29.10.2026 21:04
Law No. 7596 concerning investment funds decided to be liquidated was published in the Official Gazette. According to the regulation, if the conditions are met, interim payments of up to 1 million liras may be made to fund shareholders. Values unlawfully removed from the funds will be recovered, and TMSF may be appointed as trustee for assets seized in investigations.
(ANKARA) - Law No. 7596, which contains regulations concerning investment funds whose liquidation was decided by the Capital Markets Board's (CMB) decisions dated September 17, 2026, was published in the Official Gazette. The regulation sets out the principles for the liquidation of fund assets, the recovery of values extracted through unlawful transactions, and payments to investors. According to the law, if the conditions are met, interim payments of up to 1 million lira may be made to fund shareholders.
The Law on Certain Investment Funds Subject to Liquidation, adopted by the General Assembly of the Grand National Assembly of Turkey on October 22, was published in the Official Gazette.
The law covers investment funds whose liquidation was decided by the CMB's decisions dated September 17, 2026, and whose liquidation had not yet been completed as of the date the regulation was published. The regulation aims to carry out the funds' liquidation processes, determine investors' entitlement, and recover lost values.
INTERIM PAYMENT OF UP TO 1 MILLION LIRA TO INVESTORS
According to the law, in funds to be determined by the CMB, interim payments may be made to investors from the fund's liquidation assets.
For investors whose net investment amount is below 1 million lira, interim payments may be made up to that amount, and for investors with 1 million lira or more, interim payments of at most 1 million lira may be made.
Payments will be made within the framework of the cash resources available in the relevant fund's liquidation assets. If the distributable cash is insufficient, the CMB may decide to make payments starting with investors with lower amounts or to determine a minimum interim payment amount for all investors.
UNLAWFULLY EXTRACTED VALUES TO BE RECOVERED
The regulation also sets out provisions regarding the recovery of money, capital market instruments, and other values unlawfully extracted from fund assets.
The founding or managing portfolio management companies will be held primarily responsible for the damage or losses suffered by the funds. If the damage cannot be collected from these companies, collection may be made from natural and legal persons whose responsibility is determined by the CMB.
The fact that the relevant persons have left their duties will not eliminate their responsibilities arising from transactions during their term of office.
TMSF MAY BE APPOINTED AS TRUSTEE
According to the law, the Savings Deposit Insurance Fund (TMSF) may be appointed as trustee for assets seized within the scope of investigations that cannot be directly returned to the funds.
TMSF may sell or liquidate the assets for which it is appointed as trustee without waiting for the outcome of the lawsuit.
The amounts obtained will be held in recovery accounts to be created separately for each fund. The money accumulated in these accounts may be used only for the liquidation of the relevant fund and for payments to investors.
VOLUNTARY RETURN OF GAINS POSSIBLE
Within the scope of the law, it was also made possible to optionally return certain returns previously obtained from the funds subject to liquidation.
The portion of returns obtained from fund participation units or certain stock transactions that exceeds the amount calculated using the indexing method specified in the law may be voluntarily deposited into accounts to be announced by the CMB.
The liquidation of the funds will be carried out under the supervision and audit of the CMB by institutions assigned by the Board. Investors' entitlement will be determined through the records of the Central Registry Agency (MKK).