CMB Sets Out Principles for Refund Applications Concerning Time-Barred Assets and Receivables Where Electronic Submission Is Not Possible

The Capital Markets Board (“CMB”), through a Principle Decision (“Principle Decision”), published on 20 October 2026, set out the principles governing refund applications that cannot be submitted electronically through e-Devlet for time-barred assets and receivables transferred to the Investor Compensation Centre (“ICC”).

Scope of Applications That Cannot Be Submitted Electronically

The Principle Decision covers refund applications by joint account holders, authorised representatives, heirs, guardians, court-appointed trustees and representatives of legal entities where electronic submission is not possible. Other special cases falling outside these categories in which applications cannot be submitted through e-Devlet will be decided by the ICC’s Board of Directors.

Application Procedures and Required Documents

Applicants will be required to complete the application form available on the ICC’s website accurately and in full and send a copy bearing a wet-ink signature, together with the required documents, to the ICC’s head office. The documents must be sent by registered post with acknowledgement of receipt or through a private delivery service against signature.

The documents required for each type of application are as follows:

• Applications by heirs: An up-to-date certificate of inheritance; a letter from the tax office confirming that inheritance and gift tax has been paid or that there is no outstanding liability for such tax; written statements bearing the wet-ink signatures of all heirs confirming their consent to payment in proportion to the shares specified in the certificate of inheritance, or a copy of a final court judgment converting joint ownership into co-ownership in defined shares.
• Applications by authorised representatives: A notarised power of attorney granting authority to collect and receive funds or expressly authorising the refund to be paid into the representative’s account, and a copy of the representative’s identity document.
• Applications by guardians or court-appointed trustees: A final court judgment and a copy of the guardian’s or trustee’s identity document.
• Applications by representatives of legal entities: Copies of the identity documents of the persons authorised to represent and bind the legal entity; an up-to-date signature circular; a certificate of activity issued within the last six months; and, for legal entities engaged in commercial activities, a tax registration certificate.
• Applications by joint account holders: Copies of the account holders’ identity documents and a written statement bearing wet-ink signatures confirming that there is no objection to the respective ownership shares in the joint account.

These documents must be submitted to the ICC together with the application form in accordance with the specified procedure.

Remedy Deficiencies

The ICC may request additional information and documents from the right holder, the applicant or the relevant investment institution, and may require corrections or the remediation of deficiencies in applications containing incomplete or incorrect information.

The right holder or applicant will be given 30 days to provide the requested information and documents, remedy deficiencies or make corrections. If the request is not complied with within this period, the application may be closed without further processing, and the relevant person will be notified of this outcome and the reasons for it. Investment institutions will be required to provide the information and documents requested by the ICC.

Conditions for Refunds and Receiving Accounts

Capital market instruments will be returned in kind based on the balances held in accounts at İstanbul Takas ve Saklama Bankası A.Ş. (“Takasbank”) and Merkezi Kayıt Kuruluşu A.Ş., together with any bonus shares credited up to the refund date. Cash will be refunded together with the investment returns specified in Article 27(3) of the Regulation on the ICC.

The account designated for the refund must be held with a bank or brokerage firm resident in Türkiye and be suitable for receiving the relevant assets. Assets and receivables may be transferred to the right holder’s account or, with the consent of the right holder or the other right holders, to the account of one of the right holders or the authorised representative. The applicant and/or right holder will be responsible for providing details of a suitable account.

Upon request, foreign-currency assets and receivables may be converted into Turkish lira at the foreign exchange buying rate applied by Takasbank on the refund date and refunded. Where a refund in foreign currency is requested, the account must hold a cash balance sufficient to cover the transfer costs, and the transfer will be made after deducting those costs. If the cash balance is insufficient, the refund in foreign currency will not be made.