CMB Caps Interim Distributions in Tera-Pusula-Atlas Funds at 1 Million TL

The Capital Markets Board (CMB), in its bulletin dated October 27, 2026, numbered 2026/76, announced the interim distribution principles for investment funds established by Tera, Pusula, and Atlas portfolio management companies that were brought into liquidation through decisions on September 17, 2026. Interim distributions to investors will not exceed 1 million TL per investor.

According to the liquidation assignment, T.C. Ziraat Bank AŞ will liquidate Pusula and Atlas Portfolio funds, while Türkiye İş Bankası AŞ will liquidate Tera Portfolio funds. The process will be conducted under CMB coordination.

The payment amount cannot exceed the non-indexed net investment amount calculated by the Central Securities Depository (MKK). If the fund's distributable cash is insufficient to cover all liabilities, the payment order will be determined by a prioritization method. Priority is given to funds that include the term 'money market' in their name. For funds other than money market funds, priority will be given to the fund with the highest ratio of distributable cash to total interim distribution obligations.

For money market funds, September 17, 2026 will be used as the calculation date; for other funds, the close of business on the day before the date on which the interim distribution amount was calculated will be considered. If a fund's distributable cash covers all shareholders' claims, final distribution will be made instead of interim distribution.