Payment and Liquidation Process for Investment Funds Clarified
The Capital Markets Board has clarified the portfolio custodian banks and operational steps to be executed for 131 investment funds for which a liquidation decision has been made.
The Capital Markets Board has determined the procedures and principles regarding the payment and liquidation process of 131 investment funds decided to be liquidated. With this decision, Türkiye İş Bankası and Ziraat Bankası have been appointed as portfolio custodians.
Appointed Banks
According to the bulletin published by the Capital Markets Board, Türkiye İş Bankası AŞ was authorized as the portfolio custodian for funds founded by Tera Portföy Yönetimi AŞ.
Ziraat Bankası was designated as the custodian for funds founded by Al Capital, Atlas, Bulls, Hedef, Pardus, and Pusula portfolio management companies.
Reconciliation and Custody
Within the first two business days following the entry into force of the liquidation procedures, participation shares will be reconciled with investor accounts.
Encumbrances such as pledges and liens, as well as unexecuted orders, will be reconciled between MKK and the banks, and assets will be kept in Takasbank.
Sales and Payment Plan
Financial assets in the fund portfolio will be converted into cash at a frequency to be determined by the bank, taking into account market depth and liquidity conditions.
The cash amounts obtained will be evaluated in line with the determined payment plan, observing the interests of the investors.
Duration and Scope
Liquidation transactions will end on the first business day following the expiration of a maximum period of 3 months from the date of the liquidation announcement.
While this process may be extended if deemed appropriate by the Board, the updated list includes a total of 131 investment funds.