TCMA Annual Report 2021 31 Draft Real Estate Appraisal Minimum Fees Tariff and Implementation Principles The Association submitted to the Capital Markets Board of Türkiye (CMB) its opinions and suggestions formed as a result of the assessments made in relation to the draft “Real Estate Appraisal Minimum Fee Tariff” and “Real Estate Appraisal Minimum Fee Implementation Principles” prepared by the CMB for enforcement in 2022, which are intended to set out the amounts and limits of fees to be charged by the members of the Turkish Appraisers Association (TDUB) for the appraisal services to be rendered. Borsa İstanbul A.Ş. Dispute and Disciplinary Committees The terms of duty of the Capital Market Instruments Dispute and Disciplinary Committees and the Precious Metals Market and Precious Metals Lending Market Dispute and Disciplinary Committees operating under Borsa İstanbul expired on 12 December 2021. The Association collected applications of candidates for sharing them with Borsa İstanbul in the form of lists covering a number of candidates whose number is as at least as three times the number of the Committee memberships to be vacated, which will be considered by the Borsa İstanbul Board of Directors in the upcoming elections. Accordingly, candidates who applied in writing for committee membership nomination to our Association were conveyed to Borsa İstanbul. Increasing the Share of Alternative Funds in PPS The TCMA shared with the Republic of Türkiye Ministry of Treasury and Finance and the Capital Markets Board of Türkiye (CMB) its suggestion that the minimum investment limit for venture capital and real estate mutual funds in the existing Auto Enrolment System standard fund portfolios to be implemented for the appropriate fund types in the voluntary private pension system in view of the contribution of those funds to the financing of economic activities and their impact that lessens volatility by increasing portfolio diversification. Contribution to Participation Finance Strategy Document The Association submitted to the Presidency of the Republic of Türkiye Finance Office the suggestions based on the opinions compiled from our members to contribute to the Participation Finance Strategy Document prepared in accordance to the İstanbul Financial Center Project. Benchmark Threshold Lower Limit Although overnight Turkish lira reference rate was defined as the lower limit in the event that threshold value was used as benchmark for individual portfolios and collective investment schemes, in practice, TRLIBOR which denotes the interest rate at which a bank can borrow from another bank or financial institution at certain terms was being used. On the other hand, based on the grounds that there is not a qualified reference point either for participation finance products or for foreign funds with threshold values set in a foreign currency and individual portfolios, the Association submitted to the Capital Markets Board of Türkiye (CMB) its suggestions that diverse threshold value alternatives be considered for Turkish lira and foreign currency products for performance measurement. In line with our suggestions, the CMB modified the Mutual Funds Guide and launched the new practices effective from the performance period dated 30 June 2021.
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