The Capital Markets Board (“CMB”), through the principle decisions published in CMB Bulletin No. 2026/74 dated 26 October 2026, introduced significant changes to the regulations governing investment funds and the financial criteria for professional client and qualified investor status. The changes have applied since 26 October 2026, with a separate transition period provided for investment funds to comply with portfolio limitations.
1. Amendments to the Guide on Investment Funds
By its decision dated 26 October 2026, the CMB amended Sections 4.3 and 12.5 of the Guide on Investment Funds (the “Guide”).
In this context:
• The exemption under Section 4.3 of the Guide concerning money and capital market instruments of public institutions and their subsidiaries has been removed, without prejudice to the provisions of Communiqué No. III-52.1 on Principles Regarding Investment Funds.
• Shares included in the BIST 30 Index and investments in investment funds whose names contain the term “Index” and in exchange-traded funds have been excluded from the limitations applicable to hedge funds under Section 4.3 of the Guide.
• Under the amendment to Section 12.5 of the Guide, shares included in the BIST 30 Index have been excluded from certain acquisition limitations applicable to investment funds in special-order and wholesale transactions involving shares.
• The previously prescribed phased compliance schedule of 31 October 2026, 30 November 2026 and 31 December 2026 for portfolio and investment limitations has been abolished. The deadline for full compliance is 31 January 2027. Existing amounts exceeding the relevant limits may not be increased during the transition period, and portfolio management companies must report their compliance status as of 30 November and 31 December 2026 to the portfolio custodian and Takasbank.
2. Updates to Professional Client and Qualified Investor Criteria
By its decision dated 26 October 2026, the CMB increased the total financial assets threshold for obtaining professional client status upon request from TRY 10 million to TRY 50 million, and the transaction volume threshold from TRY 5 million to TRY 25 million. The new financial thresholds have applied since 26 October 2026.
Correspondingly, the financial thresholds for legal entities to qualify as professional clients and the qualified investor criteria referring to the professional client rules have also been updated.
In addition, the previously available exemption for qualified investors investing in participation units of real estate investment funds and venture capital investment funds has been removed, and such investors are now subject to the general financial thresholds.
3. Preservation of Existing Investors’ Status
The decision dated 26 October 2026 also amended the previous rules on preserving professional client and qualified investor status.
Investors who obtained professional client or qualified investor status under the financial thresholds applicable before the decision date must substantiate, in writing or electronically, to the investment institution with which they work that they meet the requirements prescribed by the applicable legislation.
If the required substantiation is not provided, investors holding capital market instruments reserved for qualified investors may only place sell orders in respect of those instruments.
For clients whose financial assets or transaction volumes fall below the relevant thresholds after obtaining professional client or qualified investor status, the procedures set out in the applicable communiqués will apply.
