Bill Regulating the Liquidation Process of Investment Funds Submitted to Parliament

A 9-article bill prepared by the AK Party aiming to liquidate troubled investment funds has been submitted to the Presidency of Parliament. The regulation covers funds closed as of September 17 and affects 455,000 investors.

Scope and Objectives of the Bill

The AK Party has submitted the bill regulating the liquidation process of troubled investment funds to the Presidency of Parliament. The regulation covers funds closed by the Capital Markets Board as of September 17 and aims to protect the rights of a total of 455,000 investors.

Payment Principles and Inflation Difference

According to the bill, an inflation difference will be added to the principal of fund investors up to the liquidation date. The inflation calculation will be based on the average of the Consumer Price Index and the Domestic Producer Price Index, and the net amount will be paid to those whose net investment amount is below 1 million liras.

Interim Payments and Liabilities

An interim payment of at most 1 million liras will be made to investors whose net amount is 1 million liras and above, and the first-in, first-out rule will be applied in these payments. Furthermore, the fact that fund founders and managers have resigned from their duties will not eliminate their responsibilities arising from their transactions during their term of office.

TMSF Powers and Recovery Account

The Savings Deposit Insurance Fund will seize the assets of the responsible parties, and the amounts obtained will be transferred to the Recovery Account. Payments will not be made from the liquidation and recovery account to individuals determined to have been involved in manipulation or market fraud.