As per the Capital Markets Board’s Policy Decision No. İ-SPK.52.2 (dated 07.03.2014 No. 7/215) in the framework of the new Capital Markets Law, our Bank is also required to sell the participation certificates of all mutual funds that are members of and registered with the Turkey Electronic Fund Distribution Platform (TEFAS), which has been established by the Borsa Istanbul and managed by the Istanbul Clearing, Settlement and Custody Bank Inc. (Takasbank). TEFAS Platform has become active as of January 9, 2015. As of this date, the buying-selling of participation certificates of mutual funds (excluding Private Funds, Hedge Funds, Real Estate Mutual Funds, Venture Capital Mutual Funds, Guaranteed Funds, and Capital Protected Funds) is undertaken via TEFAS Platform. The statutes and prospectuses of all mutual funds that are members of TEFAS Platform may be accessed via www.kap.gov.tr.
With the Platform having become active as of January 9, 2015;
HSBC Asset Management Money Market Fund and HSBC Asset Management Short Term Fixed Income Fund are not traded on TEFAS Platform. Hence, buying-selling transactions on these funds are performed via HSBC Bank Inc. branches, internet banking, ATM, telephone banking, HSBC Portföy Yönetimi A.Ş. (HSBC Asset Management Turkey) and HSBC Yatırım Menkul Değerler A.Ş. (HSBC Securities Turkey.)
The purchase and sale of Participation Certificates of HSBC Portföy A.Ş. mutual funds and those of all other investment companies registered with TEFAS Platform are undertaken by HSBC Bank A.Ş. branches, internet banking, ATM, telephone banking, HSBC Portföy and HSBC Yatırım Menkul Değerler A.Ş. with no additional fees or commissions.
Likewise, the Participation Certificates of HSBC funds traded on TEFAS Platform may also be bought and sold via investment firms that are members of TEFAS Platform.
Your fund purchase-sale order that is transmitted to the Platform may fail to be executed by the closing time of the Platform, though this is of limited probability given the operating rules of the Platform. In such a case, you will be notified with an SMS text message at no cost.
Buy-sell orders for the funds of institutions other than HSBC will be received within the operating hours of the Platform (For same value date fund transactions 08:45-13:30 on business days, 08:45-11:30 on half days; for forward value date transactions 08:45-17:30 on business days, 08:45-12:30 on half days), in the framework of the rules pertaining to the individual institution’s fund you are trading. For HSBC mutual funds excluding HSBC Asset Management Global ETF Fund Basket Fund, HSBC Asset Management Multi Asset Balanced Variable Fund (second variable) and HSBC Asset Management Multi Asset Dynamic Variable Fund (third variable), buy-sell orders continue to be received on a 7/24 basis excluding 17:30-18:00.
Takasbank has indicated that a 20% margin will be applied to prices in forward value date transactions, so as to guarantee the amount payable at the value date. As this margin will be applied to fund prices in your buy-sell orders, there may be differences in the amount of Fund Participation Certificates or in your account balance on the value date.
As “liquid fund sales” will be carried out for remuneration purposes in buy orders with a forward value date, “a tax liability may arise due to sale of liquid funds”, should the order be cancelled.