The Capital Markets Board's (CMB) "Procedures and Principles Regarding Liquidation and Payments to be Made in Pursuance of the Law No. 7596 on Certain Investment Funds for which Liquidation has been Decided" was published on the Board's website.
Accordingly, the liquidation of the investment funds founded by Tera Portföy Yönetimi AŞ, Pusula Portföy Yönetimi AŞ and Atlas Portföy Yönetimi AŞ, which were included in the scope of liquidation with the decisions of the CMB dated September 17, 2026, within the framework of the provisions of the law, will begin.
Work on the liquidation process of the funds will be carried out under the coordination of the CMB, together with the Savings Deposit Insurance Fund, Borsa Istanbul AŞ, Central Registry Agency AŞ (MKK), Istanbul Settlement and Custody Bank AŞ, Banking Regulation and Supervision Agency, Ziraat Bankası AŞ, Türkiye İş Bankası AŞ and other relevant organizations.
The liquidation of the funds founded by Pusula Portföy Yönetimi AŞ and Atlas Portföy Yönetimi AŞ will be carried out by Ziraat Bank, and the liquidation of the funds founded by Tera Portföy Yönetimi AŞ will be carried out by Türkiye İş Bankası.
Within the framework of the CMB's decisions dated September 30, 2026 and October 15, 2026, interim payments will be made to the shareholders of the investment funds in liquidation founded by Tera Portföy Yönetimi AŞ, Pusula Portföy Yönetimi AŞ and Atlas Portföy Yönetimi AŞ.
Interim payments will primarily start from investment funds with the phrase "money market" in their title.
If the distributable cash of the liquidated funds founded by the portfolio management companies in question is sufficient to cover the total amount calculated based on the valid fund unit share price and the number of participation shares subject to payment as of the end of the day before the liquidation decision date, the final payment will be made to the fund shareholders instead of an interim payment.
The interim payment amount cannot exceed 1 million lira
Within the scope of the said procedures and principles, the amount of interim payment to be made to fund shareholders on a fund basis cannot exceed the net investment amount calculated by MKK without indexation and 1 million liras.
If the distributable cash is not sufficient to cover the entire interim payment amounts, the net investment amounts calculated by MKK for each fund shareholder and transmitted to the banks responsible for liquidation will be taken as basis. Interim payments will be made by the banks responsible for liquidation by the fund participation share holders, taking into account the amounts calculated at the end of the day before September 17, 2026 for funds with the phrase "money market" in their titles, and for other funds as of the end of the day before the date when the interim payment amount is calculated, and the lowest amount between the interim payment ceiling of 1 million lira.
In funds other than money market funds, payments will be made by taking into account the ratio of distributable cash in the fund assets to the total interim payment liability, starting with the highest ratio.
Among the funds with the same or similar coverage ratio, the payment order will be determined by the banks in charge of liquidation, taking into account the fund with the highest number of investors whose interim payment amount can be covered with the available cash.
If the distributable cash in the fund assets is not sufficient to cover the total of the interim payment amounts calculated as specified in these procedures and principles, an interim payment order may be created from the fund participation share holder with the lowest interim payment amount to be calculated by MKK for each fund to the highest. Alternatively, banks responsible for liquidation will be able to make an analysis based on the size of liquid assets in the portfolio and interim payment amounts to ensure payment to the largest number of investors on a fund basis. As a result of this analysis, a minimum interim payment amount to be applied to all fund shareholders will be determined and the Board may approve payments up to this amount.
Interim payments will be made without refund of participation fees.
No payment will be made from the liquidation and recovery account of the funds in question to individuals and institutions that are determined by the CMB to have acted together with the funds decided to be liquidated by the decisions dated September 17, 2026, or to have committed acts with the participation of these funds, and who have been notified by the MKK to the institutions in charge of liquidation.
In the distribution of the amounts transferred to the general share return account to the funds within the scope of liquidation, priority will be given to money market funds with the lowest interim payment coverage ratio and the highest number of investors with a net investment amount below 1 million lira, in order to complete the interim payments. The amounts in question will be transferred to the relevant funds through a distribution method that will ensure the interim payment of the largest number of investors possible.
If the amount remains in the relevant account, distribution will be made following the same principles for other funds.
