29.10.2026 19:54
The Capital Markets Board (CMB) has determined the procedures and principles regarding liquidation and payments in the funds founded by Tera, Pusula and Atlas Portfolio Management Inc. Interim payments will be made to shareholders, starting primarily with money market funds. The interim payment amount to be paid per fund will not exceed 1 million Turkish liras. The liquidation of Pusula and Atlas funds will be carried out by Ziraat Bank, while the liquidation of Tera funds will be carried out by İş Bank.
The framework for payments to be made to unitholders in investment funds decided to be liquidated has been set. Following the publication of the legal regulation in the Official Gazette, the CMB launched the liquidation process.
THE LAW WAS PUBLISHED IN THE OFFICIAL GAZETTE
The procedures and principles are based on Law No. 7596 on Certain Investment Funds Decided to Be Liquidated, dated 22 October 2026. The Law was published today in the Official Gazette No. 33413. Within this scope, the liquidation of the funds of Tera, Pusula and Atlas Portfolio Management Inc., whose liquidation was decided by the CMB’s decisions dated 17 September 2026, is being initiated.
THE PROCESS WILL BE CARRIED OUT BY ZIRAAT BANK AND İŞ BANK
The liquidation process will be carried out under the coordination of the CMB. The Savings Deposit Insurance Fund (TMSF), the Banking Regulation and Supervision Agency (BDDK), Borsa Istanbul, the Central Registry Agency (MKK), Istanbul Clearing and Custody Bank, Ziraat Bank and İş Bank, as well as other relevant institutions, will participate in the process. Ziraat Bank will undertake the liquidation of Pusula and Atlas funds, and İş Bank will undertake the liquidation of Tera funds.
PRIORITY IS FOR MONEY MARKET FUNDS
In interim payments to unitholders, priority will be given to funds whose title includes the phrase “money market”. If the distributable cash in the fund is sufficient, a final payment will be made directly instead of an interim payment.
The interim payment to be made on a fund basis may not exceed the unitholder’s net investment amount and TRY 1 million. If the cash is insufficient, payments will be sequenced according to certain rules. In funds other than money market funds, the order will be determined based on the ratio of cash in the fund to liabilities. With CMB approval, a minimum interim payment amount may also be determined for all unitholders.
INTERIM PAYMENTS WILL BE DEDUCTED FROM THE FINAL PAYMENT
Participation shares will not be redeemed in interim payments. Interim payments made will be offset against the final liquidation payment.
NO PAYMENT TO THOSE INVOLVED IN MARKET ABUSE
No payment will be made from the liquidation account to individuals and institutions involved in certain market abuse acts defined in the Law. In the distribution of amounts in the general share refund account, priority will be given to money market funds and funds with a high number of small investors.
The articles published by the CMB are as follows:
1. Within the framework of the provisions of the Law, the liquidation of investment funds founded by Tera Portfolio Management Inc., Pusula Portfolio Management Inc. and Atlas Portfolio Management Inc., among the funds included in the liquidation scope by the Capital Markets Board’s (CMB) decisions dated 17.09.2026, is initiated. Work regarding the liquidation process of the funds is carried out under the coordination of the CMB, together with the Savings Deposit Insurance Fund, Borsa Istanbul Inc., the Central Registry Agency Inc. (MKK), Istanbul Clearing and Custody Bank Inc., the Banking Regulation and Supervision Agency, T.C. Ziraat Bank Inc., Türkiye İş Bank Inc. and other relevant institutions.
2. The liquidation of the funds founded by Pusula Portfolio Management Inc. and Atlas Portfolio Management Inc. is carried out by T.C. Ziraat Bank Inc., and the liquidation of the funds founded by Tera Portfolio Management Inc. is carried out by Türkiye İş Bank Inc.
3. Within the scope of the second or third paragraph of Article 4 of the Law and within the framework of the CMB’s decisions dated 30.09.2026 and 15.10.2026, interim payments are made to the unitholders of the investment funds within the liquidation scope founded by Tera Portfolio Management Inc., Pusula Portfolio Management Inc. and Atlas Portfolio Management Inc.
4. Interim payments shall commence primarily with investment funds whose title includes the phrase “money market”.
5. If the distributable cash of the funds within the liquidation scope founded by the above-mentioned portfolio management companies is sufficient to cover the total amount calculated based on the fund unit price valid as of the end of the day preceding the date of the liquidation decision and the number of participation shares subject to payment, a final payment shall be made to fund unitholders instead of an interim payment.
6. Within the scope of the second paragraph of Article 4 of the Law, the interim payment amount to be made to fund unitholders on a fund basis may not exceed the net investment amount calculated by MKK without indexing and TRY 1 million. Within the scope of the third paragraph of Article 4 of the Law, in the event that the distributable cash is not sufficient to cover all of the interim payment amounts specified in the second paragraph of Article 4 of the Law, for each fund participation share holder, as calculated by MKK and communicated to the banks responsible for liquidation;
i) The net investment amount,
ii) For funds whose title includes the phrase “money market”, the amount calculated as of the end of the day before the liquidation decision date of 17.09.2026; for other funds, the amount calculated as of the end of the day before the date on which the interim payment amount is calculated,
iii) The TRY 1 million interim payment cap, interim payments shall be made by the banks responsible for liquidation to fund participation share holders without exceeding the lowest of these.
7. For funds other than money market funds, taking into account the ratio of distributable cash in the fund’s assets to the total interim payment obligation, payments shall be made starting from the fund with the highest ratio. Among funds with the same or similar coverage ratio, the payment order shall be determined by the banks responsible for liquidation, taking into account the fund with the highest number of investors whose interim payment amount can be covered with the available cash.
8. If the distributable cash in the fund’s assets is not sufficient to cover the total of the interim payment amounts calculated in the manner specified in Article 6 of these procedures and principles; an interim payment order may be established for each fund from the fund participation share holder with the lowest interim payment amount calculated by MKK to the one with the highest, and/or, based on an analysis to be conducted by the banks responsible for liquidation taking into account the size of liquid assets in the portfolio and the interim payment amounts so as to allow payments to the maximum number of investors on a fund basis, a minimum interim payment amount to be applied for all fund unitholders may be determined and the Board may approve payments up to this amount.
9. Within the scope of the sixth paragraph of Article 3 of the Law; in the event that the acts regulated in Articles 104, 106 or 107 of the Capital Markets Law No. 6362 are committed by the funds whose liquidation was decided by the Board’s decisions dated 17.09.2026, or by acting together with these funds, or through the participation of the funds, and that these acts have been committed or that there has been acting together with them
no payment shall be made from the liquidation and recovery account of the funds whose liquidation was decided pursuant to the Board’s decisions dated 17.09.2026 to the individuals and institutions determined by the Board and notified by MKK to the institutions responsible for liquidation.
10. Interim payments are made without redemption of participation shares. Participation share redemption transactions are carried out during final liquidation payments.
Interim payments are offset against the amount to be entitled within the scope of the final liquidation.
11. In the distribution of the amounts transferred to the general share refund account to the funds within the scope of liquidation, the following principles shall be applied respectively:
i) In order to complete the interim payments, money market funds with the lowest interim payment coverage ratio and with the highest number of investors whose net investment amount is below TL 1 million shall be prioritized, and the amounts in question shall be transferred to the relevant funds through a distribution method that will ensure interim payment for the largest possible number of investors.
ii) If an amount remains in the relevant account after the application of subparagraph (i), distribution shall be made for other funds as well by applying the same principles
.