The regulation regarding interim payments to be made to investors of investment funds subject to liquidation came into force. According to the law published in the Official Gazette, interim payments of up to 1 million TL can be made to investors in the determined funds.
The law covers investment funds that were decided to be liquidated by the decisions of the Capital Markets Board (CMB) dated September 17, 2026 and whose liquidation process has not yet been completed.
The regulation also determined the principles regarding the recovery of assets illegally removed from the funds, the collection of losses from those responsible and the payment of the resulting amounts to investors.
The law does not establish a general liquidation or liability system for other investment funds outside the scope.
CMB WILL DETERMINE LIQUIDATION AND PAYMENT PRINCIPLES
The liquidation of the funds will be carried out under the supervision of the CMB.
CMB; It will determine the principles regarding the conversion of fund assets into cash, valuation, determination of investors and payment processes.
Liquidation procedures will be based on protecting the interests of investors and obtaining the highest possible economic value from the fund assets.
Alternative sales methods can also be used in cases where stock market prices do not reflect the real value or delay liquidation.
TWO BANKS WERE ASSIGNED IN THE LIQUIDATION PROCESS
Ziraat Bank and Türkiye İş Bankası were assigned to carry out the liquidation transactions of some funds in line with the CMB decisions.
Ziraat Bank will carry out the liquidation of the funds established by Pusula Portföy Yönetimi AŞ and Atlas Portföy Yönetimi AŞ.
Türkiye İş Bankası will be responsible for the liquidation of the funds established by Tera Portföy Yönetimi AŞ.
Interim payments to investors will be made within the framework of the CMB's decisions dated September 30 and October 15, 2026.
THOSE WHO GIVEN SALES INSTRUCTIONS BEFORE SEPTEMBER 17 ARE ALSO COVERED
Regarding the funds subject to liquidation, a regulation was also made regarding the instructions sent to the Turkish Electronic Fund Purchase and Sale Platform (TEFAS) on or before September 17, 2026, but could not be fulfilled due to the fund's default or the non-disclosure of the participation share price.
In this context, investors whose participation shares are blocked will be considered as fund shareholders and will benefit from the liquidation provisions.
PAYMENT WILL NOT BE MADE TO THOSE WHO HAVE IRREGULARITY DETECTED
According to the law, no payments will be made from the liquidation and recovery accounts to persons and institutions determined by the CMB to have committed market distortion acts, information abuse or market fraud, acted together with the funds or participated in these transactions with the participation of the funds.
If these people made a request as an investor, payment from the funds in question was blocked.
CRA WILL CALCULATE THE NET INVESTMENT AMOUNT
If the distributable cash obtained as a result of converting the fund assets into cash is not sufficient to cover the total receivables of the investors, the "net investment amount" will be calculated on an investor basis.
This calculation will be made by the Central Registry Agency (MKK).
The investor's cash inflows and outflows to the fund will be updated by taking into account the arithmetic average of the CPI and D-PPI change rates announced by TURKSTAT until the liquidation date.
The first-in, first-out method will be used in the calculation.
INTERIM PAYMENT UP TO 1 MILLION TL
One of the most important regulations of the law was the interim payment to be made to investors.
Investors with a net investment amount of less than 1 million TL can be paid the entire amount, and investors with a net investment amount of 1 million TL or more can be paid a maximum of 1 million TL.
The interim payment cannot exceed the investor's net investment amount calculated without indexation.
Except for money market funds, the interim payment amount cannot exceed the total value of the fund participation shares in the investor's account calculated as of the end of the previous day.
SMALL INVESTORS MAY BE GIVEN PRIORITY
If the distributable cash does not cover the receivables of all investors, the CMB may decide to make payments starting from the investor with the lowest net investment amount in order to ensure that as many investors as possible receive full payment.
The Board may also determine the minimum interim payment amount.
Investors' fund shares will not be refunded in exchange for interim payment. Refund of participation shares will be made during the final liquidation payment.
VOLUNTARY RETURN OPPORTUNITY FOR THOSE WHO ACHIEVE HIGH RETURNS
People who invest in funds that were decided to be liquidated by the CMB's decision dated September 17, 2026, will be able to voluntarily return their returns exceeding the arithmetic average of the CPI and D-PPI changes to the accounts to be announced by the CMB.
Individuals who earn from certain shares in the funds' assets will also be able to transfer their returns above inflation to the general share return account.
The CMB will determine the period, method and other application principles to be used in calculating the amount to be refunded.
ILLEGAL ASSETS WILL BE TAKEN BACK
In the law, the scope of money, capital market instruments, goods, rights and receivables illegally removed from the fund assets is also regulated in detail.
Values transferred to related parties through unrequited or fictitious loans, debts, advances, guarantees, transfers, assignments, purchases, sales, repo or similar transactions that do not have a real economic purpose will be deemed to be illegally removed from the fund assets.
The portfolio management company, which is the founder or manager of the fund, will be held primarily responsible for the resulting damage.
If this amount cannot be collected from the company, the real and legal persons determined by the CMB to be responsible and those acting together with them will be personally liable.
Leaving office will not eliminate liability arising from past actions.
TMSF WILL START PROCEEDINGS FOR ASSETS
CMB will determine the amount of loss for each fund, the responsible persons and institutions, and their liability amounts and notify the Savings Deposit Insurance Fund (TMSF).
SDIF will also initiate follow-up and collection procedures in order to collect the assets of those responsible.
Istanbul administrative courts will have jurisdiction in cases within the scope of the law.
AUTHORITY OF SEIZURE AND SALE
In investigations carried out due to acts related to funds, a seizure decision may be made in accordance with the relevant provisions of the Code of Criminal Procedure (CMK).
If it is legally possible to directly return seized money and capital market instruments to the relevant fund, these assets can be transferred to the fund or recovery account by prosecutor, judge or court decision.
SDIF may be appointed as trustee for assets that cannot be transferred to the fund.
SDIF will be able to sell or liquidate these assets without waiting for the outcome of the case and will monitor the resulting amounts in recovery accounts opened separately for each fund.
RECOVERED MONEY WILL BE PAID ONLY TO INVESTORS
Amounts accumulated in recovery accounts can only be used for the liquidation of the relevant fund and payment to investors.
These amounts cannot be seized and cannot be used as collateral.
After deducting mandatory expenses, the remaining amounts will be transferred to the Investor Compensation Center (YTM) for payment to the relevant organization or investors, depending on the liquidation situation.
During the final payment, payments previously made to the investor through liquidation assets, recovery account or other legal means will be offset.
