Turkey to Clarify Capital Markets Law to Quell Concern, HT Says
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Turkey plans to clarify what is considered criminal under legislation that provides for imprisonment for certain financial commentary, HaberTurk reported, citing Capital Markets’ Board Chairman Vahdettin Ertas.
Turkey’s Capital Markets Law, enacted Dec. 31, stipulates punishment for “those who provide untruthful, wrong or misleading information, start rumors, or provide news, commentary, or prepare reports with the intention of influencing prices, values of capital markets instruments or investor decisions.” Bank of America Merrill Lynch and Commerzbank AG said they were reviewing how the new law will affect their business in Turkey.