This statement is issued to inform the public about the preparation process of the comprehensive amendments to the Investment Funds Guideline, which was announced by the Capital Markets Board of Türkiye (CMB) on 28 August 2026.

In the last quarter of 2025, it was observed that mutual funds belonging to several portfolio management companies, particularly hedge funds and money market funds, were driving price movements in listed companies with low free float rates in a way that could not be explained by economic realities or by the financial fundamentals of the companies concerned.

This matter was addressed as a key agenda item at the Financial Stability Committee (FSC) meeting held on December 2, 2025, under the chairmanship of Minister of Treasury and Finance, Mr. Mehmet Şimşek, and a macroprudential recommendation was issued for the Capital Markets Board of Türkiye (CMB) to consider.

Following the aforementioned FSC decision, a Working Group was established within CMB on December 3, 2025, and related works began immediately.

Within the scope of these measures, the first measure came on 18 December 2025, when the CMB raised the financial asset threshold for qualified investor status from TRY 1 million to TRY 10 million.

Regarding the Draft Guideline, firstly the opinions and assessments of Borsa İstanbul A.Ş. (BİST) and Istanbul Settlement and Custody Bank Inc. (Takasbank) were first requested via the letters of CMB dated December 15, 2025. Also meetings were held by the CMB with both institutions. After reviewing their comments in detail, -the draft was revised by the CMB and submitted to the Ministry of Treasury and Finance on 28 January 2026. On 11 February 2026, it was advised by the Ministry that the draft should enter into force after the industry views are obtained.

Following all these preparations, the Draft Guideline was sent to the Turkish Capital Markets Association (TSPB) via the letter of the CMB dated February 13, 2026, and opened for industry-wide consultation. Also the opinions of the Central Securities Depository (MKK) are requested on 18 February 2026.

During the consultations, TSPB and Takasbank informed us that several aspects of how TEFAS, the electronic fund trading platform, operates would need to change, and that in particular the platform's existing netting, settlement and distribution rules should be comprehensively revised before the Guideline was published. In this regard it was therefore agreed that TSPB and Takasbank would carry out joint work on TEFAS settlement and submit it to the CMB.

During this period, following the change in the chairmanship of our Board in May 2026, the preparation of the Draft Guideline—work on which was already underway—continued without interruption.

The new operating rules for TEFAS were approved by the CMB on 17 June 2026 and put into effect by Takasbank on 20 July 2026.

Furthermore, pursuant to CMB’s decision dated July 23, 2026, the practice of valuing exchange-traded real estate investment funds (GYF) and/or venture capital investment funds (GSYF) participation shares—held within investment fund portfolios—at their net asset value rather than their exchange price was adopted effective from July 31, 2026. This regulation closed off the ability of certain funds to value these holdings above net asset value and to report inflated valuations. It was introduced as a complement to the Guideline.

After these two important regulatory measures took effect in July, CMB held intensive meetings with Borsa İstanbul, Takasbank and MKK in August to finalise the Guideline.

In conclusion, as briefly summarized above, the Guideline was announced to the public on August 28, 2026, following the completion of meticulously conducted work that took into account the opinions and assessments of Borsa Istanbul, Takasbank, MKK, TSPB, relevant public institutions and organizations, private sector representatives, and domestic and foreign investors.

Ultimately, the Guideline was enforced to prevent the impact on financial stability of systemic risks arising within the investment fund sector—specifically involving money market funds and equity-focused hedge funds—through uncollateralised lending between related parties and through unusual price movements on the stock exchange.

This regulation includes measures aimed at protecting investors’ savings and ensuring confidence, limiting the potential for market manipulation involving funds, and enhancing transparency.

Appropriate transition periods have been set for compliance with the Guideline. The CMB will continue to monitor developments closely, both at the level of individual portfolio management companies and across the industry as a whole.

Respectfully announced to the public.