A new regulation regarding certain investment funds decided to be liquidated has been published in the Official Gazette and has entered into force. Under the regulation, the liquidation process for funds determined by the Capital Markets Board (SPK) will be carried out under the supervision and audit of the Board.
Within the scope of the law, the way has been paved for making interim payments to investors from the liquidation assets of the fund. Investors with a net investment amount of less than 1 million liras will be able to receive that amount, while those with 1 million liras or more will be able to receive an interim payment of up to 1 million liras.
The regulation also stipulates that no payments will be made to individuals identified as having committed irregularities. Accordingly, no payments will be made from the liquidation and recovery account of the funds to individuals determined by the SPK to have committed acts related to the liquidated funds that fall under market-disrupting actions, insider trading, and market fraud, or to those who participated in these acts.
Furthermore, in investigations conducted due to acts related to the funds within the scope of the regulation, seizure decisions may be issued in accordance with the relevant provisions of the Criminal Procedure Code.
The SPK will determine the amount of damage or loss for each fund, the responsible natural and legal persons, and the amounts of liability, taking into account the liquidation processes and the results of audits and examinations, and will notify the Savings Deposit Insurance Fund (TMSF).
The amounts accumulated in the recovery account will be transferred by the TMSF to the organization tasked with the liquidation after deducting mandatory expenses. Upon the completion of the liquidation, the amounts will be sent to the Investor Compensation Center (YTM) to be paid to the fund shareholders notified by the SPK. Payments will be made in proportion to the investors' fund participation share ownership.
According to the regulation, the portfolio management company that is the founder and/or manager of the fund will be held primarily responsible for the damage or loss incurred.
News Source: 12punto
