Voluntary Participation (IPS) Auto Enrollment System (AES) Funds Legislation Data Center

Fund Performance Assessment System

To ensure that the performance monitoring and assessment mechanism is operated properly, competition is established, potential irregularities, omissions and abuses are prevented and risks are managed most appropriately as defined in the Pension Mutual Funds Guidelines;

  • The members representing the Turkish Capital Markets Association (TCMA), pursuant to the items (b) and (c) of the second paragraph of Article 74 of the Capital Market Law; and the members representing the Association of the Insurance, Reinsurance, and Pension Companies of Turkey (IAT), pursuant to the items (ç) and (d) of the ninth paragraph of Article 24 of the Insurance Business Law,
  • And the PMC representative, in line with the mission of the PMC to ensure that the system is operated securely and effectively and to protect the rights and interests of participants, as specified in article 20/A of the Law no. 4632,

will make suggestions to the Fund Performance Assessment Committee (FPDK) on the measures to be taken, and the PCM will make efforts to this end before the relevant Associations as well as regulatory and supervisory authorities.

Since the performance of pension mutual funds is calculated automatically based on the data derived from the integration between the Pension Monitoring Center (PMC) and the Central Registration Authority (CRA), and between Istanbul Settlement and Custody Bank Inc. (TAKASBANK) and Borsa Istanbul A.Ş. (BIST), in order to ensure that calculations are made accurately, founders of funds and portfolio management companies should take necessary measures to ensure that,

  • The data that they report to the CRA, TAKASBANK and BIST are accurate, clear, and current;
  • All data required by the PMC to monitor fund performance (including principally the “net expense rate,” and the index data used for fund benchmark/threshold which will be provided in accordance with Annex 3 of the Pension Mutual Funds Guidelines) are parametrically reported to the PDP or provided to the PMC through pension companies.