SPK Takes Measures After Review of TRHOL Transactions

Türkiye Regulator Takes Action Over Tera Holding Transactions

The Capital Markets Board of Türkiye (SPK) has taken a series of measures following an investigation into transactions involving shares of Tera Finansal Yatırımlar Holding AŞ, traded under the ticker TRHOL. The decisions were published in SPK Bulletin No. 2026/66 on September 28, 2026.

Important: the measures concern regulatory decisions and an ongoing investigation. A referral to prosecutors or the imposition of administrative measures does not itself constitute a court conviction.

What Measures Did SPK Take?

Following its review, SPK decided to refer materials concerning 37 people to the prosecutor's office in connection with transactions involving Tera Finansal Yatırımlar Holding shares.

SPK also imposed two-year trading bans on 37 individuals, as well as Tera Yatırım Menkul Değerler AŞ and Tera Portföy Yönetimi AŞ.

Separately, the capital markets licenses and authorization documents of 24 individuals were cancelled for the duration of the relevant restrictions.

• 37 people - materials were referred to prosecutors.
• 37 individuals and two companies - two-year trading bans were imposed.
• 24 people - capital markets licenses and authorization documents were cancelled for the relevant period.

The measures therefore differ in their nature and do not mean that identical restrictions were applied to all participants in the review.

What Is Known About the Investment Fund Investigation?

The SPK decision is part of a broader investigation into activity in Türkiye's capital markets. Earlier, the regulator took measures involving a number of investment funds following problems with investor withdrawal requests.

On September 17, SPK closed the investment funds established by seven portfolio management companies to purchases and sales through the Türkiye Electronic Fund Trading Platform, known as TEFAS, and placed the relevant funds into liquidation. The regulator subsequently issued additional announcements concerning the liquidation process.

According to Reuters, nearly 500,000 investors were affected by the liquidation of more than 100 investment funds with assets of around $18 billion. SPK identified 455,758 investors affected by the measures.

What Does the SPK Decision Mean for Investors?

The SPK decision does not by itself mean that TRHOL shares will be delisted or that securities held by ordinary investors will be cancelled.

Administrative measures against individual market participants should also not automatically be interpreted as a court finding of guilt. The final legal assessment of any alleged violations belongs to the relevant law enforcement and judicial authorities.

Referral of materials to prosecutors is part of the legally established investigation procedure and does not itself mean that a court has issued a conviction.

Investors should follow official announcements from SPK, Borsa İstanbul, the KAP disclosure platform and their brokers rather than relying on unverified reports on social media.

Why the Situation Matters for Türkiye's Financial Market

The Tera Holding case is developing alongside broader investigations into capital market activity and measures aimed at protecting investors. On September 28, SPK also published an announcement concerning the liquidation process for the investment funds affected by the earlier measures.

For foreign investors, business owners and people acquiring assets in Türkiye, the situation highlights the importance of checking primary sources and understanding the difference between regulatory decisions, investigative measures and the final outcome of court proceedings.

RestProperty follows economic and legislative developments that may be relevant to foreigners living, investing or purchasing property in the country.

Source: Capital Markets Board of Türkiye (SPK), Anadolu Agency and Reuters.

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