Turkish Vice President Yilmaz: Exceptional Liquidation Legislation for Funds Before Parliament

Turkish Vice President Cevdet Yilmaz stated that administrative and judicial measures are proceeding in close coordination to address the crisis affecting investment funds in financial markets, noting that legislation related to the exceptional liquidation process is currently on parliament's agenda.

Yilmaz wrote through his social media account that "financial markets are of paramount importance in the development trajectory" and pointed out that administrative and judicial measures related to problems in a specific segment of the fund market are being implemented firmly and in coordination, adding that routine liquidations are proceeding quickly and that "the legislation on exceptional liquidation is on parliament's agenda." He further noted that intensive and multifaceted efforts are being made to return illicit and exorbitant profits to the system and distribute them to investors.

Yilmaz warned against conflating distressed funds with the rest of the market, pointing out that he had criticized this same characterization approximately ten months ago. He stressed that portraying measures taken against questionable funds as actions affecting the entire market harms investors and the financial system as a whole, emphasizing that the fund coordination board that he chairs continues its work, and that more than 90% of funds operate properly within the existing regulatory framework.