The Capital Markets Board of Türkiye has explained the development and rationale of the comprehensive investment fund guide changes published on Aug. 28. The guide seeks to limit systemic risks linked particularly to money market funds and equity hedge funds, including unsecured related party borrowing and the use of funds to generate unusual stock price movements. The board began work after observing in late 2025 that funds managed by certain portfolio management companies were causing price movements in low free float shares that could not be explained by economic conditions or company fundamentals. The guide followed a Financial Stability Committee recommendation and was developed with input from market infrastructure operators, the industry and investors. Related measures included raising the financial asset threshold for qualified investors from TRY 1 million to TRY 10 million, revising the Turkish Electronic Fund Trading Platform’s settlement arrangements and requiring exchange traded real estate and venture capital investment fund units held in fund portfolios to be valued at net asset value rather than their exchange price. The board said these measures are intended to prevent fictitious fund valuations, restrict opportunities for manipulation, improve transparency and protect investor savings. Transition periods have been provided for compliance. The board will monitor implementation both across the sector and at individual portfolio management companies.

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