Turkey passes law to liquidate troubled investment funds

investment funds liquidation law Capital Markets Board TEFAS Turkish Parliament

The Turkish Parliament has passed a law to manage the liquidation of investment funds following a major market scandal. The legislation specifically targets funds ordered for liquidation by the Capital Markets Board (SPK) on September 17, 2026, and those whose liquidation remains incomplete.

The law aims to facilitate the fair and transparent liquidation of these funds, recover assets unlawfully removed from fund holdings, and collect damages from responsible parties. The SPK will supervise the process, including asset identification, conversion to cash, and determining shareholder rights.

Under the new rules, investors with net investments below 1 million TL may receive interim payments up to their full net investment amount. Those with 1 million TL or more are capped at a maximum interim payment of 1 million TL.

A controversial amendment included in the bill expands the scope to include investors whose redemption orders on the Electronic Fund Trading Platform (TEFAS) were not completed due to fund defaults or missing unit prices. This move has faced criticism from opposition parties, who argue it may weaken the rights of hundreds of thousands of investors by treating them as shareholders in the liquidation process rather than creditors with specific sale orders.

Entities

Capital Markets Board · Cevdet Yılmaz · Financial Crimes Investigation Board · Grand National Assembly of Turkey · Hedef Portföy Yönetim Şirketi · Hedef Portföy Yönetim Şirketi A. Ş. · Ministry of Justice · Savings Deposit Insurance Fund · TEFAS · Turkey · Turkish Grand National Assembly · Turkish Parliament

Claims

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

[○ 1 SOURCE] The bill includes provisions to recover losses from those responsible for fund mismanagement. rayhaber.com
[○ 1 SOURCE] Necati Yusufoğlu argued that fund irregularities impact the purchasing power of citizens and the economy.
[● 8 SOURCES] The Capital Markets Board (SPK) will oversee the fund liquidation process. rayhaber.com · bazaartimes.com · www.cnbce.com · www.kamuajans.com · www.cumhuriyet.com.tr · +3 more
[● 2 SOURCES] The Turkish Parliament approved the first five articles of the investment fund liquidation bill. www.wanhaber.com · rayhaber.com
[● 3 SOURCES] An AK Party amendment expanded the scope of the liquidation to include blocked transactions. www.wanhaber.com · bazaartimes.com · www.yenisafak.com
[● 4 SOURCES] The SPK can authorize the sale of fund assets outside of the stock exchange if necessary. rayhaber.com · www.kamuajans.com · www.cumhuriyet.com.tr · www.gzt.com
[○ 1 SOURCE] Gökhan Günaydın claims the amendment affects approximately 250,000 victims whose instructions were not processed. www.wanhaber.com
[○ 1 SOURCE] The regulation covers funds decided for liquidation on September 17, 2026. rayhaber.com
[● 5 SOURCES] 8.9 billion TL was paid to 10,008 accounts regarding the Hedef Portföy funds. www.sabah.com.tr · www.takvim.com.tr · www.tgrthaber.com
[● 7 SOURCES] A total of 49.7 billion TL in in-kind and cash payments has been made to 55,755 accounts since the start of the process. www.sabah.com.tr · www.takvim.com.tr · www.tgrthaber.com · anlatilaninotesi.com.tr · artigercek.com
[● 12 SOURCES] A law proposal to ensure fair and transparent fund liquidation is being discussed in the TBMM. www.sabah.com.tr · www.cnbce.com · www.kamuajans.com · www.tv5.com.tr · rayhaber.com · +6 more
[● 6 SOURCES] 18 out of 31 Hedef Portföy Yönetim Şirketi A. Ş. funds completed liquidation as of October 21, 2026. www.sabah.com.tr · www.takvim.com.tr · www.tgrthaber.com · artigercek.com