align: top; border: 1px solid;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px;">TRY 100,000,000&lt;/span>&lt;/td>&lt;/tr>&lt;/tbody>&lt;/table>&lt;p style="font-size: 13px; box-sizing: border-box; margin: 0px 0px 20px; line-height: 1; padding: 0px; text-align: justify;">&lt;br>&lt;/p>&lt;p style="font-size: 13px; box-sizing: border-box; margin: 0px 0px 20px; line-height: 1.5; padding: 0px; text-align: justify;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px;">The arithmetic average of the size of the portfolio under management according to the capital adequacy tables of the preceding three months will be taken as basis for determining applicable equity thresholds. However, PMCs that are managing a portfolio of over TRY 72,000,000,000 will also be required to have additional equity equal to 0.02% of the amount that exceeds TRY 72,000,000,000. In addition, PMCs whose equity exceeds TRY 200,000,000 will not be required to provide additional equity in this regard.&lt;/span>&lt;/p>&lt;p style="font-size: 13px; box-sizing: border-box; margin: 0px 0px 20px; line-height: 1; padding: 0px; text-align: justify;">&lt;br>&lt;strong style="box-sizing: border-box; font-weight: 700; font-family: Arial, Helvetica, sans-serif; font-size: 14px;">3. Number of portfolio managers to be employed by the PMCs&lt;/strong>&lt;/p>&lt;p style="font-size: 13px; box-sizing: border-box; margin: 0px 0px 20px; line-height: 1.5; padding: 0px; text-align: justify;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px;">The PMCs will be required to employ the following number of portfolio managers (&lt;em style="box-sizing: border-box;">portföy yöneticisi&lt;/em>) depending on the size of the portfolio under management.&lt;/span>&lt;/p>&lt;table style="font-size: 13px; box-sizing: border-box; border-spacing: 0px; border-collapse: collapse; background-color: transparent; width: 65.4455%; text-align: justify; line-height: 1.5;">&lt;tbody style="box-sizing: border-box;">&lt;tr style="box-sizing: border-box;">&lt;td width="166" style="box-sizing: border-box; padding: 12px; vertical-align: top; border: 1px solid; width: 58.3193%; text-align: center;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px;">&lt;strong>Portfolio under management&lt;/strong>&lt;/span>&lt;/td>&lt;td width="166" style="box-sizing: border-box; padding: 12px; vertical-align: top; border: 1px solid; width: 41.5126%; text-align: center;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px;">&lt;strong>Minimum number of portfolio managers&lt;/strong>&lt;/span>&lt;/td>&lt;/tr>&lt;tr style="box-sizing: border-box;">&lt;td width="166" style="box-sizing: border-box; padding: 12px; vertical-align: top; border: 1px solid;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px;">Up to TRY 1,000,000,000&lt;/span>&lt;/td>&lt;td width="166" style="box-sizing: border-box; padding: 12px; vertical-align: top; border: 1px solid; text-align: center;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px;">3&lt;/span>&lt;/td>&lt;/tr>&lt;tr style="box-sizing: border-box;">&lt;td width="166" style="box-sizing: border-box; padding: 12px; vertical-align: top; border: 1px solid;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px;">From TRY 1,000,000,001 to TRY 4,000,000,000&lt;/span>&lt;/td>&lt;td width="166" style="box-sizing: border-box; padding: 12px; vertical-align: top; border: 1px solid; text-align: center;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px;">4&lt;/span>&lt;/td>&lt;/tr>&lt;tr style="box-sizing: border-box;">&lt;td width="166" style="box-sizing: border-box; padding: 12px; vertical-align: top; border: 1px solid;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px;">From TRY 4,000,000,001 to TRY 36,000,000,000&lt;/span>&lt;/td>&lt;td width="166" style="box-sizing: border-box; padding: 12px; vertical-align: top; border: 1px solid; text-align: center;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px;">5&lt;/span>&lt;/td>&lt;/tr>&lt;tr style="box-sizing: border-box;">&lt;td width="166" style="box-sizing: border-box; padding: 12px; vertical-align: top; border: 1px solid;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px;">Higher than TRY 36,000,000,000&lt;/span>&lt;/td>&lt;td width="166" style="box-sizing: border-box; padding: 12px; vertical-align: top; border: 1px solid; text-align: center;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px;">6&lt;/span>&lt;/td>&lt;/tr>&lt;/tbody>&lt;/table>&lt;p style="font-size: 13px; box-sizing: border-box; margin: 0px 0px 20px; line-height: 1; padding: 0px; text-align: justify;">&lt;br>&lt;/p>&lt;p style="font-size: 13px; box-sizing: border-box; margin: 0px 0px 20px; line-height: 1.5; padding: 0px; text-align: justify;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px;">In addition, the portfolio managers to be employed by the PMC will be required to be employed full time and exclusively to fulfill these duties.&lt;strong style="box-sizing: border-box; font-weight: 700;">&nbsp;&lt;/strong>&lt;/span>&lt;/p>&lt;p style="font-size: 13px; box-sizing: border-box; margin: 0px 0px 20px; line-height: 1; padding: 0px; text-align: justify;">&lt;br>&lt;strong style="box-sizing: border-box; font-weight: 700; font-family: Arial, Helvetica, sans-serif; font-size: 14px;">4. Liaison offices&lt;/strong>&lt;/p>&lt;p style="font-size: 13px; box-sizing: border-box; margin: 0px 0px 20px; line-height: 1.5; padding: 0px; text-align: justify;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px;">In addition to branches and agencies, the PMCs will be able to establish liaison offices in Türkiye or abroad.&lt;/span>&lt;/p>&lt;p style="font-size: 13px; box-sizing: border-box; margin: 0px 0px 20px; line-height: 1.5; padding: 0px; text-align: justify;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px;">The Communiqué designates liaison offices as service units that are responsible for promoting PMCs and their activities. PMCs will be able to establish liaison offices provided that the following conditions are met:&lt;/span>&lt;/p>&lt;ul style="font-size: 13px; box-sizing: border-box; margin-top: -15px; margin-bottom: 10px; padding-left: 20px; list-style-type: square;">&lt;li style="box-sizing: border-box; text-align: justify; line-height: 1.5;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px;">Having the space and technical equipment necessary to provide the service&lt;/span>&lt;/li>&lt;li style="box-sizing: border-box; text-align: justify; line-height: 1.5;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px;">Employment of a liaison office manager who meets the conditions specified in the Communiqué on Principles Regarding Portfolio Management Companies and Their Activities, along with sufficient number of personne&lt;/span>&lt;/li>&lt;/ul>&lt;h3 style="font-size: 24px; box-sizing: border-box; font-family: bakermckenzieberniniheader; font-weight: 500; line-height: 1.5; color: inherit; margin-top: 20px; margin-bottom: 10px; text-align: justify;">&lt;strong style="box-sizing: border-box; font-weight: 700; font-family: Arial, Helvetica, sans-serif; font-size: 14px;">Transition&lt;/strong>&lt;/h3>&lt;p style="font-size: 13px; box-sizing: border-box; margin: 0px 0px 20px; line-height: 1.5; padding: 0px; text-align: justify;">&lt;span style="font-family: Arial, Helvetica, sans-serif; font-size: 14px;">PMCs that obtained establishment and operation permits from the Capital Markets Board (“Board”) prior to 18 February 2023 will be required to comply with the amendments introduced by the Communiqué until 30 June 2023. This period may be extended up to six months if there are reasonable grounds deemed appropriate by the Board.&lt;/span>&lt;/p>&lt;/div>&lt;/div>

The Communiqué Amending the Communiqué on Principles Regarding Portfolio Management Companies and Their Activities (“Communiqué“) was published in the Official Gazette on 18 February 2023. The Communiqué is available here.

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Portföy Yönetim Şirketlerine İlişkin Mevzuatta Önemli Değişiklikler

Significant amendments to the Communiqué on Portfolio Management Companies