ANALYSIS OF THE AUTHORITY OF CAPİTAL MARKETS BOARD TO IMPOSE ADMINISTRATIVE FINES IN CAPİTAL MARKET LAW BASED ON RELEVANT PROVISIONS

Abstract

The aim of this paper is to analyze the legal infrastructure of the authority of administrative fines that imposes by Capital Markets Board in the Capital Markets Law No. 6362 (CML/Law). General principles of administrative fines are regulated in the first paragraph of Article 103 of the Law while special cases of administrative fines are regulated in the following paragraphs of the same article and in Article 104. Violation of take-over bid obligation, non-deliver of net gain to the issuer, passive transfer pricing regulation, withholding information and document, preventing the auditing and market abuse actions can be mentioned among special cases. In our study, the purpose of the administrative fine, the problem to whom the administrative fine will be applied, the problems encountered in the practice related to the subject, the current amendments made in the law especially the regulation on the administrative fines that imposed for legal entities, legal ways to be applied against the administrative sanction decision and the issues on which administrative fines are imposed in practice are also investigated. Finally it is aimed to contribute to doctrine and practice.