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The amendments, effective as of 16 July 2026, introduce significant changes to the Regulation governing the Investor Compensation Center (“YTM”), particularly with respect to the administration of assets held in custody and receivables, reporting obligations, limitation periods, and application procedures.
Execution of attachment and injunction orders by Takasbank Inc.
The amended Regulation expressly provides that, in executing attachment orders, injunctions, and any other administrative or judicial enforcement requests concerning all assets held in custody and receivables transferred to YTM in a custodial capacity, Takasbank Inc. shall act irrespective of whether the relevant assets or receivables have been dematerialized (book-entry registered).
Furthermore, Takasbank Inc. is now required to submit monthly reports to YTM regarding the transactions carried out in connection with such administrative and judicial requests, in the format and with the content determined by YTM.
Amendments to the quarterly reporting obligation
Previously, Article 27(4) required Takasbank Inc. and the Central Securities Depository of Türkiye (“MKK”) to submit quarterly reports to YTM within the first two weeks of the month following each reporting period.
Under the new Regulation, the monthly notifications submitted by Takasbank Inc. to YTM will also form part of these quarterly reports. In addition, Takasbank Inc. is required to comply with any content and formatting requirements prescribed by YTM in relation to such reports.
Amendment to the time limits for transferring time-barred assets and receivables
The deadlines applicable for the transfer of time-barred assets held in custody and receivables to YTM have also been revised.
Investment firms are now required to submit to both YTM and Takasbank Inc., no later than the end of February of the current calendar year, a list identifying the beneficiaries of assets and receivables that became time-barred during the preceding calendar year, together with their identity and contact information and the total amount of their entitlements, including accrued interest, dividends and any other proceeds.
Accordingly, the former deadline stipulated under Article 26(2) has been amended.
New application procedure for the return of time-barred assets
Applications for the restitution of time-barred assets shall now principally be submitted electronically through the e-Devlet.
Article 28(2) further provides that:
- the procedures governing applications that cannot be submitted electronically shall be announced through the “Capital Markets Board” (SPK) Bulletin and on YTM’s corporate website; and
- the implementation guide governing electronic applications shall be published on YTM’s corporate website.
Consequently, the documents previously required to accompany application petitions under repealed Article 28(3) have been removed from the Regulation.
Determination of the commencement of the limitation period for suspended investment firms
The Regulation also introduces a new rule for investment firms whose operating licenses were permanently revoked before 26 August 2021 and whose customer accounts were not transferred to another investment firm.
Where no record of the customer’s last transaction is available at Takasbank Inc. and/ or MKK, the commencement of the limitation period shall no longer be determined by reference to the date on which the firm’s operations are permanently ceased. Instead, the earliest date among the decisions concerning suspension of operations, gradual liquidation, liquidation or bankruptcy shall be taken as the relevant commencement date.
New paragraph added to Provisional Article 6
A new paragraph has been inserted into Provisional Article 6 providing that receivables and assets held in custody belonging to investors of intermediary institutions falling within the scope of the Special Fund, which had not been evidenced by a certificate of insolvency or registered with the bankruptcy estate before 31 December 2014, shall be deemed to have become time-barred before 22 April 2021.
Such assets and receivables shall be subject to Provisional Article 6(3)(a), paragraphs (4) and (5), and Provisional Article 7. However, the default surcharge prescribed under Provisional Article 7 shall not apply to these assets and receivables.
Transitional provision introduced under Provisional Article 10
A newly introduced Provisional Article 10 provides that applications already pending, as well as applications dispatched by post but not yet received by YTM as of the effective date of amendments to Article 28, shall continue to be governed by the provisions of the Regulation in force prior to the amendment limited to relevant provisions.
Entry into force
All the amendments above entered into force on 16 July 2026.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
