SPK’s 2026 Fund Regime: Capital Hurdles and Transfer Caps Redefined

SPK’s latest decree, issued on 28 August 2026, reshapes the Turkish investment‑fund landscape with sweeping changes to capital requirements, share‑transfer rules and compliance protocols.

Capital Thresholds Recalibrated

The directive sets new minimum paid‑in capital for portfolio management firms:

■Large‑cap firms: ₺500 million effective 2027.

■Limited‑cap firms: ₺250 million effective 2027.

These figures replace the previous tiers, tightening the entry bar for new players and consolidating market power among established entities.

Share‑Transfer Restrictions Tightened

Under the amended Pay Decree 27‑27, the following limits apply to shares representing more than 50 % of a firm’s free‑float:

■Excess ownership: No sale of more than 2 % of the share capital via private order, BİAŞ TSP, or transfer‑deferred methods.

■Minority stakes: No sale of more than 4 % of the share capital under the same mechanisms.

Violations trigger mandatory pre‑sale documentation and a review by the Board, prohibiting off‑exchange transfers before 29 August 2026.

Portfolio Management Guidelines Updated

The new guidance revises Sections 4.2.3, 4.2.5.1, 4.2.5.2, 4.3, 4.4, 4.9, 6.1, 6.8, 9.5 and 12.5 of the Investment Fund Guide, adding clauses 4.2.10, 4.10, 6.12 and 9.8. These changes clarify fund‑structure definitions, disclosure obligations and operational thresholds.

Market Implications

■Liquidity tightening could reduce short‑term trading volumes in high‑ownership funds.

■Capital hikes may discourage nascent portfolio managers, consolidating market share.

■Regulatory clarity is expected to enhance investor confidence and improve the transparency of fund operations.

Compliance Roadmap

■Firms must adjust capital accounts by 31 December 2026.

■Share‑transfer protocols must be updated in line with the new thresholds.

■Board‑approved sale‑information forms will replace the previous generic documentation.

The 2026 reforms represent a decisive move by the SPK to align Turkish fund regulations with international best practices, potentially elevating the market’s global standing while curbing excessive concentration of ownership.