Türkiye's SPK Quintuples Qualified Investor Threshold to 50 Million Liras

Türkiye's Capital Markets Board (SPK) raised the financial asset threshold for qualified investors fivefold on Oct. 26, from 10 million Turkish Liras to 50 million liras. The same decision pushed the compliance deadline for investment funds' portfolio and investment limits to Jan. 31, 2027.

The trading volume requirement jumped alongside it. Clients applying for professional status now need 25 million liras in trading volume, up from 5 million liras. The new thresholds also apply to qualified investor requirements tied to professional client rules, according to the SPK decision reported by Hürriyet Daily News.

What happens to investors who no longer qualify?

The changes closed a long-standing loophole. The SPK abolished an exemption for investors buying units in real estate and venture capital investment funds, putting them under the general thresholds like everyone else.

Existing investors who earned their status through financial criteria now face a documentation test. They must provide written or electronic evidence to their investment firm proving they still meet the requirements. Those who fail will be limited to selling their existing holdings in instruments reserved for qualified investors — no new buying.

Why did the fund deadlines move?

Citing recent market developments, the SPK scrapped interim compliance deadlines of Oct. 31 and Nov. 30 for funds' portfolio and investment limits. Full compliance, previously required by Dec. 31, is now due a month later.

The board also trimmed its fund guide. It removed a provision covering exemptions for financial instruments of public institutions and their affiliates, while keeping the corresponding provisions in the underlying regulations intact.

The changes land amid turbulence in Türkiye's fund sector. The same SPK action temporarily suspended the capital market activities of Tera Portföy and Pusula Portföy and expanded the liquidation of their funds. The decision covers investment funds — including real estate and venture capital funds — outside the liquidation orders issued on Sept. 17.

Who runs the liquidations?

Two state-backed banks take charge. Türkiye İş Bankası will handle the liquidation of Tera's funds, while Ziraat Bank will oversee Pusula's.

Taken together, the moves tighten who can access specialized investment products in Türkiye while giving fund managers an extra runway — until Jan. 31, 2027 — to bring portfolios in line with the regulator's limits.