Türkiye Strengthens Capital Market Oversight, Enforcement
(MENAFN) Türkiye plans to enhance the monitoring and enforcement capabilities of its capital market regulators as authorities work to address recent concerns affecting the country's fund market, Treasury and Finance Minister Mehmet Simsek said Tuesday.
The finance ministry has drafted long-term structural reforms while submitting temporary liquidation legislation to parliament, Simsek said during a joint television broadcast, according to reports.
Addressing the recent difficulties in the fund market, the minister expressed confidence that the process would ultimately leave Türkiye's capital markets with a stronger and healthier framework.
He explained that officials had chosen to prioritize liquidation measures before proceeding with permanent regulatory reforms, emphasizing the importance of maintaining confidence in the country's capital markets.
Simsek stressed that the government would avoid policies that could obstruct the sector's development. Instead, authorities intend to adopt a comprehensive strategy that significantly increases penalties for market manipulation, coordinated trading practices and insider trading.
He also highlighted the need to deploy advanced technologies to strengthen supervision, noting that modern financial markets involve increasingly sophisticated algorithms and coordinated trading operations.
According to Simsek, the liquidation of the affected funds has progressed in line with the expected timetable and established procedures.
Once parliament approves the legislation, authorities plan to distribute payments of up to 1 million Turkish liras, equivalent to approximately $20,200, depending on the financial resources available within the funds, he added.
The finance ministry has drafted long-term structural reforms while submitting temporary liquidation legislation to parliament, Simsek said during a joint television broadcast, according to reports.
Addressing the recent difficulties in the fund market, the minister expressed confidence that the process would ultimately leave Türkiye's capital markets with a stronger and healthier framework.
He explained that officials had chosen to prioritize liquidation measures before proceeding with permanent regulatory reforms, emphasizing the importance of maintaining confidence in the country's capital markets.
Simsek stressed that the government would avoid policies that could obstruct the sector's development. Instead, authorities intend to adopt a comprehensive strategy that significantly increases penalties for market manipulation, coordinated trading practices and insider trading.
He also highlighted the need to deploy advanced technologies to strengthen supervision, noting that modern financial markets involve increasingly sophisticated algorithms and coordinated trading operations.
According to Simsek, the liquidation of the affected funds has progressed in line with the expected timetable and established procedures.
Once parliament approves the legislation, authorities plan to distribute payments of up to 1 million Turkish liras, equivalent to approximately $20,200, depending on the financial resources available within the funds, he added.
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