174 / 521
ducted on account of the fund, and the fund rules and the issue docu-
ment shall also include provisions to this effect. In addition, the fund
assets shall not be disposed of for any other purpose whatsoever, even
if the management or the supervision of the founder, or the portfolio
depository, is transferred to the public authorities. Moreover, the fund
asset may not be attached, made subject to interim injunction, or
included in a bankrupt’s estate even for the purposes of collecting pub-
lic receivables. The debts and obligations of the founder and/or the
portfolio manager to third persons and the receivables and claims of
the fund from these same third persons may not be set off against each
other.
Fund notification documents consist of fund rules, issue document
and if any, investor information form. The fund rules is an agreement
that is entered into by the unit holders on one side, and the portfolio
depository and the portfolio manager on the other, which is concerned
with the management of the fund portfolio and functioning of the fund
in accordance with the fiduciary ownership principles, the depositing
of the portfolio, including standardized terms of contract concerning
the management of the fund in accordance with the provisions of proxy
agreements. A fund-issued document is a document containing infor-
mation about the nature and the sale conditions of the fund. An investor
information form is a brief form showing the structure, investment
strategy and the risks of the fund. The founder is responsible for the
consistency of this form with the fund rules and issue document, for
the accuracy of its contents, keeping them up-to-date and for the loss-
es arising from inaccurate, misleading, or incomplete information
included in this form. Standards of each of the fund notification docu-
ments are decided and determined by the Board
5
.
Various limitations in relation to fund size have also been envis-
aged in the Communiqué. Accordingly, real estate investments shall
account for at least 80% of the fund net asset value. In calculation of
this ratio, the capital market instruments issued by real estate invest-
ments continuously comprised of at least 75% of their total assets
based on the financial statements prepared under the provisions of the
158
NEWSLETTER 2014
5
Akbulak, Yavuz
, p. 175.