The proposal foresees broad changes to banking laws/Bloombergby Bloomberg
Turkey 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.