The draft law regarding the funds and payments decided to be liquidated during the fund crisis has arrived in the parliament! The draft law will be presented to the parliament at 15:30.
The draft law regulating the liquidation of investment funds, which were decided to be liquidated by the decisions of the Capital Markets Board (CMB) dated September 17, 2026, has been clarified.
The bill seen by Bloomberg HT; It legally ensures the recovery of values illegally extracted from fund assets in the liquidation process, collection from responsible parties, and the fair payment of the obtained resources to fund shareholders.
The proposal does not create a general liquidation regime other than the problematic funds in question, but is only valid for the specific funds included in the scope.
LIQUIDATION PROCESS AND DETERMINATION OF FUND SHAREOWNERSHIP
Liquidation procedures will be carried out by banks and institutions assigned under the supervision and control of the CMB. Within the scope of the process, the records of the Central Registry Agency (MKK), Takasbank, TEFAS, portfolio custody and distribution institutions will be reconciled and the beneficiaries will be determined on a fund and account basis.
No payment will be made from the liquidation and recovery account to persons and institutions determined by the CMB to have committed acts contrary to capital markets legislation, to be involved in manipulation or market fraud, or to act together with these people.
In order to protect market conditions in the sale of assets, CMB; It may introduce special measures such as off-exchange sales, temporary price margins or the inability to sell purchased assets for a certain period of time.
NET INVESTMENT AMOUNT AND 1 MILLION TL PRINCIPAL INTERIM PAYMENT
In cases where the fund’s assets are not sufficient to make full payments to all investors, the “net investment amount” to be used as the basis for payments will be calculated by MKK.
In this calculation, cash inflows and outflows to the fund will be indexed with the arithmetic average of TURKSTAT consumer price index (CPI) and domestic producer price index (D-PPI) and netted on a “first in, first out” basis.
Interim payments can be made to investors from the liquidation assets up to the net amount for those whose net investment amount is less than 1 million lira, and up to 1 million lira for those whose net investment amount is 1 million lira and above.
Indexation will not be applied for interim payments and this payment cannot exceed the total participation share value on the date the fund is liquidated, excluding money market funds. If the distributable cash is insufficient, the existing amount will be distributed pro rata.
In addition, people who gain unfair profits from unrealistic values will be allowed to optionally return the parts exceeding the comparable return to the declared accounts.
PERSONAL LIABILITY TO THOSE RESPONSIBLE AND POWER OF SEIZURE THROUGH TMSF
All values transferred from the fund’s assets to parties related to illegal, unrequited or fraudulent transactions will be deemed to have been removed unlawfully and the fund will be deemed to have suffered losses. The relevant portfolio management company is responsible for any loss or incomplete liquidation balance; In case of failure to collect, real and legal persons determined by the CMB will be held personally responsible.
Upon the notification of the CMB, the Savings Deposit Insurance Fund (TMSF) will initiate compulsory enforcement and prosecution on the assets of those responsible, using the powers of the Law No. 6183 on the Collection Procedure of Public Receivables and the Banking Law. Until SDIF’s follow-ups are completed, no further enforcement proceedings will be initiated on the assets of those responsible, and existing follow-ups and seizures will cease. SDIF will be appointed as trustee for assets seized within the scope of investigations and which cannot be returned directly to the fund, and the amount obtained by selling these assets will be transferred to recovery accounts without waiting for the court outcome.
RECOVERY ACCOUNT REGULATIONS
All revenues collected, returned and obtained from sales will be monitored at SDIF under the “Recovery Account” opened separately from SDIF’s own assets and specifically for each fund. The amounts in these accounts cannot be seized or used as collateral, even for public receivables, and will only be used for payments to fund shareholders. The recovered amounts will be transferred by the SDIF to the institutions responsible for liquidation, and if the liquidation is completed, to the Investor Compensation Center (YTM) and distributed to the shareholders. While the entire regulation is based on the understanding of not imposing any additional financial burden on the public and the Treasury, the aim is to start implementation immediately after it becomes law.
