CMB clarifies settlement rules for fund investors
The Capital Markets Board of Türkiye (CMB) issued a statement on October 22, 2026, clarifying discussions surrounding settlement finality and the share blockage sub-account (PBLK) under a legislative proposal being considered by the Turkish Grand National Assembly.
The regulator stated that not every fund sell order submitted through TEFAS automatically constitutes a completed settlement transaction. According to the CMB, settlement is finalized only when the cash is credited to the investor's account and the ownership record of the fund participation units is removed.
The CMB emphasized that including sell orders whose settlement has not yet been completed in the fund liquidation process would support fair distribution among investors. It also clarified that investors with blocked fund units are included among the total 455,758 fund unit holders and do not constitute a separate investor group. The regulator stated that the proposed measure would not affect completed transactions and would apply only to orders whose settlement process remains unfinished.
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