Türkiye’s Capital Markets Board (SPK) has published the procedures for paying investors in the funds being wound up under the new fund liquidation law, confirming that money market funds will be paid first and that interim payments will be capped at 1 million lira per investor in each fund.
The document, posted on the SPK website on Tuesday, covers funds set up by three portfolio management companies: Tera Portföy, Pusula Portföy and Atlas Portföy. SPK ordered their liquidation in decisions dated 17 September 2026. Under the procedures, Ziraat Bankası will handle the liquidation of the Pusula and Atlas funds and Türkiye İş Bankası the Tera funds, Bloomberg HT, Ekonomim and Diken reported.
The rules put into practice Law No. 7596, which is now in force. SPK said it is coordinating the process with the deposit insurance fund TMSF, Borsa İstanbul, the Central Registry Agency (MKK), Takasbank, the banking regulator BDDK and the two banks.
Who gets paid first
Interim payments will start with funds whose names include "money market" (para piyasası). Other funds follow in order of how well their cash covers what they owe: the fund with the highest ratio of distributable cash to total interim payment obligations is paid first. Where funds have the same or similar ratios, the one in which more investors can be paid in full goes first, with the banks setting the order.
If a fund has enough cash to repay every investor in full, valued at the unit price on the business day before the liquidation decision, investors will receive a final payment straight away instead of an interim one.
The 1 million lira cap
Each investor’s interim payment from a fund will be the lower of two amounts: the net investment calculated by MKK without inflation indexation, or 1 million lira. For money market funds, the amount is based on the position at the close before 17 September 2026; for other funds, on the close before the payment calculation date.
Where a fund’s cash is not enough, payments may run from the smallest to the largest amount owed. Alternatively, the banks may analyse liquid assets to pay as many investors as possible, and SPK may approve a minimum interim payment for all holders.
Money transferred to a general share return account will go first to money market funds with the lowest coverage ratio and the most investors whose net investment is below 1 million lira, again with the aim of paying the largest number of people.
Exclusions
People and companies that SPK finds acted together with the funds, or took part in running them, will receive nothing from the liquidation and recovery account. MKK will notify the liquidation bodies of who they are.
The document does not give a start date for payments, the number of investors or the amounts involved. For background, see our earlier reports on Şimşek’s comments on the fund crisis and payments already made to investors, and our cost of living in Turkey guide for wider context on household finances.
Sources
- SPK tasfiye edilecek fonlarının tasfiye ve ödeme esaslarını belirledi (Bloomberg HT)
- SPK, fonlarının tasfiye ve ödeme esaslarını belirledi (Ekonomim)
- SPK fonların tasfiyesinde esasları duyurdu (Diken)
Photo: Derrick Brutel / CC BY-SA 2.0, via Wikimedia Commons
