The Regulation Amending the Regulation on Principles Regarding the Establishment and Activities of Pension Mutual Funds (“Amending Regulation”) was published in the Official Gazette dated 10.03.2023 and numbered 32128.
The Amending Regulation amended the Regulation on Principles Regarding the Establishment and Activities of Pension Mutual Funds (“Regulation”) published in the Official Gazette on 13.03.2013.
Paragraph 5 of Article 10 of the Regulation which stipulates that if the application for registration of fund shares is accepted, the number of shares in the fund’s fund rules will be registered by the Capital Markets Board (“Board“) and the prospectus approved by the Board will be registered in the trade registry and announced in the Turkish Trade Registry Gazette (“TTRG“) and Public Disclosure Platform (“PDP“) within 15 business days following the date of notification to the company has been amended.
According to the new article, although it is obligatory to announce the publicity form and the prospectus approved by the Board in the PDP within 10 business days following the date of notification to the company, it is not obligatory to register with the trade registry and announce in the TTRG. On the other hand, the information on where the prospectus is published will be registered with the trade registry and announced in the TTRG.
It was regulated with the Regulation that the amendments and new issues in the prospectus prepared by the company were to be registered with the trade registry and announced in the TTRG and PDP within 6 business days after the Board’s approval was notified to the company. This provision was changed with the Amending Regulation which stipulates that the prospectus approved by the Board will be announced on the PDP on the effective date of the new provisions.
In addition, the following paragraph was added to Article 22 regulating the principles regarding portfolio limitations:
“The Board may determine minimum and/or maximum ratios different from the ratios set forth in this Regulation with respect to the assets and transactions to be included in the fund portfolio on fund type basis, upon obtaining the approval of the Insurance and Private Pension Regulation and Supervision Agency.”
You can access the full Turkish text of the Amending Regulation from the link below.
https://www.resmigazete.gov.tr/eskiler/2023/03/20230310-8.htm
