Statement from CMB regarding the reopening process of closed funds outside the scope of liquidation
Quick Look
- The Capital Markets Board stated that the relevant companies must apply to Ziraat Bank in order to reopen the funds of A1 Capital, Bulls and Pardus portfolio management companies that are out of liquidation but closed to transaction.
- With the CMB decisions dated September 17, the purchase and sale transactions of all funds traded in TEFAS, founded by these companies, were closed.
- It was announced that liquidation proceedings would begin on September 30.
AI-generated summary
Why It Matters
CMB reminded that with its decisions dated September 17, all investment funds founded by A1 Capital, Bulls, Pardus, Atlas, Hedef, Pusula and Tera portfolio management companies and traded in TEFAS were closed to purchase and sale transactions. On September 30, it was announced that the liquidation procedures of the funds founded by these companies would begin as a priority.
The Capital Markets Board (CMB) announced that the relevant companies must apply to Ziraat Bank in order to reopen the funds of A1 Capital, Bulls and Pardus portfolio management companies, which are not within the scope of liquidation but are closed to purchase and sale transactions.
In the statement made by the CMB, it was stated that it has been determined that there have been misdirections regarding the reopening of closed investment funds in some media organs and social media platforms recently.
In the statement, it was reminded that in line with the Board's decisions dated September 17, he was the founder of A1 Capital, Bulls, Pardus, Atlas, Hedef, Pusula and Tera portfolio management companies and that all investment funds whose participation shares were traded on the Turkey Electronic Fund Trading Platform (TEFAS) were closed to purchase and sale transactions.
Conditions regarding reopening of funds were reminded
CMB reminded that on September 30, it was announced that the liquidation procedures of the funds founded by A1 Capital, Bulls and Pardus portfolio management companies would begin as a priority.
In the statement, it was stated that after the liquidation processes of the funds in question are completed, the funds of the relevant companies that are not within the scope of liquidation but are closed to purchase and sale in TEFAS and non-TEFAS distribution channels can be reopened.
It was stated that the date on which the funds will be reopened and the principles of purchasing and selling of participation shares will be determined by the founding portfolio management companies, taking into account the structure of the fund portfolios, liquidity conditions, market conditions and investor interests.
The statement included the following statements:
What to Watch
AI outlook — possibilities, not facts
Applications will be made to Ziraat Bank for the reprocessing of funds that are not within the scope of liquidation from A1 Capital, Bulls and Pardus.
Likely · Within days
The date and trading principles on which the funds will be reopened will be determined by the founding portfolio management companies.
Likely · Within weeks
Open Questions
- When is the exact date when the funds will be reopened?
- Which funds that are not within the scope of liquidation will be reopened?
- How will the process of accessing investors' funds be shaped?
