#VENTURE CAPITAL FUND DEFINITION FULL#
#VENTURE CAPITAL FUND DEFINITION REGISTRATION#

If an application is not submitted to the Board within this period of time, the fund rules shall be removed by the founder from the trade registry.

#VENTURE CAPITAL FUND DEFINITION REGISTRATION#

In so far that the application for issuance of fund units must have been filed within no later than six months following the date of registration of the fund rules, provided that the offices, technical equipment and accounting system required for the fund transactions have been established, and a sufficient number of personnel have been appointed. įor issuance of fund units, the founder shall apply to the Board with an issue document and a standard form issued in accordance with the standards determined by the Board, together with other information and documents requested by the Board.

#VENTURE CAPITAL FUND DEFINITION FULL#

The applications regarding the establishment of fund shall be concluded by the Board within two months starting from the full submission of the necessary documents to the Board.įund rules, approved by the Board, shall be registered in the trade registry of the place where the headquarters of the founder and is located in the Turkish Trade Registry Gazette (“TTRG”) within six business days following the date of receipt of the Board’s decision by the founder.įund units may be sold only to qualified investors who are the persons defined in the Board regulations on sales of capital market instruments, and to persons holding an individual participation investor license as defined in the Regulation on Individual Participation Capital published in the Official Gazette edition 28560 dated.

In the course of application for establishment, the information given in the fund rules must be consistent, comprehensive and complete in line with the fund rules standards determined by the Board. Funds cannot be established as an umbrella fund. In order to obtain Board authorization for establishment, the founder shall sign a custody agreement with portfolio depositary, and the fund rules shall be approved by the Board.

Other investment instruments deemed eligible by the Board.įor establishment of the Fund, the founder shall apply to the Board with a draft fund rules and a standard form as introduced by the Board and together with other information and documents requested by the Board.

Structured foreign investment instruments and loan participation notes deemed eligible by the Board and.

Cash collaterals and premiums of derivative transactions.

Takasbank (İstanbul Settlement and Custody Bank Inc.) money market transactions.

Lease certificates and real estate certificates.

Time deposit and participation account.

32 on Protection of the Value of Turkish Currency put into force by the Decree of the Council of Ministers, dated 7 August 1989 and numbered 89/14391

Foreign private and public debt instruments and joint-stock company shares tradable within the framework of provisions of Decree No.

Private and public debt instruments, and shares of joint-stock companies established in Turkey, including those in the privatization process.

įunds are allowed to engage only in management of portfolios comprised of the following assets and transactions:

The fund is an asset which does not have a legal entity, established under fund rules with limited term, by portfolio management companies and venture capital portfolio management companies which hold an operating license received from the Board in order to manage the portfolios comprised of assets and transactions specified below, with money and/or capital stocks collected from qualified investors in return for fund units, in accordance with fiduciary ownership principles and pursuant to the provisions of the Capital Markets Law dated 6 December 2012 and numbered 6362 (“Law”).

Venture Capital Funds (“Fund”) are regulated under the Communiqué of the Capital Markets Board (“Board”) published in the Turkish Official Gazette on Januand numbered 28870 (“Communiqué”).

Venture capital fund definition