土耳其市场监管机构在一场基金暴跌冲击资本市场、抹去数十亿美元股权价值后，将合格投资者门槛提高了五倍。
Turkey’s market regulator raised the threshold for qualified investors fivefold in the wake of a fund rout that rocked capital markets and erased billions of dollars of equity value.
根据资本市场委员会（SPK）周一发布的声明，要获得专业客户资格，投资者现在需要持有至少5000万里拉（约合100万美元）的金融资产，高于此前的1000万里拉。想要保留现有合格投资者资格的人，将需要证明其满足新门槛。未能做到这一点意味着他们只能在为合格投资者保留的工具中下达卖出指令。
To qualify as a professional client, investors now need to hold a minimum of 50 million liras ($1 million) in financial assets, up from 10 million liras, according to a statement from the Capital Markets Board on Monday. Those wanting to retain current qualified-investor status will need to prove they satisfy the new threshold. Failing to do so means they will only be able to place sell orders in instruments reserved for qualified investors.
该监管机构（以其土耳其语缩写SPK称呼）还将要求的交易量从500万里拉提高至2500万里拉。
The regulator, known by its Turkish initials SPK, also raised the required transaction volume to 25 million liras from 5 million liras.
这些举措是在上个月一场波及至少50万投资者的基金丑闻之后出台的。危机因一些知名公司未能满足赎回要求而爆发，引发全市场恐慌。财政部长梅赫梅特·希姆谢克上周与数十家资产管理公司会面。
The steps follow a fund scandal last month that has affected at least half a million investors. The crisis erupted after some high-profile firms failed to meet redemptions, stirring market-wide panic. Finance Minister Mehmet Simsek met with dozens of asset managers last week.
伊斯坦布尔资产管理公司Marmara Portfoy董事总经理海达尔·阿琼表示，新规定“非常积极”。“在去年提高合格投资者门槛之前，即使只有少量资金的人也获得了该资格，并参与了所谓的土耳其对冲基金‘疯狂炒作’，”他说。
The new regulation “is very positive,” said Haydar Acun, managing director at Istanbul-based asset manager Marmara Portfoy. “Before the raise in the qualified-investor threshold last year, anyone with even a modest amount of capital had secured that status and participated in the so-called crazy hype in Turkish hedge funds,” he said.
土耳其上一次提高最低合格投资者门槛是在2025年12月，当时从100万里拉上调。当时，监管机构允许先前符合专业投资者资格的人保留该头衔。
Turkey last raised the minimum qualified-investor threshold in December 2025, up from 1 million liras. At the time, it allowed anyone who previously qualified as professional to retain the title.
当局在过去一个月里对司法部长称为“庞氏骗局式计划”的行为进行了打击，SPK下令清算七家公司管理的131只基金。那些通过将赌注集中在稀薄交易、低自由流通股股票中而获得可疑高回报的投资公司正在接受调查。数十名金融高管已被捕，等待审判。
Authorities have cracked down over the past month on what the justice minister has termed a “Ponzi-like scheme,” with the SPK ordering 131 funds managed by seven firms into liquidation. Investment firms that delivered suspiciously high returns by concentrating bets in thinly traded, low-free-float stocks are under investigation. Dozens of finance executives have are under arrest pending trial.
上周，总统雷杰普·塔伊普·埃尔多安免去了资本市场委员会（SPK）主席马赫穆特·苏特久的职务。
Last week, President Recep Tayyip Erdogan removed SPK chairman Mahmut Sutcu.
8月，该监管机构回应投资者对透明度的担忧，收紧了限制对冲基金关联方风险敞口和设定集中投资上限的规则。一个月后爆发的动荡，部分被归因于这两项举措。
In August, the regulator responded to investor worries about transparency and toughened rules limiting hedge funds’ exposure to related parties and capping concentrated investments. The turmoil that broke out only a month later has been partly attributed to both.
周一，资本市场委员会将遵守新指引的截止日期延长至1月底。它还取消了公共部门债券免受基金限额约束的豁免，以及房地产基金和风险投资基金在合格投资者门槛方面的豁免。
On Monday, the SPK extended the deadline for complying with the new guidelines to the end of January. It also ended an exemption on public-sector paper from fund limits and another on qualified-investor thresholds for real estate and venture-capital funds.