Here are the highlights from Vice President Yılmaz's speech;
I would like to state very clearly that there is no systemic risk in our financial markets.
The structure of our capital markets is solid.
In this process, we will protect the rights of our citizens, ensure the safe functioning of the market and implement the necessary regulations without delay.
Whoever is responsible in this process and makes unfair gains through speculation and manipulation will be held accountable within the framework of the rules of law. Whoever commits illegal actions will suffer the consequences.
While we are determined to address mistakes, we will continue to support our capital markets with multifaceted measures.
I believe that all segments of society, including the government and the opposition, are sensitive about financial institutions and instruments that have no responsibility for our capital markets in general and the problems experienced.
I would like to make a brief evaluation about the approach to the problem in the media and social media. Please let's not make this problem bigger or smaller than it is.
Let's be realistic and make comments based on healthy information. Otherwise, we will harm funds and investors who have no connection with the problems and are doing their job properly.
While we eliminate the diseased elements that have entered the body, let's not harm the body itself. I believe that this is our common responsibility towards the companies and millions of investors who are indirectly affected by these developments.
I want it to be known that Türkiye will never step back from its goal of expanding and deepening capital markets, which is an essential element of our development process.
We will continue to work vigorously for a stronger capital market structure that enables savings to be directed towards production and investment, gives confidence to investors and diversifies financing opportunities.
In this process, we will protect the rights of our citizens, ensure the safe functioning of the market and implement the necessary regulations without delay. While we resolve the problems experienced, we will ensure that our capital markets continue their path in a healthier and stronger structure.
Dear MPs, We have started the necessary work from the first day in order to protect the rights of the public and investors regarding problematic funds, to identify those responsible and to maintain the healthy functioning of the market.
As our President clearly stated, whoever is responsible in this process and makes unfair gains through speculation and manipulation will be held accountable within the framework of the rules of law. Whoever commits illegal actions will suffer the consequences.
Every detail of the problem experienced in our capital market is followed meticulously by our authorized judicial and administrative institutions from the first moment, concrete measures are taken and necessary steps are taken.
Our basic approach is our President's statement that 'whoever is responsible will be held accountable'. In this context, we are fighting against all kinds of wrong, illegal transactions, abuse and irregularities and will continue to do so.
We will never go the way of defending those who violate rights. We are doing what is necessary within an effective administrative and judicial process, and we will continue to do so.
Dear MPs, As I have just emphasized, the problem is not of a structural nature spread throughout our capital markets.
As of October 5, 2026, the total portfolio value of funds in liquidation corresponds to 2.4 percent of household financial assets.
131 funds in liquidation constitute 4.6% of the total number of funds and 7.7% of the total portfolio value. In other words, the problem occurred in a limited area of the fund market.
Türkiye's financial system is strong, our capital markets continue to develop and there is no change in our basic policy in this area.
However, the fact that the problem arose in a limited area does not reduce the importance of the issue.
Transactions that affect our citizens' savings, damage market confidence, or lead to unfair profits are dealt with decisively, within the principles of the rule of law.
On the one hand, we are taking steps towards the rights of those who are negatively affected by the problem, on the other hand, we are implementing the necessary administrative and legal measures to prevent similar problems from occurring again.
Another basic point I want to underline is; Treasury resources will not be used for special losses incurred in this process.
There is no state guarantee in the banking system in fund markets, especially in hedge funds with high levels of risk.
Everyone who enters hedge funds signs the Professional Client and Qualified Investor Request Form agreement. You can enter the system with at least 10 million lira of financial assets. It also takes a high risk of loss commensurate with its high profit expectation.
During the liquidation process, it is essential to cover the rights of investors on a fund-by-fund basis with the resources of the relevant fund.
In the liquidation process, primarily the funds currently under their control will be used. In addition, the resources to be taken back from those who earn exorbitant or unfair income and the resources obtained from the sale of goods taken out of the system will be used.
The Fund Coordination Board, established by our President and chaired by me, is working hard. Our road map and basic principles have been determined, and each of our relevant institutions has started to take concrete steps in coordination within their own areas of authority.
I would like to underline this point carefully. Most of the institutions in question are independent regulatory and supervisory authorities. They use the powers given to them within the framework of the law and make their own decisions. Each of them shares their decisions with the public in due time.
The Fund Coordination Board ensures general coordination, accelerates joint work between institutions and determines principled approaches with common sense. In addition, our Board works jointly with our Parliamentary group by providing technical support to institutions on matters requiring regulation.
In summary, our main framework as the Fund Coordination Board in the liquidation process we are carrying out is as follows;
- The process will be managed transparently, fairly, effectively and as quickly as possible,
- Action will be taken by evaluating each fund's own resources and the resources deposited into opened accounts, without using resources from the Treasury.
- It is the general principle to distribute to investors in proportion to their shares, and for funds that will be subject to extraordinary liquidation conditions, a principal payment of up to 1 million is planned as an interim payment.
- Payments will be made by giving priority to small investors and money market funds.
The Madoff Company Crisis in the USA in 2008, the Jiwasraya Crisis in Indonesia in 2018, and the Lime Crisis in South Korea in 2019 show that various market players can engage in market-distorting activities in developed economies with strong control and surveillance mechanisms. The important thing is to identify and liquidate these market distorting structures as soon as possible.
In the process experienced in our country, the responsibilities of our relevant institutions and the relevant independent regulatory and supervisory authorities will become clear as a result of the comprehensive investigations initiated by the State Supervisory Board.
We believe that the investigations and investigations to be carried out by DDK, which is currently in the field with a strong team, will shed light on the additional measures that need to be taken to prevent similar problems from occurring again.
However, I would like to emphasize that various steps were taken before the process. Because it is widely shared and criticized both in public and in politics. Therefore, I would like to point out the steps taken:
Following the decision taken by the Financial Stability Committee on November 21, 2024, it became mandatory for money market funds to keep at least 10 percent of their portfolio in Treasury bonds and bills. In this way, today it is possible to find a minimum resource that can be easily converted into cash.
On December 2, 2025, the Financial Stability Committee took action to take measures against manipulation in stocks and risks in hedge funds.
In accordance with the decision taken by the Financial Stability Committee on December 18, 2025, the threshold for entry into hedge funds was increased from 1 million TL to 10 million TL.
On June 17, 2026, the CMB approved the TEFAS implementation principles for new regulations to be applied to hedge funds.
On July 20, 2026, TEFAS's fund trading infrastructure was renewed.
On July 30, 2026, BRSA made regulations for savings finance companies regarding the instruments in which the resources they collect can be invested, to be implemented as of October 1.
On July 31, 2026, it was decided that the real estate and venture capital investment funds traded on the stock exchange in the funds' portfolios would be valued with the most recently announced unit net asset value instead of the stock market price.
On August 28, 2026, CMB published its Guide on Mutual Funds. The guide entered into force on September 1, 2026. Important rules were introduced regarding the transactions of the funds related to the guide.
With the entry into force of the guide, problems in various funds that rely on hot money entering the system became visible.
If these steps had not been taken, it can be said that problematic funds could continue to grow and create a much larger-scale impact in the future.
With all this, corporate and personal responsibilities will become clear as a result of the DDK process and the necessary action will be taken.
Dear Members of Parliament,
All our relevant institutions, especially our Ministry of Treasury and Finance, our Ministry of Justice, our Capital Markets Board and our Banking Regulation and Supervision Agency, took rapid action to solve the problems that emerged in the capital markets in mid-September.
On September 16, 2026, certain individuals and portfolio management companies were banned from trading on the stock exchange for two years, and all licenses of some were cancelled.
The Financial Stability Committee met on September 17, 2026. Important decisions have been taken to prevent the problem from spreading to other funds and the financial system.
In this process, additional liquidity was provided to the market by the Central Bank of the Republic of Turkey.
In order to reduce systemic risk, the CMB decided to liquidate 131 funds belonging to 7 portfolio management companies. In addition, other funds belonging to these companies have also been closed for transaction in TEFAS. In a sense, funds that are problematic and may cause problems have been quarantined and necessary actions have been taken to prevent the system from being affected.
BRSA has decided to transfer 3 banks belonging to problematic groups, Tera Yatırım, Destek Yatırım and Hedef Yatırım, and 2 factoring companies Destek Finans Faktoring and Tera Finans Faktoring, to SDIF.
The takeover process of Katılımevim, Birevim and İktisat Katılım Bankası has been initiated by Emlak Katılım Bankası.
While independent administrative authorities took these steps, judicial processes also came into play quickly and effectively.
Considering that the judicial processes are currently ongoing, I would like to give information about the work of our Ministry of Justice and the judiciary in the process, within the limits of the cases pending in the judicial authorities in the Constitution and Internal Regulations.
Action was taken against 220 people, including the board members of the problematic fund companies in question. While 85 of them are detained, there are arrest warrants for 23 suspects. An international travel ban was imposed on 81 people.
In the period from 15 September to 2 October, 21 seizure decisions were made on the movable and immovable properties of 63 real persons and 12 legal entities in order to eliminate the grievances of investors and prevent the smuggling of crime proceeds.
Bank, crypto and safe deposit box assets of 67 people and companies, and partnership shares of 27 people and companies were seized. Based on fund exit dates and transaction rates, the assets of 42 real persons on the investor list were also frozen.
On the other hand, regarding the funds decided to be liquidated; All data requested regarding entitlement are provided by the Central Registry Agency; It is shared with the Ministry of Justice and the Istanbul Chief Public Prosecutor's Office, the Ministry of Treasury and Finance, CMB, BRSA, MASAK, the Central Bank of the Republic of Türkiye and related organizations. Intensive, instant and daily various report requests are met promptly.
In addition, in accordance with the decision taken by the CMB, the asset and cash outflow transactions from the accounts of 6 intermediary institutions and 7 portfolio management companies related to the funds decided to be liquidated are carried out in a controlled manner, under the supervision of the CMB, with the joint decision of the Central Registry Agency, Borsa Istanbul and Takasbank.
Dear MPs, in line with the instructions of our President, we have immediately established a coordination mechanism that will ensure that the process is carried out quickly and in coordination among all our institutions.
On September 29, 2026, the "Fund Coordination Board", chaired by our President, was established to ensure the general coordination necessary for the rapid completion of the liquidation process, taking into account the legitimate rights of the relevant fund investors and the public interest.
At the first meeting, our Capital Markets Board presented the road map for making payments to investors, according to the assets and liquidity status of the funds within the scope of liquidation.
In addition to solving the current problem, a determination has been made to implement additional administrative and legal regulations that will strengthen the functioning of capital markets and control mechanisms in order to prevent similar situations from occurring again.
At the Second Fund Board Meeting held on October 2, 2026, studies on the net investment amount calculation method, secondary regulations and payment schedule were evaluated within the framework of the decisions of our Capital Markets Board dated September 30.
In addition, the necessary instructions have been conveyed to the relevant institutions and organizations in order to finalize the draft Law Proposal, the work of which has been ongoing for a while.
The draft Law, whose preparations were made with the contribution of all relevant institutions last Monday, was discussed comprehensively at the 3rd Meeting of the Fund Coordination Board. The prepared draft will be finalized at a technical level and will be submitted to the discretion of our Assembly through our Group.
In all proposals and regulations discussed, the understanding of not imposing any additional burden on our citizens and nation was clearly emphasized.
If I were to briefly summarize our road map in the liquidation process, which is the most important expectation of investors;
Ziraat and İş Bank was determined to manage the liquidation processes of 7 companies and 131 funds taken into liquidation process by the CMB. Within the scope of TERA, which has been working with İşbank to date, the liquidation of 6 funds is managed by İşbank, while the remaining 125 funds are managed by İşbank.
