\u00d6zet:<\/p>\n\n\n\n
Fon krizinde resm\u00ee yat\u0131r\u0131mc\u0131 say\u0131s\u0131 455.758 ki\u015fi olarak g\u00fcncellendi. Yedi portf\u00f6y y\u00f6netim \u015firketine ait 131 fonun tasfiyesi, art\u0131k yaln\u0131zca likidite y\u00f6netimi de\u011fil; zarar\u0131n nas\u0131l da\u011f\u0131t\u0131laca\u011f\u0131, erken \u00e7\u0131kan yat\u0131r\u0131mc\u0131lara hangi ko\u015fullarda ba\u015fvurulabilece\u011fi ve sorumlulardan ne \u00f6l\u00e7\u00fcde tahsilat yap\u0131laca\u011f\u0131 meselesidir. Piyasada konu\u015fulan tazmin havuzu hen\u00fcz a\u00e7\u0131klanm\u0131\u015f bir kamu program\u0131 de\u011fildir. Adil bir \u00e7\u00f6z\u00fcm; fon baz\u0131nda varl\u0131k envanteri, ba\u011f\u0131ms\u0131z de\u011ferleme, hukuki tahsilat ve \u015feffaf \u00f6deme s\u0131ralamas\u0131 gerektiriyor. Krizin bankac\u0131l\u0131k sistemine yay\u0131lmam\u0131\u015f olmas\u0131 olumlu; sermaye piyasas\u0131 g\u00fcvenindeki hasar\u0131n giderilmesi ise daha uzun s\u00fcrecektir.<\/p>\n\n\n\n
<\/p>\n\n\n\n
Fon piyasas\u0131nda ilk panik dalgas\u0131 b\u00fcy\u00fck \u00f6l\u00e7\u00fcde kontrol alt\u0131na al\u0131nm\u0131\u015f g\u00f6r\u00fcnse de as\u0131l zor a\u015fama \u015fimdi ba\u015fl\u0131yor. \u0130lk g\u00fcnlerde temel ama\u00e7, yo\u011fun geri al\u0131m taleplerinin zorunlu sat\u0131\u015flara d\u00f6n\u00fc\u015fmesini ve bu sat\u0131\u015flar\u0131n sa\u011fl\u0131kl\u0131 fonlarla bankac\u0131l\u0131k sistemine yay\u0131lmas\u0131n\u0131 \u00f6nlemekti. TCMB’nin 17 Eyl\u00fcl 2026 tarihli duyurusuyla haftal\u0131k repo fonlamas\u0131n\u0131n art\u0131r\u0131lmas\u0131, bankalar\u0131n Bankalararas\u0131 Para Piyasas\u0131 bor\u00e7lanma limitlerinin g\u00fcncellenmesi ve teminat iskonto oranlar\u0131n\u0131n azalt\u0131lmas\u0131 bu amaca hizmet etti. Ayn\u0131 d\u00f6nemde sermaye piyasas\u0131 d\u00fczenlemeleri de kredili i\u015flemlerdeki bask\u0131y\u0131 hafifletmeye y\u00f6neldi.<\/p>\n\n\n\n
Bu m\u00fcdahaleler piyasa i\u015fleyi\u015fine zaman kazand\u0131rd\u0131; fakat zarar sorununu \u00e7\u00f6zmedi. Bundan sonraki tart\u0131\u015fma, fonlar\u0131n elindeki varl\u0131klar\u0131n hangi fiyatla tasfiye edilece\u011fi, tahsil edilen tutar\u0131n yat\u0131r\u0131mc\u0131lara nas\u0131l da\u011f\u0131t\u0131laca\u011f\u0131 ve portf\u00f6y d\u0131\u015f\u0131ndaki sorumluluk kaynaklar\u0131na ba\u015fvurulup ba\u015fvurulamayaca\u011f\u0131 \u00fczerinde yo\u011funla\u015f\u0131yor. Likidite ile \u00f6deme g\u00fcc\u00fc aras\u0131ndaki fark burada belirginle\u015fiyor: Bir fonun bug\u00fcn nakit \u00fcretememesi ge\u00e7ici likidite sorunu olabilir; portf\u00f6y varl\u0131klar\u0131n\u0131n ekonomik de\u011ferinin y\u00fck\u00fcml\u00fcl\u00fckleri kar\u015f\u0131lamamas\u0131 ise kal\u0131c\u0131 zarar anlam\u0131na gelir.<\/p>\n\n\n\n
SPK, 23 Eyl\u00fcl’de kamuoyundaki farkl\u0131 rakamlar\u0131 d\u00fczelterek yedi portf\u00f6y y\u00f6netim \u015firketine ait 131 tasfiye fonunda Merkezi Kay\u0131t Kurulu\u015fu kay\u0131tlar\u0131na g\u00f6re 455.758 tekil yat\u0131r\u0131mc\u0131 bulundu\u011funu a\u00e7\u0131klad\u0131. \u00d6nceki g\u00fcnlerde yay\u0131mlanan yakla\u015f\u0131k 353 bin ki\u015filik tahmin bu nedenle g\u00fcncelli\u011fini yitirdi. Hesap say\u0131s\u0131 ile tekil yat\u0131r\u0131mc\u0131 say\u0131s\u0131n\u0131n ayn\u0131 olmamas\u0131 m\u00fcmk\u00fcnd\u00fcr; ancak karar analizinde esas al\u0131nmas\u0131 gereken son resm\u00ee veri 455.758 ki\u015fidir. Bu b\u00fcy\u00fckl\u00fck, \u00e7\u00f6z\u00fcm\u00fcn yaln\u0131zca teknik bir tasfiye i\u015flemi olmad\u0131\u011f\u0131n\u0131, geni\u015f bir tasarruf sahibi kitlesinin g\u00fcvenini ilgilendirdi\u011fini g\u00f6steriyor.<\/p>\n\n\n\n
TAZM\u0130N HAVUZU: F\u0130K\u0130R \u0130LE RESM\u00ce KARAR AYRILMALI<\/strong><\/p>\n\n\n\n Piyasada, tasfiye gelirlerinin yan\u0131 s\u0131ra sorumlular\u0131n ve ili\u015fkili ki\u015filerin malvarl\u0131klar\u0131n\u0131n, yurt d\u0131\u015f\u0131na \u00e7\u0131kar\u0131ld\u0131\u011f\u0131 tespit edilen paralar\u0131n ve ola\u011fan d\u0131\u015f\u0131 kazan\u00e7lar\u0131n bir havuzda toplanarak yat\u0131r\u0131mc\u0131lara da\u011f\u0131t\u0131lmas\u0131 tart\u0131\u015f\u0131l\u0131yor. B\u00f6yle bir model ekonomik bak\u0131mdan anla\u015f\u0131l\u0131rd\u0131r: Zarar\u0131 genel b\u00fct\u00e7eye y\u00fcklemek yerine, m\u00fcmk\u00fcn oldu\u011fu \u00f6l\u00e7\u00fcde olayla ba\u011flant\u0131l\u0131 varl\u0131klardan kar\u015f\u0131lamak hem maliyeti azalt\u0131r hem de cayd\u0131r\u0131c\u0131l\u0131k sa\u011flar. Bununla birlikte, kamuya a\u00e7\u0131klanm\u0131\u015f ve y\u00fcr\u00fcrl\u00fc\u011fe girmi\u015f bir tazmin havuzu program\u0131 hen\u00fcz bulunmuyor. Kulis bilgileri resm\u00ee karar gibi fiyatlanmamal\u0131d\u0131r.<\/p>\n\n\n\n Bir tazmin mekanizmas\u0131 kurulacaksa d\u00f6rt ayr\u0131 kaynak birbirinden ayr\u0131lmal\u0131d\u0131r. Birinci kaynak, her fonun mevcut portf\u00f6y\u00fc ve nakit varl\u0131\u011f\u0131d\u0131r. \u0130kinci kaynak, fon lehine tesis edilmi\u015f teminatlar ile \u00fc\u00e7\u00fcnc\u00fc ki\u015filerden olan alacaklard\u0131r. \u00dc\u00e7\u00fcnc\u00fc kaynak, soru\u015fturma ve dava sonucunda su\u00e7 geliri veya haks\u0131z kazan\u00e7 oldu\u011fu kesinle\u015fen malvarl\u0131klar\u0131d\u0131r. D\u00f6rd\u00fcnc\u00fc kaynak ise kamunun sa\u011flayabilece\u011fi ola\u011fan\u00fcst\u00fc destek veya garanti olabilir. \u0130lk \u00fc\u00e7 kanal varl\u0131klar\u0131n ve hukuki sorumlulu\u011fun izini s\u00fcrer; d\u00f6rd\u00fcnc\u00fc kanal ise vergi m\u00fckellefine maliyet y\u00fckleyebilece\u011fi i\u00e7in a\u00e7\u0131k bir yasal dayanak ve siyasi karar ister.<\/p>\n\n\n\n Mevcut Yat\u0131r\u0131mc\u0131 Tazmin Merkezi mekanizmas\u0131n\u0131n bu fonlar\u0131n piyasa de\u011fer kayb\u0131n\u0131 otomatik olarak kar\u015f\u0131layaca\u011f\u0131 varsay\u0131lmamal\u0131d\u0131r. Yat\u0131r\u0131mc\u0131 tazmin sistemleri esas olarak yat\u0131r\u0131m kurulu\u015flar\u0131n\u0131n m\u00fc\u015fteriye ait nakit veya sermaye piyasas\u0131 ara\u00e7lar\u0131n\u0131 teslim edememesi gibi belirli durumlara g\u00f6re \u00e7al\u0131\u015f\u0131r; ola\u011fan yat\u0131r\u0131m zarar\u0131 veya her fon tasfiyesi kendili\u011finden kamu tazmini do\u011furmaz. Bu nedenle yat\u0131r\u0131mc\u0131ya \u201cdevlet b\u00fct\u00fcn zarar\u0131 \u00f6deyecek\u201d ya da \u201chi\u00e7bir \u00f6deme yap\u0131lmayacak\u201d \u015feklinde kesin mesaj vermek i\u00e7in hen\u00fcz yeterli hukuki ve mali veri yoktur.<\/p>\n\n\n\n ERKEN \u00c7IKI\u015eLAR VE GER\u0130 ALMA MEKAN\u0130ZMASININ SINIRLARI<\/strong><\/p>\n\n\n\n Krizin en hassas ba\u015fl\u0131klar\u0131ndan biri, d\u00fczenleme ve tasfiye \u00f6ncesinde y\u00fcksek tutarl\u0131 \u00e7\u0131k\u0131\u015f yapan yat\u0131r\u0131mc\u0131lard\u0131r. Belirli tarihlerdeki yo\u011fun \u00e7\u0131k\u0131\u015flar, piyasa akt\u00f6rlerinin ayn\u0131 bilgiye e\u015fit zamanda eri\u015fip eri\u015fmedi\u011fi sorusunu do\u011furuyor. Ancak erken \u00e7\u0131km\u0131\u015f olmak tek ba\u015f\u0131na hukuka ayk\u0131r\u0131l\u0131k kan\u0131t\u0131 de\u011fildir. Bir yat\u0131r\u0131mc\u0131n\u0131n ola\u011fan piyasa bilgisiyle risk azaltmas\u0131 ile i\u00e7eriden bilgi kullanmas\u0131, manip\u00fclatif i\u015flem yapmas\u0131 veya ili\u015fkili taraf \u00fczerinden haks\u0131z menfaat sa\u011flamas\u0131 birbirinden ayr\u0131lmal\u0131d\u0131r.<\/p>\n\n\n\n Ola\u011fan d\u0131\u015f\u0131 kazan\u00e7lar\u0131n havuza geri al\u0131nmas\u0131 d\u00fc\u015f\u00fcn\u00fcl\u00fcyorsa i\u015flem baz\u0131nda delil, hukuki s\u00fcre\u00e7 ve savunma hakk\u0131 gerekir. Aksi halde geriye d\u00f6n\u00fck ve genel bir kazan\u00e7 geri alma uygulamas\u0131 m\u00fclkiyet hakk\u0131, hukuki g\u00fcvenlik ve sermaye piyasas\u0131n\u0131n \u00f6ng\u00f6r\u00fclebilirli\u011fi a\u00e7\u0131s\u0131ndan yeni bir risk yarat\u0131r. Do\u011fru yakla\u015f\u0131m, belirli bir tarih aral\u0131\u011f\u0131ndaki t\u00fcm b\u00fcy\u00fck i\u015flemleri ayn\u0131 objektif \u00f6l\u00e7\u00fctlerle incelemek; yat\u0131r\u0131mc\u0131 kimli\u011fi, ili\u015fkili taraf ba\u011flant\u0131s\u0131, kullan\u0131lan bilginin niteli\u011fi, i\u015flem fiyat\u0131 ve fonun likidite durumunu birlikte de\u011ferlendirmektir.<\/p>\n\n\n\n Burada e\u015fit muamele ilkesi yaln\u0131zca hukuki de\u011fil, ekonomik a\u00e7\u0131dan da \u00f6nemlidir. Tasfiye \u00f6ncesinde baz\u0131 yat\u0131r\u0131mc\u0131lar\u0131n portf\u00f6y\u00fcn likit varl\u0131klar\u0131ndan tam \u00f6deme almas\u0131, geride kalanlar\u0131n d\u00fc\u015f\u00fck likiditeli ve a\u015f\u0131r\u0131 de\u011ferlenmi\u015f varl\u0131klarla ba\u015f ba\u015fa kalmas\u0131na yol a\u00e7m\u0131\u015f olabilir. Bu durum fon baz\u0131nda nakit ak\u0131\u015f\u0131 analiziyle ortaya konmal\u0131d\u0131r. Hangi tarihte ne kadar geri al\u0131m yap\u0131ld\u0131\u011f\u0131, bu \u00f6demelerin hangi varl\u0131k sat\u0131\u015flar\u0131 veya repo i\u015flemleriyle finanse edildi\u011fi ve geride kalan portf\u00f6y kalitesinin nas\u0131l de\u011fi\u015fti\u011fi a\u00e7\u0131klanmadan adil zarar payla\u015f\u0131m\u0131 hesaplanamaz.<\/p>\n\n\n\n DENET\u0130M Z\u0130NC\u0130R\u0130 VE KURUMSAL SORUMLULUK<\/strong><\/p>\n\n\n\n SPK’n\u0131n 18 Eyl\u00fcl tarihli a\u00e7\u0131klamas\u0131, sorunun d\u00fczenleme ge\u00e7mi\u015fi a\u00e7\u0131s\u0131ndan \u00f6nemli bilgiler i\u00e7eriyor. Kurul, d\u00fc\u015f\u00fck fiili dola\u015f\u0131ml\u0131 paylarda ekonomik ger\u00e7eklikle a\u00e7\u0131klanamayan fiyat hareketlerinin 2025’in son \u00e7eyre\u011finde g\u00f6zlendi\u011fini; konunun 2 Aral\u0131k 2025 tarihli Finansal \u0130stikrar Komitesi toplant\u0131s\u0131nda ele al\u0131nd\u0131\u011f\u0131n\u0131 ve \u00e7al\u0131\u015fma grubunun 3 Aral\u0131k’ta kuruldu\u011funu belirtiyor. Nitelikli yat\u0131r\u0131mc\u0131 e\u015fi\u011fi Aral\u0131k 2025’te 1 milyon TL’den 10 milyon TL’ye \u00e7\u0131kar\u0131ld\u0131; TEFAS uygulama esaslar\u0131 Haziran 2026’da onaylanarak Temmuz’da y\u00fcr\u00fcrl\u00fc\u011fe girdi; de\u011ferleme ve rehber de\u011fi\u015fiklikleri de Temmuz ve A\u011fustos aylar\u0131nda tamamland\u0131.<\/p>\n\n\n\n Bu takvim, riskin bir gecede ortaya \u00e7\u0131kmad\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Esas inceleme, risk ilk tespit edildi\u011finde hangi uyar\u0131lar\u0131n \u00fcretildi\u011fi, kurumlar aras\u0131nda nas\u0131l payla\u015f\u0131ld\u0131\u011f\u0131, fon ve portf\u00f6y y\u00f6netim \u015firketlerinden hangi d\u00fczeltici eylemlerin istendi\u011fi ve uygulaman\u0131n neden krize varmadan sonu\u00e7 vermedi\u011fi \u00fczerinde yo\u011funla\u015fmal\u0131d\u0131r. Devlet denetim mekanizmas\u0131n\u0131n devreye al\u0131nmas\u0131 y\u00f6n\u00fcndeki \u00f6neri bu nedenle anlaml\u0131d\u0131r; ancak incelemenin ki\u015fisel sorumluluk aray\u0131\u015f\u0131na indirgenmemesi gerekir. SPK, Borsa \u0130stanbul, Takasbank, MKK, saklay\u0131c\u0131 kurulu\u015flar, ba\u011f\u0131ms\u0131z denet\u00e7iler ve portf\u00f6y y\u00f6netim \u015firketleri aras\u0131ndaki kontrol zinciri birlikte de\u011ferlendirilmelidir.<\/p>\n\n\n\n Teknik olarak \u00fc\u00e7 zay\u0131fl\u0131k \u00f6ne \u00e7\u0131k\u0131yor. Birincisi, g\u00fcnl\u00fck likidite vaadi veren fonlarla d\u00fc\u015f\u00fck i\u015flem hacimli varl\u0131klar aras\u0131ndaki vade uyumsuzlu\u011fu. \u0130kincisi, d\u00fc\u015f\u00fck fiili dola\u015f\u0131ml\u0131 hisselerde fonlar\u0131n birbirine benzer ve yo\u011fun pozisyonlar ta\u015f\u0131mas\u0131. \u00dc\u00e7\u00fcnc\u00fcs\u00fc ise repo ve di\u011fer finansman i\u015flemlerinde kabul edilen teminatlar\u0131n piyasa stresi alt\u0131nda ger\u00e7ek nakit de\u011ferinin h\u0131zla d\u00fc\u015febilmesi. Fonun kendi grup \u015firketleriyle veya ili\u015fkili taraflarla yapt\u0131\u011f\u0131 i\u015flemler varsa bu \u00fc\u00e7 risk birbirini b\u00fcy\u00fct\u00fcr.<\/p>\n\n\n\n \u00d6DEME PLANI NASIL TASARLANMALI?<\/strong><\/p>\n\n\n\n Yat\u0131r\u0131mc\u0131 a\u00e7\u0131s\u0131ndan g\u00fcvenilir bir tasfiye plan\u0131, tek bir geri \u00f6deme oran\u0131 a\u00e7\u0131klamakla kurulamaz. Her fon i\u00e7in ba\u015flang\u0131\u00e7 tarihli varl\u0131k ve y\u00fck\u00fcml\u00fcl\u00fck tablosu, likit varl\u0131k tutar\u0131, teminatlar\u0131n t\u00fcr\u00fc, ili\u015fkili taraf alacaklar\u0131, dava konusu varl\u0131klar ve tahmini sat\u0131\u015f takvimi yay\u0131mlanmal\u0131d\u0131r. Ger\u00e7ekle\u015fen sat\u0131\u015f fiyat\u0131 ile tasfiye \u00f6ncesindeki son de\u011ferleme aras\u0131ndaki fark ayr\u0131ca g\u00f6sterilmelidir. B\u00f6ylece zarar, piyasa de\u011fer kayb\u0131, likidite iskontosu ve hukuki tahsilat eksikli\u011fi olarak ayr\u0131\u015ft\u0131r\u0131labilir.<\/p>\n\n\n\n Ara \u00f6deme yap\u0131labiliyorsa, fon baz\u0131nda yat\u0131r\u0131mc\u0131lar\u0131n ayn\u0131 oranda yararlanmas\u0131 ve kalan haklar\u0131n\u0131n korunmas\u0131 gerekir. \u00d6nce k\u00fc\u00e7\u00fck yat\u0131r\u0131mc\u0131ya \u00f6deme yap\u0131lmas\u0131 siyasi olarak anla\u015f\u0131l\u0131r g\u00f6r\u00fcnse de ayn\u0131 fondaki yat\u0131r\u0131mc\u0131lar\u0131n s\u00f6zle\u015fmesel haklar\u0131 bak\u0131m\u0131ndan hukuki tasar\u0131m gerektirir. Varl\u0131k b\u00fcy\u00fckl\u00fc\u011f\u00fcne g\u00f6re kademeli \u00f6deme yap\u0131lacaksa bunun kanuni dayana\u011f\u0131 ve objektif e\u015fi\u011fi a\u00e7\u0131k\u00e7a ilan edilmelidir. Aksi halde iyi niyetli bir sosyal koruma ad\u0131m\u0131 yeni uyu\u015fmazl\u0131klara neden olabilir.<\/p>\n\n\n\n Tasfiye fiyatlar\u0131n\u0131 korumak amac\u0131yla sat\u0131\u015flar\u0131n zamana yay\u0131lmas\u0131 makul olabilir; fakat s\u00fcrenin uzamas\u0131 s\u0131n\u0131rs\u0131z bekleme anlam\u0131na gelmemelidir. Her fon i\u00e7in ayl\u0131k ger\u00e7ekle\u015fme raporu, sat\u0131lan varl\u0131klar, elde edilen nakit, yap\u0131lan \u00f6demeler ve bekleyen hukuki i\u015flemler yay\u0131mlanmal\u0131d\u0131r. Ba\u011f\u0131ms\u0131z bir g\u00f6zetim komitesi veya denet\u00e7i raporu, yat\u0131r\u0131mc\u0131n\u0131n yaln\u0131zca y\u00f6netici a\u00e7\u0131klamas\u0131na ba\u011fl\u0131 kalmas\u0131n\u0131 \u00f6nler.<\/p>\n\n\n\n F\u0130NANSAL \u0130ST\u0130KRAR VE PARA POL\u0130T\u0130KASI<\/strong><\/p>\n\n\n\n Mevcut veriler, fon krizinin geni\u015f tabanl\u0131 bir bankac\u0131l\u0131k krizine d\u00f6n\u00fc\u015fmedi\u011fine i\u015faret ediyor. Reuters’\u0131n 17 Eyl\u00fcl tarihli haberine g\u00f6re tasfiye kapsam\u0131ndaki fonlar\u0131n yakla\u015f\u0131k b\u00fcy\u00fckl\u00fc\u011f\u00fc 891 milyar TL olarak hesapland\u0131; ayn\u0131 g\u00fcn likidite \u00f6nlemlerinin ard\u0131ndan piyasa kay\u0131plar\u0131n\u0131n bir k\u0131sm\u0131 geri al\u0131nd\u0131. Bankac\u0131l\u0131k sisteminin fonlama kanallar\u0131n\u0131n a\u00e7\u0131k kalmas\u0131 ve mevduat taraf\u0131nda ola\u011fan d\u0131\u015f\u0131 bir \u00e7\u00f6z\u00fclme g\u00f6r\u00fclmemesi olumlu g\u00f6stergelerdir. Bununla birlikte, \u201csistemik risk yok\u201d de\u011ferlendirmesi yat\u0131r\u0131m fonlar\u0131nda ya\u015fanan kurumsal g\u00fcven kayb\u0131n\u0131 \u00f6nemsizle\u015ftirmemelidir.<\/p>\n\n\n\n Para politikas\u0131 a\u00e7\u0131s\u0131ndan da piyasa kayb\u0131na otomatik faiz indirimiyle kar\u015f\u0131l\u0131k vermek do\u011fru olmayabilir. Fonlardan \u00e7\u0131kan paran\u0131n mevduata, d\u00f6vize, alt\u0131na veya ba\u015fka yat\u0131r\u0131m ara\u00e7lar\u0131na y\u00f6nelimi; rezervler, kur beklentileri ve mevduat fiyatlamas\u0131yla birlikte izlenmelidir. Likidite sa\u011flama karar\u0131 ile genel para politikas\u0131 duru\u015fu birbirinden ayr\u0131labilir. Fon piyasas\u0131ndaki ge\u00e7ici nakit ihtiyac\u0131n\u0131 kar\u015f\u0131lamak, enflasyon g\u00f6r\u00fcn\u00fcm\u00fcn\u00fc dikkate almadan politika faizini de\u011fi\u015ftirmeyi gerektirmez.<\/p>\n\n\n\n KARAR \u00c7ER\u00c7EVES\u0130<\/strong><\/p>\n\n\n\n Yat\u0131r\u0131mc\u0131lar i\u00e7in \u00f6ncelik, fonun yaln\u0131zca ge\u00e7mi\u015f getirisine de\u011fil, portf\u00f6y\u00fcn ger\u00e7ek likiditesine bakmakt\u0131r. \u0130lk on varl\u0131\u011f\u0131n toplam pay\u0131, d\u00fc\u015f\u00fck fiili dola\u015f\u0131ml\u0131 hisselere maruziyet, ili\u015fkili taraf i\u015flemleri, repo teminatlar\u0131n\u0131n niteli\u011fi ve yo\u011fun geri al\u0131m halinde portf\u00f6y\u00fcn ka\u00e7 g\u00fcnde nakde \u00e7evrilebilece\u011fi temel g\u00f6stergelerdir. Fon t\u00fcr\u00fcn\u00fcn ad\u0131nda \u201cpara piyasas\u0131\u201d veya \u201cserbest\u201d ifadesinin bulunmas\u0131 tek ba\u015f\u0131na riskin d\u00fc\u015f\u00fck ya da y\u00fcksek oldu\u011funu g\u00f6stermemelidir; portf\u00f6y i\u00e7eri\u011fi ve i\u015flem yap\u0131s\u0131 incelenmelidir.<\/p>\n\n\n\n Kurumsal yat\u0131r\u0131mc\u0131lar ve \u015firketler a\u00e7\u0131s\u0131ndan ise kar\u015f\u0131 taraf riski yeniden kalibre edilmelidir. Ayn\u0131 portf\u00f6y y\u00f6netim \u015firketinde bulunan farkl\u0131 fonlar hukuken ayr\u0131 malvarl\u0131klar\u0131 olsa da ortak y\u00f6netim, benzer pozisyonlar ve ayn\u0131 likidite kanallar\u0131 nedeniyle operasyonel risk ta\u015f\u0131yabilir. Fon da\u011f\u0131l\u0131m\u0131 yap\u0131l\u0131rken y\u00f6netici \u00e7e\u015fitlendirmesi, saklay\u0131c\u0131 kurulu\u015f, ba\u011f\u0131ms\u0131z denet\u00e7i ve risk y\u00f6netimi fonksiyonu birlikte de\u011ferlendirilmelidir.<\/p>\n\n\n\n \u015eirket hazineleri i\u00e7in g\u00fcnl\u00fck likidite ihtiyac\u0131n\u0131n tek bir fonda tutulmamas\u0131, \u00f6deme g\u00fcnleriyle fonun val\u00f6r yap\u0131s\u0131n\u0131n e\u015fle\u015ftirilmesi ve ola\u011fan\u00fcst\u00fc durumda kullan\u0131labilecek mevduat limitlerinin haz\u0131r bulundurulmas\u0131 yerinde olur. Y\u00f6netim kurullar\u0131na sunulan nakit raporlar\u0131nda yaln\u0131zca getiri de\u011fil, ayn\u0131 g\u00fcn nakde d\u00f6n\u00fc\u015febilen tutar ve stres halinde beklenen iskonto da g\u00f6sterilmelidir. B\u00f6ylece yat\u0131r\u0131m karar\u0131, ge\u00e7mi\u015f performanstan \u00e7ok i\u015fletmenin \u00f6deme kapasitesiyle ili\u015fkilendirilir.<\/p>\n\n\n\n Sonu\u00e7 olarak kriz, k\u0131sa vadeli likidite m\u00fcdahalesinden uzun vadeli g\u00fcven onar\u0131m\u0131na ge\u00e7mi\u015ftir. Ba\u015far\u0131n\u0131n \u00f6l\u00e7\u00fcs\u00fc yaln\u0131zca borsa endeksinin toparlanmas\u0131 de\u011fil; 455.758 yat\u0131r\u0131mc\u0131n\u0131n fon baz\u0131nda ne kadar ve hangi takvimle \u00f6deme alaca\u011f\u0131n\u0131 g\u00f6rebilmesi, haks\u0131z kazan\u00e7lar\u0131n hukuka uygun bi\u00e7imde tahsil edilmesi ve denetim zincirindeki eksiklerin a\u00e7\u0131k\u00e7a ortaya konmas\u0131 olacakt\u0131r. Tazmin havuzu g\u00fc\u00e7l\u00fc bir se\u00e7enek olabilir; ancak ancak \u015feffaf kaynak yap\u0131s\u0131, yasal dayanak, ba\u011f\u0131ms\u0131z g\u00f6zetim ve e\u015fit muamele ilkesiyle g\u00fcven yarat\u0131r.<\/p>\n\n\n\n Kaynaklar<\/em><\/p>\n\n\n\n https:\/\/spk.gov.tr\/data\/6ab371b68f95db2a2c2319c0\/Bas%C4%B1nDuyurusu_23092026.pdf<\/a> \u00d6zet: Fon krizinde resm\u00ee yat\u0131r\u0131mc\u0131 say\u0131s\u0131 455.758 ki\u015fi olarak g\u00fcncellendi. Yedi portf\u00f6y y\u00f6netim \u015firketine ait 131 fonun tasfiyesi, art\u0131k yaln\u0131zca likidite y\u00f6netimi de\u011fil; zarar\u0131n nas\u0131l da\u011f\u0131t\u0131laca\u011f\u0131, erken \u00e7\u0131kan yat\u0131r\u0131mc\u0131lara hangi ko\u015fullarda ba\u015fvurulabilece\u011fi ve sorumlulardan ne \u00f6l\u00e7\u00fcde tahsilat yap\u0131laca\u011f\u0131 meselesidir. Piyasada konu\u015fulan tazmin havuzu hen\u00fcz a\u00e7\u0131klanm\u0131\u015f bir kamu program\u0131 de\u011fildir. Adil bir \u00e7\u00f6z\u00fcm; fon baz\u0131nda varl\u0131k […]<\/p>\n","protected":false},"featured_media":0,"template":"","class_list":["post-390","kk_study","type-kk_study","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/karekapital.com\/index.php\/wp-json\/wp\/v2\/kk_study\/390","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/karekapital.com\/index.php\/wp-json\/wp\/v2\/kk_study"}],"about":[{"href":"https:\/\/karekapital.com\/index.php\/wp-json\/wp\/v2\/types\/kk_study"}],"version-history":[{"count":1,"href":"https:\/\/karekapital.com\/index.php\/wp-json\/wp\/v2\/kk_study\/390\/revisions"}],"predecessor-version":[{"id":391,"href":"https:\/\/karekapital.com\/index.php\/wp-json\/wp\/v2\/kk_study\/390\/revisions\/391"}],"wp:attachment":[{"href":"https:\/\/karekapital.com\/index.php\/wp-json\/wp\/v2\/media?parent=390"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
https:\/\/spk.gov.tr\/duyurular\/basin-duyurulari\/2026\/yatirim-fonlarina-iliskin-rehber-duzenleme-surecine-iliskin-aciklama<\/a>
https:\/\/www.tcmb.gov.tr\/wps\/wcm\/connect\/TR\/TCMB%2BTR\/Main%2BMenu\/Duyurular\/Basin\/2026\/DUY2026-41<\/a>
https:\/\/www.reuters.com\/world\/middle-east\/turkey-steps-support-markets-after-fund-liquidity-crunch-sparks-selloff-2026-09-17\/<\/a>
https:\/\/www.reuters.com\/world\/middle-east\/why-turkeys-stock-market-is-under-scrutiny-after-last-weeks-selloff-2026-09-22\/<\/a>
https:\/\/spk.gov.tr\/yatirimcilar\/yatirimlarin-takibi<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"