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closure requirements will be met and all assets and liabilities of these
funds will be operated separately from each other.
Prior to the CMB’s application regarding the adaptation of the cur-
rent funds to the Communiqué, the PMC’s board of directors shall
draft amendments as to the funds’ rules or the offering circulars, and
the reasons for these amendments. Within this draft, an application to
the CMB shall be submitted and, afterwards, the process below-men-
tioned shall be applied. Following the permission of the CMB, the
amendment shall be registered with the commercial registry and
announced in the commercial gazette.
It is also obligatory upon the founder to prepare a regular disclo-
sure form to be published in the KAP, as well as in the fund’s by-laws,
offering circular, and key investor information document.
We would like to emphasize that with respect to the adaptation to
the regulations; firstly, the founding PMC shall form the necessary
infrastructure and organization pursuant to the Communiqué on
Portfolio Management Companies and Activities of Such Companies
(“PMC” ve “Communiqué”). Hence, the application concerning the
adaptation of the current funds, the conditions of the Communiqué and
the PMC Communiqué shall be provided.
The fund founder may transfer its funds to other PMCs. If the
founder transfers its funds to different PMCs, the CMB application may
be made, separately. If the founder transfers all of the funds to the same
PMC, the application shall be made at the same time. In this case, the
transferee PMC shall apply, simultaneously, with the transferor founder.
Application Process for the New Establishments
The umbrella fund is established through registration of the fund’s
by-law, following the approval of the CMB, as a result of the exami-
nation of the application that was made by submitting the fund’s by-
laws and application form to the CMB. The examination shall be con-
cluded within 2 months by the CMB.
After the registration, within 3 months, the founder shall present
the offering circular that shall be prepared according to the below-men-
tioned fund types and key investor information document for the
approval of the CMB. The CMB may extend this 3 month period once,
for 3 months, in the event of reasonable exceptions. In addition, with-
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