CMB to make interim payments to investors in liquidated funds, capped at 1 million TL per fund

The Capital Markets Board (CMB), through decisions dated September 17, 2026, has placed into liquidation the founder investment funds of Tera Portfolio Management Inc., Pusula Portfolio Management Inc., and Atlas Portfolio Management Inc. The regulation governing the procedures and principles for interim payments to fund unitholders has been published in the Official Gazette and has entered into force.

According to the regulation, the interim payment amount to be made to fund unitholders on a per-fund basis shall not exceed the net investment amount calculated by the Central Registry Agency (CRA) or 1 million lira.

Ziraat Bank will conduct the liquidation of funds founded by Pusula and Atlas Portfolio, while Turkey's İş Bank will conduct the liquidation of funds founded by Tera Portfolio. The process will be carried out under CMB oversight; the principles concerning the conversion of fund assets into cash, valuation, identification of investors, and payment procedures will be determined by the CMB.

Interim payments to investors will be made within the framework of CMB decisions dated September 30, 2026 and October 15, 2026. In cases where the fund's distributable cash is sufficient to meet all interim payment obligations, final payments will be made to investors instead of interim payments. Should the distributable cash be insufficient, the payment order will be determined taking into account the net investment amounts calculated by the CRA and the 1 million lira ceiling.

The regulation also addresses instructions submitted to TEFAS (Turkey Electronic Fund Trading Platform) on or before September 17, 2026 that could not be executed due to fund default or failure to announce the participation share price; under these provisions, investors whose participation shares were blocked will be recognized as fund unitholders and will benefit from liquidation provisions.

The regulation also stipulates that individuals and institutions determined by the CMB to have engaged in market manipulation, insider trading, or market fraud shall not receive payments from liquidation and recovery accounts.