In its bulletin dated October 27, 2026 and numbered 2026/76, the Capital Markets Board (CMB) announced the details of the interim payments to be made to investors in certain investment funds within the scope of liquidation. According to the regulation, the amount of payments will be calculated by taking into account the investor's net investment amount, the fund's cash situation and the determined upper limits. Money market funds will be prioritized; If cash is insufficient, payment orders can be made between investors and funds.
According to the CMB statement, liquidation procedures will be carried out in certain investment funds established by Tera, Pusula and Atlas portfolio management companies, which were included in the scope of liquidation with the decisions dated September 17, 2026.
In this context, the liquidation of the funds established by Pusula and Atlas Portföy was ordered by the Republic of Turkey. The liquidation of the funds established by Ziraat Bankası AŞ and Tera Portföy will be carried out by Türkiye İş Bankası AŞ. The process will be carried out in cooperation with relevant institutions under the coordination of the CMB.
According to the principles announced by the CMB, the interim payment to be made per investor cannot exceed 1 million TL. In addition, the payment amount cannot exceed the unindexed net investment amount calculated by the Central Registry Agency (MKK).
If the fund's distributable cash is not sufficient to meet the interim payment obligations of all investors, the payment amount will be limited according to certain criteria. In this calculation, the net investment amount, the amount calculated according to the date determined for the relevant fund and the upper limit of 1 million TL will be taken into account.
For money market funds, the calculation will be based on September 17, 2026, the day before the liquidation decision. For other funds, the end of the day before the date on which the interim payment amount is calculated will be taken into account.
In the interim payment process, priority will be given to funds with the phrase "money market" in their title. However, if the distributable cash of a fund meets the total amount calculated based on the fund unit share price of the day before the liquidation decision and the number of shares of the entitled investors, the final payment will be made instead of the interim payment.
In funds other than money market, the ratio of distributable cash to the total interim payment liability will be taken into account. Funds with higher coverage rates will be given priority. If the rates are the same or close to each other, the bank conducting the liquidation will determine the order that will ensure payment to the largest number of investors with the available cash.
If the fund's cash is not sufficient to make interim payments to all investors, a payment order can be created. According to the CMB statement, it will be possible to rank the fund based on investors with the lowest interim payment amount to investors with the highest amount.
In addition, the CMB will be able to determine the minimum interim payment amounts that will ensure payments to the largest possible number of investors, taking into account the liquidity situation and payment amounts of the fund.
Payments will not be made from liquidation and recovery accounts to individuals and organizations determined by the CMB and reported to MKK to have committed or participated in acts within the scope of Articles 104, 106 and 107 of the Capital Markets Law.
Making an interim payment will not mean that the investment fund shares are returned at that stage. Mutual fund shares will be returned at the final liquidation stage and the interim payments made previously will be offset from the amount the investor will be entitled to as a result of the final liquidation.
In the distribution of the amounts transferred to the general share refund account, money market funds with the lowest coverage ratio and the highest number of investors with a net investment amount below 1 million TL will be taken into account first. The distribution will aim to complete interim payment transactions for as many investors as possible with the available resources. If resources remain after money market funds, the same principles will be applied to other funds.
