As debates regarding the fund crisis continue, Dilek Güngör, a columnist for the pro-government newspaper Sabah, stated that the process had been on the agenda of the economic bureaucracy months ago and asked why the Capital Markets Board (CMB) did not take action sooner.
Güngör noted that the Financial Times raised the questions, "Why did the oversight mechanisms not function, and why were the warnings not taken into account in time?" in its report on the subject. Emphasizing that the same question awaits an answer in Turkey as well, Güngör stated, "What really happened that the Capital Markets Board waited while watching the crisis grow?"
The article also recalled the statement made by Treasury and Finance Minister Mehmet Şimşek and the then-CMB Chairman Ömer Gönül at the Capital Markets Congress on November 4, 2025. Güngör stated that the message, "Manipulation is being carried out in funds, we will take measures," was given at that meeting.
Reporting that Mehmet Şimşek responded to criticisms directed at him during the budget negotiations in the Grand National Assembly of Turkey (TBMM) by saying, "I gave instructions to the CMB, I wrote a letter," Güngör expressed the view that the regulatory body was still late in taking action.
CHRONOLOGY OF WARNINGS AND REGULATIONS
According to the chronology provided in Güngör's article, the issue regarding the funds came to the table of the economic bureaucracy in July 2025. Bureaucrats met again in August 2025. On November 14, 2025, the Borsa Group sent its solution proposals regarding free funds to the CMB.
It was stated that a meeting regarding the funds was held at the Financial Stability Committee on December 2, 2025, and a recommendation decision was taken regarding the macroprudential measures the CMB would take. It was noted that during the same period, the CMB requested an opinion from Borsa İstanbul for the Fund Draft Guide, and Borsa İstanbul forwarded its opinion letter to the board.
The article stated that after MSCI's warning regarding the Indonesia Stock Exchange on January 27, 2026, the Borsa Group pointed out that a similar warning could come for Turkey. Güngör wrote that between 2025 and 2026, Borsa İstanbul took 164 measures on shares where funds were influential and sent 28 warning emails and 32 information notes to the CMB.
It was stated that the CMB collected opinions from market actors for the fund guide in February 2026, and Borsa İstanbul sent its decision regarding the index to the board on March 31, 2026, but the regulations were delayed. According to Güngör, the CMB took its first actual free-float rate decision on June 5, 2026.
The article reported that MSCI's warnings regarding Turkey began in March; new warnings came on June 18 and June 23. It was stated that MSCI demanded deterrent steps against the free-float rate, coordinated transactions, and manipulations, and threatened to remove Turkey from the index otherwise.
Güngör wrote that the CMB made some regulations following these developments; the fund guide was published on August 28, the free-float rate decision was taken on September 9, 2026, and the index decision sent by the Borsa in March was approved. At the end of the article, she reiterated the question, "Why did the CMB wait for months?"
News Source: 12punto
