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The Law on Capital Markets (Law No. 6362) governs the main regulations and principles concerning investment funds. The CMB has elaborated further on the founding and functioning of such funds by issuing the Investment Funds Communiqué (No. III-52.1). Furthermore, Resolution No. 19/614 was adopted to elucidate the rules outlined in the communiqué. The Amending Communiqué (No. III-52.1.c), published in the Official Gazette on 12 March 2019, became effective upon its enactment, resulting in a revision of the Guide to reflect any changes brought by it.1
Communiqué No. III-35/A.2 on Crowdfunding was published in the Official Gazette dated 27 October 2021 and is now in effect. It replaces the Communiqué on Share-Based Crowdfunding (No. III-35/A.1), unifying debt- and share-based crowdfunding into a single set of regulations, led by the CMB as its supervisory body. All crowdfunding activities shall be conducted through either joint stock companies providing only this service or investment institutions such as development and investment banks, participation banks or intermediary institutions.1
A new concept of crowd-lending has been introduced by Law No. 7222 on the Amendment of the Banking Law and Other Laws, which was published in the Official Gazette on 25 February 2020 and numbered 31050 and became effective on the same date. As for crowdfunding, the amendment made to Article 35/A of Law No. 6362 has enabled the CMB to decide whether to conduct crowdfunding activities by collecting funds from the public through partnership or lending.1
In accordance with Law No. 7222, the provisions of banking legislation do not apply to financing provided through lending-based crowdfunding and do not apply to acceptance of deposits or participation funds. As a result, conventional and participation banking models may be replaced by this alternative, especially when financing innovative projects with industrial and technological companies.1
Peer-to-peer lending is currently not regulated in a manner that is consistent with PSD II's definition. Although a communiqué for debt-based crowdfunding platforms, which are considered peer-to-peer lending, has not yet been prepared by the CMB, they were just regulated.1
Regarding crowdfunding, the amendments made with Communiqué No. III-35/A.2 have enabled platforms to form multiple investment committees. Platforms may fund campaigns up to 50 per cent of their resources in total and 20 per cent of the targeted fund for each campaign. Special regulations have been formulated for debt-based crowdfunding with a demand for an effective and transparent credit rating system and policy to assess each project's risk status as a mandatory requirement.1
