Developments Concerning Liquidity Measures In The Capital Markets And The Fund Liquidation Process

Summary

On 16 September 2026, the money market funds founded by Pusula Portföy Yönetimi A.Ş. defaulted after failing to meet the cash redemption requests received from investors, triggering a sharp sell off on Borsa Istanbul. The BIST 100 index lost 5.54% that same day and hit a circuit breaker; the selling soon spread to Tera Portföy funds as well. It became apparent that the problem was not confined to those two firms but also extended to Hedef, Atlas, A1 Capital, Pardus and Bulls Portföy.

With a view to restoring confidence in the market, protecting the rights and interests of investors and easing forced-sale pressure, the Capital Markets Board (the “CMB”) in particular, together with the Banking Regulation and Supervision Board (the “BRSA”) and İstanbul Takas ve Saklama Bankası A.Ş. (“Takasbank”), published a series of successive statements, decisions and announcements between 16.09.2026 and 22.09.2026. These developments are briefly summarised below, together with an indication