Turkey's SPK introduces new investment fund and share sale regulations

SPK regulations investment funds off-exchange share sales Tera Portföy capital markets

The Capital Markets Board of Turkey (SPK) has implemented significant regulatory changes targeting investment funds and off-exchange share transactions. New rules in the updated Investment Funds Guide restrict the size of positions funds can hold in specific stocks, with limits determined by a company’s free float ratio. Additionally, the SPK has introduced limits on off-exchange sales of shares and voting rights to prevent large-scale, unregulated transfers. For companies with a free float ratio exceeding 50%, off-exchange sales are capped at 2% of capital or voting rights within a 12-month period. For companies with a free float of 50% or less, the limit is set at 4%. Any transfers exceeding these thresholds require an approved share sale information form from the SPK. BIST 30 companies and those under the control of the Treasury or public institutions are exempt from these specific sale limits.

In response to these regulatory shifts, Tera Portföy has announced major structural moves. The company has applied to increase its registered capital ceiling from 40 million TL to 40 billion TL and plans to raise its paid-in capital from 150 million TL to 4 billion TL. Tera Portföy management stated that they have already brought their funds into compliance with the new regulations, two months ahead of the October 31, 2026, deadline.

Entities

Borsa İstanbul · Capital Markets Board of Turkey · Central Securities Depository of Turkey · Ethem Umut Beytor · Ministry of Treasury and Finance · Ramazan Başak · Tera · Tera Portföy · Turkey Wealth Fund · Türkiye Varlık Fonu Yönetimi AŞ

Claims

What the coverage asserts, and how many sources carry each claim.

[● 2 SOURCES] Tera decided to increase its registered capital ceiling from 40 million TL to 40 billion TL.
[● 2 SOURCES] The SPK introduced new capital requirements for portfolio management companies, setting a 500 million TL threshold.
[● 2 SOURCES] The board of directors made the decision regarding the capital ceiling increase on August 29.
[● 2 SOURCES] The company plans to increase its paid-in capital from 150 million TL to 4 billion TL.
[○ 1 SOURCE] Money market funds must invest at least 10% of their portfolio in government debt securities or Treasury and Finance Ministry lease certificates.
[○ 1 SOURCE] Former MASAK Deputy Chairman Ramazan Başak stated that the new regulations mark the end of an era characterized by organized stock price manipulation. www.karar.com
[● 3 SOURCES] The total value of capital market instruments exceeding 5% of a fund's portfolio value cannot exceed 20% of the total fund portfolio value. www.karar.com
[● 2 SOURCES] The number of free funds issued by a portfolio management company cannot exceed the number of portfolio managers employed by that company.
[○ 1 SOURCE] Portfolio management companies are now subject to mandatory weekly reporting requirements.
[○ 1 SOURCE] A single portfolio manager is permitted to manage a maximum of 7 funds, including free funds.
[○ 1 SOURCE] Companies whose share value in free funds exceeds 50% are required to increase their capital.
[● 2 SOURCES] Investment funds face new limits on the size of positions they can hold in specific stocks based on free float ratios. www.borsagundem.com.tr · www.yenicaggazetesi.com