Payment schedule discussed at fund meeting

The process for paying out investors is beginning as a result of measures taken within the scope of the fund investigation, which concerns more than 500,000 investors.

The Fund Coordination Board met for the second time for the investors. During the meeting, additional steps that could be taken to protect the rights and interests of the investors were discussed.

STATEMENT ISSUED

At the meeting, the work of relevant institutions regarding the net investment amount calculation method to be calculated within the framework of the Capital Markets Board's decisions dated September 30, 2026, as well as secondary regulations and the payment schedule regarding the payment decision taken by the Board on the same date for fund accounts, were evaluated.

Subsequently, the draft on the Amendment to the Capital Markets Law, which has been under study for some time, was reviewed, and necessary instructions were conveyed to the relevant institutions and organizations for its finalization. In all regulations discussed, an understanding was emphasized to ensure that no additional burden is placed on citizens.

The remainder of the statement indicated that necessary work will be carried out quickly and effectively within the framework of capital market rules, observing equity and justice, regarding the resolution of the problem that emerged in a specific and limited part of the fund market with the relevant institutions.

YILMAZ: WE WILL DECIDE WHAT ELSE CAN BE DONE

Vice President and Fund Coordination Board Chairman Cevdet Yılmaz answered journalists' questions at the opening of the Parliament yesterday. Regarding the Fund Coordination Board, Yılmaz said, "Each of our institutions is making its own decisions in its field and sharing them with the public. Important decisions were shared today as well. The decisions taken by the CMB and the BRSA were shared. Tomorrow, our agenda will again be, of course, what else can be done? In which areas is there a need for additional work? We will evaluate those together with our board. Afterward, we will make a press statement."

CMB HAD ISSUED A STATEMENT

Yesterday, the Capital Markets Board announced that interim payments of up to 1 million liras would be made for each fund to investors holding funds in liquidation, and that payments for the portion exceeding 1 million liras would be made at the end of the liquidation process.

1 MILLION LIRA DETAIL

The Capital Markets Board announced its decision for interim payments of up to 1 million TL for funds liquidated at Tera Portföy Yönetimi, Pusula Portföy Yönetimi, Atlas Portföy Yönetimi, and Hedef Portföy Yönetimi.

According to the bulletin published by the CMB at 02:20 at night, a liquidation method additional to the previously announced general liquidation principles was determined with its decision dated September 30, 2026, and numbered 64/1775.

Accordingly, an interim payment will be made to all participation share owners whose reconciliation transactions have been completed, to be deducted from the amount they will be entitled to as a result of the final liquidation. Payments are expected to be made promptly.

INTERIM PAYMENTS OF UP TO 1 MILLION LIRAS WILL BE MADE

Payments of up to 1 million liras will be made to those who have money in the funds. In the calculation of interim payments, the net investment amount to be calculated by the Central Registry Agency for each investor will be taken as the basis.

For investors whose net investment amount is below 1 million liras on the payment date, an interim payment of up to the full amount can be made.

For investors whose net investment amount is 1 million liras or more, a maximum of 1 million liras will be paid within the scope of the interim payment.

1 MILLION LIRAS WILL BE GIVEN SEPARATELY FOR EACH FUND IN INTERIM PAYMENTS

The interim payment amount to be paid to each investor for each fund separately will not exceed 1 million TL. In this context, for investors whose net investment amount is below 1 million TL, this amount will be paid, and for investors with 1 million TL or more, a maximum of 1 million TL interim payment will be made.

PRIORITY GIVEN TO MONEY MARKET FUNDS

According to the decision in the bulletin, the implementation of the additional liquidation method will start with money market funds.

No redemption transaction will be performed on the investors' participation shares in exchange for the interim payment. The redemption of participation shares will be made during the final liquidation payments.

PAYMENTS WILL BE MADE TO THOSE WITH INVESTMENTS WITHOUT WAITING FOR THE LIQUIDATION PROCESS

With the decision taken, the way has been paved for investors to access a certain portion of the final amount they will be entitled to earlier, without waiting for the completion of the liquidation process.

DECISION ALSO MADE FOR A1 CAPITAL, BULLS, AND PARDUS FUNDS

The CMB determined how the process regarding the investment funds established by A1 Capital Portföy Yönetimi, Bulls Portföy Yönetimi, and Pardus Portföy Yönetimi, which were previously taken into the liquidation list, will be conducted.

A priority order was established for the liquidation of the funds on the liquidation list.

Accordingly, the liquidation process will start with investment funds that have the phrase "money market" in their title. The funds in this group will also be liquidated by ranking them from the one with the highest number of investors to the lowest.

FUNDS OUTSIDE OF LIQUIDATION WILL BE OPENED FOR TRADING

According to the details in the bulletin, after the liquidation process is completed, funds that are not within the scope of liquidation but were closed to trading both on the Turkey Electronic Fund Trading Platform (TEFAS) and in distribution channels outside of TEFAS in accordance with the Board decisions dated September 17, 2026, may be reopened for trading.

It will be possible for these funds to be opened for simultaneous trading in both buy and/or sell directions in all distribution channels.

The date on which the funds will start trading again and the trading principles for participation shares will be determined by the relevant portfolio management company, taking into account the fund's portfolio structure, liquidity status, market conditions, and the interests of the investors.

FUNDS MAY BE OPENED FOR TRADING BEFORE LIQUIDATION ENDS

The decision also included an important exception in case it is needed for the completion of liquidation transactions.

Accordingly, funds that are not within the scope of liquidation but whose transactions were stopped due to the September 17 decision may be reopened for trading in all distribution channels without waiting for the completion of the liquidation process.

CMB HAD EXTENDED THE LIQUIDATION PROCESS TO 6 MONTHS

In a regulation it made previously, the CMB had changed some periods regarding the liquidation of the funds in question and had increased a certain period in the liquidation process from three months to six months in order to allow the assets in the fund portfolios to be sold under more favorable conditions, taking market conditions into account. The Board had also explained that the six-month period did not mean that the liquidation would necessarily take that long, and that transactions could be completed earlier depending on market conditions.

News Source: 12punto