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

Year 2014, Volume: 3 Issue: 1, 60 - 70, 01.03.2014

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.

References

  •  Allen, F. and Gorton, G. (1991), Stock Market Manipulation, Market Microstructure and Asymmetric Information, European Economic Review, Elsevier, Vol. 36, 2- 3, p. 624- 630.
  •  Chatterjea, A. and Jarrow, R. A. (1998), Market Manipulation, Price Bubbles and a Model of the U.S. Treasury Securities Auction Market, Journal of Financial and Quantitative Analysis, Vol 33,2, p. 255 – 289.
  •  Coates, J. C. (2007), The Goals and Promise of the Sarbanes-Oxley Act, The Journal of Economic Perspectives, Vol. 21, 1, p. 91-116.
  •  Dunis, C., Sermpinis, G., and Karampelia, M. (2013). Stock Market Linkages Among New EMU Members and The Euro AreaImplications for Financial Integration and Portfolio Diversification. Studies In Economics & Finance, Vol. 30, 4, p. 370-388. doi:10.1108/SEF-04-2012-0048
  •  Foster, B. P., McClain, G., and Shastri, T. (2010), Impact on Pre- and PostSarbanes Oxley Users’ Perceptions by Incorporating the Auditor’s Fraud Detection Responsibility into the Auditor’s Internal Control Report, Research in Accounting Regulation, Vol 22, p 107-113.
  •  Frarzscher, M. (2002), Financial Market Integration in Europe: On the Effects of EMU on Stock, International Journal of Finance and Economics, Vol. 7, 3, p. 165 – 1
  •  Gerding, E. F. (2006), The Next Epidemic: Bubbles and the Growth and Decay of Securities Regulation, Connecticut Law Review, Vol 38.3, p. 393-453.  Green, B. P. and Reinstein, A. (2004), Banking Industry Financial Statement Fraud and The Effects of Regulation Enforcement and Increased Public Scrutiny, Research in Accounting Regulation, Vol. 17, p. 87-106.
  •  Goshen, Z. and Parchomovsky, G. (2006), The Essential Role of Securities Regulation, Duke Law Journal, Vol. 55,4, p. 711 – 782.
  •  Guiso, L., Jappelli, T., Padula, M. and Pagano, M. (2004), Financial market integration and economic growth in the EU, Economic Policy, Vol. 19, p. 523–577. doi: 1111/j.1468-0327.2004.00131.x
  •  John, K. and Narayanan, R. (1997), Market Manipulation and the Role of Insider Trading Regulations, The Journal of Business, Vol. 70, 2, p. 217 – 247.  Moeller, R. (2009), Brink’s Modern Internal Auditing: A Common Body of Knowledge, John Wiley and Sons, USA.
  •  Moloney, N. (2006), Financial Market Regulation in the Post-Financial Services Action Plan Era, The International and Comparative Law Quarterly, Vol. 55, 4, pp. 982 – 992.
  •  Moloney, N. (2011), Reform or Revolution? The Financial Crisis, EU Financial Markets Law, and The European Securities and Markets Authority, The International and Comparative Law Quarterly, Vol. 62, 2, p. 521 -533.  Ortino, M. (2007), The Role and Functioning of Mutual Recognition in the European Market of Financial Services, The International and Comparative Law Quarterly, Vol. 56, 2, p. 309 – 338.
  •  Posner, E. (2009), Making Rules for Global Finance: Transatlantic Regulatory Cooperation at the Turn of the Millennium, International Organization, Vol. 63, 4, p. 665 – 699.
  •  Schammo, P. (2008), Regulating Transatlantic Stock Exchanges, The International and Comparative Law Quarterly, Vol. 57, 4, p. 827 – 862
  •  Sharman, J. C. (2010), Shopping for Anonymous Shell Companies: An Audit Study of Anonymity and Crime in the Intertional Financial System, The Journal of Economic Perspectives, Vol. 24, 4, p. 127-140.  www.tcmb.gov.tr  www.masak.gov.tr
  •  www.borsaistanbul.com
Year 2014, Volume: 3 Issue: 1, 60 - 70, 01.03.2014

Abstract

References

  •  Allen, F. and Gorton, G. (1991), Stock Market Manipulation, Market Microstructure and Asymmetric Information, European Economic Review, Elsevier, Vol. 36, 2- 3, p. 624- 630.
  •  Chatterjea, A. and Jarrow, R. A. (1998), Market Manipulation, Price Bubbles and a Model of the U.S. Treasury Securities Auction Market, Journal of Financial and Quantitative Analysis, Vol 33,2, p. 255 – 289.
  •  Coates, J. C. (2007), The Goals and Promise of the Sarbanes-Oxley Act, The Journal of Economic Perspectives, Vol. 21, 1, p. 91-116.
  •  Dunis, C., Sermpinis, G., and Karampelia, M. (2013). Stock Market Linkages Among New EMU Members and The Euro AreaImplications for Financial Integration and Portfolio Diversification. Studies In Economics & Finance, Vol. 30, 4, p. 370-388. doi:10.1108/SEF-04-2012-0048
  •  Foster, B. P., McClain, G., and Shastri, T. (2010), Impact on Pre- and PostSarbanes Oxley Users’ Perceptions by Incorporating the Auditor’s Fraud Detection Responsibility into the Auditor’s Internal Control Report, Research in Accounting Regulation, Vol 22, p 107-113.
  •  Frarzscher, M. (2002), Financial Market Integration in Europe: On the Effects of EMU on Stock, International Journal of Finance and Economics, Vol. 7, 3, p. 165 – 1
  •  Gerding, E. F. (2006), The Next Epidemic: Bubbles and the Growth and Decay of Securities Regulation, Connecticut Law Review, Vol 38.3, p. 393-453.  Green, B. P. and Reinstein, A. (2004), Banking Industry Financial Statement Fraud and The Effects of Regulation Enforcement and Increased Public Scrutiny, Research in Accounting Regulation, Vol. 17, p. 87-106.
  •  Goshen, Z. and Parchomovsky, G. (2006), The Essential Role of Securities Regulation, Duke Law Journal, Vol. 55,4, p. 711 – 782.
  •  Guiso, L., Jappelli, T., Padula, M. and Pagano, M. (2004), Financial market integration and economic growth in the EU, Economic Policy, Vol. 19, p. 523–577. doi: 1111/j.1468-0327.2004.00131.x
  •  John, K. and Narayanan, R. (1997), Market Manipulation and the Role of Insider Trading Regulations, The Journal of Business, Vol. 70, 2, p. 217 – 247.  Moeller, R. (2009), Brink’s Modern Internal Auditing: A Common Body of Knowledge, John Wiley and Sons, USA.
  •  Moloney, N. (2006), Financial Market Regulation in the Post-Financial Services Action Plan Era, The International and Comparative Law Quarterly, Vol. 55, 4, pp. 982 – 992.
  •  Moloney, N. (2011), Reform or Revolution? The Financial Crisis, EU Financial Markets Law, and The European Securities and Markets Authority, The International and Comparative Law Quarterly, Vol. 62, 2, p. 521 -533.  Ortino, M. (2007), The Role and Functioning of Mutual Recognition in the European Market of Financial Services, The International and Comparative Law Quarterly, Vol. 56, 2, p. 309 – 338.
  •  Posner, E. (2009), Making Rules for Global Finance: Transatlantic Regulatory Cooperation at the Turn of the Millennium, International Organization, Vol. 63, 4, p. 665 – 699.
  •  Schammo, P. (2008), Regulating Transatlantic Stock Exchanges, The International and Comparative Law Quarterly, Vol. 57, 4, p. 827 – 862
  •  Sharman, J. C. (2010), Shopping for Anonymous Shell Companies: An Audit Study of Anonymity and Crime in the Intertional Financial System, The Journal of Economic Perspectives, Vol. 24, 4, p. 127-140.  www.tcmb.gov.tr  www.masak.gov.tr
  •  www.borsaistanbul.com
There are 16 citations in total.

Details

Journal Section Articles
Authors

Lale Aslan This is me

Publication Date March 1, 2014
Published in Issue Year 2014 Volume: 3 Issue: 1

Cite

APA Aslan, L. (2014). The Influence of European and U.S. Legislation on Turkish Capital Markets Regulation. Journal of Business Economics and Finance, 3(1), 60-70.

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