Details of the Impact Analysis Prepared for Investment Funds Decided to Be Liquidated
The impact analysis of the bill on investment funds decided to be liquidated revealed the details of the new regulation covering thousands of investors and lawsuits.
The impact analysis report prepared regarding the bill on certain investment funds whose liquidation has been decided sheds light on the lawsuits tracked by the CMB and the Investor Compensation Center, as well as the situation of thousands of investors and the operation of liquidation processes.
Investor and Lawsuit Statistics
According to the prepared impact analysis, approximately 1,500 lawsuits are being closely monitored by the Capital Markets Board and the Investor Compensation Center. Within the framework of MKK data, it was determined that there are 455,758 unique investors in the funds covered by the liquidation.
While it was determined that 199,000 people with investments in money market funds have investment amounts below 1 million liras, 131 funds in liquidation constitute 4.6% of all funds.
Payment Processes and Public Resources
The new regulation introduced will be limited to funds whose liquidation has been decided by CMB decisions and whose liquidation has not yet been completed as of the effective date of the law.
Public resources and budget facilities will not be used in any way for the payments to be made to investors, and according to Ziraat Bank data, payments to thousands of investors have been completed.
Legal Definitions and Recovery Account
In the impact analysis, the recovery account was defined as a special structure where values collected from different legal sources will be monitored as a separate account within the body of the SDIF.
The concept of liquidation assets included current assets as well as returns, compensations, and other recovered receivables, aiming for a holistic tracking.
Preservation of Economic Value and Sales Methods
In the disposal of fund assets, besides speed, obtaining the highest possible economic value by observing the joint interest of shareholders will be essential.
In cases where the stock exchange price does not reflect the real value, various methods such as buyback, wholesale, the right to sell to the controlling shareholder, and special transaction notification can be put into effect.
System to Be Applied in Case of Cash Insufficiency
In the event that the fund asset does not convert into cash to a degree sufficient to make payments, the economic value put into the fund by the investor will be taken as basis instead of false past values.
Net investment amounts will be calculated by updating with CPI and D-PPI change rates, and an interim payment of at most 1 million liras can be made per person.
Legal Proceedings and Criminal Complaints
Persons and institutions determined to have acted in violation of the Capital Markets Law will be prevented from receiving payments from the specific liquidation and recovery mechanism.
It was included in the report that criminal complaints were filed against 69 people as a result of the applications made by the CMB to the Istanbul Chief Public Prosecutor's Office.