The Capital Markets Law stipulates that an investment fund must take the legal form of a Joint Stock Company. The CMA board of directors has the authority to review and object the members of an investment fund company's Board of Directors as well as the fund managers. An investment fund must be managed by an experienced investment management company.

The Capital Markets Law provides that an investment fund must maintain a ratio between its paid-in capital and its financial resources. Only banks that have been authorized by the Minister of Economy may deal in the subscription to investment fund shares.

Banks and insurance companies may establish investment funds without having to create a separate Joint Stock Company if they have received authorization to do so from both the CMA and either the CBE (in the case of banks) or the General Organization for Insurance Supervision (in the case of insurance companies).

The Capital Markets Law also introduced the concept of Employee Share Option Plans (ESOPs) whereby employees of a Joint Stock Company may form an association that owns shares in the Joint Stock Company's capital on behalf of the employees.