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TCMA
2016
Annual Report
The draft principles formulated by the Association and
TDUB based on the international valuation standards
published by the International Valuation Standards
Council (IVSC) have been communicated to the CMB. Joint
committee work was carried out in line with the CMB’s
demand for the incorporation of the CMB’s corrections
and technical information notes. Accordingly, the final text
agreed upon by the Association and TDUB, which will be
implemented in the valuations to be performed as per the
capital market legislation, has been conveyed to the CMB
to supersede the Communiqué on International Valuation
Standards in the Capital Market.
Promotion Campaigns
Pursuant to the CMB requirements, promotion campaigns
in relation to capital market activities by intermediary
institutions and banks are notified to the Association prior
to implementation, and planned campaigns can be held
only after applications are reviewed and approved.
During 2016, the Association reviewed 137 campaign
applications by members and informed the related parties
on its conclusions.
Activities for Developing Mutual Funds
During 2016, the Association applied to relevant institutions
to support the development of the mutual funds industry:
• Our application to the CSD of Turkey, İstanbul Clearing,
Settlement and Custody Bank Inc. (Takasbank) and the
Capital Markets Board of Turkey (CMB) to render the
temporary discount introduced for 2016 in the trading
fees of mutual funds on the CSD of Turkey and Turkey
Electronic Fund Trading Platform (TEFAS) permanent
came to a successful conclusion.
• Our attempt to preclude the duplicate charging of
Banking and Insurance Transactions Tax (BITT) came
to a successful conclusion, pursuant to our suggestion
that TEFAS be used for commission sharing between
the founder and distributor of mutual funds traded on
TEFAS.
• With regard to the regulation that allows mutual funds
to be set up by asset management companies only, we
applied to the Revenue Administration for resolving
the incertitude regarding the BITT derived by mutual
funds on the Takasbank Money Market. As a result of
our initiative; the Revenue Administration announced its
ruling clarifying the issue.
• Our opinion was communicated for revocation of the
license fees on BIST index used in the titles of mutual
funds.
• Our members’ feedback about revising the minimum
shareholders’ equity requirement in real estate
investment trusts was communicated to the CMB.
• Our members’ proposal about updating the risk value
computation method of mutual funds investing heavily
in corporate bonds, was communicated to the CMB.
• Our view regarding problems related to cash payment
liability in case returns are made to equity-intensive
funds in half-day trading days was communicated to the
CMB and Borsa İstanbul.
Activities for Corporate Bonds
T.R. Ministry of Customs and Trade and T.R. Ministry
of Justice have been presented with feedback and
suggestions observing the bond investors’ rights and
interests in relation to bankruptcy suspension processes of
companies issuing bonds.
Activities for Developing the Private Pension System
T.R. Prime Ministry Undersecretariat of Treasury and the
CMB were presented with the sector’s feedback regarding
the Draft Law Amending the Law on Private Pension
Saving and Investment System that regulated automatic
enrollment of public and private sector employees in a
private pension plan. Furthermore, the sector’s feedback
and suggestions regarding the draft regulation on the
private pension system published by the Undersecretariat
of Treasury in September were submitted to the
Undersecretariat of Treasury and CMB under various
headings.
Our Association became a member of the Automatic
Enrollment System Advisory Committee representing the
capital market.
Initiatives