[REVISION HISTORY]

Turkey fund liquidation: Legislative and legal developments

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2026-10-28 11:21 UTC → 2026-10-29 21:58 UTC · added ~~removed~~

The Turkish investment fund crisis has entered an active recovery and legal enforcement phase. Following the mid-September 2026 market volatility, the Fund Coordination Board has advanced liquidation processes. Ziraat Bank has completed the liquidation of 66 investment funds managed by A1, Bulls, and Pardus, distributing approximately 40.8 billion TL to more than 45,000 individuals. This reduces the total number of funds undergoing liquidation from 131 to 65. ~~Funds established by Hedef Portfolio Management will follow these same liquidation rules.~~ On October 14, the TBMM Plan and Budget Commission accepted a legislative proposal regarding the liquidation of certain investment ~~funds, which~~ funds. This process is ~~expected to move~~ supported by Law No. 7596, which entered into force on October 27, 2026, to ~~the General Assembly for discussion.~~ ensure fair, transparent, and legally secure liquidation and payments. The regulation aims to provide legal security for payments and establish procedures for recovering assets lost through unlawful means. Under the proposal, interim payments are capped at the full investment amount for those with net investments under 1 million TL, while those with 1 million TL or more are capped at a 1 million TL interim payment. The Capital Markets Board (SPK) will oversee the process, and the Savings Deposit Insurance Fund (TMSF) may be appointed as a ~~trustee with powers to liquidate assets. Individuals identified as engaging in market fraud or information abuse will be barred from receiving payments.~~ trustee. Liquidation efforts have accelerated. Following the eighth meeting of the Fund Coordination Board, chaired by Vice President Cevdet Yılmaz, the number of funds undergoing liquidation has dropped from 131 to 38. Total distributions have reached 68 billion TL across 71,899 accounts. Regarding Hedef Portföy Yönetim Şirketi A. Ş., the liquidation of 27 of ~~its~~ 31 funds was largely completed by October 23, 2026, distributing 27.2 billion TL to 26,152 accounts. Interim payments for extraordinary liquidation funds are scheduled to begin on October ~~30 under Law No. 7596.~~ 30. Meanwhile, the Financial Crimes Investigation Board (MASAK) continues international investigations into suspected manipulators and beneficiaries.

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