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 17 September 2026, has placed into liquidation the founder investment funds of Tera Portfolio Management Inc., Pusula Portfolio Management Inc., and Atlas Portfolio Management Inc. A regulation governing the procedures and principles for interim payments to fund shareholders 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 unit holders on a per-fund basis shall not exceed the net investment value calculated by the Central Registry Agency (CRA) or 1 million lire.

Ziraat Bank will conduct the liquidation of the funds founded by Pusula and Atlas Portfolio, while Türkiye İş Bank will conduct the liquidation of the funds founded by Tera Portfolio. The process will be carried out under CMB supervision; the principles regarding 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 30 September 2026 and 15 October 2026. Where the fund's distributable cash is sufficient to cover all interim payment obligations, final payments rather than interim payments will be made to investors. Should distributable cash prove insufficient, the payment order will be determined taking into account the net investment values calculated by the CRA and the 1 million lire ceiling.

The regulation also addresses instructions submitted to TEFAS (Turkey Electronic Fund Trading Platform) on or before 17 September 2026 that could not be executed due to fund default or failure to announce the unit price; in this context, investors whose unit holdings are blocked will be recognized as fund unit holders and will benefit from liquidation provisions.

The law also provides that persons and institutions identified by the CMB as having committed market manipulation, insider trading, or market fraud shall not receive payments from liquidation and recovery accounts.