Regulatory Alerts2014-03-26
Added · Updated
Communiqué on Portfolio Management Companies and Activities of Such Companies (III-55.1)
The Capital Markets Board of Turkey issued Communiqué III-55.1 to regulate the establishment, operating conditions, and activities of portfolio management companies under the Capital Market Law numbered 6362. The document mandates specific foundation requirements, including a minimum initial capital of TL 2,000,000 and strict suitability assessments for partners, while defining the scope of licensed portfolio management and ancillary services. It further establishes detailed operational standards for internal control, risk management, personnel qualifications, and capital adequacy to ensure market stability and investor protection.