172 / 521
purpose of the new regulation of the CML is to procure the manage-
ment of the investment funds by professional institutions within a com-
petitive market structure, in accordance with the UCITS provisions
found in the European Union (“EU”) Directive
2
numbered
2014/91/EU
3
.
In accordance with Article 54 of the CML, in addition to its author-
ities found in the abrogated Capital Markets Law numbered 2499, the
Board has been authorized to determine the procedures and principles
of conversion of funds, issuance of fund units, fund management and
deposition fees, prospectus, and other public disclosure obligations.
Regulations Introduced by the Communiqué
Art. 4 of the Communiqué defines real estate investment funds as
“
an asset that is not a legal entity and permanently or temporarily
established within the fund rules by portfolio management companies
and real estate portfolio management companies, which holds an oper-
ating license duly given by the Board in order to manage the portfolio
that is comprised of assets and transactions, as specified in the third
paragraph, with the money collected from qualified investors in return
for fund units, in accordance with fiduciary ownership principles, and
pursuant to the provisions of the Law.
” In other words, real estate
investment funds are structures through which the savers are provided
with the opportunity to receive real estate returns, such as rental
income and value increment, by purchasing the “fund units” of the
portfolios, constituted by purchasing real estate
4
. The real estate
investment funds contribute to the development of capital markets by
means of deepening competition in the real estate market, and devel-
oping capital markets through the sale of fund units in secondary mar-
kets. Another important issue specified in the definition is that real
estate investment funds can solely be established by portfolio manage-
ment companies and real estate portfolio management companies.
156
NEWSLETTER 2014
2
Akbulak, Yavuz
. Türk Hukukundaki İlk Düzenleme: Gayrimenkul Yatırım Fonları, Banka ve
Finans Hukuku Dergisi, Cilt:3 Sayı:11 Yıl:2014, p.173.
3
This Directive amended Directive no. 2009/65/EC, which was the previous Directive
containing UCITS regulations.
4
CMB Investor Information Brochures – 3, Investment Funds.