Payment Calculation Method for Fund Victims Re-regulated in Turkish Parliament Commission
With amendments accepted in the parliamentary commission, the average of CPI and D-PPI will be the basis for refund amounts of unlawful gains and investor payments.
As deliberations on the fund bill were completed in the Planning and Budget Commission of the Grand National Assembly of Turkey (TBMM), the calculation method to be applied for the refund of unlawful gains was re-regulated based on the average of the Consumer Price Index (CPI) and Domestic Producer Price Index (D-PPI) upon AK Party's motions.
Amendments Accepted in the Commission
While deliberations on the entirety of the fund bill were completed in the TBMM Planning and Budget Commission, changes were made to two articles of the bill through motions submitted by the AK Party. These regulations introduced new provisions regarding the identification of investors who will get their money back and the refund amounts of unlawful gains.
Payments and Beneficiaries Being Clarified
According to the first amendment accepted in the commission, the records of the Central Registry Agency (MKK), Takasbank, and other relevant institutions will be compared to clarify the individuals who will receive their money back and the amounts to be paid to these individuals.
New Method in Refund Calculation
The calculation of the amounts to be refunded by those who obtained extraordinary gains through market-disrupting actions, insider trading, and fraud within the scope of the Capital Markets Law has been changed. Instead of the liquidation fund payment precedent amount in the initial version of the bill, the new regulation will be based on the average of CPI and D-PPI change rates.
CMB Will Determine the Details
The details regarding how the calculation will be made will be determined by the Capital Markets Board (CMB). On the other hand, AK Party Samsun Deputy Ersan Aksu announced that preparations for a new amendment to the Capital Markets Law are underway.
Legal Efforts Continue
Stating that the CMB and related institutions are carrying out legal work, Aksu said that the regulation will come to the agenda after the New Year, following the budget negotiations. Deputy Minister of Treasury and Finance İsmail İlhan Hatipoğlu also stated that there is a need for extraordinary liquidation processes.
International Information Requests
Deputy Minister of Treasury and Finance İsmail İlhan Hatipoğlu reported that MASAK has made a total of 48 separate requests from 29 different countries, requesting asset information regarding 278 real and legal entities. The fund bill was adopted in the commission.