Capital Markets Board of Türkiye sets fund liquidation rules with TRY 1 million interim payment cap

The Capital Markets Board of Türkiye has established liquidation and payment rules under a newly effective law, covering funds established by Tera, Pusula and Atlas portfolio management companies that were ordered into liquidation on Sept. 17, 2026. Interim payments will prioritize money market funds and cannot exceed TRY 1 million per investor per fund or the investor’s net investment calculated without indexation. Ziraat Bank will conduct the liquidation of the Pusula and Atlas funds, while Türkiye İş Bankası will handle Tera’s funds. Where available cash cannot meet interim payment obligations, payment sequencing or a minimum interim payment amount may be used, subject to board approval, to reach the largest possible number of investors. Allocations from general share refund accounts will prioritize money market funds with the lowest coverage of interim payment obligations and the largest number of investors whose net investment is below TRY 1 million. Any remaining resources will be allocated to other funds using the same principles. A final payment will replace an interim payment where realized cash covers the amount calculated using the unit price at the end of the day before the liquidation decision and the eligible unit holdings. Investors will retain their units during interim payments and surrender them at final settlement. Persons and entities identified by the board as having committed, or acted jointly in, specified capital markets violations involving the affected funds are excluded from payments from the liquidation and recovery account.