SPK Unveils Tough 2027 Rules for Investment Funds and Portfolio Managers

The Capital Markets Board (SPK) announced a sweeping regulatory overhaul on August 28, 2026, targeting investment funds and portfolio management firms effective from 2027.

Revised Fund Guide: Definitions and Implementation Changes

Under decision 52/1589, SPK overhauled the “Definitions” section and added new articles to the Investment Funds Guide. The updates directly affect fund structuring and reporting obligations.

■Expanded definitions: New clauses now cover alternative asset classes and ESG criteria.

■Implementation timeline: Full compliance is required by 2027.

■Reporting mandate: Fund managers must submit monthly performance and risk reports electronically to SPK.

Higher Capital Requirements for Portfolio Management Firms

The Portfolio Management Companies and Activities Regulation sets higher minimum capital thresholds for firms starting in 2027.

■Initial capital: Minimum ₺50 million.

■Paid‑in capital: Raised to ₺30 million.

■Transition period: Firms have 12 months to meet the new standards.

Strict Caps on Off‑Exchange Share Sales

Through i‑SPK Decision 128.31, SPK introduced new limits on off‑exchange share transactions to boost market transparency.

■Cap limits: Sales are capped at 2% and 4% of free‑float within any 12‑month window.

■Form requirement: Any transaction exceeding these caps must be accompanied by an SPK‑approved “share sale information form”.

■Pre‑limit sales: Transactions completed before August 29, 2026 will be excluded from the new cap calculations.

Operational Implications for Market Participants

The new rules raise operational costs for brokers, fund managers, and investors while reshaping liquidity management and risk‑control frameworks. In particular, dark‑pool and AKD (Broker Distribution) analyses must now factor in higher capital thresholds and tighter off‑exchange limits when calibrating strategic positions.

The market is likely to view these measures as a push toward greater transparency of “smart‑money” flows. Higher capital buffers for portfolio firms will elevate liquidity providers’ risk profiles, and stricter off‑exchange caps should curb large‑player market‑impact tactics. Conversely, the added reporting and approval steps introduce latency and expense for short‑term HFT strategies, compelling liquidity providers to re‑optimize their dark‑pool activities.