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New Regulation in Turkish Capital Markets: Real Estate
Investment Funds
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Att. Ozgur Kocabasoglu
With the entry into force of Capital Markets Law
1
(“CML”) num-
bered 6362, real estate investment funds have attained a legal back-
ground for the first time in our country. The Communiqué on Real
Estate Investment Funds III-52.3 (“Communiqué”), published in
Official Gazette numbered 28871, dated 03.02.2014, and entered into
force in 01.07.2014, has been prepared within the framework of the
provisions regarding the investment funds of the CML.
In General
In accordance with Article 52 of the CML, the asset that is estab-
lished by portfolio management companies within the fund rules in
conformity with the fiduciary ownership principles on account of the
savers, with money or other assets collected from the savers in return
for fund units, in order to operate the portfolio or portfolios, and which
is not a legal entity, is called an investment fund. In relation to the real
estate investment funds, these investment funds are considered as legal
entities, within the limits of the registration and the amendments to the
registration, cancellation and revision operations. The immovable
properties that are in the real estate portfolio fund, and the rights and
instruments that are based upon the immovable property, shall be reg-
istered in the name of the fund. In order for the investment funds to
obtain authorization, their fund rules shall be submitted for the Capital
Market Board’s (the “Board”) approval. The investment funds are
established through fund rules, either temporarily or permanently. The
CAPITAL MARKETS LAW
155
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Article of November 2014
1
Entered into force by publication in the Official Gazette dated 30.12.2012 and numbered 28513.