TÜRK VARLIK FONUNUN REGÜLATİF (DÜZENLEYİCİ) YAPISININ YENİDEN GÖZDEN GEÇİRİLMESİ ÜZERİNE KISA BİR ÇALIŞMA

Varlık fonu, vatandaşların uzun vadeli ekonomik çıkarlarını korumak için genellikle devletlere ait finansal varlıklar üzerinde yapılandırılmıştır. Varlık fonları devletlere aittir ve genellikle özel ticari kuruluşlar olarak hükümetin yürütme organları tarafından işletilir. Varlık fonları, ülke ekonomilerini istikrara kavuşturan büyük ölçekli projeleri finansal olarak desteklemekle kalmayıp, aynı zamanda yurt içi ve uluslararası finans piyasalarında yatırım fırsatlarını artırmak için de kullanılır. Finans temelli sistematik riski azaltmak için idare hukuku temelli bazı prensipler kabul edilmelidir. Kanun koyucu tarafından varlık fonlarının karmaşıklığının doğasından kaynaklanan yasal sorunların dikkatle izlenmesi gerekir. Türkiye Varlık Fonu, 2016’da anonim şirket olarak kurulmuştur ve Türk özel hukuku esaslarına tabidir. Varlık fonunun mevcut düzenleyici yapısı, varlık fonu yönetim kurulu üyelerinin atanma yöntemi gibi bazı yasal sorunları da beraberinde getirmektedir. Hükümetlere etkili idare hukuku ilkeleri temelinde tavsiye veren Santiago ilkeleri, yerel mali piyasalarda hesap verebilirliği ve şeffaflığı teşvik etmek için mevcut Türk mevzuatına dikkatlice uyarlanmalıdır. Bu çalışmada, özellikle yönetim kurulu üyelerinin atanmasında yürütme ve yaşama organları tarafından iş birliği içinde yapılması ve yönetim kurulu üyelerinin ticari faaliyetlerinden sorumlu olması gerektiğini önermektedir. Ayrıca, Türkiye Varlık Fonu, yurtiçi menkul kıymetler piyasasında şeffaflığını artırmak için güçlü bir kamuyu aydınlatma rejimi benimsemelidir.

Anahtar Kelimeler:

Varlik Fonlari, Hesap Verilebilirlik, Seffaflik

TIME TO RECONSIDER THE REGULATORY STRUCTURE OF THE TURKISH WEALTH FUND: A SHORT REVIEW

ABSTRACT A sovereign wealth fund is generally structured on state-owned financial assets to protect citizens’ long-term economic interests. Sovereign wealth funds are owned by states and generally operated by executive branches of government as private business entities. Sovereign wealth funds are beneficial not only to support large-scale projects financially by stabilizing countries’ economies but also to increase investment opportunities in domestic and international financial markets. Legal problems arising nature of the complexity of sovereign wealth funds need to be monitored carefully while adopting effective rules and regulations for risk mitigation. The Turkish Wealth Fund was established as a joint-stock company and subjected to the principles of Turkish private law in 2016. The current regulatory structure of the wealth fund brings some legal problems such as challenges for board members of the wealth fund. The Santiago Principles which provide effective administrative law principles to governments ought to be adopted into the current Turkish legislation to promote accountability and transparency in the domestic financial markets. In particular, the paper proposes that the appointment of the board members should be exercised by the executive and legislative branches collaboratively while board members ought to be accountable for their business operations. In addition, the Turkish Wealth Fund should adopt a vigorous public disclosure regime to increase its transparency in the domestic securities market. Keywords: Sovereign Wealth Funds, Transparency, Accountability, Santiago Principles, Administrative Law Principles

Keywords:

Sovereign Wealth Funds, Accountability, Transparency,

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