New law on liquidation of troubled funds published in the Official Gazette
The law determining the procedures for the liquidation and interim payments of troubled funds has entered into force in the Official Gazette. The CMB announced the process covering Tera, Pusula, and Atlas portfolio management.
The liquidation law aimed at resolving grievances arising from troubled funds has been published in the Official Gazette and entered into force. The Capital Markets Board (CMB) announced the details regarding the liquidation plan and interim payments for funds belonging to Tera Portföy Yönetimi, Pusula Portföy Yönetimi, and Atlas Portföy Yönetimi companies.
The first stage of the liquidation process includes investment funds founded by Tera Portföy Yönetimi, Pusula Portföy Yönetimi, and Atlas Portföy Yönetimi companies. Priority in interim payments will be given to funds with the phrase "money market" in their titles, and the liquidation decision date for these funds has been determined as September 17, 2026.
The interim payment amount to be made to fund share owners cannot exceed the net investment amount calculated by the Central Registry Agency (CRA) and 1 million lira. While payments will be made without taking back the participation shares of investors, participation share refunds will be made during the final liquidation payments. Furthermore, individuals and institutions determined to have committed market-disruptive actions, insider trading, and market fraud crimes specified in articles 104, 106, and 107 of the CMB Law will not benefit from the liquidation payments.
Sources
- bigpara.hurriyet.com.tr · Link