{"id":29,"date":"2025-12-26T13:17:11","date_gmt":"2025-12-26T13:17:11","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisken\/?p=29"},"modified":"2026-05-07T11:03:03","modified_gmt":"2026-05-07T11:03:03","slug":"%f0%9f%94%b5%f0%9f%87%ba%f0%9f%87%b8-cmb-capital-markets-board-of-turkiye-weekly-bulletin-2025-66-green-bonds-capital-raises-and-1-7-billion-fines","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisken\/29","title":{"rendered":"\ud83d\udd35\ud83c\uddfa\ud83c\uddf8 (CMB) Capital Markets Board (of T\u00fcrkiye) Weekly Bulletin 2025\/66 &#8211; Green Bonds Capital Raises and 1.7 Billion Fines"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd35\ud83c\uddfa\ud83c\uddf8 (CMB) Capital Markets Board (of T\u00fcrkiye) Weekly Bulletin 2025\/66\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/KQ6Ia2wpxnA?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h1>Turkey&#8217;s Market Watchdog Just Made Its Move: 4 Shocking Highlights from Its Latest Bulletin<\/h1>\n<h3>Introduction: Beyond the Bureaucracy<\/h3>\n<p>Official regulatory bulletins are often perceived as dry, bureaucratic documents\u2014endless pages of legal jargon and financial tables. But buried within that formality, they can tell dramatic stories of market enforcement, corporate strategy, and the ever-present tension between risk and opportunity.<\/p>\n<p>The latest weekly bulletin (2025\/66) from Turkey&#8217;s Capital Markets Board (SPK) is a perfect example. Far from being a routine update, it\u2019s packed with bombshells: staggering billion-lira fines, a sweeping digital crackdown on unauthorized financial sites, and approvals for major economic moves, from IPOs to green bonds.<\/p>\n<p>This post breaks down the four most impactful takeaways from the SPK&#8217;s latest dispatch, offering a clear picture of a regulator that is flexing its muscle while simultaneously paving the way for future growth.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3>1. A Staggering Price for Market Abuse: Over 2 Billion Lira in Fines<\/h3>\n<p>In one of the most significant enforcement actions detailed in the bulletin, the SPK has levied enormous administrative penalties against numerous individuals for &#8220;market abuse actions&#8221; (<i>Piyasa Bozucu Eylemler<\/i>) connected to the shares of Peker Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A\u015e (PEKGY).<\/p>\n<p>The scale of these fines is breathtaking, totaling over <b>2 Billion Turkish Lira<\/b> (2,028,206,217.40 TL). The penalties against the top individuals underscore the severity of the infractions:<\/p>\n<ul>\n<li><b>O\u011fuz EREL:<\/b> 362,123,139.86 TL<\/li>\n<li><b>Ferudun \u00c7AVU\u015eER:<\/b> 335,245,775.74 TL<\/li>\n<li><b>Serdar TUN\u00c7:<\/b> 328,754,812.28 TL<\/li>\n<li><b>Ahmet \u00c7\u00d6LGE\u00c7EN:<\/b> Fined 250,648,450.52 TL individually.<\/li>\n<li><b>Tar\u0131k ALTINI\u015eIK &amp; Ahmet \u00c7\u00d6LGE\u00c7EN:<\/b> Fined 281,270,326.72 TL on a joint basis.<\/li>\n<\/ul>\n<p>These figures send an unmistakable message. The inclusion of joint penalties also highlights the regulator&#8217;s strategy of casting a wide net to hold multiple actors accountable for coordinated schemes. By imposing penalties that significantly outweigh potential illegal gains, the SPK is establishing a powerful financial deterrent against any attempts to manipulate Turkish markets.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3>2. The Digital Dragnet: Banning Websites and Social Media<\/h3>\n<p>The SPK&#8217;s bulletin makes it clear that its oversight extends far beyond traditional stock exchanges and into the digital realm. The regulator is actively working to shield Turkish investors from unauthorized online operations, ordering access to be blocked for a list of websites found to be offering illegal leveraged trading (forex) services. Among the banned URLs are:<\/p>\n<ul>\n<li><code>https:\/\/www.broker-hftrade.com<\/code><\/li>\n<li><code>https:\/\/www.xmtrwebsite.info<\/code><\/li>\n<li><code>https:\/\/www.fxpro-tr-group.center<\/code><\/li>\n<li><code>https:\/\/olivemarkets290.com<\/code><\/li>\n<li><code>https:\/\/phaseglobaltr2.com<\/code><\/li>\n<\/ul>\n<p>This crackdown isn&#8217;t limited to websites. The regulator has also taken action against social media accounts, ordering the blocking of those using the names &#8220;infoyatyirim,&#8221; &#8220;infoyatrim,&#8221; and &#8220;hameedsadatzada&#8221; for engaging in unauthorized capital market activities. This two-pronged digital enforcement signals a clear focus on policing the rapidly evolving world of online finance and protecting retail investors from unregulated platforms and potential scams.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3>3. An Unusual Second Chance: The &#8220;Effective Repentance&#8221; Clause<\/h3>\n<p>Alongside its punitive measures, the bulletin highlights a unique and counter-intuitive aspect of Turkish financial law: a formal mechanism for &#8220;effective repentance&#8221; (<i>etkin pi\u015fmanl\u0131k<\/i>). For individuals facing criminal complaints for market manipulation, the SPK outlines a specific path that could potentially mitigate their legal consequences.<\/p>\n<p>The conditions are strict and the stakes are high, as outlined in the bulletin&#8217;s footnotes:<\/p>\n<p>The individual must pay a sum equal to double the financial benefit they obtained (or caused to be obtained), with a minimum payment of five hundred thousand Turkish Lira. This payment must be made to the Ministry of Treasury and Finance&#8217;s e-collection account within 15 days of the Board&#8217;s decision.<\/p>\n<p>This is not a simple &#8220;get out of jail free&#8221; card. It is a formal, high-cost procedure that combines severe financial punishment with a potential for leniency, revealing a nuanced approach within the regulatory framework that aims to both penalize wrongdoing and recover illicit gains.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3>4. Market Movers: IPOs, Green Bonds, and a Major EV Spinoff<\/h3>\n<p>Balancing the news of heavy enforcement, the bulletin is also filled with approvals that signal confidence and dynamism in the Turkish economy. These decisions highlight significant corporate maneuvers and capital flows that will shape the market moving forward.<\/p>\n<ul>\n<li><b>A New Company Goes Public:<\/b> The SPK approved the Initial Public Offering (IPO) for Meysu G\u0131da Sanayi ve Ticaret A\u015e, a food industry company. Its shares are set to be offered at a fixed price of 7.50 TL.<\/li>\n<li><b>Global Green Finance:<\/b> T\u00fcrkiye \u0130\u015f Bankas\u0131 A\u015e received approval to issue up to 3 Billion US Dollars in Green\/Sustainable bonds and other debt instruments on international markets, tapping into the growing global demand for environmentally-focused investments.<\/li>\n<li><b>Powering the Future:<\/b> Astor Enerji A\u015e was given the green light for a partial spin-off to create a new, wholly-owned subsidiary named Astor \u015earj A\u015e. This strategic move will house the company&#8217;s electric vehicle (EV) charging station business, positioning it to capture explosive growth in the EV sector.<\/li>\n<li><b>Major Capital Injections:<\/b> The bulletin notes significant capital increases for key investment firms. Midas Menkul De\u011ferler A\u015e will increase its capital from 352 million TL to 625 million TL, while Yap\u0131 Kredi Yat\u0131r\u0131m Menkul De\u011ferler A\u015e will undertake a massive 15-fold increase from approximately 98.9 million TL to 1.5 billion TL, signaling a major strategic reinforcement.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3>Conclusion: A Market of Consequences and Opportunities<\/h3>\n<p>The SPK&#8217;s latest bulletin paints a vivid picture of a market defined by two powerful forces: strict, uncompromising enforcement against manipulation and a clear runway for legitimate, forward-looking economic activity. It reveals a regulator determined to maintain market integrity while fostering growth and innovation.<\/p>\n<p>As regulators get tougher on digital finance, how will this shape the future of investing for the everyday person?<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Capital Markets Board of Turkey: Bulletin 2025\/66 Briefing<\/span><\/h1>\n<h2>Executive Summary<\/h2>\n<p>This briefing synthesizes the key decisions and actions detailed in the Capital Markets Board of Turkey (SPK) Bulletin No. 2025\/66, dated December 25, 2025. The bulletin outlines significant regulatory approvals for capital market activities alongside a series of severe enforcement actions targeting market abuse and manipulation.<\/p>\n<p>The most critical takeaways are:<\/p>\n<ul>\n<li><b>Major Capital Market Approvals:<\/b> The SPK has approved a notable IPO for Meysu G\u0131da Sanayi ve Ticaret A\u015e, substantial share and debt issuances, including a multi-billion dollar international green\/sustainable bond by T\u00fcrkiye \u0130\u015f Bankas\u0131 A\u015e, and significant corporate restructuring activities such as the partial demerger of Astor Enerji A\u015e.<\/li>\n<li><b>Aggressive Enforcement and Sanctions:<\/b> The Board has taken decisive action against market misconduct. This includes levying administrative fines exceeding <b>2 billion TL<\/b> against 19 individuals for market abuse in Peker Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A\u015e (PEKGY) shares. Furthermore, criminal complaints were filed against numerous individuals for manipulation across several other company stocks, complemented by two-year trading bans and license cancellations for those involved.<\/li>\n<li><b>Targeting Unauthorized Activities:<\/b> The SPK ordered the blocking of nine websites engaged in unauthorized leveraged forex trading for Turkish residents and multiple social media accounts conducting illicit capital market activities.<\/li>\n<li><b>Key Regulatory Policy Shift:<\/b> A significant principle decision (i-SPK 128.26) was issued, providing greater flexibility in information systems management. The decision permits the outsourcing of the information security officer role and grants temporary exemptions from this requirement to smaller and less systemically important institutions until June 2026.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>I. Approvals for Capital Market Instruments<\/h2>\n<p>The SPK has approved a range of applications for the issuance of capital market instruments, encompassing equity, debt, and other securities.<\/p>\n<h3>A. Initial Public Offering (IPO)<\/h3>\n<p><b>Meysu G\u0131da Sanayi ve Ticaret A\u015e<\/b> received approval for its initial public offering.<\/p>\n<ul>\n<li><b>Capital Increase:<\/b> The company&#8217;s capital will increase from 750,000,000 TL to 870,000,000 TL through the issuance of 120,000,000 TL in new shares.<\/li>\n<li><b>Existing Share Sale:<\/b> Current shareholder G\u00fclsan G\u0131da Sanayi Ticaret A\u015e will offer 55,000,000 TL nominal value of its Group B shares.<\/li>\n<li><b>Offering Price:<\/b> Shares with a nominal value of 1 TL will be offered at a fixed price of <b>7.50 TL<\/b>.<\/li>\n<\/ul>\n<h3>B. Share Issuances by Public Companies<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Company<\/td>\n<td>Current Capital (TL)<\/td>\n<td>New Capital (TL)<\/td>\n<td>Capital Increase (TL)<\/td>\n<td>Type of Issuance<\/td>\n<\/tr>\n<tr>\n<td>Dita\u015f Do\u011fan Yedek Par\u00e7a \u0130malat ve Teknik A\u015e<\/td>\n<td>85,000,000<\/td>\n<td>170,000,000<\/td>\n<td>85,000,000<\/td>\n<td>Bedelli (Rights Issue via Public Offering)<\/td>\n<\/tr>\n<tr>\n<td>Bayrak EBT Taban Sanayi ve Ticaret A\u015e<\/td>\n<td>56,465,188<\/td>\n<td>249,999,992<\/td>\n<td>193,534,804<\/td>\n<td>Bedelsiz (Bonus Issue from Internal Sources)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>C. Debt and Other Instruments<\/h3>\n<p>The SPK approved the following debt instrument issuance ceilings:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Issuer<\/td>\n<td>Instrument Type<\/td>\n<td>Nominal Issuance Ceiling<\/td>\n<td>Sale Type<\/td>\n<\/tr>\n<tr>\n<td>Quick Finansman A\u015e<\/td>\n<td>Bond\/Financing Bill<\/td>\n<td>300,000,000 TL<\/td>\n<td>Private Placement\/Qualified Investors<\/td>\n<\/tr>\n<tr>\n<td>Ulusal Faktoring A\u015e<\/td>\n<td>Bond\/Financing Bill<\/td>\n<td>400,000,000 TL<\/td>\n<td>Qualified Investors<\/td>\n<\/tr>\n<tr>\n<td>T\u00fcrkiye \u0130\u015f Bankas\u0131 A\u015e<\/td>\n<td>Bond\/Bill\/Subordinated Debt<\/td>\n<td>6,000,000,000 USD<\/td>\n<td>Abroad<\/td>\n<\/tr>\n<tr>\n<td>T\u00fcrkiye \u0130\u015f Bankas\u0131 A\u015e<\/td>\n<td>Green\/Sustainable Bond\/Bill\/Subordinated Debt<\/td>\n<td>3,000,000,000 USD<\/td>\n<td>Abroad<\/td>\n<\/tr>\n<tr>\n<td>KT Sukuk Varl\u0131k Kiralama A\u015e<\/td>\n<td>Lease Certificate (Sukuk)<\/td>\n<td>1,500,000,000 TL<\/td>\n<td>Private Placement\/Qualified Investors<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>II. New Operating Permits and Authorizations<\/h2>\n<h3>A. Fund Establishment<\/h3>\n<ul>\n<li><b>BV Portf\u00f6y Y\u00f6netimi A\u015e<\/b> received approval to establish the <b>BV Portf\u00f6y Y\u00f6netimi A\u015e Ada Giri\u015fim Sermayesi Yat\u0131r\u0131m Fonu<\/b> (Ada Venture Capital Investment Fund) and to issue its participation shares.<\/li>\n<\/ul>\n<h3>B. Rating Agency Authorization<\/h3>\n<ul>\n<li><b>D\u00fcnya Kredi Derecelendirme A\u015e<\/b> has been added to the list of authorized organizations for rating activities in the capital markets. The company is authorized to provide credit rating and corporate governance compliance rating services.<\/li>\n<\/ul>\n<h2>III. Enforcement Actions and Sanctions<\/h2>\n<p>The SPK has implemented a broad range of sanctions for violations of capital market regulations, including significant fines, criminal complaints, and market access restrictions.<\/p>\n<h3>A. Administrative Fines for Market Abuse<\/h3>\n<p>An investigation into transactions in the shares of <b>Peker Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A\u015e (PEKGY)<\/b> resulted in substantial administrative fines totaling <b>2,029,981,826.40 TL<\/b> for 19 individuals. The fines were imposed for violations of the Communiqu\u00e9 on Market Abuse (VI-104.1).<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Individual<\/td>\n<td>Fine Amount (TL)<\/td>\n<\/tr>\n<tr>\n<td>Ferudun \u00c7AVU\u015eER<\/td>\n<td>335,245,775.74<\/td>\n<\/tr>\n<tr>\n<td>O\u011fuz EREL<\/td>\n<td>362,123,139.86<\/td>\n<\/tr>\n<tr>\n<td>Erdin\u00e7 ATALAY<\/td>\n<td>179,695,782.74<\/td>\n<\/tr>\n<tr>\n<td>Serdar TUN\u00c7<\/td>\n<td>328,754,812.28<\/td>\n<\/tr>\n<tr>\n<td>Necmi Kaan \u00c7AVU\u015eER<\/td>\n<td>106,483,779.80<\/td>\n<\/tr>\n<tr>\n<td>Ahmet \u00c7\u00d6LGE\u00c7EN<\/td>\n<td>250,648,450.52<\/td>\n<\/tr>\n<tr>\n<td>Ahmet KAZAN<\/td>\n<td>12,928,629.66<\/td>\n<\/tr>\n<tr>\n<td>Tar\u0131k ALTINI\u015eIK<\/td>\n<td>45,573,092.32<\/td>\n<\/tr>\n<tr>\n<td>\u0130brahim Ethem \u0130\u00c7TEN<\/td>\n<td>6,555,702.76<\/td>\n<\/tr>\n<tr>\n<td>Atilla UZUN\u00d6MERO\u011eLU<\/td>\n<td>74,853,458.22<\/td>\n<\/tr>\n<tr>\n<td>\u0130smail \u00d6ZDEM\u0130R<\/td>\n<td>3,504,004.76<\/td>\n<\/tr>\n<tr>\n<td>El\u00e7in YAL\u00c7IN<\/td>\n<td>15,571,844.84<\/td>\n<\/tr>\n<tr>\n<td>Tolga YAL\u00c7INKAYA<\/td>\n<td>1,189,222.58<\/td>\n<\/tr>\n<tr>\n<td>Asuman KAVAK<\/td>\n<td>1,200,541.08<\/td>\n<\/tr>\n<tr>\n<td>Fatih Mehmet TU\u011eLU<\/td>\n<td>3,459,574.58<\/td>\n<\/tr>\n<tr>\n<td>Tar\u0131k ALTINI\u015eIK \/ Ahmet \u00c7\u00d6LGE\u00c7EN<\/td>\n<td>281,270,326.72<\/td>\n<\/tr>\n<tr>\n<td>Sat\u0131 DEM\u0130RC\u0130O\u011eLU<\/td>\n<td>620,212.28<\/td>\n<\/tr>\n<tr>\n<td>P\u0131nar EREL<\/td>\n<td>18,627,908.66<\/td>\n<\/tr>\n<tr>\n<td>Dursun BARANLI<\/td>\n<td>155,567.00<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>B. Criminal Complaints for Market Manipulation<\/h3>\n<p>The SPK has filed criminal complaints with the Public Prosecutor&#8217;s Office under Article 107\/1 of the Capital Markets Law (SPKn) against numerous individuals for manipulative actions in the following stock markets.<\/p>\n<ul>\n<li><b>Ray Sigorta A\u015e (RAYSG):<\/b> Erol O\u011eUR, G\u00fcrcan \u00d6ZKUL, Semih Sabri \u00d6ZKUL, Serdar CEYLAN, Tolga HAS.<\/li>\n<li><b>Euro Trend Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A\u015e (ETYAT):<\/b> Erol O\u011eUR, G\u00fcrcan \u00d6ZKUL, Hakan ASLAN, Semih Sabri \u00d6ZKUL, Serdar CEYLAN, Tevfik B\u0130LG\u0130N, Tolga HAS.<\/li>\n<li><b>Global Menkul De\u011ferler A\u015e (GLBMD):<\/b> Arif Ey\u00fcp BALTA, Erol O\u011eUR, G\u00fcrcan \u00d6ZKUL, Hakan ASLAN, \u0130hsan KENAN, Mahmut Volkan AKKU\u015e, Mehmet Murat KERMOO\u011eLU, Ozan TEKCAN\u00d6Z\u00dc, Semih Sabri \u00d6ZKUL, Serdar CEYLAN, Serkan KAYA, Tayfun CAVB\u0130N, Tevfik B\u0130LG\u0130N, Tolga HAS.<\/li>\n<li><b>Pamel Yenilenebilir Elektrik \u00dcretim A\u015e (PAMEL, BMELK):<\/b> Two separate complaints were filed involving a partially overlapping group of individuals, including Arif Ey\u00fcp BALTA, G\u00fcrcan \u00d6ZKUL, \u0130hsan KENAN, Semih Sabri \u00d6ZKUL, Serdar CEYLAN, Tevfik B\u0130LG\u0130N, Tolga HAS, \u00c7a\u011fr\u0131 I\u015eIKO\u011eULLARI, Ertan KORKMAZ, Onur TEKCAN\u00d6Z\u00dc, Osman KENAN, Ramazan KESK\u0130N, Serkan KAYA, and Yakup Ziya \u00c7AKIR.<\/li>\n<\/ul>\n<p>A provision for &#8220;effective repentance&#8221; is available, allowing accused individuals to pay a specified amount to the Treasury within 15 days to potentially receive leniency.<\/p>\n<h3>C. Trading Bans and Other Measures<\/h3>\n<p>Concurrent with the criminal complaints, the following measures were enacted:<\/p>\n<ul>\n<li><b>Two-Year Trading Bans:<\/b> All individuals named in the criminal complaints related to RAYSG, ETYAT, GLBMD, and PAMEL have been banned from trading on the stock exchange and other organized markets for a period of two years.<\/li>\n<li><b>License Cancellations:<\/b> Individuals holding capital market licenses who were subject to criminal complaints had all their licenses revoked for the duration of their trading bans. This includes Semih Sabri \u00d6ZKUL, Serdar CEYLAN, Tolga HAS, Mehmet Murat KERMOO\u011eLU, Serkan KAYA, Tayfun CAVB\u0130N, \u00c7a\u011fr\u0131 I\u015eIKO\u011eULLARI, and Ramazan KESK\u0130N.<\/li>\n<li><b>Website Blocking:<\/b> Legal action was initiated to block access to nine websites identified for conducting unauthorized leveraged trading activities for residents of Turkey.<\/li>\n<li><b>Social Media Account Blocking:<\/b> Legal action was initiated to block social media accounts using the names &#8220;infoyatyirim,&#8221; &#8220;infoyatrim,&#8221; and &#8220;hameedsadatzada&#8221; for engaging in unauthorized capital market activities.<\/li>\n<\/ul>\n<h3>D. Other Authorization Cancellations<\/h3>\n<ul>\n<li><b>G\u00f6zlem Ta\u015f\u0131nmaz De\u011ferleme ve Dan\u0131\u015fmanl\u0131k A\u015e<\/b> was removed from the list of companies authorized to perform real estate appraisals for the capital markets.<\/li>\n<\/ul>\n<h2>IV. Corporate and Institutional Changes<\/h2>\n<h3>A. Corporate Restructuring and Ownership Changes<\/h3>\n<ul>\n<li><b>ALB Yat\u0131r\u0131m Menkul De\u011ferler A\u015e:<\/b> Approval was granted for the brokerage firm to change its name to <b>Pusula Yat\u0131r\u0131m Menkul De\u011ferler A\u015e<\/b> and for the transfer of 100% of its shares from Salih ALBAYRAK to <b>Pusula Finans Holding A\u015e<\/b>.<\/li>\n<li><b>Astor Enerji A\u015e:<\/b> The company&#8217;s plan for a partial demerger was approved. Its electric vehicle charging station assets will be transferred to a newly established, wholly-owned subsidiary named <b>Astor \u015earj A\u015e<\/b>.<\/li>\n<li><b>Kuzugrup Gayrimenkul Yat\u0131r\u0131m Ortakl\u0131\u011f\u0131 A\u015e:<\/b> A share transfer was approved that results in <b>\u00d6zen KUZU<\/b> acquiring indirect control over the company&#8217;s Group A privileged shares, which hold management control.<\/li>\n<\/ul>\n<h3>B. Capital Increases for Investment Firms<\/h3>\n<ul>\n<li><b>Yap\u0131 Kredi Yat\u0131r\u0131m Menkul De\u011ferler A\u015e:<\/b> Approved to increase its capital from 98,918,083.46 TL to <b>1,500,000,000.00 TL<\/b>.<\/li>\n<li><b>Midas Menkul De\u011ferler A\u015e:<\/b> Approved to increase its capital from 352,000,000 TL to <b>625,000,000 TL<\/b>.<\/li>\n<\/ul>\n<h3>C. Share Sale Approvals<\/h3>\n<ul>\n<li><b>Rubenis Tekstil Sanayi Ticaret A\u015e:<\/b> Osman \u0130PEK received approval for a share sale information form to convert 5,957,765 TL nominal value of shares to a tradable type for sale on the stock exchange.<\/li>\n<li><b>Be\u015fikta\u015f Futbol Yat\u0131r\u0131mlar\u0131 Sanayi ve Ticaret A\u015e:<\/b> Partner Be\u015fikta\u015f Jimnastik Kul\u00fcb\u00fc received approval for a share sale information form to sell its 436,456,920.20 TL nominal value shares on the stock exchange.<\/li>\n<\/ul>\n<h2>V. Fund Management Decisions<\/h2>\n<h3>A. New Fund Approvals<\/h3>\n<p>Approval was granted for the prospectuses\/issuance documents of the following new funds:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Founder<\/td>\n<td>Fund Name<\/td>\n<td>Umbrella Fund Type<\/td>\n<\/tr>\n<tr>\n<td>Hedef Portf\u00f6y Y\u00f6netimi A\u015e<\/td>\n<td>Eighth Real Estate Investment Fund<\/td>\n<td>Real Estate Umbrella Fund<\/td>\n<\/tr>\n<tr>\n<td>Oragon Gayrimenkul ve Giri\u015fim Sermayesi Portf\u00f6y Y\u00f6netimi A\u015e<\/td>\n<td>First Venture Capital Investment Fund<\/td>\n<td>Venture Capital Umbrella Fund<\/td>\n<\/tr>\n<tr>\n<td>Yap\u0131 Kredi Portf\u00f6y Y\u00f6netimi A\u015e<\/td>\n<td>Precious Metals Participation Fund<\/td>\n<td>Precious Metals Umbrella Fund<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>B. Fund Liquidations<\/h3>\n<ul>\n<li><b>Deniz Portf\u00f6y Y\u00f6netimi A\u015e<\/b> received approval to liquidate four of its free funds: Deniz Portf\u00f6y Seventh Free (FX) Fund, Deniz Portf\u00f6y Dividend Paying Second Free (FX) Fund, Deniz Portf\u00f6y Tenth Free (FX) Fund, and Deniz Portf\u00f6y Eleventh Free (FX) Fund.<\/li>\n<\/ul>\n<h2>VI. Key Regulatory Policy Decisions<\/h2>\n<p>The SPK issued Principle Decision i-SPK 128.26, amending the rules under the Communiqu\u00e9 on Information Systems Management (VII-128.10).<\/p>\n<ul>\n<li><b>Flexibility for Information Security Officer (ISO):<\/b>\n<ul>\n<li>Institutions are now permitted to appoint an ISO through outsourcing or via service agreements within group companies.<\/li>\n<li>Shared employment or part-time models are also allowed to fulfill this role. The institution remains ultimately responsible for compliance.<\/li>\n<\/ul>\n<\/li>\n<li><b>Temporary Exemption from ISO Requirement:<\/b>\n<ul>\n<li>Several categories of institutions, including smaller portfolio management companies, derivatives brokerage firms, and certain publicly traded companies (excluding the top tier based on market capitalization), are granted an exemption from the requirement to appoint an ISO until <b>June 30, 2026<\/b>.<\/li>\n<\/ul>\n<\/li>\n<li><b>Flexibility for IT Internal Audit:<\/b>\n<ul>\n<li>The IT internal audit function can be fulfilled through shared employment or part-time models within group companies.<\/li>\n<li>For subsidiaries of banks, this function can be performed by the parent bank&#8217;s IT auditors or through a joint audit activity, which will not be considered a violation of the communiqu\u00e9.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Turkey&#8217;s Market Watchdog Just Made Its Move: 4 Shocking Highlights from Its Latest Bulletin Introduction: Beyond the Bureaucracy Official regulatory bulletins are often perceived as dry, bureaucratic documents\u2014endless pages of legal jargon and financial tables. But buried within that formality,&#8230; <\/p>\n","protected":false},"author":1,"featured_media":31,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[41],"tags":[],"class_list":["post-29","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/posts\/29","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/comments?post=29"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/posts\/29\/revisions"}],"predecessor-version":[{"id":30,"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/posts\/29\/revisions\/30"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/media\/31"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/media?parent=29"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/categories?post=29"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/tags?post=29"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}