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exchange traded funds shall be called “FUNDS OF
UMBRELLA FUNDS”
b) Funds that invest entire portfolios on a continuous basis in cap-
ital markets instruments with high liquidity that have a maxi-
mum of 184 days’ maturity, and the majority average maturity
of the portfolio, with a maximum of 45 days shall be called:
“MONEY MARKETS UMBRELLA FUND”
c) Funds that invest entire portfolios on a continuous basis in
lease certificates, participation accounts, partners’ interests,
gold and other precious metals, and umbrella funds formed by
other money and capital market instruments that are accepted
by the CMB, and which are not subject to interest, shall be
called a “PARTICIPATION UMBRELLA FUND”
d) Funds that cannot be classified as any one of the types, above,
with regard to portfolio restrictions shall be called “VARI-
ABLE UMBRELLA FUNDS”
e) The funds whose participation shares are intended to be dis-
tributed only to qualified investors shall be called “HEDGE
UMBRELLA FUNDS”
f) Funds where a part, or all, or the initial amount of the invest-
ment, plus a certain return is undertaken to be paid to the
investor on the basis of an appropriate investment strategy and
the guarantee provided by the guarantor as per the principles
specified in the information documents within a specific term,
shall be called “GUARANTEED UMBRELLA FUNDS”
g) Funds, where a part, or all, or the initial amount of the invest-
ment, plus a certain return is targeted to be paid to the investor
on the basis of an appropriate investment strategy, and best
efforts strategy as per the principles specified in the informa-
tion documents, within a specific term, shall be called “PRO-
TECTIVE UMBRELLA FUNDS”
In addition, it is obligatory to use the title “Foreign” for the mutu-
al funds that are invested in foreign exchange and capital market
instruments with a proportion of at least 80% of its total value. It is also
obligatory to use the title “Undertaking” for the mutual funds of the
undertakings that are included within the scope of the regulations of
the CMB concerning the financial report standards, which are formed
by money and capital markets instruments.
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NEWSLETTER 2014