Sources and method

How is it prepared?

• Official sources first: Capital Markets Board (SPK) bulletins and press releases, the text of the law in force and the records of the Turkish Grand National Assembly are taken as the basis.
• Secondary sources are clearly identified: Press reports and academic writing are used only for information for which no official text exists, and are marked “reported by”.
• Bills are distinguished from laws: Provisions that have not become law are labelled as “bill” and are not described as if they were rules in force.
• Unverified information is not published: If a piece of information cannot be verified, this is stated clearly.
• Date: The date of the last update appears at the top of each page.

Source list

1. SPK Bulletin 2026/6017 September 2026. Decisions No. 57/1706 and 57/1707 of the Board's decision-making body: suspension of trading on TEFAS in the funds of 7 portfolio management companies and liquidation of the listed funds.
2. 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).
3. SPK Bulletin 2026/6628 September 2026. Criminal complaints, trading bans and licence revocations on account of transactions in TRHOL shares.
4. 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).
5. SPK Press Release, 18 September 2026The preparatory process for the amendment to the Guide on Investment Funds: steps taken from December 2025 to August 2026.
6. 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.
7. SPK Announcement, 1 October 2026Voluntary Return Accounts and the General Share Return Account; list of the codes and names of the 131 funds.
8. SPK Announcement, 1 October 2026Interim payment announcement for the funds in liquidation (Tera, Pusula, Atlas, Hedef).
9. SPK Announcement, 1 October 2026The liquidation process for the funds founded by A1 Capital, Bulls and Pardus.
10. SPK Press Statement, 6 October 2026Response to allegations concerning Borsa İstanbul warnings; numbers of administrative fines and criminal complaints for 2025-2026.
11. Capital Markets Law No. 6362 (SPKn)The text of the law in force. The relevant articles are indicated separately on each page.
12. 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.
13. Ekonomim, 14 October 2026"Fon teklifi komisyondan geçti: Yatırımcıya ödeme nasıl yapılacak?" (Fund bill passes committee: how will investors be paid?). A summary of the text adopted by the committee.
14. Lexpera Blog, 9 October 2026Prof. Dr. T. S. Küçük and Assoc. Prof. Dr. M. Duygun, "Fon Krizi Nedeniyle İdarenin Mali Sorumluluğu" (The Financial Liability of the Administration Arising from the Fund Crisis).
15. Mahfi Eğilmez, Oksijen, 13 October 2026Summary of the article "Fon Krizi: Borsadan Ekonomiye Uzanan Etkiler" (The Fund Crisis: Effects Reaching from the Stock Exchange to the Economy). It reports the investor count in the SPK's statement of 23 September 2026 and Reuters' calculation of the size of the funds.
16. MKK e-YATIRIMCIThe official portal where you can view the units and movements registered in your own name.
17. Public Disclosure Platform (KAP)Official announcements of the funds and of the liquidation process.
18. 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.
19. 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.
20. 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.
21. 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.
22. Code of Civil Procedure No. 6100 (HMK)art. 113: The group action that associations and other legal persons may bring to protect the common interests of their members.
23. Criminal Procedure Code No. 5271 (CMK)art. 158: reporting an offence and complaint. art. 234: the rights of the person harmed by the offence during the investigation stage. art. 237: joining the public prosecution as an intervening party.
24. Court of Cassation, 11th Civil Chamber, E.2016/1348, K.2016/9772, 22 December 2016A bank had misrepresented a risky fund to an investor. The court of first instance found the bank 70% and the investor 30% at fault. The Court of Cassation upheld the finding of inadequate disclosure, but reversed the judgment because it had not been examined whether the investor had previously made gains from the same fund.
25. Kutlu Gürsel, Meltem, "Sermaye Piyasası Kurulu'nun Denetimi" (Review of the Capital Markets Board)Conference paper, pp. 493-554. It reports the decisions of the 10th Chamber of the Council of State on service fault actions against the SPK (pp. 520-522). The official texts of the decisions are being separately verified.
26. Court of Cassation, 11th Civil Chamber, 22 December 2016, E.2016/1348, K.2016/9772The bank's liability for inadequate disclosure in the sale of a hedge fund; the need to examine the investor's previous transactions.
27. SPK Press Release, 21 September 2026: Time Limit Arrangement for the Funds Subject to LiquidationBy Decision No. 59/1710 of 20 September 2026 of the Board's decision-making body, only the 3-month period in paragraph (A/8) of the liquidation procedures and principles announced in Bulletin 2026/61 was changed to 6 months; the other provisions of the paragraph remain in force unchanged. The Board stated that six months does not mean the liquidation will necessarily take that long. (Text checked against the primary source, 16 October 2026.)
28. 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.
29. Consumer Arbitration Committees monetary threshold (2026)By communiqué of the Ministry of Trade, the threshold for mandatory application to the consumer arbitration committees for 2026 was set at TRY 186,000 (Official Gazette 23 December 2025, No. 33116; revaluation rate 25.49%). The amount is reset every year; check the current threshold before applying.