The Capital Markets Board (CMB) has announced the procedures and principles for interim payments to be made to investors in certain investment funds that have been decided to be liquidated. According to the decision published in the Board's bulletin dated October 27, 2026, and numbered 2026/76, funds with the term "money market" in their titles will be the first in line during the payment process.
The regulation covers funds that were taken into liquidation by the CMB's decisions dated September 17, 2026, and whose transactions have not yet been completed, within the scope of the Law on Certain Investment Funds Decided to be Liquidated, dated October 22, 2026, and numbered 7596.
According to the decision, interim payments can be made to the shareholders of the investment funds under liquidation founded by Tera Portföy Yönetimi AŞ, Pusula Portföy Yönetimi AŞ, and Atlas Portföy Yönetimi AŞ. The liquidation of Pusula Portföy and Atlas Portföy funds will be carried out by Ziraat Bankası, while the liquidation of Tera Portföy funds will be carried out by Türkiye İş Bankası.
HOW WILL PAYMENTS BE MADE?
Interim payment amounts will be determined based on the investors' calculated net investment amounts. Investors whose net investment amount is below 1 million TL may be paid up to this amount. For investors with a net investment amount of 1 million TL or more, the interim payment upper limit will be 1 million TL.
For funds that do not have a money market nature, the interim payment to be made to the investor cannot exceed the total value of the fund participation shares in their account on the relevant date. The portion of the net investment amount calculated without applying indexing will also be taken into account in the interim payment account. Calculations will be performed by the Central Securities Depository (MKK).
If the distributable cash in the funds does not cover the investors' calculated net investment amounts or the entirety of the interim payment amounts, the CMB may take additional decisions. In this case, in order for the maximum possible number of investors to fully benefit from the payment, it may be on the agenda to make payments starting from the investor with the lowest net investment amount. The Board may also determine a minimum interim payment amount applicable to all investors.
Payments to be made to investors cannot exceed the net investment amount, the rights and receivables calculated as of the relevant dates, or the 1 million TL interim payment upper limit determined by law. In return for the interim payment, the investors' fund participation shares will not be returned at this stage; the return of the shares will be carried out during the final liquidation payments.
At the final payment stage, payments previously made from the liquidation assets, the recovery account, or through other legal means will be deducted. The CMB decision also stated that no payments will be made to individuals who have been determined to have committed acts or participated in such acts by acting together within the scope of the provisions of the Capital Markets Law regarding market-disruptive actions, insider trading, and market fraud.
News Source: 12punto
