Law No. 7596: Interim Payments, Recovery and Liability for Certain Investment Funds Ordered Into Liquidation

Law No. 7596 on Certain Investment Funds Ordered Into Liquidation, published in Official Gazette No. 33413 of 27 October 2026, creates a new liquidation and recovery framework for the funds ordered into liquidation by the Capital Markets Board (CMB/SPK) in its decisions of 17 September 2026. It entered into force on publication, effective from 17 September 2026 (Art. 8). This article summarises the main lines of the law; it is general information, does not replace an assessment of your situation and promises no payment or result. For remedies, see our fund liquidation guide. For current information on the liquidation and payments, always follow official announcements of the CMB, the Central Securities Depository (MKK) and the institutions carrying out the liquidation.

1. Scope

The law covers those funds ordered into liquidation by CMB decisions of 17 September 2026 whose liquidation had not been completed at publication. Its purposes are fair, transparent and effective liquidation, recovery of values unlawfully removed from fund assets, collection of fund losses from those responsible, and payment of recovered values to fund unit holders (Art. 1/1). It does not create a general or permanent liquidation and liability regime for other investment funds (Art. 1/2).

According to the CMB press release of 27 October 2026, the scope is funds founded by Tera, Pusula and Atlas Portföy Yönetimi A.Ş. that were put into liquidation by the Board's decisions of 17 September 2026; the process is coordinated by the CMB, with T.C. Ziraat Bankası A.Ş. for the Pusula and Atlas funds and Türkiye İş Bankası A.Ş. for the Tera funds. Check CMB announcements to see whether you are within scope and which institution is relevant to your fund.

2. Determining unit holders

Unit-holder status is determined by the liquidation institutions fund by fund and account by account, reconciled with MKK records. Where instructions sent to TEFAS on or before 17.09.2026 could not be carried out because of the fund's default or non-publication of unit price, those whose units were blocked are also subject to the liquidation provisions as unit holders (Art. 3/5).

3. Net investment amount

If distributable cash is not enough to cover the total calculated at the previous day's unit price, the net investment amount used for payments is calculated by MKK. It is calculated by indexing the actual cash inflows and outflows to the fund, up to the liquidation date, using the arithmetic average of CPI and domestic PPI change on a day-weighted basis, and deducting outflows on a first-in first-out basis (Art. 4/1). This method may make the payment amount differ from the balance shown in the investor's fund account.

4. Interim payments

• Interim payments may be made from the liquidation balance, to be set off against the unit holder's entitlement. For investors whose net investment amount is below TRY 1,000,000, in that amount; for those at or above it, up to TRY 1,000,000; an interim payment cannot exceed the net investment amount calculated without indexing (Art. 4/2).
• Except for money market funds, the interim payment cannot exceed the total value of fund units in the investor's account (Art. 4/2).
• If cash is insufficient, the CMB may decide to pay starting from the unit holder with the lowest net investment amount and/or set a minimum interim payment amount for all (Art. 4/3).
• No units are redeemed against interim payments; units are redeemed in the final liquidation payments (Art. 4/3). In the final payment, earlier payments are set off (Art. 4/5).
• According to the CMB's 27 October 2026 announcement, interim payments will start with funds that have "money market" in their name.

5. Persons who will not be paid

Where the acts in Articles 104, 106 or 107 of Capital Markets Law No. 6362 are committed by these funds or in concert with them, persons and institutions determined by the Board to have committed those acts or acted together with them are not paid from the funds' liquidation and recovery account (Art. 3/6).

6. Voluntary return

Persons who obtained payment by returning units before the liquidation date may voluntarily return to accounts announced by the Board the gains exceeding the indexed amount of their inflows. Those who profited from shares held in these funds' assets that the Board has dealt with under Arts. 104, 106 and 107 may likewise voluntarily return gains exceeding the indexed purchase cost to the general share return account (Art. 4/4).

7. Values removed from fund assets and liability

Values removed from fund assets, unlawfully or even formally lawfully but without a genuine economic purpose in the fund's interest, through gratuitous or sham transactions in favour of related parties, controlling shareholders, managers or third parties are treated as unlawfully removed values, and the fund is deemed to have suffered a loss (Art. 5/1). The portfolio management company that founded or managed the fund is primarily liable; if the amount cannot be collected from it, in whole or in part, or clearly cannot be, the natural and legal persons determined by the Board and those found to have acted with them are personally liable; having left their posts does not remove this liability (Art. 5/2).

The Board determines the loss amount and those responsible for each fund and notifies the Savings Deposit Insurance Fund (TMSF), which starts collection under Law No. 6183. The Istanbul administrative courts are competent for cases filed in this context (Art. 5/3-4).

8. Seizure, recovery account and payments

• In investigations into acts connected with these funds, seizure may be ordered under Criminal Procedure Code Art. 128; values that can legally be returned to the fund are returned to the fund or the recovery account (Art. 6/1).
• Amounts collected or returned are gathered in the recovery account held at TMSF, separate from TMSF's own assets and in separate sub-accounts for each fund. These sums may be used only for the fund's liquidation and payments to unit holders, cannot be pledged and cannot be seized even for public receivables (Art. 6/4-5).
• After liquidation is completed, sums accumulated in the recovery account are transferred to the Investor Compensation Centre (YTM) for payment to unit holders identified by the Board, in proportion to unit ownership. Payments below a minimum set by the Board, given payment-method costs, are tracked in the investor's name and added to later distributions (Art. 6/6).

9. How does this law affect investors' rights?

The law creates a public framework for liquidation and recovery, but it contains no provision abolishing individual lawsuits, complaints or applications. Petitions, criminal complaints, the consumer arbitration committee, mediation and lawsuits, and their time limits, continue to be assessed according to the case. See our guide and our article on where to apply in Yalova. Whether the law provides a new judicial route, time limit or payment right must be assessed in each case.

10. Contact

If you would like your documents assessed, you can create an appointment or reach us via the contact page. Legal consultation is a paid service by law, and the consultation fee must be paid before the appointment date; see our payment page.

This article is for general information only, contains no promise of results and is not legal advice. The law and CMB implementing decisions may change; check the current text in the Official Gazette and CMB announcements.