July 14, 2018 / 10:54 AM / 2 months ago

Turkish financial watchdog suspends stock market abuse article

ISTANBUL (Reuters) - Turkey’s capital markets regulator has partially suspended a directive related to insider share trading, it said in its weekly bulletin released on Friday, without giving a reason for the move.

The Capital Markets Board (SPK) said that until the end of August share purchases on the Borsa Istanbul by people party to the relevant company’s internal information, or by those close to them, would not be subject to a stock market abuse directive.

In a brief statement, it said it had decided such purchases would not be subject to an article of a 2014 directive regarding acts of market abuse.

The relevant article in the 2014 directive, published at the time in the country’s Official Gazette, says “trading in capital market instruments by people party to issuers’ internal information or by their spouses, children or people living in the same house is assessed to be an act of market abuse”.

No further details were given on the move and nobody from the Capital Markets Board was immediately available to comment.

Reporting by Birsen Altayli; Writing by Daren Butler; Editing by Mark Potter

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