Three-pronged attack on reporting exchange rates

A warning has been issued in an announcement by the Capital Markets Board (CMB) against attaching credence to news having the nature of hearsay.

Yayınlanma: 13.08.2018 - 14:44
Three-pronged attack on reporting exchange rates
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Following the launching of an investigation by the Financial Crimes Investigation Board
(MASAK) into the makers of manipulative news about the economy, Istanbul Republic Chief
Prosecution has initiated an investigation into a person or persons who have engaged in “acts
that threaten economic security.” An announcement about “misleading” news has also come
from the Capital Markets Board (CMB).
 
The CMB’s written announcement reads as follows:
 
“It is common knowledge that all measures are taken by our Board so that capital markets
function in an efficient, trustworthy and transparent environment. On the other hand, it is
crucial not to attach credence to news and announcements having the nature of hearsay
contained in press and publishing outlets. Bearing in mind that the said news and
announcements may affect investors’ decision-making processes, this situation is considered
capable of seriously impairing trustworthiness and transparency in our country’s financial
markets and causing loss to investors.
 
JAIL TERM OF UP TO FIVE YEARS
 
Provision has been made in paragraph two of Article 107 with the heading “Market fraud” of
the Capital Markets Law number 6362 for jail terms of between two and five years and a
judicial fine of up to five thousand days for those who, with the intent of affecting the prices
or values of capital market instruments or investors’ decisions, pass false, untrue or
misleading information, instigate rumours, report news, make interpretations or compile
reports, or those who disseminate the same and derive benefit by this means.
 
LEGAL PROCEEDINGS AGAINST THE DISSEMINATORS OF UNTRUE NEWS
AND ANNOUNCEMENTS
 
In this context, the public is emphatically informed that legal proceedings of all kinds will be
instituted decisively as per the relevant provisions of the Capital Markets Law against the
makers of false or untrue news about publicly-held banks, financial institutions and
companies.”

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