TRK SERMAYE PIYASALARINDA

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TÜRK SERMAYE PIYASALARINDA SERBEST YATIRIM
FONLARI FREE INVESTMENT FUNDS (HEDGE FUNDS)
IN TURKISH CAPITAL MARKETS Taliye
YESILÜRDÜ Sermaye Piyasasi Kurulu Capital Markets
Board of Turkey 28 Mart 2008
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YATIRIM FONLARINA ILISKIN DÜZENLEMELERTHE LEGAL
FRAMEWORK FOR INVESTMENT FUNDS

• -Sermaye Piyasasi Kanununun 37 ve 38. maddeleri
• -Yatirim Fonlarina Iliskin Esaslar Tebligi
• Tüzel kisiligi olmayan ve sözlesmeye dayali
  açik uçlu yapi
• Kanundaki Fon tanimi ve yatirimin sermaye
  piyasasi araçlariyla sinirli olmasi
• Fon kurucusu olabilecek kurumlar konusundaki
  sinirlamalar ve fon/portföy yönetim sirketlerinin
  fon kurucusu olamamalari

• Constituted under law of contract as common funds
• The definition stated in CML manage portfolios
  on capital market instruments, gold and precious
  metals
• The restriction regarding the founders of the
  investment funds (While banks, insurance
  companies, intermediary institutions, pension
  funds are allowed to launch investment funds,
  asset management companies are not.)

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SERBEST YATIRIM FONLARI DÜZENLEMESININ AMAÇLARI -
1 THE AIM OF THE FREE INVESTMENT FUNDS (FIFs)
REGULATION

• ABye giris sürecinde Türk fon sektörünün hizmet
  kalitesinin, çesitliliginin ve rekabet gücünün
  artirilmasi
• Yatirimci risk-getiri beklentilerine uygun yeni
  ürünlerin ortaya çikmasi ve yatirimci tabaninin
  genislemesi

• Increasing the competitive capacity and
  product/service range of Turkish fund sector
  within the EU accession process
• Coming up with the new products compatible with
  the investors risk-return expectations and
  broadening the scope of investors

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SERBEST YATIRIM FONLARI DÜZENLEMESININ AMAÇLARI -
2 THE AIM OF THE FREE INVESTMENT FUNDS (FIFs)
REGULATION

• Likidite artisi
• Finansal araç/islem çesitliligi
• Vadeli islem piyasalarinin gelisimine katki
• Risk yönetim ve ölçüm sistemlerinin
  gelistirilmesi ve etkin kullanilmasi

• Increase in liquidity
• The diversification of financial instruments
• Acceleration in the development of derivatives
  markets
• Building effective risk management and
  measurement processes

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SERBEST YATIRIM FONLARINA ILISKIN DÜZENLEMENINÜÇ
TEMEL ÖZELLIGI THE MAIN FEATURES OF FIFs
REGULATION

• Ürün dizayni konusunda maksimum esneklik
• -yatirim stratejisi ve limitlerini içtüzükle
  serbestçe belirleyebilme
• - açiga satis, kaldiraç ve türev araç kullanimi
  gibi daha karmasik portföy yönetim tekniklerini
  içtüzüklerinde yer alacak strateji ve limitler
  çerçevesinde kullanabilme
• Yalnizca nitelikli yatirimcilara satis
• Risk Yönetim Sistemi olusturulmasina iliskin
  zorunluluk

• Flexible regulation for the product
• - able to set their investment strategies and
  limits in their funds internal statute/fund
  rules without being subject to the restrictions
  governing other types of investment fund
  portfolios
• -able to use more sophisticated portfolio
  management technics and stratejies involving
  short selling, leverage and derivatives within
  the limits stated in their funds internal
  statute/fund rules.
• Mainly regulating the distribution and potential
  investors
• -fund units are only marketed to the
  qualified/sophisticated investors
• The requirement to have a risk management system

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NITELIKLI YATIRIMCI TANIMITHE DEFINITION FOR
QUALIFIED INVESTORS

• Nitelikli yatirimci
• - yerli ve yabanci yatirim fonlari, emeklilik
  fonlari, menkul kiymetler yatirim ortakliklari,
  girisim sermayesi yatirim ortakliklari,
  gayrimenkul yatirim ortakliklari, araci kurumlar,
  bankalar, sigorta sirketleri, portföy yönetim
  sirketleri, emekli ve yardim sandiklari,
  vakiflar, sandiklar, kamuya yararli dernekler ile
  nitelikleri itibariyle bu kurumlara benzer oldugu
  Kurulca belirlenecek diger yatirimcilar ve
• - satis tarihi itibariyle en az 1 milyon YTL
  tutarinda Türk ve/veya yabanci para ve sermaye
  piyasasi aracina sahip olan gerçek ve tüzel
  kisileri,
• ifade etmektedir.

• Qualified investors which are defined as
• - local and foreign investment funds, pension
  funds, securities investment trusts, venture
  capital investment trusts, real estate investment
  trusts, intermediary institutions, banks,
  insurance companies, portfolio management
  companies, pension and relief funds, foundations,
  benevolent societies and other investors to be
  accepted as similar to these organizations by
  CMB, and
• - real and legal persons that have total asset
  amount equal to at least 1 million TRY in terms
  of cash in Turkish and/or foreign currencies and
  in terms of capital market instruments.

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DÜZENLEME ASAMALARISTEPS OF THE REGULATIONS

• Yatirim Fonlarina Iliskin Esaslar Tebliginde
  Degisiklik Yapilarak Serbest Yatirim Fonlarinin
  Kurulusuna Olanak Taninmasi
• -22 Eylül 2006 tarihli Resmi Gazetede
  yayimlandi.
• Yatirim Fonlarinin Risk Yönetim Sistemlerine
  Iliskin Ilkelerin Belirlenmesine Iliskin SPK Ilke
  Karari
• -28 Eylül 2007 tarihinde yayimlandi.

• The amendments to the Communiqué Regarding
  Investment Funds allowing the launching of
  Turkish domiciled hedge funds-FIFs
• -published at the Turkish Official Gazette on 22
  September 2006
• The announcement regarding the principles about
  risk management systems of Investment Funds
• -published by CMB on 28 September 2007

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SERBEST YATIRIM FONLARINA ILISKIN DIGER
DÜZENLEMELER -1 OTHER FEATURES OF FIFs REGULATION

• Serbest yatirim fonlarinin paylari SPK tarafindan
  kayda aliniyor.
• -Kurulus ve kayda alma prosedürü diger yatirim
  fonlariyla ayni.
• -Içtüzük ve izahname SPK tarafindan onaylaniyor.
• -Yillik bagimsiz denetim zorunlulugu var.

• Subject to regulatory approval and ongoing
  monitoring (CMB).
• -The launching procedure for FIFs is similar to
  other investment funds.
• - FIFs are required to be registered with the
  CMB (approval of fund rules)
• - Prospectus should be prepared for the sale of
  fund units.
• -subject to annual independent audit.

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SERBEST YATIRIM FONLARINA ILISKIN DIGER
DÜZENLEMELER -2 OTHER FEATURES OF FIFs REGULATION

• Serbest yatirim fonlarina iliskin olarak reklam
  ve ilan verilememektedir.
• Serbest Yatirim Fonlarinin katilma belgelerinin
  satisina aracilik edilebilecek kurumlarin bu
  konuda yeterli bilgi ve deneyime sahip satis
  personeli istihdam etmeleri ve sözkonusu fon
  satislarinin bu satis personeli tarafindan
  gerçeklestirilmesi öngörülmüstür.
• Ayrica, bu fonlarin paylarinin alim satimi
  konusunda yetkili kuruluslar, satis yapilan
  yatirimcilarin nitelikli yatirimci vasiflarina
  haiz olduklarina dair bilgi ve belgeleri temin
  etmek ve düzenli olarak tutmakla yükümlü
  kilinmistir.

• FIFs are not allowed to publish any advertisement
  or announcement for any reason.
• The companies that will act as a broker for
  selling units of FIFs must employ the sales staff
  that has sufficient knowledge and experience and
  sales of these funds must be performed by this
  staff.
• Companies entitled to trade units of FIFs are
  liable to obtain and properly keep the
  information and documents proving that the
  investors, to whom these units are sold, are
  meeting the criteria of qualified investors.

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SERBEST YATIRIM FONLARINA ILISKIN DIGER
DÜZENLEMELER -3OTHER FEATURES OF FIFs REGULATION

• Serbest Yatirim Fonlarinin,
• - portföyünün yönetimini üstlenecek yönetici
  sirketin yöneticilerinden ve fon kurulu
  üyelerinden en az birer kisinin,
• -ayrica sözkonusu fonun portföy yöneticilerinin
  tümünün sermaye piyasasi faaliyetleri ileri düzey
  ve türev araçlar lisans belgelerine, bu fonlar
  konusunda gerekli bilgi ve tecrübeye sahip
  olmalari
• zorunlu tutulmustur.
• SYF günlük fon fiyati hesaplanmasi
  yükümlülügünden muaf tutulmus ve ayda bir fiyat
  açiklayabilmelerine olanak saglanmistir.
• SYFlerde kurucunun/yöneticinin fona para
  koymasina (seed capital) iliskin bir sinirlama
  bulunmamaktadir.

• Additional Requirements for Investment/Portfolio
  Managers and Founders of FIFs
• -It is required that at least one member of the
  Board of FIFs and all portfolio managers, who
  will undertake to manage the portfolio of free
  investment funds must be successful in the
  license examination for advanced level of capital
  market operations and in the license examination
  for derivatives and must have necessary knowledge
  and experience regarding these funds.
• FIFs are able to declare their price on a monthly
  basis as opposed to daily basis applicable to
  other regulated investment funds.
• Seed capital is allowed.

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TESEKKÜRLER Iletisim / Contact Taliye
YESILÜRDÜ Uzman, Kurumsal Yatirimcilar
Dairesi Specialist, Institutional Investors
Department Sermaye Piyasasi Kurulu/Capital
Markets Board Tel [phone] Fax 90
(312) 292 90 00 E-mail tyesil_at_spk.gov.tr