Sayfa 273b- Sanctions
aa- Criminal Sanctions…
i- Insider Dealing…
Art. 106 of CML regulates the offense of insider dealing as follows:…
“The persons mentioned below who give purchase or sale orders for capital market…
a) Managers of issuers or those their subsidiaries or their controlling corporat…
b) Persons who possess this information by holding a share in issuers’ corporation…
c) Persons who possess this information due to the performing of their job, professions…
ç) Persons who obtained this information by committing crimes…
d) Persons who know that the information they possess is of the nature mentioned…
However, if a judicial fine has been imposed due to this crime, the fine to be imposed…
The article determines the scope of the insider information and the persons that…
Having said that, the approach of the Law based on “economic sanction for economic…
Indeed, criminal sanctions regarding insider dealing has not been particularly successful…
ii- Market Manipulation…
Market manipulation is always on the agenda of the Turkish press and market. Almost…
Old CML dating back to 1981 included regulations regarding market manipulation; this…
According to new law, manipulation is categorised as transaction based (art. 107/1).…
“Those who makes purchases and sales, give orders, cancel orders, change orders or…
and information based (107/2):…
“Those who gives false, wrong or deceptive information, tell rumors, give notices,…
The previous version of article 107/2, in which there were no regulation regarding…
However even there were no change, the concerns was not accurate as in the article…
(a) an unfair advantage is not directly or indirectly obtained through publishing of news or comments; or …
(b) news or comments are not published in agreement with or under guidance of persons who have committed any one of insider trading or manipulation crimes; or …
(c) the relevant capital market instrument is not traded or such information is not disclosed to third parties before publishing of the news or comments is not considered and treated as market abuse actions.”…
Additionally, when considering criminal sanctions where strong stock exchanges are…
“(1) This subsection applies to a person who –…
(a) makes a statement, promise or forecast which he knows to be misleading, false…
(b) dishonestly conceals any material facts whether in connection with a statement,…
(c) recklessly makes (dishonestly or otherwise) a statement, promise or forecast…
(2) A person to whom subsection (1) applies is guilty of an offence if he makes the…
(a) to enter or offer to enter into, or to refrain from entering or offering to enter…
(b) to exercise, or refrain from exercising, any rights conferred by a relevant…
(3) Any person who does any act or engages in any course of conduct which creates…
Thus, when the provisions are considered, it is hard to understand why Turkish regulation…
Lastly, another feature of the article is that, in line with an economic approach…
bb- Civil Sanctions…
Article 104 of the CML regulates market abuse as generally including market manipulation…
“Actions and transactions which cannot be explained with a reasonable economic or…
With this article, market abuse was regulated for the first time. This article, like…
Having shared concerns, it is not about the regulations but about the independence…
Another positive outcome of the article is that it ensures not only punishment of…
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