Business · Companies · 14 hrs ago
Turkey’s securities regulator clarifies fund sales during liquidation
Turkey’s Capital Markets Board clarified rules for fund sales in liquidation as lawmakers consider a bill on investment funds.
The dispute concerns sales submitted through TEFAS, Turkey’s electronic platform for buying and selling fund shares.
A submitted sale order does not mean settlement is complete; settlement is complete only when money reaches the investor’s account and the fund-share ownership record is removed.
The rules distinguish between completed trades and orders that are still awaiting those steps, including orders involving investors whose shares are under a payment-block record.
Completed settlements cannot be reversed, the regulator said, and the proposed change would not affect them.
Unsettled orders will be handled in liquidation, with proceeds considered on equal terms alongside other fund shareholders.
The regulator said this approach is intended to support fair distribution of fund assets and clarify investors’ legal rights; the bill is being considered by Turkey’s parliament.
Turkey’s Capital Markets Board said completed fund-sale settlements cannot be reversed, while sales still awaiting settlement can be included in liquidation.
The regulator said a sale instruction on the TEFAS platform does not by itself mean settlement has begun or been completed.
Settlement is complete when cash is transferred to the investor’s account and the record of fund-unit ownership is removed.
The board said including unsettled instructions in liquidation would support fair distribution of fund assets among investors.
It said investors with share-blocking records are among the 455,758 fund-unit holders and do not form a separate investor group.
- Who
- Turkey’s Capital Markets Board (SPK).
- What
- It clarified that completed settlements are unaffected, while unsettled fund-sale instructions can be handled as part of liquidation.
- When
- October 22, 2026.
- Where
- Turkey; the statement concerns transactions through the TEFAS platform.
- Why
- The board said the clarification would clarify fund investors’ legal status and rights during liquidation and support fair distribution of assets.
This story does not have two clearly opposing sides.
A proposed regulation concerning funds ordered into liquidation prompted debate over settlement finality and share blocking.
The Capital Markets Board issued a statement clarifying how completed and unsettled sale instructions would be treated.
- Regulator
- Turkey’s Capital Markets Board (SPK)
- Platform
- TEFAS
- Share-blocking investors
- Included among 455,758 fund-unit holders
- Settlement completion
- Cash reaches the investor’s account and the fund-unit ownership record is removed
- Scope of regulation
- Instructions whose settlement is not yet complete
3 sources
What people are saying
Every sale instruction is not a completed settlement transaction.
The submission of an instruction or the presence of a record in the system alone does not show that settlement has begun.
The regulation in the Bill does not affect completed transactions.