SPK: Interim payments to commence for investment funds under liquidation; ceiling set at 1 million TL

The procedures and principles for interim payments to investors in the fund liquidation process to be carried out under the coordination of the Capital Markets Board (SPK) have been determined.

Interim payments to investment funds belonging to Tera Portfolio Management Inc., Pusula Portfolio Management Inc., and Atlas Portfolio Management Inc.—which were placed under liquidation by SPK decisions dated September 17, 2026—will commence prioritizing funds that contain the term "money market" in their names.

The interim payment amount shall not exceed the net investment amount calculated by the Central Registry Agency (MKK) without indexation and/or 1 million TL. Should the fund's distributable cash be insufficient to cover all obligations, the SPK may approve alternative distribution methods to ensure payment reaches more investors; in this context, a minimum interim payment amount may be determined or a payment order may be established.

The liquidation of Pusula and Atlas funds will be conducted by T.C. Ziraat Bank Inc., while the liquidation of Tera funds will be conducted by Turkey İş Bank Inc.

Interim payments will be made without the return of investors' participation shares. If the distributable cash obtained from the fund's converted assets is sufficient to cover the total amount calculated at the fund unit share price at the end of the day preceding the liquidation decision, final payment will be made directly in place of interim payments.

For money market funds, the calculation date shall be based on the end of the day prior to September 17, 2026, when the liquidation decision was taken, while for other funds the end of the day prior to the date on which the interim payment amount was calculated shall apply.