{"id":20048,"date":"2021-08-31T11:26:25","date_gmt":"2021-08-31T11:26:25","guid":{"rendered":"https:\/\/www.esin.av.tr\/?p=20048"},"modified":"2022-06-09T13:29:31","modified_gmt":"2022-06-09T13:29:31","slug":"spk-kitle-fonlamasini-yeniden-duzenliyor","status":"publish","type":"post","link":"https:\/\/www.esin.av.tr\/tr\/2021\/08\/31\/spk-kitle-fonlamasini-yeniden-duzenliyor\/","title":{"rendered":"SPK Kitle Fonlamas\u0131n\u0131 Yeniden D\u00fczenliyor"},"content":{"rendered":"<p><strong>Yeni Geli\u015fme<\/strong><\/p>\n<p>Sermaye Piyasas\u0131 Kurulu (&#8220;<strong>SPK<\/strong>&#8220;) 14 Ekim 2019 tarihli <a href=\"https:\/\/urldefense.com\/v3\/__https:\/esinxchange.com\/collect\/click.aspx?u=K0xiQ0gwdVMvemoxbGt4QXlCQzB3SmdRWitLcDBqeXdWNkx1QkczcERrR01DYkhIVmhxU2JoMlZmSHBGUE1NVzBvVlpZcmRMNHh6a2VsaWowbnl5bXpUc05iTmpOUnh0MFo3VUd2aTN6ODZkYmpRNWh3VWVnbDk0aWxLL21rUXlVMmswK0hwaStqdEFCZWJxalczRFpRU2NsemN6YS95c1ZaMUNuNjMvZUg2amZINW9pcmlmVmc9PQ==&amp;rh=ff00806e098fe05da46b216b7040b7aaa71ccb20__;!!Hj9Y_P0nvg!DhF3gehCxxp3fnARrJlvZlgGbnsj8bM9mnF8zlSM9R8iROPSHJ3TczhTrdMU_yNLp0c$\">Hukuk B\u00fcltenimizde<\/a> de\u011ferlendirdi\u011fimiz III-35\/A.1. Say\u0131l\u0131 Paya Dayal\u0131 Kitle Fonlamas\u0131 Tebli\u011fi (&#8220;<strong>Paya Dayal\u0131 Kitle Fonlamas\u0131 Tebli\u011fi<\/strong>&#8220;) ile ortakl\u0131\u011fa dayal\u0131 kitle fonlamas\u0131 modelini d\u00fczenlemi\u015fti. Kurul, Paya Dayal\u0131 Kitle Fonlamas\u0131 Tebli\u011fi&#8217;ni y\u00fcr\u00fcrl\u00fckten kald\u0131rmas\u0131 \u00f6ng\u00f6r\u00fclen ve hem paya hem de bor\u00e7lanmaya dayal\u0131 kitle fonlamas\u0131n\u0131 d\u00fczenleyen III-35\/A.2. Say\u0131l\u0131 Kitle Fonlamas\u0131 Tebli\u011f Tasla\u011f\u0131&#8217;n\u0131 (&#8220;<strong>Taslak Tebli\u011f<\/strong>&#8220;) kamuoyunun g\u00f6r\u00fc\u015f\u00fcne sundu.<\/p>\n<p><strong>Tebli\u011f Ne Getiriyor?<\/strong><\/p>\n<p>\u2022 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <strong>Kitle Fonlamas\u0131 Platformlar\u0131: <\/strong>Kitle fonlamas\u0131 faaliyetleri, Kurul taraf\u0131ndan belirlenecek kitle fonlamas\u0131 platformlar\u0131 arac\u0131l\u0131\u011f\u0131 ile y\u00fcr\u00fct\u00fclecek. Platformlar\u0131n baz\u0131 \u015fartlar\u0131 kar\u015f\u0131lamas\u0131 gerekecek:<\/p>\n<ul>\n<li>Asgari 1.000.000 TL sermayesinin tamam\u0131n\u0131n nakden \u00f6denmi\u015f olmas\u0131 ve \u00f6denmi\u015f sermayesi ile \u00f6zsermayesinin bu tutardan az olmamas\u0131 (bu \u015fart, platformun listeye al\u0131nmas\u0131n\u0131 takip eden ilk iki y\u0131l 500.000 TL olarak uygulanacak),<\/li>\n<li>Taslak Tebli\u011f&#8217;e uygun \u015fekilde kurulan bir yat\u0131r\u0131m komitesinin olmas\u0131,<\/li>\n<li>Kurul&#8217;un bilgi sistemleri y\u00f6netimi d\u00fczenlemelerinde dar yetkili arac\u0131 kurumlar i\u00e7in \u00f6ng\u00f6r\u00fclen bilgi sistemleri altyap\u0131s\u0131n\u0131n olu\u015fturulmas\u0131,<\/li>\n<li>Merkezi Kay\u0131t Kurulu\u015fu (&#8220;<strong>MKK<\/strong>&#8220;) ve emanet yetkilisi ile s\u00f6zle\u015fme imzalanmas\u0131,<\/li>\n<li>Bor\u00e7lanmaya dayal\u0131 kitle fonlamas\u0131 y\u00fcr\u00fctecek platformlar\u0131n, kredibilite kontrol\u00fc amac\u0131yla Risk Merkezi sistemi ile kar\u015f\u0131l\u0131kl\u0131 veri ak\u0131\u015f\u0131n\u0131 sa\u011flayacak altyap\u0131y\u0131 olu\u015fturmu\u015f olmas\u0131.<\/li>\n<li>Taslak Tebli\u011f ayr\u0131ca kimi hallerde platform paylar\u0131n\u0131n devirlerini Kurul iznine ba\u011fl\u0131yor.<\/li>\n<\/ul>\n<ul>\n<li>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <strong>Platformlar\u0131n Faaliyetlerine \u0130li\u015fkin Esaslar: <\/strong><\/li>\n<\/ul>\n<ul>\n<li>Platformlar, kural olarak m\u00fcnhas\u0131ran paya ve\/veya bor\u00e7lanmaya dayal\u0131 kitle fonlamas\u0131 faaliyeti y\u00fcr\u00fctebilecekler.<\/li>\n<li>Kitle fonlamas\u0131 faaliyeti s\u0131ras\u0131nda uyulmas\u0131 gereken esaslar, giri\u015fimciler ile platform aras\u0131nda akdedilecek ve asgari unsurlar\u0131 Taslak Tebli\u011f&#8217;de belirtilen yaz\u0131l\u0131 bir kitle fonlamas\u0131 s\u00f6zle\u015fmesi ile d\u00fczenlenecek.<\/li>\n<li>Her bir kampanya i\u00e7in bir bilgi formu haz\u0131rlanacak ve bilgi formu ile yat\u0131r\u0131mc\u0131lar\u0131n kararlar\u0131n\u0131 etkileyebilecek her t\u00fcrl\u00fc bilgi kampanya s\u00fcresince ve paya dayal\u0131 kitle fonlamas\u0131 faaliyeti y\u00fcr\u00fcten platformlarda kampanyan\u0131n ger\u00e7ekle\u015fti\u011fi takvim y\u0131l\u0131n\u0131 izleyen be\u015f y\u0131l boyunca ve bor\u00e7lanmaya dayal\u0131 kitle fonlamas\u0131 faaliyeti y\u00fcr\u00fcten platformlarda ise kampanya kapsam\u0131nda \u00e7\u0131kar\u0131lan bor\u00e7lanma ara\u00e7lar\u0131n\u0131n itfas\u0131n\u0131n ger\u00e7ekle\u015fti\u011fi takvim y\u0131l\u0131n\u0131 izleyen be\u015f y\u0131l boyunca kampanya sayfas\u0131nda incelemeye a\u00e7\u0131k tutulacak.<\/li>\n<li>Yat\u0131r\u0131mc\u0131lardan toplanan fonlar, emanet yetkilisi nezdinde kampanya s\u00fcresi tamamlanana kadar platform ad\u0131na bloke ettirilecek. \u0130stanbul Takas ve Saklama Bankas\u0131 A.\u015e. ile Kurul lisansl\u0131 di\u011fer portf\u00f6y saklay\u0131c\u0131lar\u0131, emanet yetkilisi olabilecek.<\/li>\n<li>Platformlar, her bir kampanya i\u00e7in hedeflenen ve toplanan fon tutar\u0131, fon sa\u011flayan yat\u0131r\u0131mc\u0131 say\u0131s\u0131 ve kalan kampanya s\u00fcresi hakk\u0131nda platform \u00fczerinden anl\u0131k olarak bilgi verecek. Ayr\u0131ca her bir kampanya i\u00e7in kampanya s\u00fcresinin sona ermesini takip eden i\u015f g\u00fcn\u00fc fonlama sonu\u00e7lar\u0131 platform \u00fczerinden kamuya duyurulacak.<\/li>\n<\/ul>\n<ul>\n<li>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <strong>Platformlar\u0131n Ger\u00e7ekle\u015ftiremeyecekleri Faaliyetler:<\/strong><\/li>\n<\/ul>\n<ul>\n<li>Sadece paya dayal\u0131 kitle fonlama faaliyeti y\u00fcr\u00fcten platformlar; faiz veya ba\u015fka bir ivaz kar\u015f\u0131l\u0131\u011f\u0131 veya rehin almak suretiyle kredi veya \u00f6d\u00fcn\u00e7 para verme i\u015flerine arac\u0131l\u0131k edemeyecek ve pay d\u0131\u015f\u0131nda herhangi bir sermaye piyasas\u0131 arac\u0131 kar\u015f\u0131l\u0131\u011f\u0131nda kitle fonlamas\u0131 faaliyeti y\u00fcr\u00fctemeyecek.<\/li>\n<li>Platformlar, yurt d\u0131\u015f\u0131nda yerle\u015fik ger\u00e7ek ve t\u00fczel ki\u015filere y\u00f6nelik T\u00fcrkiye&#8217;de yerle\u015fik ki\u015filerden fon toplanmas\u0131 amac\u0131yla kitle fonlamas\u0131 faaliyeti y\u00fcr\u00fctemeyecek.<\/li>\n<li>Platformlar, yat\u0131r\u0131mc\u0131lara y\u00f6nelik olarak yat\u0131r\u0131m tavsiyesi niteli\u011findeki de\u011ferlendirme, analiz ve yorumlarda bulunamayacak.<\/li>\n<\/ul>\n<ul>\n<li>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <strong>Yat\u0131r\u0131m S\u0131n\u0131rlar\u0131: <\/strong><\/li>\n<\/ul>\n<ul>\n<li>Nitelikli yat\u0131r\u0131mc\u0131 olmayan ger\u00e7ek ki\u015filer, bir takvim y\u0131l\u0131 i\u00e7inde paya dayal\u0131 kitle fonlamas\u0131 yoluyla azami 20.000 T\u00fcrk Liras\u0131 yat\u0131r\u0131m yapabilecek. Ancak bu s\u0131n\u0131r 100.000 T\u00fcrk Liras\u0131n\u0131 a\u015fmamak kayd\u0131yla yat\u0131r\u0131mc\u0131n\u0131n platforma beyan etti\u011fi y\u0131ll\u0131k net gelirinin %10&#8217;u olarak uygulanabilecek.<\/li>\n<li>Nitelikli yat\u0131r\u0131mc\u0131 olmayan ger\u00e7ek ki\u015filer, bir takvim y\u0131l\u0131 i\u00e7inde bor\u00e7lanmaya dayal\u0131 kitle fonlamasi yoluyla azami 50.000 T\u00fcrk Lirasi yat\u0131r\u0131m yapabilecek. Ancak bu s\u0131n\u0131r 200.000 T\u00fcrk Liras\u0131n\u0131 a\u015fmamak kayd\u0131yla yat\u0131r\u0131mc\u0131n\u0131n platforma beyan etti\u011fi y\u0131ll\u0131k net gelirinin %10&#8217;u olarak uygulanabilecek. Ayr\u0131ca nitelikli yat\u0131r\u0131mc\u0131 olmayan ger\u00e7ek ki\u015filer, bor\u00e7lanmaya dayal\u0131 kitle fonlamas\u0131 yoluyla bir projeye azami 10.000 T\u00fcrk Lirasi yat\u0131r\u0131m yapabilecek.<\/li>\n<\/ul>\n<ul>\n<li>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <strong>Fon Toplamaya ve Kullanmaya \u0130li\u015fkin Esaslar: <\/strong><\/li>\n<\/ul>\n<ul>\n<li><u>i) Paya Dayal\u0131 Kitle Fonlamas\u0131<\/u>\n<ul>\n<li>Paya dayal\u0131 kitle fonlamas\u0131nda, fonlar yaln\u0131zca sermaye art\u0131r\u0131m\u0131 suretiyle \u00e7\u0131kar\u0131lacak paylar kar\u015f\u0131l\u0131\u011f\u0131nda giri\u015fim \u015firketine aktar\u0131labilecek ve mevcut paylar\u0131n sat\u0131\u015f\u0131 suretiyle fon toplanamayacak.<\/li>\n<li>Giri\u015fimciler taraf\u0131ndan herhangi bir 12 ayl\u0131k d\u00f6nemde paya dayal\u0131 olarak en fazla iki kampanya ile fon toplanabilecek.<\/li>\n<li>1.000.000 T\u00fcrk Liras\u0131n\u0131 a\u015fan fon taleplerinde, hedeflenen fonun en az %10&#8217;una tekab\u00fcl eden tutar\u0131n kampanya s\u00fcresi i\u00e7erisinde nitelikli yat\u0131r\u0131mc\u0131lar taraf\u0131ndan kar\u015f\u0131lanm\u0131\u015f olmas\u0131 zorunlu olacak.<\/li>\n<li>Kampanya s\u00fcresi 60 g\u00fcn\u00fc ge\u00e7emeyecek.<\/li>\n<li>Yat\u0131r\u0131mc\u0131lar taraf\u0131ndan fon sa\u011flamaya ili\u015fkin \u00f6deme emrinin verildi\u011fi andan itibaren 48 saat i\u00e7inde cayma hakk\u0131 kullan\u0131labilecek.<\/li>\n<li>Paya dayal\u0131 kitle fonlamas\u0131nda, toplanacak fonlar\u0131n hangi ama\u00e7larla kullan\u0131laca\u011f\u0131na ili\u015fkin bir raporun haz\u0131rlanmas\u0131 ve bu raporun kampanya s\u00fcresinin ba\u015flang\u0131\u00e7 tarihi itibar\u0131yla kampanya sayfas\u0131nda yay\u0131mlanm\u0131\u015f olmas\u0131 gerekecek.<\/li>\n<li>Toplanan fonlar\u0131n bilgi formunda ilan edilen amac\u0131na uygun olarak kullan\u0131ld\u0131\u011f\u0131n\u0131n kontrol\u00fc ve denetimi ba\u011f\u0131ms\u0131z denetim kurulu\u015flar\u0131 taraf\u0131ndan \u00f6zel ama\u00e7l\u0131 ba\u011f\u0131ms\u0131z denetim raporu haz\u0131rlanmak suretiyle yerine getirilecek.<\/li>\n<\/ul>\n<\/li>\n<li><u>ii) Bor\u00e7lanmaya Dayal\u0131 Kitle Fonlamas\u0131<\/u>\n<ul>\n<li>Bor\u00e7lanma arac\u0131 sat\u0131\u015f\u0131 d\u0131\u015f\u0131nda ba\u015fka bir bor\u00e7 ili\u015fkisi kapsam\u0131nda fonlama yap\u0131lamayacak.<\/li>\n<li>Faiz oran\u0131, ilgili bor\u00e7lanma arac\u0131n\u0131n vadesine en yak\u0131n, bir tanesinin vadesi bor\u00e7lanma arac\u0131ndan k\u0131sa ve bir tanesinin vadesi bor\u00e7lanma arac\u0131ndan uzun olmak \u00fczere iki adet Devlet \u0130\u00e7 Bor\u00e7lanma Senetleri i\u00e7in belirlenen faiz oranlar\u0131n\u0131n a\u011f\u0131rl\u0131kl\u0131 ortalamas\u0131n\u0131n %50 fazlas\u0131n\u0131 a\u015famayacak, vade ise \u00fc\u00e7 y\u0131ldan fazla olamayacak.<\/li>\n<li>Kampanya s\u00fcresi 60 g\u00fcn\u00fc ge\u00e7emeyecek.<\/li>\n<li>Yat\u0131r\u0131mc\u0131lar taraf\u0131ndan fon sa\u011flamaya ili\u015fkin \u00f6deme emrinin verildi\u011fi andan itibaren 48 saat i\u00e7erisinde cayma hakk\u0131 kullan\u0131labilecek.<\/li>\n<li>Fonlanmas\u0131 talep edilen projenin vade boyunca olu\u015facak gelirleri, \u00f6ncelikle yat\u0131r\u0131mc\u0131lara yap\u0131lacak \u00f6demelerde kullan\u0131lacak.<\/li>\n<li>Toplanan fonlar, s\u00f6z konusu projeler ile ili\u015fkili olmayan bor\u00e7lar\u0131n \u00f6denmesinde kullan\u0131lamayacak.<\/li>\n<li>Toplanan fonun, amac\u0131na uygun olarak kullan\u0131ld\u0131\u011f\u0131n\u0131n\u0131n kontrol\u00fc yat\u0131r\u0131m komitesince yerine getirilecek.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <strong>Giri\u015fim \u015eirketlerine \u0130li\u015fkin Esaslar:<\/strong><\/li>\n<\/ul>\n<ul>\n<li>Kitle fonlamas\u0131 yoluyla fon toplayacak \u015firketlerin, di\u011ferlerinin yan\u0131 s\u0131ra, a\u015fa\u011f\u0131daki kriterleri sa\u011flamas\u0131 gerekecek:\n<ul>\n<li>(i) teknoloji faaliyeti ve\/veya \u00fcretim faaliyetinde bulunmalar\u0131, (ii) bilgi formunun ilan edildi\u011fi tarih itibar\u0131yla son be\u015f y\u0131l i\u00e7inde kurulmu\u015f olmalar\u0131, (iii) son y\u0131ll\u0131k ve varsa en g\u00fcncel ara d\u00f6nem finansal tablolar\u0131ndaki belirli kalemlerin kanun kapsam\u0131ndan \u00e7\u0131kma i\u00e7in \u00f6ng\u00f6r\u00fclen e\u015fikleri a\u015fmamas\u0131. Ayr\u0131ca paya dayal\u0131 kitle fonlamas\u0131 yoluyla fon toplayacak \u015firketlerin, toplanan fonlar\u0131n aktar\u0131lmas\u0131ndan \u00f6nce anonim \u015firket olarak kurulmu\u015f olmas\u0131 veya anonim \u015firkete d\u00f6n\u00fc\u015f\u00fcm i\u015flemlerinin tamamlanm\u0131\u015f olmas\u0131 gerekecek.<\/li>\n<li>(i) Halka a\u00e7\u0131k ortakl\u0131klar, (ii) y\u00f6netim kontrol\u00fc ba\u015fka bir t\u00fczel ki\u015fiye ait olan \u015firketler ve (iii) halka a\u00e7\u0131k ortakl\u0131klar ile sermaye piyasas\u0131 kurumlar\u0131n\u0131n \u00f6nemli etkiye sahip ortak konumunda bulundu\u011fu \u015firketler paya dayal\u0131 ve bor\u00e7lanmaya dayal\u0131 kitle fonlamas\u0131 yoluyla fon yolu ile fon toplayamayacak.<\/li>\n<li>Platforma ba\u015fvuru tarihi itibar\u0131yla (i) itfa edilmemi\u015f bor\u00e7lanma arac\u0131 bulunan ihra\u00e7\u00e7\u0131lar ve (ii) itfa edilmemi\u015f bor\u00e7lanma arac\u0131 bulunan ihra\u00e7\u00e7\u0131lar\u0131n \u00f6nemli etkiye sahip ortak konumunda bulundu\u011fu \u015firketler, bor\u00e7lanmaya dayal\u0131 kitle fonlamas\u0131 yoluyla fon toplayamayacak.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><strong>Sonu\u00e7<\/strong><\/p>\n<p>SPK, Taslak Tebli\u011f&#8217;in y\u00fcr\u00fcrl\u00fc\u011fe girmesi ile birlikte uzun s\u00fcredir beklenen bor\u00e7lanmaya dayal\u0131 kitle fonlamas\u0131na ili\u015fkin esaslar ile paya dayal\u0131 kitle fonlamas\u0131na ili\u015fkin esaslar\u0131 tek bir d\u00fczenlemede konsolide etmi\u015f olacak.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Yeni Geli\u015fme Sermaye Piyasas\u0131 Kurulu (&#8220;SPK&#8220;) 14 Ekim 2019 tarihli Hukuk B\u00fcltenimizde de\u011ferlendirdi\u011fimiz III-35\/A.1. Say\u0131l\u0131 Paya Dayal\u0131 Kitle Fonlamas\u0131 Tebli\u011fi [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_stopmodifiedupdate":false,"_modified_date":"","footnotes":""},"categories":[120],"tags":[97,160],"class_list":["post-20048","post","type-post","status-publish","format-standard","hentry","category-legal-alerts","tag-capital-markets-tr","tag-finansal-teknolojiler-fintek"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SPK Kitle Fonlamas\u0131n\u0131 Yeniden D\u00fczenliyor<\/title>\n<meta name=\"description\" content=\"Yeni Geli\u015fme Sermaye Piyasas\u0131 Kurulu (&quot;SPK&quot;) 14 Ekim 2019 tarihli Hukuk B\u00fcltenimizde de\u011ferlendirdi\u011fimiz III-35\/A.1. 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