The Influence of European and U.S. Legislation on Turkish Capital Markets Regulation

Abstract

Regulation of capital markets is vital when irregularities and abusive actions in the market are concerned. In order to protect investors and provide integrity for a fully functioning economic system, regulatory authorities should act with increased care and take recent developments into consideration. The aim of this paper is to depict the changes brought about with the new capital markets regulation and the effects of European and U.S. legislation as well as the International Istanbul Financial Center Project of the government. This is achieved by using a conceptual approach to analyze Turkish regulation. Accordingly, it is clear that the new Capital Markets Law (CML) of Turkey has its roots connected to the EU regulation, MiFID, especially where market abuse is concerned. Again, this relationship is signified in the following regulations such as communiqués on market abuse and foundations of brokerage firms.

Keywords

• capital markets,regulation,market abuse

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