Changes made to portfolio management companies and their operations

An amendment has been made to the seventh paragraph of Article 20 of the communiqué on the principles regarding portfolio management companies and their operations.

The communiqué regarding changes to portfolio management companies and their operations has been published in the Official Gazette.

The statement said, "If portfolio managers and the fund service unit are established within the Company, the fund manager shall be employed by the Company on a full-time basis and exclusively to perform these duties. Other specialized personnel working in units that must be established within the Company under the provisions of this Communiqué shall also be employed on a full-time basis and exclusively for the relevant duty, provided that the cases specified in this Communiqué are reserved. Within the framework of the Board's regulations regarding licensing, personnel working as assistants to a portfolio manager are required to hold a Capital Market Activities Level 1 License. One may work as a portfolio manager assistant for a maximum of three years. This period may be extended up to five years if the licenses required by the Board's regulations for portfolio management are obtained."

The following clause was added to the regulation: "Companies that have received an investment consultancy activity authorization certificate as of the effective date of this paragraph and where a research specialist has been assigned as an investment consultant are required to comply with the seventh paragraph of Article 20 of this Communiqué no later than 30/6/2024."

News Source: 12punto