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share transfers, profits and loss accounts and distribution of dividends,
legal reserves and liquidation, shall not apply to the ICVC.
” Such
issues are governed by their specific regulations.
Conclusion
The Communiqué introduces to Turkish law a company model
enabling a more flexible structure similar to investment funds under a
legal personality and a less determined capital structure. The
Communiqué sets forth detailed provisions on an ICVC. Such reforms
cover, in particular, the definition of a ICVC, the portfolio of the com-
pany and its management, establishment, issuance and types of shares,
as well as the services permitted to be procured by the other entities.
Except for as stated, those areas that the TCC shall not apply are
explicitly stated; therefore, the scope of application of the special pro-
visions on capital markets is rendered clear.
CAPITAL MARKETS LAW
241