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Portföy Yönetim Şirketleri İçin Kapsamlı Değişiklikler Açıklandı
Eylül 2026 – 28 Ağustos 2026 tarihinde Sermaye Piyasası Kurulu (“SPK”), Yatırım Fonlarına İlişkin Rehber’de kapsamlı değişiklikler yaptı ve söz konusu değişiklikleri SPK’nın 2026/54 sayılı Haftalık Bülteni’nde yayımladı. Yeni sınırlamalar 29 Ağustos 2026 tarihinde yürürlüğe girdi, özellikle Serbest Fonlar ile bunları yöneten Portföy Yönetim Şirketleri (“PYŞ”) bakımından yatırım çeşitlendirmesi, sermaye yeterliliği ve fon yönetimine ilişkin önemli düzenlemeler getirdi. Başlıca değişiklikler nelerdir? İhraççılara Yatırımda Kademeli Sınırlar Bir serbest fonun veya aynı portföy yönetim şirketi tarafından yönetilen serbest fonlar grubunun, borsada
Sweeping Changes Announced for Turkish Portfolio Management Companies
On 28 August 2026, the Capital Markets Board of Türkiye (“CMB”) overhauled its Guideline on Investment Funds, publishing the changes in CMB Bulletin Issue 2026/54. The new limits took effect the following day, 29 August 2026, and introduce sweeping changes to regulations on Hedge Funds (Serbest Fon) and the Portfolio Management Companies (Portföy Yönetim Şirketi, “PMCs”) that manage them, in particular concerning investment diversification, capital adequacy and management of funds. What are the specific changes? Graduated Investment Caps in Issuers: Graduated caps now limit how much of a publicly listed issuer’s free-floating shares a hedge fund, or a group of hedge funds managed by the
KST Law (in cooperation with Kinstellar) advises Limak İnşaat on sponsor and shareholder aspects in relation to the EUR 1.2 billion financing for the Kınalı-Malkara Motorway Extension Project
KST Law (in cooperation with Kinstellar) has advised Limak İnşaat Sanayi ve Ticaret, a key sponsor of the project company Çanakkale Otoyol ve Köprüsü İnşaat Yatırım ve İşletme, on sponsor and shareholder aspects in relation to the financing of the Kınalı-Malkara Motorway Extension Project in Türkiye. We supported Limak İnşaat on shareholder arrangements and sponsor aspects of this strategically significant infrastructure project financing. The Kınalı–Malkara Motorway Extension forms part of the wider Kınalı-Tekirdağ-Çanakkale- Savaştepe Motorway corridor, which is being developed under the Build-Operate-Transfer (BOT) model. The project will strengthen connectivity between the European, Marmara
KST Law & Kinstellar advise Balderton Capital on Grand Games’ USD 70 million Series B Investment
KST Law & Kinstellar have advised Balderton Capital on its participation in the USD 70 million Series B funding round of Grand Games, one of Türkiye’s fastest-growing mobile gaming companies, building on our prior advice to Balderton Capital in connection with the USD 30 million Series A financing round of Grand Games, reflecting our continued relationship on this track. The round was led by Balderton Capital’s Growth Fund, alongside participation from existing and new investors, bringing Grand Games’ total funding to USD 103 million. Founded in 2024, Grand Games has rapidly emerged as one of the fastest-growing mobile gaming companies in the region, having released six titles and surpassed 50 million global
Specialised Courts Appointed in Türkiye for Disputes Arising from the Regulatory and Supervisory Authorities
On 20 April 2026, Türkiye’s First Chamber of the Council of Judges and Prosecutors (Hakimler ve Savcılar Kurulu) issued Decision No. 890 (the “Decision”) designating specialised courts for disputes arising from decisions of certain regulatory and supervisory authorities, such as the Personal Data Protection Authority and the Competition Authority, as listed in Chart (III) of Law No. 5018 on Public Financial Management and Control ("Chart No. III"). The Decision, published in the Official Gazette on 22 April 2026, emphasises the aim of resolving disputes in a more efficient and timely manner, particularly those of a technical and complex nature that require specialised knowledge. Designated Court: Ankara Administrative
Turkish Constitutional Court: Excluding Inflation and Currency Fluctuations from Proving Additional Damages Violates Property and Access to Justice Rights
The Turkish Constitutional Court’s Plenary Decision in Caner Şafak (published in the Official Gazette on 29 September 2025) reviewed the prevailing judicial approach to proving additional damages. What is Additional Damage? Article 122 of the Turkish Code of Obligations (“TCO”) defines additional damage as a creditor’s loss exceeding statutory or contractual interest. In other words, it covers real losses arising from late payment that go beyond default interest. For instance, if a creditor must borrow at a higher interest rate or suffers from adverse exchange rate movements due to delayed payment, such losses qualify as additional damages. Current Practice For many years, Türkiye’s Court