A Proposal of Settlement Power for Turkish Capital Markets

Saim Kiliç, Ali Alp and Adem Sahin

Journal of BRSA Banking and Financial Markets, 2009, vol. 3, issue 1, 37-62

Abstract: Settlement is an important part of the regulatory authority’s enforcement program in capital markets. When compared to other countries, one of the major weaknesses currently characterizing Turkish securities markets in terms of enforcement powers is that regulatory authority (i.e. the Capital Markets Board of Turkey, CMB) has no power to enter into settlements with individuals and institutions that have breached the rules. In this paper, we attempted to make a proposal of settlement for Turkish securities markets to fill this gap. If our proposal is taken into consideration, at least two positive outcomes are expected to be achieved. First of all, it can provide a flexible, quick and cost-effective alternative to non-negotiated litigation or certain administrative sanctions. Secondly, it will create a steady income stream for investor education

Keywords: Turkish Capital Markets; Settlement; Enforceable Undertakings; Enforcement Powers; Investor Education (search for similar items in EconPapers)
JEL-codes: G18 K22 K42 (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:bdd:journl:v:3:y:2009:i:1:p:37-62

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