Türkiye’s Capital Markets Board (SPK) said on Thursday that fund transactions which have already been settled will not be affected by new legislation on investment funds in liquidation, while the government reported that payouts to investors have reached 49.7 billion lira.
The SPK, the country’s securities regulator, issued a press statement to address concerns raised by a bill now being debated in parliament. The bill sets out how the remaining funds caught up in the crisis will be wound down. Financial news site Bigpara reported the statement shortly before 16:00.
What the SPK clarified
According to the regulator, transactions that have been completed will stand. Orders that had not yet settled, however, will be treated within the liquidation on equal terms with other holders of fund units.
The SPK stressed that giving a sell order is not the same as completing a trade. Settlement happens only when the money reaches the investor’s account and the fund units are removed from the record. It added that not every sell order placed on TEFAS, the electronic platform through which Turkish investors buy and redeem fund units, automatically counts as a settled transaction, because units are bought from and returned to the fund’s founder.
The statement also addressed investors whose units carry a blocking record (known as PBLK). The SPK said these people are among roughly 455,000 fund unit holders and do not form a separate group. The aim of the legislation, it said, is to clarify the legal status of holders in funds being liquidated.
Payouts so far
Earlier on Thursday, the government’s Fund Coordination Board held its seventh meeting under Vice President Cevdet Yılmaz, with senior officials from the justice and treasury ministries, Habertürk reported. According to the Communications Directorate’s summary, the number of funds in liquidation has fallen from 131 to 47 since the process began, and in-kind and cash payments have reached 49.7 billion lira across 55,755 accounts.
Of the 31 funds founded by Hedef Portföy Yönetim, 18 had completed liquidation by 21 October, paying 8.9 billion lira to 10,008 accounts; the remaining 13 are expected to follow quickly. Once parliament passes the bill, interim payments for the other funds will move ahead. The board said the justice ministry, the deposit insurance fund TMSF and the financial crimes unit MASAK are working to recover what it called excessive and unfair gains.
The figures update the 40.8 billion lira reported earlier this month and follow Treasury and Finance Minister Mehmet Şimşek’s plan for refunds and interim payouts. The crisis has also weighed on the stock market, as seen in Borsa Istanbul’s recent weekly fall.
Foreign residents who hold Turkish funds through local banks should check with their bank or the fund’s founder whether any pending orders settled before liquidation began. For broader context on managing money in the country, see our cost of living in Turkey 2026 guide.
Sources
- SPK’den fon yatırımcılarını ilgilendiren açıklama: Tamamlanan işlemler etkilenmeyecek (Bigpara)
- Fon Kurulu 7. toplantısını yaptı (Habertürk)
Photo: PiggyBank / Unsplash License, via Unsplash
