SPK Unveils New Fund Guidelines: 2029 Compliance Changes to Reinforce Investor Confidence

A New Wind in Fund Management: SPK’s 2029-Ready Comprehensive Guide

Turkey’s Capital Markets Board (SPK) released a sweeping new guide that reshapes the operation of investment funds. The update targets free fund limits, management company capital requirements, and share transfer rules, aiming to bring transparency and stability to the market.

Tightened Restrictions and Capital Increases

■The number of free funds a portfolio management company can issue is now capped by the number of in‑house portfolio managers.

■Existing firms have until 30 June 2029 to comply.

■Minimum capital thresholds are set at TL 250 million for limited‑authority and TL 500 million for broad‑authority firms.

■Shares exceeding certain ownership ratios cannot be sold outside the exchange within a 12‑month period, except with SPK approval.

Share Transfer and Approval Mechanism

■Share transfer must be accompanied by a share‑sale information form and obtain SPK approval.

■Without approval, trades via special orders, TSP, or virman are prohibited.

■Sales outside the exchange before August 29 2026 are excluded from the 12‑month ratio calculations.

Legal and Operational Impact

■The new rules tighten oversight of investment funds, bolstering investor confidence.

■Portfolio management firms will see enhanced market stability through higher capital requirements and stricter governance.

■Restrictions on large‑holder share sales reduce the risk of market manipulation.

SPK’s comprehensive guide marks a pivotal step in raising transparency and regulatory standards within Turkey’s fund ecosystem. By tightening free‑fund limits and ownership rules, the new framework is set to steer market dynamics toward greater balance and investor protection.