Yatırım fonu katılma belgeleri
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ABSTRACTUnit certificates (mutual fund shares/open end investment company shares/participation certificates) are the instruments issued by mutual funds (open end investment companies). These certificates are defined as the negotiable instruments that represent the amount of the units of the unit holders (the participants) in the fund. They also bear the rights of the unit holders against the founder.In Turkish Law, the unit certificates are regulated by Capital Market Law (No: 2499, amended by Law No: 3794) Art. 37-38 and the Communique on Principles Regarding Mutual Funds (Serial: VII No: 10). The above-mentioned arrangements are in accordance with the EU Council Directive on the Coordination of Laws, Regulations and Administrative Provisions Relating to Undertakings for Collective Investment in Transferable Securities (No: 85/611).In Turkish law, the unit certificates are considered as negotiable and capital market instruments. Unit certificates of Type A mutual funds, which are stated in their fund rules to be bought and sold freely by intermediary institutions other than their founders, are accepted as securities as well. Although it is indicated in the Communique that the unit certificates are dematerialized; they haven’t been dematerialized yet. Unit certificates shall either be offered to public or privately placed by the founder. Following the public offer or the placement, the unit holder and the founder conclude the collective investment contract. By this contract, the founder undertakes that the fund portfolio will be managed in accordance with principles of risk diversification and fiduciary ownership, on behalf of unit holders. On the other hand, the holder has to pay the value of the certificate fully and in cash.Unit certificates also represent the rights and debts of the unit holders against the founder arising from this contract. The main right of the unit holder is redemption right. In Turkish law, the mutual funds are established in open-end form; therefore unit holders might convert their certificates to cash by selling back to the founder in accordance with the principles stated in the fund rules. The founder must redeem the unit certificates of which it is the issuer. The certificate represents the income right of the unit holder as well.Unit certificates don’t have nominal value. The assets of the mutual funds are subject to valuation in order to calculate the price of the certificates. The valuation of each of the assets are summed up to find the portfolio value. After the credits are included and the debts and other costs of the fund are excluded, the net asset value (NAV) of the fund is reached. The unit price of a fund is determined by dividing the net asset value of the fund to the outstanding number of certificates.In accordance with the principles determined by the fund rules, the unit value shall be calculated at the end of each working day and announced by easily noticeable announcements made at purchase and sale points of unit certificates.The certificates of Type B liquid funds are bought or redeemed over the price which is calculated and determined at the end of last workday. But at the other funds, forward pricing system is applicable. That means; the purchase and redemptions of these certificates are made over the price which will be determined at the end of the working day or at the end of the next working day.Off-exchange purchase and sale of unit certificates that are not traded at the Stock Exchange with the purpose of intermediation are possible. The unit certificates of funds regarded as securities may be traded at the stock exchange with the request of the founder and approval of the İstanbul Stock Exchange.