Amendment to Portfolio (Asset) Management Companies Communiqué, Newsletter 2017/2, dated January 18, 2017
The Communiqué on Portfolio Management Companies and Activities of Those Companies No. III-55.1 is amended was amended through the Communiqué No. III-55.1c, which was published in the Official Gazette dated January 17, 2017 No. 29951. The newly introduced sub-paragraph 1 (ç) stipulates that “portfolio management companies with limited activities can be incorporated in order to start and manage real estate and venture capital funds”.
The Communiqué No. III-55.1c also re-arranges the numbers of sub-paragraphs and accordingly former sub-paragraph 5 is moved to as sub-paragraph 6 and below sub-paragraph is introduced as sub-paragraph 5.
The Communiqué on Portfolio Management Companies and Activities of Those Companies No. III-55.1 is amended was amended through the Communiqué No. III-55.1c, which was published in the Official Gazette dated January 17, 2017 No. 29951. The newly introduced sub-paragraph 1 (ç) stipulates that “portfolio management companies with limited activities can be incorporated in order to start and manage real estate and venture capital funds”.
“It is mandatory to meet organisational and staff requirements together as defined under sub-paragraphs 3 and 4 by the real estate and venture capital portfolio management companies and the provisions of this Article shall remain applicable to those companies. The general manager of the company must hold Level 3 Capital Markets Activities License or have minimum five years real estate investments, except sale and purchase of real estate, and venture capital investments experience, except sale and purchase of real estate.”