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possible tobe engaged inportfoliomanagement activity provided that
they have license and related provisions in articles of associations;
they may provide service as a market consultant in Istanbul Stock
Exchange Emerging Institutions Market; the shareholders can not
give securities, provide guarantee, and place pledge on the assets in
the portfolio in favor of third parties.”
•
The investments, done on condition that the risk resulting from
investments done directly or indirectly to corporations established
abroad with purpose of collective investment for investments on
venture firms defined in the communiqué, shall be limited to capital
amount directed, should not be more than 10% of portfolio value
of investment date in former text, whereas in the latter text this rate
is 30%.
•
Investment restrictions are re-determined by considering various
circumstances.
•
The title of “Obtaining Consulting Service” was changed to
“Procurement of Consulting Services and Portfolio Management
Activity” and accordingly, the expression of portfolio management
activity is included in the article.
•
In the first sub-article of the 20
th
article of the Communiqué, the
statement of “in the aforementioned agreement the possibilities
of partial or total exit of corporation from the venture firm, pre-
emptive right, joint sale, participation to sale, dividend politics,
the options for sale and purchase of shares may be included” is
inserted. As the third sub-article, “
even the public companies may
be accepted as venture firms on the condition that they satisfy the
requirements of the second article
.
However, only the investments
made to their shares which are not traded on the stock exchange
may be considered as venture capital investment”
is added.