The Turkish Grand National Assembly is preparing for busy work this week.
While the discussions on "fund profiteering" continue, the 9-article Law Proposal on Certain Investment Funds to be Liquidated, submitted to the Turkish Grand National Assembly by the AKP last Friday, will be discussed in the Planning and Budget Commission on Wednesday, October 14.
WHAT DOES THE OFFER CONTAIN?
The proposal includes provisions regarding the liquidation of 131 investment funds belonging to 7 fund companies that were decided to be liquidated by the CMB's decisions dated September 17, 2026, how the assets of the investment funds within the scope of liquidation will be sold, under what conditions the investors will be paid, and how the fund losses and damages will be recovered from those responsible.
“Fund shareholding” will be determined on a fund and account basis by the institutions responsible for liquidation by reconciling the records of MKK, Takasbank, Turkey Electronic Fund Purchase and Sale Platform (TEFAS), portfolio custody institutions and distribution institutions.
The liquidation of the funds will be carried out by the institutions in charge of liquidation, under the supervision and control of the Capital Markets Board. The Board will be authorized to determine the stages of the liquidation process, the determination and conversion of fund assets into cash, valuation principles, the method of determining fund shareholding, interim and final payment, distribution order and other procedures and principles regarding liquidation.
According to the proposal, fund shareholders with a net investment amount of less than 1 million lira will be paid up to this amount, and those with a net investment amount of more than 1 million lira will be paid a maximum of 1 million lira. The first interim payment will be limited to the net investment amount without indexation.
The interim payment amount to be made to the fund shareholders cannot exceed the total value of the fund participation shares in the account of the relevant fund shareholder, calculated as of the end of the day before the date on which the interim payment amount is calculated, excluding money market funds.
The price of the fund at the end of the previous day will be the price calculated by Takasbank based on the valuation made on the relevant day, by obtaining the necessary information from the institutions responsible for liquidation.
Payments to investors will be covered by the existing assets of the funds and the values recovered, collected or returned. The final amount to be paid to fund shareholders will be calculated by taking the arithmetic average of the CPI and D-PPI changes of the investors' net investment amounts.
It is envisaged that payments will not be made to persons and institutions who are found to have committed or acted in concert with the acts regulated in the provisions titled "market distortion actions", "information abuse, "market fraud" regulated in Articles 104, 106 and 107 of the Capital Markets Law.
It is expected that the Bill on Certain Investment Funds, which have been decided to be liquidated, will be put on the agenda of the General Assembly next week.
KIT COMMISSION STARTS INSPECTIONS
On the other hand, the SOE Commission will start examining the accounts of 45 public institutions and organizations within its scope of control this week. The commission will discuss the balance sheets and final accounts of public economic enterprises, subsidiaries, institutions and affiliates for the years 2023 and 2024.
This week, the accounts of Atatürk Forest Farm Directorate, General Directorate of Meat and Milk Institution, General Directorate of Agricultural Enterprises and Eti Maden Enterprises General Directorate will be discussed.
GENERAL ASSEMBLY AGENDA
The Turkish Red Crescent Bill, which could not be discussed last week, will be discussed in the General Assembly of the Turkish Grand National Assembly.
This week, 2 members will be elected to the Personal Data Protection Board at the General Assembly.
The Bill on Approval of the Agreement between Turkey and the United Nations Represented by the UN Human Settlements Program (UN-HABITAT) on the Establishment of the UN-Habitat Regional Office in the Republic of Turkey for Eastern European and Central Asian Countries, which was included in the agenda of the General Assembly, is also expected to be discussed.
MINISTRY OF FOREIGN AFFAIRS WILL MAKE A PRESENTATION
The European Union Harmonization Commission will meet on Tuesday, October 13. At the commission where the deputy chairman will be elected, officials from the Ministry of Foreign Affairs will make a presentation on "Türkiye-EU Relations".
Group meetings of the parties in the Turkish Grand National Assembly will be held on Tuesdays and Wednesdays.
