When your order was placed changes the outcome. The Capital Markets Board (SPK) announced the rules on this in the bulletin of 17 September and the release of 28 September 2026.
In brief
- All purchase and sell orders transmitted to TEFAS on 17 September were cancelled. In that case your units remain with you, and you receive payment in proportion to your units in the same way as the other unit holders. 1
- Orders placed on or before 16 September that were not executed because the fund failed to pay or failed to announce a price are also within the scope of the liquidation. 1
- Request the record and outcome of your order from your distributor (the bank or brokerage firm) in writing.
Which situation are you in?
| When the order was placed | Outcome according to the SPK |
|---|---|
| 16 Sept 2026 or earlier, executed in the ordinary way | The order was executed within the platform’s ordinary operation according to its value date. 1 |
| 16 Sept 2026 or earlier, not executed because of the fund’s default or failure to announce a price | The order is within the scope of the liquidation and is subject to provision A-6 of Bulletin No. 2026/61. 1 2 |
| 17 Sept 2026 (regardless of the time) | Because the funds were suspended from trading on TEFAS that day, the order was cancelled. The order holder is paid from the liquidation balance in proportion to their units in the fund. 1 |
| 17 Sept 2026 or later, through a channel other than TEFAS | From that date, purchase and redemption orders cannot be executed through channels outside TEFAS either. 2 |
What does provision A-6 say?
Under provision A-6 of Bulletin No. 2026/61, the amounts corresponding to redemption orders placed through TEFAS but not executed are recorded as a debt of the fund account. The bank pays these debts first, out of the cash it obtains by selling the assets. 2
The SPK’s statement of 28 September states that orders placed on or before 16 September but not executed are within the scope of the liquidation for the purposes of applying this provision. Orders cancelled on 17 September, on the other hand, are treated separately; it was announced that their holders will be paid in proportion to their units. 1
Which group you fall into is shown definitively by your distributor’s records. Whether an order will be paid with priority cannot be determined by looking only at the date on which it was placed.
Why does the 13:30 cut-off matter?
In funds, orders placed after a certain time are processed at the next day’s price. The SPK stated that orders placed after 13:30 on 16 September and before 13:30 on 17 September are subject to the same price value date. The 13:30 cut-off on 17 September had been announced in Bulletin No. 2026/61. However, because the funds were suspended from trading on TEFAS on 17 September, all orders placed that day were cancelled. 1 2
Because this practice produces different outcomes for orders subject to the same price value date, it is open to legal debate. We will assess the issue separately and update this page.
What should you request from your distributor?
Request the following information in writing from the bank or brokerage firm through which you placed the order. This information will be the basic evidence if an application or lawsuit becomes necessary later.
- The order number, and the date and time it was placed
- The date and time the order was transmitted to TEFAS, and its value date
- The reason the order was not executed or was cancelled
- A description of the transaction applied to your account for this order
For the other documents you need to prepare, see the document checklist.
Sources
- SPK Press Release, 28 September 2026Cancellation of the orders transmitted to TEFAS on 17 September 2026, and payment to the holders of those orders from the liquidation balance in proportion to their units.
- SPK Bulletin 2026/6117 September 2026. Decision No. 57/1708: the liquidation procedures and principles (paragraph A), suspension of transactions outside TEFAS (B), the current list of 131 funds (C).
Have a question?
These articles are general information. You can send questions about your own situation through the contact section or by e-mail.
Av. Dr. Mustafa Aykanat · Ankara Bar Association Reg. No 43042 · Yenimahalle, Ankara