{"id":16920,"date":"2021-02-11T02:06:04","date_gmt":"2021-02-10T23:06:04","guid":{"rendered":"https:\/\/barlaslaw.com\/?p=16920"},"modified":"2021-02-19T20:18:36","modified_gmt":"2021-02-19T17:18:36","slug":"sermaye-piyasasi-mevzuati-kapsaminda-serbest-fonlar","status":"publish","type":"post","link":"https:\/\/barlaslaw.com\/tr\/sermaye-piyasasi-mevzuati-kapsaminda-serbest-fonlar\/","title":{"rendered":"T\u00fcrkiye Sermaye Piyasas\u0131 Mevzuat\u0131 Kapsam\u0131nda  Serbest Fonlar (Hedge Fonlar)"},"content":{"rendered":"<p>Serbest fonlar (hedge funds), 6362 say\u0131l\u0131 Sermaye Piyasas\u0131 Kanunu (\u201c<strong>SPK<\/strong>\u201d) kapsam\u0131nda yat\u0131r\u0131m fonlar\u0131n\u0131n bir t\u00fcr\u00fc olarak d\u00fczenlenmi\u015ftir. Yat\u0131r\u0131m fonlar\u0131 SPK\u2019n\u0131n 52. maddesinde; SPK h\u00fck\u00fcmleri uyar\u0131nca tasarruf sahiplerinden fon kat\u0131lma pay\u0131 kar\u015f\u0131l\u0131\u011f\u0131nda toplanan para ya da di\u011fer varl\u0131klarla, tasarruf sahipleri hesab\u0131na inan\u00e7l\u0131 m\u00fclkiyet esaslar\u0131na g\u00f6re Sermaye Piyasas\u0131 Kurulu taraf\u0131ndan belirlenen varl\u0131k ve haklardan olu\u015fan portf\u00f6y veya portf\u00f6yleri i\u015fletmek amac\u0131yla portf\u00f6y y\u00f6netim \u015firketleri taraf\u0131ndan fon i\u00e7 t\u00fcz\u00fc\u011f\u00fc ile kurulan ve t\u00fczel ki\u015fili\u011fi bulunmayan mal varl\u0131\u011f\u0131 olarak tan\u0131mlanm\u0131\u015ft\u0131r.<\/p>\n<p>Serbest fonlar ise III-52.1 say\u0131l\u0131 Yat\u0131r\u0131m Fonlar\u0131na \u0130li\u015fkin Esaslar Tebli\u011fi\u2019nin (\u201c<strong>III-52.1 say\u0131l\u0131 Tebli\u011f<\/strong>\u201d) 25. maddesinde bir yat\u0131r\u0131m fonu t\u00fcr\u00fc olarak d\u00fczenlenmi\u015f ancak a\u00e7\u0131k\u00e7a tan\u0131m\u0131 yap\u0131lmam\u0131\u015ft\u0131r. Buradan hareketle mevzuat kapsam\u0131nda serbest fonlar\u0131n tan\u0131m\u0131, fon kat\u0131lma paylar\u0131 nitelikli yat\u0131r\u0131mc\u0131lara sat\u0131labilecek olan, belirli portf\u00f6y ve i\u015flem s\u0131n\u0131rlamalar\u0131na tabi olmaks\u0131z\u0131n yat\u0131r\u0131m yapabilen bir yat\u0131r\u0131m fonu t\u00fcr\u00fc olarak tan\u0131mlanabilir.<\/p>\n<p>Serbest fonlarda, fon yat\u0131r\u0131mc\u0131lar\u0131 i\u00e7in asgari yat\u0131r\u0131m tutar\u0131 ya da maksimum yat\u0131r\u0131mc\u0131 say\u0131s\u0131 konusunda s\u0131n\u0131rlama getirilmi\u015f olmamakla birlikte, fon kurucusu taraf\u0131ndan fon izahnamesinde s\u0131n\u0131r getirilmesine izin verilmi\u015ftir.\u00a0 Ancak serbest fonlar\u0131n di\u011fer yat\u0131r\u0131m fonlar\u0131ndan \u00f6nemli bir fark\u0131 yaln\u0131zca <u>nitelikli yat\u0131r\u0131mc\u0131lara<\/u> sat\u0131labiliyor olabilmesidir.<\/p>\n<p>II-5.2 say\u0131l\u0131 Sermaye Piyasas\u0131 Ara\u00e7lar\u0131n\u0131n Sat\u0131\u015f\u0131 Tebli\u011fi\u2019nin (\u201c<strong>II-5.2 say\u0131l\u0131 Tebli\u011f<\/strong>\u201d) 4. maddesi uyar\u0131nca nitelikli yat\u0131r\u0131mc\u0131; Sermaye Piyasas\u0131 Kurulu\u2019nun yat\u0131r\u0131m kurulu\u015flar\u0131na ili\u015fkin d\u00fczenlemelerinde tan\u0131mlanan ve talebe dayal\u0131 olarak profesyonel kabul edilenler de dahil profesyonel m\u00fc\u015fteriler, \u015feklinde tan\u0131mlanm\u0131\u015ft\u0131r. III-39.1 say\u0131l\u0131 yat\u0131r\u0131m Kurulu\u015flar\u0131n\u0131n Kurulu\u015f ve Faaliyet Esaslar\u0131 Hakk\u0131nda Tebli\u011f (\u201c<strong>III-39.1 say\u0131l\u0131 Tebli\u011f<\/strong>\u201d) madde 31\u2019e g\u00f6re ise \u201cprofesyonel m\u00fc\u015fteri\u201d, kendi yat\u0131r\u0131m kararlar\u0131n\u0131 verebilecek ve \u00fcstlendi\u011fi riskleri de\u011ferlendirebilecek tecr\u00fcbe, bilgi ve uzmanl\u0131\u011fa sahip m\u00fc\u015fteri olarak tan\u0131mlanm\u0131\u015ft\u0131r. Profesyonel m\u00fc\u015fteri kapsam\u0131nda de\u011ferlendirilebilmek i\u00e7in baz\u0131 \u015fartlar\u0131n sa\u011flanmas\u0131 veya baz\u0131 nitelikleri haiz olunmas\u0131 gerekmektedir. Bunlar;<\/p>\n<ul>\n<li>Yerli ve yabanc\u0131 yat\u0131r\u0131m fonlar\u0131, emeklilik fonlar\u0131,<\/li>\n<li>Yat\u0131r\u0131m ortakl\u0131klar\u0131, arac\u0131 kurumlar, bankalar, sigorta \u015firketleri, portf\u00f6y y\u00f6netim \u015firketleri, ipotek finansman\u0131 kurulu\u015flar,<\/li>\n<li>Vak\u0131flar, kamuya yararl\u0131 dernekler,<\/li>\n<li>Emekli ve yard\u0131m sand\u0131klar\u0131, 506 say\u0131l\u0131 Sosyal Sigortalar Kanunu\u2019nun Ge\u00e7ici 20. Maddesi uyar\u0131nca kurulmu\u015f olan sand\u0131klar,<\/li>\n<li>Nitelikleri itibariyle bu kurumlara benzer oldu\u011fu Sermaye Piyasas\u0131 Kurulunca belirlenecek di\u011fer yat\u0131r\u0131mc\u0131lar,<\/li>\n<li>Aktif toplam\u0131n\u0131n 50.000.000 TL, y\u0131ll\u0131k net has\u0131lat\u0131n\u0131n 90.000.000 TL, \u00f6z sermayesinin 5.000.000 TL\u2019nin \u00fczerinde olmas\u0131 k\u0131staslar\u0131ndan en az ikisini ta\u015f\u0131yan kurulu\u015flar,<\/li>\n<li>III-39.1 say\u0131l\u0131 Tebli\u011f\u2019in 32. maddesinde tan\u0131mlanan talebe dayal\u0131 olarak profesyonel m\u00fc\u015fteri kabul edilenler<\/li>\n<\/ul>\n<p>III-39.1 say\u0131l\u0131 Tebli\u011f\u2019in 32. maddesini a\u00e7\u0131klamak gerekirse; genel m\u00fc\u015fteri say\u0131lanlar, yaz\u0131l\u0131 olarak talep etmeleri halinde ve a\u015fa\u011f\u0131da say\u0131lan \u015fartlardan en az ikisini sa\u011flad\u0131klar\u0131n\u0131 ispat etmeleri durumunda yat\u0131r\u0131m kurulu\u015funun sundu\u011fu hizmet ve faaliyetlerden profesyonel m\u00fc\u015fteri s\u0131fat\u0131yla yararlanabilir. M\u00fc\u015fterinin profesyonel s\u0131fat\u0131n\u0131 haiz olabilmesi i\u00e7in a\u015fa\u011f\u0131daki \u015fartlardan en az ikisini sa\u011flamas\u0131 gerekmektedir:<\/p>\n<ul>\n<li>\u0130\u015flem yap\u0131lmas\u0131 talep edilen piyasalarda son 1 y\u0131l i\u00e7inde, her 3 ayl\u0131k d\u00f6nemde en az 500.000 T\u00fcrk Liras\u0131 hacminde ve en az 10 adet i\u015flem ger\u00e7ekle\u015ftirmi\u015f olmalar\u0131,<\/li>\n<li>Nakit mevduatlar\u0131n\u0131n ve sahip oldu\u011fu sermaye piyasas\u0131 ara\u00e7lar\u0131n\u0131n da d\u00e2hil oldu\u011fu finansal varl\u0131klar\u0131 toplam\u0131n\u0131n 1.000.000 T\u00fcrk Liras\u0131 tutar\u0131n\u0131 a\u015fmas\u0131,<\/li>\n<li>Finans alan\u0131nda \u00fcst d\u00fczey y\u00f6netici pozisyonlar\u0131ndan birinde en az 2 y\u0131l g\u00f6rev yapm\u0131\u015f olmas\u0131 veya sermaye piyasas\u0131 alan\u0131nda en az 5 y\u0131l ihtisas personeli olarak \u00e7al\u0131\u015fm\u0131\u015f olmas\u0131 veya Sermaye Piyasas\u0131 Faaliyetleri \u0130leri D\u00fczey Lisans\u0131 veya T\u00fcrev Ara\u00e7lar Lisans\u0131na sahip olmas\u0131<\/li>\n<\/ul>\n<p>Serbest fonlar; di\u011fer yat\u0131r\u0131m fonlar\u0131ndan farkl\u0131 olarak III-52.1 say\u0131l\u0131 Tebli\u011f\u2019de yer alan portf\u00f6y ve i\u015flem s\u0131n\u0131rlamalar\u0131na tabi olmaks\u0131z\u0131n, fonun bilgilendirme dok\u00fcmanlar\u0131nda yer alan yat\u0131r\u0131m stratejileri ve limitleri dahilinde yat\u0131r\u0131m yapabilirler. <u>Ancak paylar\u0131 serbest yat\u0131r\u0131m fonlar\u0131n\u0131n portf\u00f6ylerine al\u0131nacak yabanc\u0131 fonlar i\u00e7in ilgili otoriteden izin alma \u015fart\u0131 sa\u011flanm\u0131\u015f olmal\u0131d\u0131r.<\/u> Bu kapsamda, hangi \u00fclkelerde kurulu fonlar\u0131n portf\u00f6ye al\u0131nabilece\u011fine izahname ve yat\u0131r\u0131mc\u0131 bilgilendirme formunda yer verilir. Sermaye Piyasas\u0131 Kurulu serbest fonlar\u0131n portf\u00f6ylerine al\u0131nacak yabanc\u0131 fon paylar\u0131na ili\u015fkin k\u0131s\u0131tlamalar getirebilir.<\/p>\n<p>III-52.1 say\u0131l\u0131 Tebli\u011f ile serbest fonlar\u0131n kurulmas\u0131 ve kat\u0131lma paylar\u0131n\u0131n ihrac\u0131nda y\u00f6neticiler ve personele ili\u015fkin olarak ek \u015fartlar getirilmi\u015ftir:<\/p>\n<ul>\n<li>Serbest fonlar\u0131n kat\u0131lma paylar\u0131n\u0131n sat\u0131\u015f\u0131n\u0131 yapacak kurulu\u015flar, kat\u0131lma pay\u0131 sat\u0131\u015flar\u0131n\u0131n bu konuda yeterli bilgi birikimine ve deneyime sahip sat\u0131\u015f personeli taraf\u0131ndan ger\u00e7ekle\u015ftirilmesini temin eder.<\/li>\n<li>Bu kurulu\u015flar, sat\u0131\u015f yap\u0131lan yat\u0131r\u0131mc\u0131lar\u0131n nitelikli yat\u0131r\u0131mc\u0131 s\u0131fat\u0131na sahip olduklar\u0131na dair bilgi ve belgeleri temin etmek ve tutmakla y\u00fck\u00fcml\u00fcd\u00fcrler.<\/li>\n<li>Serbest fonun portf\u00f6y y\u00f6neticilerinin t\u00fcm\u00fcn\u00fcn, sermaye piyasas\u0131 faaliyetleri ileri d\u00fczey lisans belgesi ile t\u00fcrev ara\u00e7lar lisans belgesine ve bu fonlar konusunda gerekli bilgi ve tecr\u00fcbeye sahip olmas\u0131 gerekmektedir.<\/li>\n<\/ul>\n<p>Serbest fonlar\u0131n kurulu\u015fu ve fon paylar\u0131n\u0131n kayda alma ba\u015fvurular\u0131 yat\u0131r\u0131m fonlar\u0131 ile benzer \u015fekilde sonu\u00e7land\u0131r\u0131l\u0131r. Serbest fonlar\u0131n yat\u0131r\u0131m s\u0131n\u0131rlamalar\u0131n\u0131n fon izahnamelerinde serbest\u00e7e belirlenmesine olanak tan\u0131nmas\u0131 ile; <u>tek bir portf\u00f6yden olu\u015fan y\u00fcksek riskli yat\u0131r\u0131m fonu olarak<\/u> ya da <u>portf\u00f6y\u00fc serbest fonlardan olu\u015fan fon sepeti \u015feklinde kurulabilmeleri m\u00fcmk\u00fcnd\u00fcr.<\/u><\/p>\n<p>fon sepetinde yer alan serbest fonlara ait kat\u0131lma paylar\u0131 de\u011ferinin fon toplam de\u011ferinin %10\u2019unu ge\u00e7mesi halinde, bu fon sepetleri III-52.1 say\u0131l\u0131 Tebli\u011f\u2019de yer alan, fon sepetleri i\u00e7in belirlenen genel yat\u0131r\u0131m s\u0131n\u0131rlamalar\u0131na tabi de\u011fildir.<\/p>\n<p>Serbest fonlar\u0131n pay fiyatlar\u0131n\u0131n ayda en az bir kere hesaplanmas\u0131 ve yat\u0131r\u0131mc\u0131lara bildirilmesi zorunludur. Di\u011fer fonlar i\u00e7in s\u00f6z konusu olan birim pay de\u011ferinin g\u00fcnl\u00fck hesaplamas\u0131 ve ilan edilmesi \u015fart\u0131 serbest fonlar i\u00e7in ge\u00e7erli de\u011fildir. Serbest fonlar\u0131nda; kat\u0131lma paylar\u0131n\u0131n fona iadesi i\u00e7in izahname ve yat\u0131r\u0131mc\u0131 bilgi formlar\u0131nda farkl\u0131 s\u00fcreler belirlenebilir.<\/p>\n<p>Serbest fonlar\u0131n kat\u0131lma paylar\u0131n\u0131n al\u0131m-sat\u0131m adedine ili\u015fkin olarak mevzuatta bir limit belirlenmemi\u015ftir. Ancak fon izahnamelerinde fon paylar\u0131n\u0131n al\u0131m say\u0131s\u0131na ili\u015fkin alt veya \u00fcst limit belirlenmesi m\u00fcmk\u00fcnd\u00fcr.<\/p>\n<p>Serbest fonlar\u0131n kat\u0131lma paylar\u0131n\u0131n sat\u0131\u015f\u0131na arac\u0131l\u0131k edecek kurumlar\u0131n bu konuda yeterli bilgi ve tecr\u00fcbeye sahip sat\u0131\u015f personeli istihdam etmeleri zorunludur. Ayr\u0131ca bu arac\u0131 kurulu\u015flar, pay sat\u0131m\u0131 yap\u0131lan yat\u0131r\u0131mc\u0131lar\u0131n nitelikli sat\u0131c\u0131 vasf\u0131n\u0131 haiz olduklar\u0131na ili\u015fkin bilgi ve belgelerin temin edilmesi ve saklanmas\u0131 konusunda y\u00fck\u00fcml\u00fcd\u00fcr.<\/p>\n<p>Serbest fonlar\u0131n sat\u0131\u015f\u0131na ve halka arz\u0131na ili\u015fkin ilan ve reklam verilemez. Ancak halka arz kapsam\u0131na girmemek \u015fart\u0131yla nitelikli yat\u0131r\u0131mc\u0131lara y\u00f6nelik olarak tan\u0131t\u0131m faaliyetleri yap\u0131lmas\u0131 m\u00fcmk\u00fcnd\u00fcr.<\/p>\n<p>Serbest fonlar bak\u0131m\u0131ndan, di\u011fer fonlardan farkl\u0131 olarak ara mali tablolar i\u00e7in ba\u011f\u0131ms\u0131z denetim y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcnden muaf tutulmu\u015ftur. Serbest fonlara ili\u015fkin finansal tablolar, ilgili hesap veya yat\u0131r\u0131m d\u00f6neminin bitimini takip eden 60 g\u00fcn i\u00e7inde kamuya a\u00e7\u0131klan\u0131r ve bu a\u00e7\u0131klamay\u0131 takiben 10 i\u015f g\u00fcn\u00fc i\u00e7erisinde kat\u0131lma pay\u0131 sahiplerine en uygun haberle\u015fme arac\u0131 ile g\u00f6nderilir.<\/p>\n<p>Yukar\u0131da da bahsedildi\u011fi \u00fczere serbest fonlar\u0131n portf\u00f6y ve risk limitlerine ili\u015fkin olarak mevzuat kapsam\u0131nda bir standart belirlenmemi\u015ftir. Ancak serbest fon izahnamelerinde limitlere yer verilmesi m\u00fcmk\u00fcnd\u00fcr. Bu izahnameler ve izahnamelere ili\u015fkin de\u011fi\u015fiklikler T\u00fcrkiye Ticaret Sicil Gazetesi\u2019nde ilan edilir.<\/p>\n<p>Son olarak serbest fonun sorumlulu\u011funa de\u011finilecek olursa, yat\u0131r\u0131m fonlar\u0131n\u0131n malvarl\u0131\u011f\u0131; fon kurucusunun Sermaye Piyasas\u0131 Kanunundan, III-52.1 say\u0131l\u0131 Tebli\u011f\u2019den ve fon izahnamesinden do\u011fan y\u00fck\u00fcml\u00fcl\u00fcklerinin yerine getirilmesi d\u0131\u015f\u0131nda ba\u015fka hi\u00e7bir ama\u00e7la kullan\u0131lamaz. Fonun malvarl\u0131\u011f\u0131 rehnedilemez, teminat g\u00f6sterilemez veya \u00fc\u00e7\u00fcnc\u00fc \u015fah\u0131slar taraf\u0131ndan haczedilemez. Buna ek olarak i\u00e7 t\u00fcz\u00fckte h\u00fck\u00fcm bulunmas\u0131 ve fon hesab\u0131na olmas\u0131 \u015fart\u0131yla, fon taraf\u0131ndan kullan\u0131lan krediler ve taraf olunan finansal vadeli i\u015flem s\u00f6zle\u015fmeleri ile fon ad\u0131na ger\u00e7ekle\u015ftirilen benzer i\u015flemler i\u00e7in fona ait varl\u0131klar teminat olarak g\u00f6sterilebilir.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Serbest fonlar (hedge funds), 6362 say\u0131l\u0131 Sermaye Piyasas\u0131 Kanunu (\u201cSPK\u201d) kapsam\u0131nda yat\u0131r\u0131m fonlar\u0131n\u0131n bir t\u00fcr\u00fc olarak d\u00fczenlenmi\u015ftir. Yat\u0131r\u0131m fonlar\u0131 SPK\u2019n\u0131n 52. maddesinde; SPK h\u00fck\u00fcmleri uyar\u0131nca tasarruf sahiplerinden fon kat\u0131lma pay\u0131 kar\u015f\u0131l\u0131\u011f\u0131nda toplanan para ya da di\u011fer varl\u0131klarla, tasarruf sahipleri hesab\u0131na inan\u00e7l\u0131 m\u00fclkiyet esaslar\u0131na g\u00f6re Sermaye Piyasas\u0131 Kurulu taraf\u0131ndan belirlenen varl\u0131k ve haklardan olu\u015fan portf\u00f6y veya portf\u00f6yleri i\u015fletmek amac\u0131yla portf\u00f6y y\u00f6netim \u015firketleri taraf\u0131ndan fon i\u00e7 t\u00fcz\u00fc\u011f\u00fc ile kurulan ve t\u00fczel ki\u015fili\u011fi bulunmayan mal varl\u0131\u011f\u0131 olarak tan\u0131mlanm\u0131\u015ft\u0131r.<\/p>\n","protected":false},"author":3,"featured_media":16921,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[51],"tags":[],"table_tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>T\u00fcrkiye Sermaye Piyasas\u0131 Mevzuat\u0131 Kapsam\u0131nda Serbest Fonlar (Hedge Fonlar) - Barlas Hukuk B\u00fcrosu<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/barlaslaw.com\/tr\/sermaye-piyasasi-mevzuati-kapsaminda-serbest-fonlar\/\" \/>\n<meta property=\"og:locale\" content=\"tr_TR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"T\u00fcrkiye Sermaye Piyasas\u0131 Mevzuat\u0131 Kapsam\u0131nda Serbest Fonlar (Hedge Fonlar) - Barlas Hukuk B\u00fcrosu\" \/>\n<meta property=\"og:description\" content=\"Serbest fonlar (hedge funds), 6362 say\u0131l\u0131 Sermaye Piyasas\u0131 Kanunu (\u201cSPK\u201d) kapsam\u0131nda yat\u0131r\u0131m fonlar\u0131n\u0131n bir t\u00fcr\u00fc olarak d\u00fczenlenmi\u015ftir. 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