New Measures from CMB for Borsa Istanbul Markets
In order to protect the rights of investors, the Capital Markets Board decided to liquidate 130 investment funds belonging to 7 portfolio management companies and to provide flexibility in equity ratios.
Quick Look
- In order to protect the rights and benefits of investors, the Capital Markets Board (CMB) decided to close all funds of 7 portfolio management companies traded in TEFAS and liquidate a total of 130 investment funds.
- Additionally, temporary flexibility was provided in the equity protection ratio.
AI-generated summary
Why It Matters
CMB took new measures to protect investors following the developments in Borsa Istanbul markets.
CMB has taken new measures to protect the rights and benefits of investors in line with the developments in Borsa Istanbul AŞ markets.
In line with the principle decisions taken, it was decided to close all investment funds founded by 7 PMCs, consisting of Tera Portföy Yönetimi AŞ, Pusula Portföy Yönetimi AŞ, Hedef Portföy Yönetimi AŞ, Atlas Portföy Yönetimi AŞ, A1 Portföy Yönetimi AŞ, Pardus Portföy Yönetimi AŞ and Bulls Portföy Yönetimi AŞ, and whose participation shares are traded in TEFAS, and to liquidate some investment funds.
The investment funds of the companies in question to be liquidated with the method to be determined include hedge funds and money market funds.
In this regard, a total of 130 investments, including 5 investment funds of Tera Portföy Yönetimi AŞ, 12 investment funds of Pusula Portföy Yönetimi AŞ, 31 investment funds of Hedef Portföy Yönetimi AŞ, 16 investment funds of Atlas Portföy Yönetimi AŞ, 9 investment funds of A1 Portföy Yönetimi AŞ, 15 investment funds of Bulls Portföy Yönetimi AŞ and 42 investment funds of Pardus Portföy Yönetimi AŞ. It was decided that the fund would be liquidated by the method determined by the board.
In addition, it was decided that the provision regarding the equity protection ratio to be at least 35 percent during the continuation of credit capital market instrument transactions can be applied flexibly, to the extent that it complies with the intermediary institutions' own risk policies and taking into account customer demands as much as possible, until a second announcement, until the end of the session on October 2, with the equity ratio to be at least 20 percent throughout the continuation of their transactions.
What to Watch
AI outlook — possibilities, not facts
Until further notice, the equity ratio will be applied as 20 percent until the end of the session on October 2.
Very likely · Within weeks
Open Questions
- How will the assets of investors in liquidated funds be returned?
- Will there be any other administrative proceedings against 7 portfolio management companies?
