Turkey Regulator Sets Steps for Reopening Some Closed Funds
The regulator says three portfolio managers must apply through Ziraat Bank, with reopening dates and trading rules left to the firms.
Key takeaways
- A1 Capital, Bulls and Pardus must apply through Ziraat Bank to seek reopening of eligible funds.
- Reopening dates and trading rules will depend on fund conditions and be set by the portfolio managers.
Turkey’s Capital Markets Board, or SPK, said A1 Capital, Bulls and Pardus must apply through Ziraat Bank to reopen eligible funds that remain closed to trading. The regulator gave no reopening date.
The process applies to funds outside the liquidation process. SPK said those funds may be reopened after the liquidation process for the three firms’ other funds is complete.
The portfolio managers will set the dates and trading rules, taking into account fund portfolios, liquidity, market conditions and investors’ interests. Ziraat Bank must forward the firms’ applications to SPK.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
