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

Güncelleme: 13.08.2018 - 14:49

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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