Your fund units remain on the account, but the sale has not produced a payment. The first step is to establish the status of the fund and of your exact order. Different order dates can lead to different treatment under the September 2026 decisions.
What changed in September 2026?
The September 2026 fund liquidation decisions have left many investors asking when they can access their money. Tera Portföy’s 18 September announcement identified six funds: TLY, DOH, T3B, THF, TP2 and TLV. This is a dated list; the current SPK decisions and the disclosure page of your particular fund must be checked before drawing conclusions. A trading restriction and liquidation are different situations, and neither alone establishes criminal wrongdoing.
Why the order date matters
SPK’s clarification dated 28 September distinguishes orders submitted to TEFAS on 17 September, which the platform cancelled, from earlier orders. Investors whose 17 September orders were cancelled are to receive payments from the liquidation balance in proportion to their fund unit holdings. Earlier orders that could not be executed because of default or a failure to publish a price also fall within liquidation under the stated rules. A screenshot marked “sell” does not, by itself, prove entitlement to immediate payment at the displayed price.
Does the six-month period guarantee a payment date?
No. SPK’s 21 September announcement changed only the three-month period in paragraph A/8 of the liquidation rules to six months and explained that liquidation may finish earlier. This does not guarantee full repayment of the original investment or identical payment dates for all investors. Distribution depends on the applicable rules, the fund’s assets and liabilities and the authorised institution’s payment plan.
Documents to collect before applying
Keep the fund code, number of units, purchase dates and costs, bank statements, order references and exact submission times. Obtain a dated statement from the bank or investment firm showing whether each order was executed, cancelled or remains unresolved. Preserve KAP disclosures and written replies. Separate the amount originally invested, the current account value, any redemption claim and additional loss; they are different figures.
Which route can protect your rights?
A written request to the relevant institution can clarify the status of your units and payments. An SPK complaint concerns regulatory supervision; it is not a court judgment awarding damages. A civil claim requires a legal basis, a properly identified defendant and evidence of loss and causation. A criminal complaint is appropriate where specific facts indicate a possible offence; a fall in value alone is insufficient. Limitation periods and any mandatory mediation depend on the claim and parties and should be assessed separately.
DISCUSS YOUR CASE
Discuss your options during a fund liquidation
We can review the fund code, instruction dates and institutional payment or liquidation notices to assess your options under Turkish law.
A brief summary and important dates are enough for an initial enquiry. Send documents only when requested by our lawyers, through the channel they specify. Do not share passwords, one-time codes or wallet keys.
Sources and related reading
SPK clarification — 28 September 2026
SPK period amendment — 21 September 2026
Tera Portföy announcement — 18 September 2026
SPK complaint guidance
Prepared on 30 September 2026. This article concerns Turkish law and provides general information. Later decisions may change the position. The cover image is illustrative.