NEWS CENTER - AK Party MPs, under the chairmanship of Group Chairman Abdullah Güler, completed the work on the bill regarding fund liquidation. The aim of the proposal is to protect the rights of investors to the highest extent and as quickly as possible, and to carry out liquidation and recovery transactions with legal certainty, accountability and inter-institutional coordination.
"RESISTANCE IN THE FINANCIAL SYSTEM IS AT A HIGH LEVEL"
AK Party Group Chairman Abdullah Güler explained the details of the bill consisting of 9 articles as follows;
"For this reason, I would like to state that our macroeconomic stability and the resilience of our financial system are at the highest level. According to the data announced last week, a new record was broken in exports, reaching 311 billion dollars, with an increase of 5.2 percent since the beginning of the year. By exporting 26 billion dollars in September, we reached the highest September export in the history of our Republic. Thus, a historical success was achieved by breaking the export record in 5 months of 2026. Our annualized exports are 287.3 billion Despite the war environment in our region and the pressures on global energy prices, the ratio of our current account deficit to national income is balanced at 2.6 percent. Considering the negativities caused by the February 6 earthquakes, which were the disaster of the century, and the expenditure of around 100 billion dollars we have spent to date, as of 2026, the ratio of our budget deficit to national income is around 3 percent, while providing full security against external shocks. Our banking sector also exhibits an extremely safe and strong structure at world standards with high capital adequacy ratios. Therefore, there are no negative situations in the capital markets due to the strong structure of our financial markets.
"WE WILL REMOVAL THIS VIRUS FROM THE BODY"
Dear members of the press, the reliability of our capital markets, protection of the rights of our investors and the rule of law along with property rights are among our main priorities. We have prepared a special legal regulation in order to resolve the extraordinary situation experienced in investment funds, which were decided to be liquidated by the decision of the Capital Markets Board dated September 17, 2026, in a fair and transparent way that takes into account the common interests of investors. The funds that the Capital Markets Board intervened in on September 17, 2026 do not show the general picture of our markets. As a matter of fact, the figures clearly reveal this. The total portfolio size of funds in liquidation corresponds to only 2.4 percent of our household's financial assets. Again, 131 funds in liquidation constitute only 4.6 percent of the total number of funds in our system. In other words, the problem occurred in a specific and limited area of the fund market. But this does not mean that we will remain silent, ignore or watch silently. On the contrary, we will go against it, we will fight with determination, we will eradicate this virus from the body. This is exactly what we want to achieve with this proposal. This will be an important step to eliminate the negative impact of diseased elements on the capital market and liquidate them.
"THIS LEGAL PROPOSAL WE PREPARED DOES NOT INTRODUCE A GENERAL OR PERMANENT LIQUIDATION REGIME FOR OUR CAPITAL MARKETS"
With the bill we submitted to the Presidency of the Parliament, we wish to protect the solid body of our markets, to purify our capital markets from all kinds of risks, and to continue their path in a much safer and more positive atmosphere. We know that the extraordinary developments experienced in these funds, which were decided to be liquidated by the decision of the Capital Markets Board dated September 17, 2026, necessitated a special legal framework that is fair and transparent, protecting the beneficiaries, beyond the classical liquidation procedures. I would like to emphasize one thing in particular here. This bill we have prepared does not introduce a general or permanent liquidation regime for our capital markets. It is a temporary and exceptional regulation specific only to the investment funds whose liquidation was decided by the decision of the Capital Markets Board dated September 17, 2026, and whose liquidation has not been completed as of the date of publication of this law.
"PUBLIC RESOURCES WILL NEVER BE USED IN ANY WAY"
Dear members of the press, I will soon share with you the main main texts of our proposal. I would like to express to our dear nation and the public that, within the scope of this bill consisting of 9 articles, public resources will never be used in the decisions taken by the Fund Monitoring and Coordination Board and other institutions regarding the capital market, and will not be allowed to be used in the future. We express this frankly. Neither any contribution from the Treasury nor any other public resources will be used in this process, both in this bill and in the decisions to be taken regarding the capital market. The liquidation process will be carried out and concluded entirely within the funds' own assets, including their existing collateral, movable and real estate assets, or other assets such as stocks and bonds.
PROPOSAL ARTICLES
Dear members of the press, in the first article of our bill, in the purpose, scope and definitions section, what these mean and what the target is is written very clearly. It was stated that it was of a temporary nature and that a liquidation process would be carried out within the framework of the decisions taken by the Capital Markets Board on September 17. We used certain concepts in the definitions section. We will implement these concepts together.
We wish that the liquidation works and transactions, especially within the scope of the third article, should be under the strict supervision and control of our Capital Markets Board. By reconciling the records of the Central Registry Agency, Takasbank, custody and distribution institutions, we determine the real assets and real rights holders of each fund individually and transparently. It is also aimed to obtain the highest possible economic value rather than to dispose of the assets in the fund's portfolio hastily and in a way that will cause loss of value. In necessary cases, the right to sell to the dominant partner, wholesale, special order, temporary different price margin and over-the-counter sales opportunities are opened, under the decision and control of the Board.
As clearly stated in our fourth article, we also provide the opportunity for an interim payment of 1 million TL in order to prevent our investors from suffering. With another important regulation, we pave the way for interim payments to be made to our investors while all fund assets have not yet been converted into cash. In the proposal, it is envisaged that an interim payment of up to 1 million lira per person can be made, under the conditions determined based on the net investment amount based on the fund shareholder's actual cash inflows and outflows. This amount is not an unconditional or advance payment to everyone, nor is it a promise of final compensation. We also aim to authorize the Board to distribute the available cash among fund shareholders in case the distributable cash is not sufficient and to provide a method that ensures payment to the largest number of fund shareholders.
In our fifth article, we introduce the possibility of compulsory collection through personal liability and guarantees in unlawful transactions. With our offer, we also enable those who obtain returns above normal market conditions by exiting the funds at unrealistic values and those who make extraordinary profits from shares whose prices are unrealistic, to voluntarily return the amounts exceeding the objective comparable return. We also provide special provisions for the recovery of values illegally removed from the fund's assets. The responsibility of the portfolio management company, the founder of the fund, is taken as basis, and in cases where collection cannot be obtained from it, we provide the opportunity to apply to other natural and legal persons whose responsibility is determined. The tracking and collection of the amounts determined by the Capital Markets Board will be carried out by the Savings Deposit Insurance Fund and the provisions of Law No. 6183 will be applied to public receivables.
In our sixth article, we introduce the possibility of returning seized and confiscated assets directly to the funds. It is also aimed to recover the values of assets seized within the scope of criminal investigations or confiscated as a result of trial and whose connection with the relevant fund is legally determined, for the benefit of fund shareholders. The recovered amounts will be monitored in separate accounts for each fund at SDIF and will only be used for payments to fund shareholders within the scope of the liquidation of the relevant fund. After the liquidation is completed, the amounts obtained will be delivered to the investors according to the determined procedure. We are introducing a clear framework for those who make extraordinary profits above market conditions by exiting funds at unrealistic values or from artificially priced shares. We also create the legal basis for these people to voluntarily make payments to special accounts to refund amounts exceeding the objective comparable return. We completely exclude from this mechanism persons and institutions who commit acts such as market fraud or information abuse as set out in the Capital Markets Law, or who are found to act together with those who commit these acts. It is absolutely impossible for a person who commits a crime or abuses to benefit from the payment opportunities provided by this law.
Dear members of the press, our aim is to protect the legitimate interests of investors, while also ensuring that the responsibility arising from illegal transactions is directed to those concerned and the trust in the capital market is strengthened. With our bill, we create a guarantee for our existing capital markets, our economy and our citizens who are entitled to it. Therefore, with our current bill, we provide legal security to these recent situations, at least for a certain period of time. I hope our bill will be beneficial.
Hopefully, the discussions will be completed in our Planning and Budget Commission as a priority next week. It could be on Wednesday or Thursday. Our Planning and Budget Commission Presidency will make the necessary planning. Hopefully, we will complete this process by coming to the agenda of the General Assembly in the following weeks.
Dear members of the press, Article 104 of the Capital Markets Law No. 6362 regulates market distortion actions, and Article 106 regulates information abuse, especially the actions of people who have this information due to the performance of their business, profession and duties, or those who obtain this information by committing a crime. Again, article 107 deals with market fraud. Current investigations, detentions and arrests regarding those who buy or sell, place orders, cancel orders, change orders or perform account movements in order to create a false or misleading impression regarding the prices, price changes, supply and demands of capital market instruments are carried out by the Istanbul Chief Public Prosecutor's Office. To date, there have been more than 85 detentions and arrests during these processes.
"WHOEVER IS INVOLVED IN THESE EVENTS OR HAS COMMITTED A CRIME WILL BE DONE DUE TO THE END"
Of course, political parties also spoke there on behalf of their party groups. Again, as I said, an effective, deterrent and qualified investigation is being carried out in the context of Articles 104, 106 and 107 of the Capital Markets Law No. 6362, which I just mentioned, and Articles 220, 157, 158 and 168 of the Turkish Penal Code. In addition, regarding this process, the State Supervisory Board, upon the appointment of our President, within the scope of Article 108 of our Constitution, has been carrying out serious examination, supervision and research on this issue since the first day of its appointment. Whoever is negligent, who has any negative decision in this regard and anything related to this process will be revealed with the report of the State Supervisory Board. I'm sure of this. In this process, the determination of our President is obvious. It doesn't matter who the outcome of this will be based on or who it will reach. Let's say this frankly, friends. I would like to clearly state that we are doing what is necessary both as a party and institutionally. Whoever is involved in these events and has committed a crime within the scope of Articles 104, 106 and 107 of the Capital Markets Law and the relevant articles of the Turkish Penal Code will be dealt with to the fullest extent. Nobody should worry. May our dear nation be relieved. As AK Party staff, we are aware of the responsibility entrusted to us by our beloved nation. Of course, there may be people who make mistakes in this regard. We are a big party, a big community. Whoever did whatever he did will never get away with it. Everyone should be sure of this. We are not like anyone else.
"Mister ÜMİT, PLEASE APOLOGIZE AND STAY TO YOUR CORNER"
Frankly, we can never show the shamelessness of people whose hotel rooms were raided and whose bribe money was discovered in baklava boxes in front of the eyes of the whole public. We would be saddened by this, even if it was our brother, our friend, or a colleague in our party. We feel embarrassed. We get sad, we get hurt. But we will do whatever is necessary to the end. This is what our President taught us, told us and expected from us. We do what is necessary. However, I am truly sorry for what happened at the rostrum of the Turkish Grand National Assembly on Wednesday, October 8th. There is a member of parliament under the umbrella of this Parliament, a New Party MP, let's mention his name, Ümit Özlale. As far as I knew him, I saw him as a polite person who would not interfere with someone else's law or harm someone else's law, but unfortunately I was wrong. Himself
