The most common cause of losing a right is missing a deadline. The dates below are conservative calculations made on the assumption that the period started on 17 September 2026. The starting point may be different for you; do not leave it to the last day.
In brief
- The nearest date is 16 November 2026: the deadline for bringing an annulment action against the decisions of the Capital Markets Board (SPK) dated 17 September. 1
- For damages based on public disclosure documents, the time limit is only 6 months; the conservative last day is 17 March 2027. 2
- For damages against the SPK, a prior application to the administration is required; the conservative last day is 17 September 2027. 1
- In the list below, past dates appear faded; the next date is highlighted.
Conservative calendar
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Annulment action against the SPK’s decisions of 17 Sept 2026
The period is 60 days and, for published regulatory acts, starts on the day following publication. Counting from 17 Sept is the most conservative calculation. The claimant must show that the decision affects their interests; the court assesses this. 1 3
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Annulment action against the SPK decisions of 28 and 30 Sept 2026
The 60-day period for the announcement of 28 Sept and the decisions of 30 Sept on the liquidation order and interim payments. For the 30 Sept decision, the statutory last day may be 30 Nov with the extension for public holidays; the conservative target for both is 27 Nov. 4 5
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Damages based on the prospectus and public disclosure documents
The period is 6 months from the date on which the loss occurred. If the date of loss is taken as 17 Sept 2026, this is the last day. The application for mediation, which is a precondition to filing suit in commercial actions, must also be made before this date. 2 6
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Prior application to the SPK for a full remedy action
A written application is made to the SPK within 1 year of learning of the loss. If the SPK rejects it or does not reply within 30 days, a full remedy action is brought before the administrative court within 60 days. As the date of knowledge is disputed, counting from 17 Sept 2026 is the conservative approach. 1
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Damages based on tort
2 years from learning of the loss and the liable party, and in any event 10 years from the act. This date falls on a Sunday; do not rely on the period being extended to a working day, and act by Friday, 15 Sept 2028 at the latest. If you learned who the liable party was only later, the period runs from that date; but you must prove this. If the act is also a criminal offence, the criminal limitation period may apply. 7
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Contractual claims (conservative calculation)
If your relationship with the portfolio management company and the distributor is based on a contract, whether the applicable period is 5 or 10 years is debatable. The conservative figure is 5 years. 7 The same date is the 5-year outer limit, running from the act, for the prior application to the SPK. 1
Treat these dates not as the last day but as the latest date. Preparing a case, obtaining a power of attorney, gathering documents and mediation can take weeks. If you are working with a lawyer, recalculate the dates together on the basis of your own file.
Conditional time limits
The periods below have not yet started. They begin to run if a particular decision or event occurs.
| If this happens | How much time | Legal basis |
|---|---|---|
| If the SPK takes a new decision (for example on the payment method, a new interim payment or the liquidation order) | Annulment action within 60 days of publication of that decision | 1 |
| If the Bill is enacted and the SPK takes implementing decisions | A separate 60 days for each implementing decision. The law itself cannot be challenged in court; unconstitutionality may be raised in an action brought against the implementing decision. | 8 9 |
| If the SPK rejects your prior application or does not reply within 30 days | Full remedy action within 60 days of notification of the rejection or of the expiry of the 30 days | 1 |
| If the SPK takes a compensation decision concerning a brokerage firm or bank where your account is held | Application to the Investor Compensation Center (YTM) within 1 year of publication of the decision. The fund’s loss of value is not within this scope. | 2 |
How are time limits calculated?
- Start: For periods set in days, the first day is not counted; the period expires at the end of the working day on the last day.
- Holidays: If the last day falls on a public holiday, the period is extended to the first working day after the holiday. The afternoon of 28 October and 29 October do not coincide with any date on this list.
- Date of knowledge: Some periods start on the date of “learning of the loss”. Since the amount of the loss is not definite until the liquidation is complete, this date is disputed. As the other side may argue for an early date, the calculations on this page are based on the earliest reasonable date, namely 17 September 2026.
- Mediation: In commercial actions for damages and in actions to be heard before the consumer court (except those within the scope of the consumer arbitration committee), applying to a mediator first is mandatory. 10 Check with your lawyer how the application affects the time limits, and do not leave the application to the last day. 6
- Criminal proceedings: Filing a complaint with or providing information to the prosecutor’s office does not by itself suspend the time limits for damages. Details are on the Criminal proceedings page.
This page is for general information and is not a legal opinion. Which route and which time limit apply to you depends on your specific documents. For details of the routes, see the Litigation routes page.
Sources
- Administrative Procedure Act No. 2577 (İYUK)art. 7: time limit for filing suit (60 days in the administrative court). art. 11: optional application to the authority that took the decision before filing suit; it stops the time limit for suit, and 30 days without a response is deemed a rejection (reduced from 60 to 30 days in 2021 by Law No. 7331). art. 12: for loss arising from an administrative decision, a full remedy action either directly or together with an annulment action. art. 13: for loss arising from an administrative action, the requirement to apply to the administration first (within 1 year of learning of it and in any event within 5 years; 30 days without a response is deemed a rejection). art. 15/1-e: in an action filed without the prior application, the petition is sent to the administration.
- Capital Markets Law No. 6362 (SPKn)The text of the law in force. The relevant articles are indicated separately on each page.
- 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).
- 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 2026/6730 September 2026. Decision No. 64/1770 (order of liquidation for the A1 Capital, Bulls and Pardus funds) and Decision No. 64/1775 (interim payment for the Tera, Pusula, Atlas and Hedef funds).
- Turkish Commercial Code No. 6102 (TTK)art. 5/A: In commercial actions for receivables and damages whose subject is the payment of a sum of money, having applied to a mediator is a precondition to filing suit.
- Turkish Code of Obligations No. 6098 (TBK)art. 49: liability in tort. art. 72: limitation period in tort (2 years from learning of it, and in any event 10 years). art. 147: 5-year limitation period. arts. 502-514: the mandate contract.
- Bill No. 2/3939“Tasfiyesine Karar Verilen Bazı Yatırım Fonları Hakkında Kanun Teklifi” (Bill on Certain Investment Funds Placed in Liquidation). Submitted to the Turkish Grand National Assembly on 9 October 2026 and adopted by the Planning and Budget Committee on 14 October 2026. Not yet enacted.
- Constitution of the Republic of Türkiyeart. 125: The administration is obliged to pay for the loss arising from its own actions and decisions. art. 152: The courts’ route for referral to the Constitutional Court.
- Consumer Protection Law No. 6502 (TKHK)art. 3: definitions of consumer and consumer transaction. art. 49: every kind of banking service, including investment services, is a financial service. art. 68: mandatory application to the consumer arbitration committee in disputes below the monetary threshold. art. 73: the court with subject-matter jurisdiction in consumer transactions is the consumer court; exemption from court fees. art. 73/A: mediation as a precondition to filing suit in the consumer courts.
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