CMB determined interim payment principles for mutual funds in liquidation process

The Capital Markets Board (CMB) has published the procedures and principles for interim payments regarding investment funds managed by Tera, Pusula, and Atlas Portföy, whose liquidation was decided on September 17, 2026. Within the scope of the process conducted under Law No. 7596 dated October 22, 2026, Ziraat Bank has been appointed for Pusula and Atlas Portföy funds, while Türkiye İş Bankası has been appointed for Tera Portföy funds.

According to the regulation, priority in interim payments will be given to funds with 'money market' in their title, and a cap of 1 million TL per investor will be applied. If the funds' existing cash is sufficient, a final payment may be made directly instead of an interim payment. Payments will not be made to individuals and institutions identified as being involved in capital market crimes; any interim payments made will be deducted from the final liquidation amount.

The order of payment will be determined by considering the ratio of the funds' distributable cash to the total interim payment obligation. For funds with the same coverage ratios, the fund with the highest number of investors that can be paid with existing cash will be prioritized. In cases where distributable cash is insufficient, investors' interim payment amounts may be ranked from lowest to highest, or a minimum interim payment amount may be determined.