Liquidation rules for investment funds have been determined

'Law No. 7596 on Certain Investment Funds Decided to be Liquidated', which was adopted on October 22, 2026, was published in the Official Gazette. The law, which consists of 9 articles, covers investment funds that were decided to be liquidated by the CMB's decisions dated September 17, 2026 and whose liquidation was not completed on the date of publication of the law. The regulation aims to liquidate the funds in a fair, transparent and effective manner, to recover the values ​​illegally removed from the fund assets, to collect the losses and damages from those responsible, and to pay the recovered amounts to the fund shareholders. The law will not create a general or permanent liquidation and liability regime for other investment funds outside the scope.

According to the law, the liquidation of the funds will be carried out by the organizations charged with liquidation, under the supervision and control of the CMB. CMB will determine the procedures and principles regarding the determination, valuation and conversion of fund assets into cash, determination of investors' entitlements, interim and final payments and distribution order.

The organizations assigned to the liquidation will work to obtain the highest possible economic value by protecting the fund assets and protecting the common interests of the investors. If it is determined that the price formed in the stock exchange does not reflect the real value of the relevant asset or will delay the liquidation, the CMB may decide to use different methods such as wholesale sales and special transaction notification. The Board may also approve the sale of assets outside the stock exchange when necessary. In addition, investors who purchase assets may be restricted from selling those assets on the stock exchange for a certain period of time.

After deducting the mandatory expenses incurred for the management and liquidation of the fund from the revenues obtained during the liquidation process, the remaining amount will be included in the liquidation assets. After the liquidation is completed, the collected amounts will be transferred to the recovery account.

The rights of investors will be determined by comparing the records of the Central Registry Agency (MKK) with the records of the institutions carrying out the liquidation procedures. In addition, investors whose participation shares were blocked within the scope of instructions that could not be fulfilled due to the fund's default or the participation share price not being announced, despite being transmitted to the Turkish Electronic Fund Trading Platform (TEFAS) on or before September 17, 2026, will also be able to benefit from the liquidation provisions.

MKK, Takasbank, Borsa Istanbul, the Banks Association of Turkey and other relevant organizations will provide the necessary information and documents for liquidation transactions to the CMB, Investor Compensation Center (YTM) or Savings Deposit Insurance Fund (TMSF) without delay, upon request. The organizations in question will not be able to refrain from providing information by citing confidentiality and confidentiality provisions.

According to the regulation, if the amount obtained as a result of converting the fund assets into cash is not sufficient to cover the total receivables of the investors calculated based on the fund unit share price at the end of the day before the liquidation decision, the net investment amounts of the investors will be calculated. In this calculation, the arithmetic average of the change rates in the consumer price index (CPI) and domestic producer price index (D-PPI) announced by the Turkish Statistical Institute (TURKSTAT) will be applied to the cash inflows to and cash outflows from the fund, taking into account the relevant periods.

Interim payments can be made to the funds determined by the CMB to be offset against the final liquidation receivables of investors. Investors with a net investment amount of less than 1 million TL can be paid up to this amount, and investors with a net investment amount of 1 million TL and above can be paid a maximum of 1 million TL. In determining the interim payment amount, the portion of the net investment amount that has not been indexed will be taken as basis.

Source: TRT Haber Açık RSS (Gündem) (Open Press / Translated Full Text)