Turkish Parliament Passes Fund Liquidation Law
16 Articles
16 Articles
Legislation sets rules for investor payments, recovery of unlawfully transferred assets from funds ordered liquidated by Capital Markets Board
Breaking News... The bill concerning certain investment funds slated for liquidation has been passed by the Grand National Assembly of Turkey and enacted into law. Within this framework, the liquidation of these funds will be carried out by the institutions responsible for liquidation under the supervision and control of the Capital Markets Board (SPK). In the funds determined by the Board, the relevant fund's...
DEVA Party leader Babacan stated that the fund law passed in the Turkish Grand National Assembly is insufficient to resolve the crisis, saying, "This law being passed doesn't mean the job is done and we're saved. Despite all these steps and communication campaigns, the erosion in the capital markets continues." Babacan argued that the fund scandal has affected approximately 7 million people and that no steps have been taken to rebuild lost trust.
The bill regarding the liquidation of the funds was approved by the Grand National Assembly of Turkey. The regulation paves the way for interim payments of up to 1 million Turkish Lira. The article "Fund bill approved in Parliament" was first published on Serbestiyet.
The bill concerning certain investment funds slated for liquidation was passed by the Grand National Assembly of Turkey and enacted into law.
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