Turkey has introduced new preparation and disclosure
requirements for financial reports by investment funds, as well as
a complete exemption for foreign investment funds. Financial table
and auditing requirements related to real estate investment funds
and venture capital investment funds have also been simplified.
The Communiqué Amending the Communiqué on
Principles Regarding Financial Reporting of Investment Funds
(Serial No: II- 14.2) ("Amendment Communiqué") was
published in Official Gazette number 29636 on 26 February 2016,
entering into effect on the same date.
Significant changes introduced by the Amendment
Housing and asset finance funds must
now submit financial reports to interested persons and make the
necessary related public disclosures. Annual financial reports must
be disclosed within 60 days of finalizing the relevant accounting
year. Disclosures must be made on:
The official founder's website,
The Public Disclosure Platform (if
their asset or mortgage backed securities are publically
Foreign investment funds are now
completely exempt from the Communiqué. Previously, foreign
funds still had to submit certain information to the Capital
Semi-annual financial statements are
now only required from real estate investments and venture capital
investment funds which disclose the value of more than one fund
within an accounting period.
Real estate investments and venture
capital investment funds which are required to issue consolidated
financial statements, must now also issue individual financial
statements during the preparation period.
Semi-annual financial statements
prepared by the real estate investments and venture capital
investment funds are now only subject to a limited independent
The scope of provisions regarding
real estate investments and venture capital investment funds have
changed, as well as introducing new details:
Price reports must be prepared for
the period determined under a fund's issuance document.
Detailed rules are introduced for
determining portfolio asset values for preparing price reports.
Separate rules are outlined respectively for real estate
investments and venture capital funds separately.
The fee determined in the price
report will now be taken as the basis for determining the Strike
price, which is the basis for share sale and purchase.
Please see this link for full text of the Amendment
Communiqué (only available in Turkish).
Information first published in the
MA | Gazette, a fortnightly legal update newsletter produced by
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guide to the subject matter. Specialist advice should be sought
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