SocGen Ceases Commentary on Turkey as New Law Threatens Jail
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Societe Generale SA ordered employees to cease commentary on Turkey pending a review of new legislation that threatens up to five years imprisonment for certain types of commentary on financial markets.
Turkey’s Capital Markets Law enacted on 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 also reviewing how the new law will affect their business in Turkey.