The Capital Markets Board (CMB) made changes to the Communiqué on Measures to be Applied in Information Abuse and Market Fraud Investigations.
Accordingly, the first paragraph of Article 14 of the communiqué reads: “Capital market instruments with prohibited status cannot be sold on stock exchanges for any reason during the ban on trading, except for the exceptions specified in Article 15 and the fifth paragraph of Article 16.” changed it to .
In addition, according to the 16th article of the same communiqué, “In case the clearing and/or collateral completion obligations regarding the current open positions in the Futures and Options Market are fulfilled by the investment institutions of the persons for whom a decision has been taken to ban them from trading, the investment institutions shall not impose the said clearing and/or collateral completion obligation on them.” They may collect their receivables by selling or transferring the capital market instruments of their debtor customers in their accounts on the Stock Exchange, or outside the Stock Exchange if the relevant instrument is not traded on the Stock Exchange, provided that there is a provision in the contracts concluded with the customers who are in debt due to non-fulfillment and investment services and activities.
In sales to be made in accordance with this paragraph, investment firms shall send the attached letter of undertaking (Annex-2), investment firm signature circular and documents and records supporting the notifications given in the letter of undertaking to MKK. In terms of the transactions to be carried out within the scope of this paragraph, the first sentence, fourth, sixth and seventh paragraphs of the third paragraph of Article 15 are applied by analogy. MKK is authorized to make the necessary changes in the value definition within the scope of the sales transactions to be made and to approve inter-account transfer transactions. “Disputes between investment firms and their customers regarding sales and/or transfer transactions within the scope of this paragraph are subject to general provisions.” paragraph was added.
With the new regulation, “Clearing and/or collateral completion obligations regarding the transactions carried out in the Futures and Options Market by persons for whom a transaction ban decision has been taken, before the transaction ban is implemented, are also applied to cases where these obligations arose before the entry into force of the said paragraph and these obligations have been fulfilled by investment institutions.” .” provisional clause added.
The Communiqué came into force as of today.
