Capital Markets Board of Turkey clarifies settlement certainty and share blocking

Capital Markets Board TEFAS settlement certainty share blocking liquidation process

The Capital Markets Board (SPK) has issued a clarification regarding settlement certainty and share blocking (PBLK) in response to public concerns surrounding a law proposal currently being discussed in the Grand National Assembly of Turkey.

The Board emphasized that the regulation under Article 79 of the Capital Markets Law—which stipulates that settlement instructions and payment transactions cannot be canceled or withdrawn even if a company ceases operations or enters liquidation—is intended to maintain market confidence by ensuring irrevocable settlement obligations. However, the SPK clarified that this does not mean every instruction issued via the TEFAS platform is considered a completed settlement.

According to the statement, a settlement is only considered complete once the cash is transferred to the investor's account and the fund participation share ownership record is removed. For investors with share blocking (PBLK) status, simply issuing a sale instruction or having a record in the system does not constitute the start of a settlement. Instructions that have not yet reached the completion stage will be subject to liquidation processes to ensure the fair distribution of fund assets among all participants.

Entities

Capital Markets Board · Grand National Assembly of Turkey · TEFAS · Turkey

Claims

What the coverage asserts, and how many sources carry each claim.

[● 3 SOURCES] A settlement is completed when cash is transferred to the investor's account and fund ownership records are removed. haber.doviz.com · www.ekoturk.com · finans.mynet.com
[● 3 SOURCES] Not every sale instruction on the TEFAS platform is automatically a completed settlement transaction. haber.doviz.com · www.ekoturk.com · finans.mynet.com
[● 2 SOURCES] There are 455,758 fund shareholders with share blocking (PBLK) records. www.ekoturk.com · finans.mynet.com
[● 3 SOURCES] Incomplete instructions will be included in the liquidation process to ensure fair distribution of fund assets. haber.doviz.com · www.ekoturk.com · finans.mynet.com
[● 3 SOURCES] The proposed law regulation does not affect completed transactions. haber.doviz.com · www.ekoturk.com · finans.mynet.com
[● 3 SOURCES] Article 79 of the Capital Markets Law prevents the cancellation of settlement and payment instructions even during liquidation. haber.doviz.com · www.ekoturk.com · finans.mynet.com