Statement from the Directorate of Communications regarding the Sixth Fund Board Meeting
Quick Look
- The Sixth Fund Board Meeting, chaired by Vice President Cevdet Yılmaz, evaluated the bill for the fair and transparent conduct of the liquidation process in the capital markets and a new draft regulation that envisages comprehensive changes in the Capital Markets Law.
- The liquidation processes of 66 funds managed by A1, Bulls and Pardus Portfolio Management Companies were completed by Ziraat Bank and the number of funds decreased from 131 to 65.
AI-generated summary
Why It Matters
In cases where it is decided to liquidate some investment funds in the capital markets, the Fund Coordination Board was convened in order to coordinate the fund and carry out the liquidation process in a fair, transparent and effective manner.
In the statement made on the NSosyal account of the Presidency of Communications, it was stated that the Sixth Fund Board Meeting, chaired by Vice President Cevdet Yılmaz, was held with the participation of the Ministry of Justice, the Ministry of Treasury and Finance and the relevant institutions and organizations of these ministries.
Based on the previous Fund Coordination Board decisions, the bill that will ensure that the liquidation process of some investment funds decided to be liquidated by the Capital Markets Board is carried out in a fair, transparent and effective manner and that the payments are provided with legal assurance was accepted in the Grand National Assembly of Turkey Planning and Budget Commission on October 14, and it was stated in the statement that the proposal is expected to be discussed in the General Assembly next week.
In the meeting, in addition to the current bill accepted by the Fund Coordination Board in the Planning and Budget Commission, the first evaluations regarding a new draft regulation envisaging permanent and comprehensive changes in the Capital Markets Law in order to eliminate structural problems in the capital markets, strengthen regulatory and supervisory mechanisms, and increase the deterrence of sanctions and penalties were also brought to the agenda.
On the other hand, since the beginning of the liquidation process, Ziraat Bank has completed liquidation transactions in kind and in cash, amounting to approximately 40.8 billion lira, to more than 45 thousand people in 66 separate investment funds under the management of A1 Portföy Management Company Inc., Bulls Portföy Management Company Inc. and Pardus Portföy Management Company Inc. Thus, the number of funds in the liquidation process decreased from 131 to 65. In addition, with the decision of the CMB dated October 15, it was decided that the liquidation procedures regarding the funds founded by Hedef Portföy Yönetimi AŞ will be subject to the principles determined for the funds founded by these 3 portfolio management companies. In this context, it is planned to make payments to the maximum number of people next week, especially those in money market funds.
What to Watch
AI outlook — possibilities, not facts
The new draft regulation will be discussed and accepted at the Turkish Grand National Assembly General Assembly next week.
Likely · Within weeks
Liquidation procedures for the funds founded by Hedef Portföy Yönetimi AŞ will be accelerated by being subject to the determined principles.
Very likely · Within days
Open Questions
- Which articles will the new draft regulation change?
- How much time will it take to complete the liquidation process?
- How will payment plans be determined for users?
