{"id":33361,"date":"2026-10-17T20:31:37","date_gmt":"2026-10-17T17:31:37","guid":{"rendered":"https:\/\/www.bicakhukuk.com\/?p=33361"},"modified":"2026-10-17T20:46:22","modified_gmt":"2026-10-17T17:46:22","slug":"turkiyes-fund-investigation-liability-and-recovery","status":"publish","type":"post","link":"https:\/\/www.bicakhukuk.com\/en\/turkiyes-fund-investigation-liability-and-recovery\/","title":{"rendered":"T\u00fcrkiye\u2019s Fund Investigation: Liability and Recovery"},"content":{"rendered":"

An analysis of the fund-equity feedback loop, the evidence required to establish wrongdoing, and the distinct routes to investor recovery and regulatory accountability.<\/em><\/span><\/p>\n

Prof. Dr. Vahit B\u0131\u00e7ak<\/a> | B\u0131\u00e7ak Law Firm<\/strong><\/span><\/p>\n

As at 17 October 2026.<\/em><\/span><\/p>\n

1. Introduction: Why the Investigation Matters<\/span><\/h3>\n

T\u00fcrkiye\u2019s investment fund investigation has brought together questions about securities pricing, the management of pooled savings and the effectiveness of financial supervision. The public controversy is often described as a \u201cfund scandal<\/em>\u201d. Its legal significance, however, cannot be understood through that label alone.<\/span><\/p>\n

The Capital Markets Board of T\u00fcrkiye<\/a>, commonly known by its Turkish abbreviation SPK<\/a>, confirmed that liquidation decisions concerned 131 funds established by seven portfolio management companies, with 455,758 investors counted without duplication. These figures establish the scale of the affected investor population; they do not establish each investor\u2019s loss or anyone\u2019s criminal responsibility. Allegations remain subject to proof, and everyone under investigation is entitled to the presumption of innocence.[1]<\/span><\/p>\n

The investigation also raises a practical question that punishment alone cannot answer: what assets can be preserved and recovered for investors? This article first examines the market structure and the publicly documented events, then considers potential offences, individual responsibility, compensation and supervisory accountability. An effective response requires reliable findings about both the transactions and the routes by which money can actually be returned.<\/span><\/p>\n

Part I –\u00a0 Factual Analysis: What Happened?<\/span><\/h3>\n

2. The Market Structure: Funds, Managers and the Underlying Shares<\/span><\/h3>\n

Several institutions appear in the same transaction chain, but perform different functions. An investment fund pools investors\u2019 money in a portfolio. Investors hold units in that fund; they do not thereby become direct shareholders in every company whose securities it owns. The portfolio management company makes investment decisions within the applicable rules and the fund\u2019s documents. Its own assets must be distinguished from those belonging to the fund.[2]<\/span><\/p>\n

A holding company, a brokerage firm, a portfolio management company and an investment bank within a business group are also separate entities. Similar names do not establish identical activities, obligations or liabilities. This distinction is particularly important when discussing the Tera, Pusula, Hedef and Bulls groups.<\/span><\/p>\n

T\u00fcrkiye\u2019s market infrastructure provides different records and services. KAP is the Public Disclosure Platform. MKK maintains dematerialised securities and right-holder records. Takasbank provides settlement and other market infrastructure services, while TEFAS is the electronic fund trading platform. Portfolio depositaries have custody and specified oversight responsibilities. The existence of these arrangements does not make a fund unit equivalent to an insured bank deposit.<\/span><\/p>\n

Product categories matter as well. Money market funds and serbest fonlar<\/em> operate under different investment and distribution rules. Translating the latter as \u201chedge funds<\/em>\u201d may be convenient, but does not import another jurisdiction\u2019s regulatory regime. The relevant questions concern the particular fund\u2019s eligible investors, permitted holdings, financing, valuation and redemption arrangements. A familiar distribution channel cannot replace that examination.<\/span><\/p>\n

3. From Warning Signs to Liquidation: A Dated Chronology<\/span><\/h3>\n

The official record places the emergence of supervisory concerns before the public crisis. In its statement of 18 September, SPK described observations made in the final quarter of 2025 about funds and low-free-float shares. It also described an inter-institutional process that preceded the revised Investment Funds Guideline announced on 28 August 2026.[3]<\/span><\/p>\n

The following chronology identifies the principal documented stages rather than attempting to reproduce every reported arrest or company announcement.<\/span><\/p>\n

\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
Date<\/span><\/th>\nDocumented development<\/span><\/th>\nWhy it matters<\/span><\/th>\n<\/tr>\n<\/thead>\n
Final quarter of 2025<\/span><\/td>\nSPK subsequently reported concerns about price movements in low-free-float shares.<\/span><\/td>\nProvides a starting point for examining supervisory knowledge.<\/span><\/td>\n<\/tr>\n
2-3 December 2025<\/span><\/td>\nThe matter was considered by the Financial Stability Committee and an SPK working group was established.<\/span><\/td>\nShows an institutional response before September 2026.<\/span><\/td>\n<\/tr>\n
28 August 2026<\/span><\/td>\nThe revised Investment Funds Guideline was announced.<\/span><\/td>\nForms part of the regulatory setting for the subsequent events.<\/span><\/td>\n<\/tr>\n
17 September 2026<\/span><\/td>\nDecisions placed funds within a liquidation framework.<\/span><\/td>\nAdministrative intervention must be distinguished from criminal adjudication.<\/span><\/td>\n<\/tr>\n
20-21 September<\/span><\/td>\nThe maximum liquidation period was extended from three to six months.<\/span><\/td>\nAn additional period for realisation, not a payment guarantee.<\/span><\/td>\n<\/tr>\n
30 September-1 October<\/span><\/td>\nFurther liquidation arrangements, interim payments and voluntary return accounts were announced.<\/span><\/td>\nCreated distinct mechanisms relevant to recovery.<\/span><\/td>\n<\/tr>\n
8 October<\/span><\/td>\nThe Presidency\u2019s Directorate of Communications announced payment transfers relating to 17 funds.<\/span><\/td>\nEvidence of an implementation step within the wider liquidation.<\/span><\/td>\n<\/tr>\n
15-16 October<\/span><\/td>\nMSCI announced index restrictions; the finance minister subsequently outlined a legislative reform target.<\/span><\/td>\nAdded international market-access and legislative dimensions.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

Sources: SPK, the Directorate of Communications, MSCI and Anadolu Agency.[3-8]<\/span><\/p>\n

The sequence contains several different processes: supervisory rulemaking, fund liquidation, criminal investigation and legislative preparation. Their starting dates need not coincide. A liquidation decision does not establish when a criminal investigation legally began, and a reported arrest does not establish when all relevant proceedings were initiated. Those distinctions become particularly important when assessing procedural conditions or the timing of statutory repayment incentives.<\/span><\/p>\n

Nor should the six-month maximum be read as a requirement that every fund remain unresolved for that period. SPK expressly stated that completion could occur earlier.[4]<\/span><\/p>\n

4. The Alleged Fund-Equity Feedback Loop<\/span><\/h3>\n

The central economic concern involves concentrated holdings in shares with limited independent trading. Where a fund becomes a significant buyer of such shares, its purchases can influence the prices used to value positions it already holds. Strong reported performance may attract further subscriptions, which can support further purchases. Whether this mechanism operated unlawfully in a particular fund must be established from its transactions and decision records.<\/span><\/p>\n

New subscriptions do not, by themselves, generate a return per fund unit: additional assets arrive alongside newly issued units. The potential feedback operates through the price impact of subsequent investment activity. Research on \u201cself-inflated\u201d fund returns offers a useful general framework, although its empirical examination of ETFs cannot establish what happened in Turkish funds.[9]<\/span><\/p>\n

The reverse mechanism can be severe. Investors request redemption; the manager needs cash; selling reduces prices; falling fund values encourage further withdrawals. Sales of the easiest assets can also leave remaining investors with a portfolio that is harder to realise. The distribution of transaction costs between departing and remaining investors then becomes an issue of fairness as well as liquidity.<\/span><\/p>\n

These dynamics do not necessarily require fictitious companies or nonexistent securities. A quoted price records a transaction at the margin. It does not guarantee that a large position can be sold at that price. Consequently, a position may have an observable market value but substantial execution costs when liquidated quickly. Whether its accounting valuation was appropriate is a separate inquiry into the applicable rules, market conditions and reliability of the price used.<\/span><\/p>\n

The distinction also limits the usefulness of the Ponzi label. A classic Ponzi arrangement involves using later investors\u2019 money to fund purported returns to earlier participants. Price pressure, concentrated ownership and redemption dependence do not, without further evidence, prove that arrangement. Calling a structure Ponzi-like may identify a concern about sustainability; it does not identify the acts and intentions necessary for a criminal conviction.<\/span><\/p>\n

For this investigation, the useful questions are specific: which funds held which shares, who controlled the counterparty accounts, how were prices formed, and how did subscriptions, financing and redemptions affect the positions? The Financial Stability Board\u2019s work on open-ended fund liquidity provides context for these questions, without determining liability under Turkish law.[10]<\/span><\/p>\n

5. The Actors: Functions, Allegations and Responses<\/span><\/h3>\n

The seven portfolio management companies identified in the liquidation account are A1 Capital, Atlas, Bulls, Hedef, Pardus, Pusula and Tera. Their inclusion in a regulatory process does not establish that they shared one strategy or that every manager participated in the same alleged conduct. The relevant operational roles should be mapped before responsibility is considered.<\/span><\/p>\n

\n
\n
\n\n\n\n\n\n\n\n\n\n\n
Actor group<\/span><\/th>\nRelevant function<\/span><\/th>\nRecords needed to understand its role<\/span><\/th>\n<\/tr>\n<\/thead>\n
Fund managers and investment decision-makers<\/span><\/td>\nSelecting and implementing investments<\/span><\/td>\nInvestment committee decisions, instructions and position records<\/span><\/td>\n<\/tr>\n
Boards and persons exercising effective control<\/span><\/td>\nGovernance, oversight and direction<\/span><\/td>\nDelegations, board papers, reports and communications<\/span><\/td>\n<\/tr>\n
Brokers and distributors<\/span><\/td>\nExecuting orders and communicating with clients<\/span><\/td>\nOrder records, disclosures and client correspondence<\/span><\/td>\n<\/tr>\n
Depositaries and other professional overseers<\/span><\/td>\nCustody and specified control functions<\/span><\/td>\nContracts, exception reports and escalation records<\/span><\/td>\n<\/tr>\n
Related accounts and transaction counterparties<\/span><\/td>\nFinancing, transfers or trading<\/span><\/td>\nAccount control, funding sources and beneficial ownership<\/span><\/td>\n<\/tr>\n
Public authorities<\/span><\/td>\nSupervision, investigation or liquidation-related functions<\/span><\/td>\nDated decisions, requests, findings and responses<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

Reported explanations that the difficulties were temporary liquidity problems must be tested against the same records as allegations of coordinated trading. Neither explanation is established by repetition. Individuals\u2019 responses should be assessed on their actual content, not merely recorded as a denial.<\/span><\/p>\n

Political office, family relationships and professional titles can help explain why a matter attracts attention. They cannot establish who gave an order, knew about a transaction or received a benefit. That requires evidence connected to the person and the relevant period.<\/span><\/p>\n

6. Measuring the Scale: Assets, Gains and Losses<\/span><\/h3>\n

Large figures can obscure rather than explain this case unless their meaning is kept consistent. Assets under management describe a portfolio\u2019s reported scale at a date. Net investment concerns money contributed and withdrawn under the relevant calculation. Trading proceeds include capital as well as potential profit. Unlawful benefit and compensable loss require further legal and factual analysis.<\/span><\/p>\n

The same discipline applies to investor counts. SPK\u2019s 455,758 figure is expressly a unique-investor count. Adding fund-level account totals may count the same person more than once. Equally, the 17 funds involved in the 8 October payment announcement were a subset of the broader liquidation population, not a replacement for the 131-fund figure.[1,6]<\/span><\/p>\n

Published aggregate estimates should therefore not be presented as established investor losses without their original methodology. Extraordinary inception-to-date performance is also not the return earned by every investor: entry dates, partial withdrawals, fees, currency and inflation matter.<\/span><\/p>\n

Finally, a fall in foreign investors\u2019 portfolio value is not automatically an equivalent net capital outflow. Redemptions, security prices, exchange rates and changes in coverage must be separated before attributing a cash-flow figure to the crisis.<\/span><\/p>\n

7. International Market Confidence: The MSCI Response<\/span><\/h3>\n

MSCI\u2019s 15 October announcement addressed selected index changes, including increases in Foreign Inclusion Factors or share numbers, additions to the Turkey Investable Market Index and upward size-segment migrations. It did not suspend all Turkish trading or announce a completed market downgrade. It identified June 2027 as the point by which insufficient progress could lead to consideration of further measures, including consultation on reclassification.[7]<\/span><\/p>\n

The underlying concern extends beyond a fund\u2019s performance. International investors need ownership information that permits independent assessment of the shares genuinely available for trading. Several registered holders do not necessarily represent several independent economic interests.<\/span><\/p>\n

The connection to the fund investigation is therefore an issue of market integrity and information reliability. It should not be expressed as a claim that the investigation alone caused the index decision, or that all potential selling by index-tracking investors has already occurred. The announcement provides evidence of MSCI\u2019s treatment and concerns, not a judicial finding against any company or individual.<\/span><\/p>\n

Part II – Legal Analysis: Liability, Evidence and Recovery<\/span><\/h3>\n

8. The Legal Starting Point: Investment Loss Is Not Automatically a Crime<\/span><\/h3>\n

A fund can lose money without a crime having occurred. A disclosed strategy can perform badly, a legitimate investment can become illiquid, and a manager can make an unsuccessful judgment. The criminal law does not guarantee investment outcomes.<\/span><\/p>\n

That principle does not make all losses ordinary market risk. Investors do not consent to fabricated information, deliberately misleading trading or the diversion of entrusted assets simply by accepting volatility. A risk warning cannot convert such conduct into an authorised investment decision.<\/span><\/p>\n

The analysis should distinguish at least four possibilities: a loss within the disclosed risk; a failure of professional care; a regulatory breach; and conduct satisfying a criminal offence. These categories may overlap, but their requirements differ. Administrative market-abuse measures under Article 104 of Capital Markets Law No. 6362 are not interchangeable with a conviction under Article 107.[2,11]<\/span><\/p>\n

The relevant question is therefore not whether the result was disastrous. It is which duty or prohibition applied, what the person actually did, and what state of mind must be proved. Compensation may be available for a culpable breach even where intentional criminal conduct cannot be established. Conversely, transaction-based manipulation can be punishable without proof that a particular investor suffered a quantified loss.<\/span><\/p>\n

9. Potential Offences: Different Conduct, Different Elements<\/span><\/h3>\n

Article 107 is central, but its two forms must be kept separate. Transaction-based manipulation under Article 107(1) concerns purchases, sales, orders, cancellations, amendments or account movements undertaken to create a false or misleading impression about prices, price changes, supply or demand. A genuine exchange transaction is not immune from scrutiny merely because it passed through ordinary systems. Its coordination, economic explanation and purpose matter.[2]<\/span><\/p>\n

Information-based manipulation under Article 107(2) concerns false, incorrect or misleading information, rumours, news, comments or reports disseminated for the statutory purpose, with a benefit obtained through that conduct. A negative article, optimistic forecast or unsuccessful prediction is not automatically within this offence. Falsity, purpose and the benefit connection require separate proof.<\/span><\/p>\n

Both forms carry imprisonment and judicial fines under the statutory framework. The benefit has different functions: obtaining it is not a separate constituent requirement of Article 107(1), although it affects the fine and repayment provisions; under Article 107(2), the statutory connection between misleading information and benefit is part of the completed offence. Treating every participant\u2019s gain as interchangeable would erase that distinction.<\/span><\/p>\n

\n
\n
\n\n\n\n\n\n\n\n\n\n\n
Potential classification<\/span><\/th>\nWhat must additionally be established<\/span><\/th>\nWhat is insufficient by itself<\/span><\/th>\n<\/tr>\n<\/thead>\n
Transaction-based manipulation, Article 107(1)<\/span><\/td>\nThe relevant trading or order conduct and misleading-market purpose<\/span><\/td>\nA sharp price rise or concentrated holding<\/span><\/td>\n<\/tr>\n
Information-based manipulation, Article 107(2)<\/span><\/td>\nMisleading content, statutory purpose and resulting benefit<\/span><\/td>\nPublishing an opinion or criticism<\/span><\/td>\n<\/tr>\n
Insider dealing, Article 106<\/span><\/td>\nRelevant non-public information, its use in trading and benefit<\/span><\/td>\nA well-timed exit before the crisis<\/span><\/td>\n<\/tr>\n
Misuse of entrusted or fund assets, Article 110<\/span><\/td>\nConduct falling within the particular statutory provision<\/span><\/td>\nA fund losing value<\/span><\/td>\n<\/tr>\n
Fraud under the Criminal Code<\/span><\/td>\nDeception inducing a detrimental disposition and unlawful benefit, with any qualifying circumstances<\/span><\/td>\nAn investment promise that subsequently fails<\/span><\/td>\n<\/tr>\n
Money laundering<\/span><\/td>\nProceeds of a qualifying predicate offence and the relevant laundering conduct and mental element<\/span><\/td>\nA foreign transfer or use of crypto-assets<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

Article 110 requires particular care because different provisions address different forms of misuse. Transactions benefiting related parties at the expense of a collective investment undertaking may raise questions distinct from personal appropriation of assets entrusted to an investment firm. The legal owner, decision-maker, recipient, consideration and economic purpose must be identified.[2]<\/span><\/p>\n

Aggravated fraud may arise if investors were induced to invest through deception satisfying the Criminal Code, rather than merely exposed to an unsuccessful strategy. An allegation of criminal organisation requires proof of the necessary organised structure; a corporate chart or several participants is not enough. Banking embezzlement requires examination of the institution and the actor\u2019s legally relevant capacity. A portfolio manager cannot simply be treated as a bank employee because both operate within the same group.[12]<\/span><\/p>\n

Several classifications may be investigated, but their penalties cannot automatically be added together. The acts, participation and rules governing overlapping offences must first be resolved. A company may face regulatory measures, security measures where authorised and civil claims without being treated as a natural person capable of imprisonment.<\/span><\/p>\n

10. Establishing Individual Liability: Evidence and Procedural Safeguards<\/span><\/h3>\n

The investigation must follow the decision as well as the money. Order timestamps can show coordination; transfers can identify funding and benefit; investment committee records can show who authorised exposure. None of those records should be interpreted without context, alternative explanations and attribution to the relevant person.<\/span><\/p>\n

Account ownership is not necessarily operational control. A board position does not establish knowledge of every trade. Conversely, delegation does not answer evidence that a person knowingly directed or facilitated unlawful conduct. Expert analysis should explain the inference linking the person, transaction and statutory element, rather than merely describe an unusual price chart.<\/span><\/p>\n

Article 115 makes SPK\u2019s written application to the prosecutor a procedural condition for offences defined in or referred to by the Capital Markets Law. The general wording extends beyond insider dealing and market manipulation, subject to any applicable special procedures. The Board\u2019s application is a condition of the criminal process, distinct from the permission mechanism for duty-related allegations against SPK officials under Article 133.[2]<\/span><\/p>\n

SPK\u2019s investigative material can be technically important, but the Board is not a substitute for the court. The underlying data, calculation of benefits, choice of comparators and expert methodology must remain capable of challenge. An automated flag is not proof of intention; a reproducible analysis of authentic records may nevertheless contribute to the evidence.<\/span><\/p>\n

The Court of Cassation decisions discussed in our Turkish analysis illustrate the importance of their actual procedural scope. The Seventh Criminal Chamber\u2019s decision of 1 April 2024, E.2021\/15789, K.2024\/3604, addressed, among other matters, the competent trial court for alleged online investment fraud. The Eleventh Criminal Chamber\u2019s decision of 12 February 2026, E.2021\/24479, K.2026\/1555, concerned allocation between appellate chambers. Neither is a conviction establishing misconduct in the present fund investigation.[13]<\/span><\/p>\n

11. Investor Recovery: Which Route Addresses Which Loss?<\/span><\/h3>\n

Investors need to identify both their entitlement and the mechanism capable of producing payment. Liquidation distributes a fund\u2019s assets under the applicable rules. It does not promise the original subscription amount or the last published valuation. Interim payments are credited against eventual entitlements, not an additional award of damages.<\/span><\/p>\n

SPK\u2019s 1 October announcement concerned funds established by Tera, Pusula, Atlas and Hedef. It provided for payments based on reconciled net investments, capped at TRY 1 million per investor per fund. Payments would be deducted from final liquidation entitlements, and units would be redeemed at the final stage. This should not be converted into a blanket statement that every affected investor has been fully repaid.[5]<\/span><\/p>\n

\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n
Mechanism<\/span><\/th>\nImmediate legal function<\/span><\/th>\nPrincipal limitation<\/span><\/th>\n<\/tr>\n<\/thead>\n
Liquidation distribution<\/span><\/td>\nRealises and distributes fund assets<\/span><\/td>\nDepends on assets, liabilities and the governing distribution rules<\/span><\/td>\n<\/tr>\n
Interim payment<\/span><\/td>\nAdvances part of a final entitlement<\/span><\/td>\nEligibility, fund scope and calculation matter<\/span><\/td>\n<\/tr>\n
Voluntary return to a fund<\/span><\/td>\nReplenishes the relevant liquidation estate<\/span><\/td>\nOpening an account does not establish receipt or distribution<\/span><\/td>\n<\/tr>\n
Article 107(3) payment<\/span><\/td>\nProduces statutory criminal-law consequences if its conditions are met<\/span><\/td>\nA Treasury payment is not investor compensation<\/span><\/td>\n<\/tr>\n
Civil damages<\/span><\/td>\nAddresses loss attributable to a defendant\u2019s breach<\/span><\/td>\nLiability, causation and enforceable assets must be established<\/span><\/td>\n<\/tr>\n
Administrative compensation<\/span><\/td>\nAddresses legally attributable public-service failure<\/span><\/td>\nNo automatic state guarantee of investment performance<\/span><\/td>\n<\/tr>\n
Preservation and restitution<\/span><\/td>\nProtects assets and determines their lawful return<\/span><\/td>\nA seizure order is not an immediate investor payout<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

Article 107(3) applies to transaction-based manipulation. It requires payment to the Treasury of twice the benefit obtained or caused to be obtained, subject to a TRY 500,000 minimum. The consequences depend on timing: no penalty before investigation, a half reduction during investigation, or a one-third reduction during prosecution before judgment. This is not a general settlement of all potential offences.[2]<\/span><\/p>\n

The voluntary accounts announced on 1 October serve a different function. SPK specified that fund-specific returns would enter the relevant fund\u2019s liquidation estate, not another fund\u2019s. A payment to such an account cannot simply be assumed to satisfy a statutory requirement for payment to the Treasury. D\u00fclger\u2019s analysis also emphasises the distinction between these arrangements and their separate criminal-law effects.[14]<\/span><\/p>\n

Investors may additionally have claims against a manager, depositary or another responsible party under the applicable contractual, statutory or tort framework. Article 32 addresses liability connected with public disclosure documents; Article 56 concerns depositary obligations. Each claim needs its own breach, loss and causal connection. Earlier distributions must be taken into account to avoid double recovery.[2]<\/span><\/p>\n

Asset preservation deserves early attention. Article 128 of the Criminal Procedure Code must be read alongside relevant special legislation, including Article 17 of Law No. 5549 for money-laundering proceedings. A catalogue-only analysis is incomplete. Seizure, confiscation, restitution and civil attachment have different conditions; foreign recovery also requires a traceable asset and an available cooperation or enforcement route.[15]<\/span><\/p>\n

Investors should preserve unit records, orders, statements, disclosures and payments, and identify applicable limitation and pre-action requirements. A criminal complaint does not preserve every civil or administrative claim. Nor does fund distribution automatically fall within deposit insurance or the Investor Compensation Center\u2019s narrower protection against specified intermediary failures. Guaranteed \u201cfund recovery\u201d offers create a further risk: professional authorisation, written scope and the actual recovery mechanism should be verified before payment.<\/span><\/p>\n

12. Supervisory Accountability: Public Authorities and Private Gatekeepers<\/span><\/h3>\n

Supervisory accountability requires more than showing that a regulated investment failed. The inquiry must identify what the authority knew, what it was legally required and able to do, when intervention was warranted, and what loss that intervention could have prevented.<\/span><\/p>\n

SPK\u2019s own account of pre-crisis observations makes timing a legitimate issue. It does not resolve that issue. Preparing general rules and supervising particular suspect transactions are related but distinct functions. Evidence of consultation cannot, on its own, establish that individual risks were adequately addressed; a later collapse cannot, on its own, establish that every earlier decision was unlawful.[3]<\/span><\/p>\n

A public-service-fault claim should identify a concrete supervisory failure and connect it to the claimant\u2019s loss. For example, the claimant would need to examine whether an available measure would have prevented additional exposure or reduced an avoidable loss, rather than presume that earlier intervention would have preserved every quoted valuation.<\/span><\/p>\n

The proper administrative route depends on the challenged act, omission and claim. Articles 12 and 13 of the Administrative Judicial Procedure Law govern different situations; prior application and filing requirements must be assessed accordingly. Article 133 of the Capital Markets Law separately addresses proceedings concerning SPK officials, including the direction of damages claims against the Board and the special permission mechanism for duty-related criminal allegations. Institutional compensation and an official\u2019s criminal responsibility are different questions.[2,16]<\/span><\/p>\n

Private gatekeepers also require individual examination. A depositary\u2019s statutory oversight is more than passive safekeeping, but is not insurance against all market losses. An auditor\u2019s responsibility depends on the report, engagement, standards and causal breach. The same discipline applies to distributors, valuers and market infrastructure providers.<\/span><\/p>\n

Equal treatment is part of credible enforcement. Political connections must neither displace evidence nor confer immunity from scrutiny. Equally, criticism of the investigation or financial reporting should not be conflated with information-based manipulation without its specific elements. Public confidence depends on demonstrably consistent legal standards, not a particular number of people in detention.<\/span><\/p>\n

13. Reform: Existing Rules, Pending Legislation and the 2027 Target<\/span><\/h3>\n

Three developments must remain distinct: the rules already introduced, the specific liquidation bill and the broader legislative programme announced by the finance minister.<\/span><\/p>\n

Parliament\u2019s record identifies the liquidation proposal as Bill No. 2\/3939, submitted on 9 October. A parliamentary announcement records its approval by the Plan and Budget Committee on 14 October. Committee approval is not enactment. The proposal addresses realisation and recovery of assets, responsibility for losses and payments to affected unit-holders. As at 17 October 2026, the parliamentary record reviewed still lists it at committee stage. Its proposed mechanisms must therefore be distinguished from the SPK payment arrangements already announced.[17]<\/span><\/p>\n

Separately, on 16 October Mehmet \u015eim\u015fek announced a target of completing further legal changes by early 2027. Anadolu Agency reported that coordinated fund transactions would be addressed. That announcement does not supply a new offence, penalty or commencement date.[8]<\/span><\/p>\n

The appropriate reform test is whether ownership disclosures, liquidity controls, independent oversight and recovery mechanisms can work together in practice. International recommendations, including IOSCO\u2019s liquidity-management work, provide useful benchmarks but do not automatically bind Turkish funds.[18] Any new criminal rules must also respect the principles governing temporal application; a reform announcement cannot determine liability for earlier conduct.<\/span><\/p>\n

14. Conclusion: Accountability Must Be Proven, Recovery Must Be Deliverable<\/span><\/h2>\n

The investigation should be assessed by the quality of its findings and the effectiveness of its remedies. Trading patterns must be explained, decisions attributed and benefits traced to particular actors. Recoverable assets must be protected before they disappear, and investor payments must rest on identifiable legal entitlements.<\/span><\/p>\n

The same discipline applies to supervision: identify the duty, the failure and the harm it caused. Punishment, compensation and market reform perform different functions. A credible response requires all three to operate within their proper legal limits, while preserving the rights of investors and those under investigation.<\/span><\/p>\n

Sources and legal references<\/span><\/h3>\n

References are to official announcements, legislation, judicial decisions and the research identified below. The applicable Turkish legislative text governs; English translations facilitate access.<\/span><\/p>\n

    \n
  1. SPK, 23 September 2026<\/strong>, Statement on the number of investors in funds subject to liquidation<\/a>.<\/span><\/li>\n
  2. Capital Markets Law No. 6362<\/strong>, particularly Articles 32, 52\u201356, 84, 104, 106\u2013110, 114\u2013115 and 133. CMB-hosted English translation<\/a>; official Turkish legislative text<\/a>.<\/span><\/li>\n
  3. SPK, 18 September 2026<\/strong>, Regulatory process statement<\/a>; CMB English version<\/a>.<\/span><\/li>\n
  4. SPK, 21 September 2026<\/strong>, Extension of the liquidation period<\/a>.<\/span><\/li>\n
  5. SPK<\/strong>, Bulletin 2026\/67, 30 September 2026<\/a>, decisions 64\/1770 and 64\/1775; interim payment announcement, 1 October<\/a>.<\/span><\/li>\n
  6. Directorate of Communications, 8 October 2026<\/strong>, Statement concerning the liquidation process conducted by Ziraat Bankas\u0131<\/a>.<\/span><\/li>\n
  7. MSCI, 15 October 2026<\/strong>, MSCI Implements a Freeze on the MSCI Turkey Indexes<\/a>.<\/span><\/li>\n
  8. Mucahithan Avc\u0131o\u011flu, Anadolu Agency, 16 October 2026<\/strong>, T\u00fcrkiye targets stronger laws against capital market crimes by early 2027<\/a>.<\/span><\/li>\n
  9. Philippe van der Beck, Jean-Philippe Bouchaud and Dario Villamaina<\/strong>, Self-Inflated Funds, Harvard Business School Working Paper 26-066<\/a>. Used for the general price-impact mechanism, not as evidence about the Turkish investigation.<\/span><\/li>\n
  10. Financial Stability Board, 20 December 2023<\/strong>, Revised Policy Recommendations to Address Structural Vulnerabilities from Liquidity Mismatch in Open-Ended Funds<\/a>.<\/span><\/li>\n
  11. SPK<\/strong>, Investor information on market manipulation<\/a>.<\/span><\/li>\n
  12. Turkish Criminal Code No. 5237<\/strong>, particularly Articles 20, 37\u201344, 155, 157\u2013158, 220 and 282; Banking Law No. 5411<\/strong>, Articles 160 and 162. Official texts: 5237<\/a> and 5411<\/a>.<\/span><\/li>\n
  13. Court of Cassation<\/strong>, Seventh Criminal Chamber, 1 April 2024, E.2021\/15789, K.2024\/3604; Eleventh Criminal Chamber, 12 February 2026, E.2021\/24479, K.2026\/1555. Discussed in Vahit B\u0131\u00e7ak<\/strong>, Borsa Manip\u00fclasyonu Su\u00e7u ve Cezas\u0131<\/a>, updated 25 September 2026.<\/span><\/li>\n
  14. SPK, 1 October 2026<\/strong>, Voluntary return accounts announcement<\/a>; Murat Volkan D\u00fclger<\/strong>, Kamuoyunda \u201cFon Skandal\u0131\u201d Olarak An\u0131lan Olaylar Hakk\u0131nda: Ceza Sorumlulu\u011fu, Yat\u0131r\u0131mc\u0131 Haklar\u0131 ve Denetim Sorumlulu\u011fu Bak\u0131m\u0131ndan Bir De\u011ferlendirme<\/em>, dated 1 October 2026, 19-page legal analysis.<\/span><\/li>\n
  15. Criminal Procedure Code No. 5271<\/strong>, particularly Articles 128 and 131; Law No. 5549<\/strong>, Article 17. Official Criminal Procedure Code<\/a>; MASAK legislation page<\/a>.<\/span><\/li>\n
  16. Administrative Judicial Procedure Law No. 2577<\/strong>, Articles 12\u201313. Official legislation access<\/a>.<\/span><\/li>\n
  17. Grand National Assembly of T\u00fcrkiye<\/strong>, Bill No. 2\/3939, submitted 9 October 2026<\/a>; committee approval announcement, 14 October 2026<\/a>. The submitted text and committee-stage material are not presented as an enacted statute.<\/span><\/li>\n
  18. IOSCO, May 2025<\/strong>, Revised Recommendations for Liquidity Risk Management for Collective Investment Schemes, FR\/10\/2025<\/a>.<\/span><\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

    An analysis of the fund-equity feedback loop, the evidence required to establish wrongdoing, and the distinct routes to investor recovery and regulatory accountability. Prof. Dr. Vahit B\u0131\u00e7ak | B\u0131\u00e7ak Law Firm As at 17 October 2026. 1. Introduction: Why the Investigation Matters T\u00fcrkiye\u2019s investment fund investigation has brought together questions about securities pricing, the management […]<\/p>\n","protected":false},"author":27,"featured_media":33362,"comment_status":"open","ping_status":"open","sticky":false,"template":"page-fullwidth.php","format":"standard","meta":{"rs_blank_template":"","rs_page_bg_color":"","slide_template_v7":"","footnotes":""},"categories":[25,160],"tags":[1968,11299,7771,34913,34912,34901,34908,34910,34907,34903,11374,34919,34906,33081,34905,34902,34917,34904,34909,34915,34914,34911,34916,34900,34898,34918,10154,34920,34899,34897],"class_list":["post-33361","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-en","category-insights","tag-asset-freezing-turkey","tag-asset-tracing-turkey","tag-bicak-law-firm","tag-borsa-istanbul-market-manipulation","tag-capital-markets-board-of-turkiye","tag-capital-markets-law-turkiye","tag-compensation-for-investors","tag-financial-crime-investigation-turkey","tag-fund-liquidation-turkey","tag-fund-manager-liability","tag-investment-fraud-turkey","tag-investment-litigation-turkey","tag-investment-loss-recovery-turkey","tag-investor-protection-turkiye","tag-investor-rights-in-turkey","tag-market-manipulation-in-turkey","tag-msci-turkey-index","tag-portfolio-management-company-liability","tag-recovery-of-investment-losses","tag-regulatory-liability-turkey","tag-securities-fraud-turkey","tag-spk-investigation","tag-spk-supervisory-liability","tag-turkey-fund-fraud-investigation","tag-turkey-investment-fund-scandal","tag-turkish-capital-market-reforms","tag-turkish-capital-markets-law","tag-turkish-financial-crime-lawyers","tag-turkish-investment-funds","tag-turkiye-fund-investigation"],"yoast_head":"\nT\u00fcrkiye\u2019s 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