Norms for the Liquidation of Investor Funds and Asset RecoveryThe Turkish parliament has approved a law that establishes norms regarding the liquidation of investor funds and the recovery of illegally extracted assets. This approved norm applies to investor funds that have been liquidated by the Central Bank of Turkey's Market Finance Committee (CMB) on September 17th but have not been completed until the date of publication of the law. Under the legislation, the liquidation will be carried out by designated institutions under the CMB's supervision, with necessary expenses reimbursed after adequate deduction.

The received revenues will be added to the liquidation reserves after paying any possible expenses. Intermediary payments up to one million Turkish Lira ($20,150) are allowed for interested investors, subject to their investment amounts and other conditions. Investors with investment amounts below one million Turkish Lira can receive payments up to that limit, while those with more money can receive payments up to one million Turkish Lira.

The responsible parties found guilty by the CMB of abusive market practices, financial fraud, or market manipulation in connection with the funds involved will be prohibited from receiving payments from the liquidation reserves or recovery accounts of losses. The main responsible companies manage the principal funds for losses, with other participants exclusively responsible if the losses cannot be recovered from these companies. The Deposit Guarantee Fund (SDIF) will authorize its recovery of losses from identified SPK entities and may act as a trustee on certain assets.

The confiscated or confiscated assets related to the funds involved will be returned to the funds or transferred to the recovery accounts of losses according to the procedures established by the law. The recovered reserves will be distributed to the fund holders through designated liquidation institutions or, when the liquidation has been completed, through the Investor Compensation Center (ICC) in proportion to their positions in the fund. The assets confiscated or confiscated in connection with the funds involved will be returned to the funds or transferred to the recovery accounts of losses according to the procedures established by the law.