The proposal foresees broad changes to banking laws/Bloomberg
by BloombergTurkey is planning to stiffen the punishment for insider trading and market manipulation as part of a broad overhaul of laws that regulate its banking industry and capital markets.
According to a bill submitted by President Recep Tayyip Erdogan’s AK Party to parliament, the minimum jail sentence for anyone manipulating the price of financial securities or benefiting from information obtained illegally will be raised to three years from two.
The proposal foresees broad changes to banking laws and would allow the central bank to set fees and commissions charged by lenders to their clients, increasing the monetary authority’s power over some of the banks’ key sources of revenue.
According to data compiled by BDDK, the Turkish banking regulator, fees and commissions account for around 12 per cent of total bank revenue. Income from the charges rose 33 per cent in the year through December 2019.
MOST READ
INVESTMENT
India seizes Yes Bank, limits withdrawalsINVESTMENT
ING Groep plans to sell its Turkish unitINVESTMENT
SABB seeks to boost corporate lendingINVESTMENT
UBS launches new private client programINVESTMENT
Egypt plans to resume IPOs of parastatalsINVESTMENT
HSBC considering exiting from TurkeyINVESTMENT
Abu Dhabi’s Group 42 acquires BayanatINVESTMENT
Amanat considers stake in VPS HealthcareINVESTMENT
UBS investment bank job cuts reach EuropeINVESTMENT
Emirates NBD’s launch of E20. credit positive
CPI Financial was established in Dubai in 1999 to meet the needs of an ever-expanding financial community, offering a comprehensive portfolio of market-leading products and services tailor-made for the banking and financial services sectors.
Loading More post
