Bill Proposal for the Liquidation of Investment Funds Submitted to Parliament
The legislative proposal prepared for investment funds to be liquidated by the decision of the Capital Markets Board guarantees the recovery of unlawfully extracted assets and fair payments to rightful beneficiaries.
The draft legislative proposal targeting investment funds to be liquidated by the decisions of the Capital Markets Board has been finalized. The draft legally secures the recovery of values unlawfully extracted from the fund assets, collection from responsible parties, and fair payments to shareholders.
Scope and Legal Guarantee
The draft legislative proposal regulating the liquidation of investment funds whose liquidation has been decided by the Capital Markets Board has been finalized. The prepared proposal does not establish a general liquidation regime apart from the problematic funds in question, but applies exclusively to the specific funds included in the scope.
Liquidation Process and Audit
Liquidation operations will be carried out by banks and institutions assigned under the supervision and audit of the Capital Markets Board. Rightful beneficiaries will be determined by reconciling the records of the Central Registry Agency, Takasbank, TEFAS, and portfolio custodian and distribution institutions.
Payment Principles and Limits
In cases where the fund assets are insufficient to make full payments to all investors, the net investment amount will be calculated by the Central Registry Agency. An interim payment up to the net amount will be made to those whose net investment amount is below 1 million liras, and a maximum of 1 million liras to those above it.
Liability and Recovery
The relevant portfolio management company will be held primarily responsible for the resulting loss, and in case of non-collection, real and legal persons identified by the Capital Markets Board will be held responsible. Payments will strictly not be made to individuals determined to be involved in manipulation.