Bilgi Suistimali Suçu, Suça İlişkin Tedbirler ve Alınan Tedbirlerin Etkinliği (Insider Trading, Measures of Insider Trading and Effectiveness of Measures)

Turkish Abstract: Borsalar ve teskilatlanmis piyasalarda icsel bilgileri kullanarak menfaat elde edilmesi her zaman sermaye piyasalariyla ilgili olarak ilgi cekici konu olmustur. Icerden ogrenenlerin ticareti sucu kisaca kamuya aciklanmamis bilgileri kullanilarak halka acik sirketlerin paylarinda islem yapilmasi olarak tanimlanabilir. Her ne kadar bilgi suistimali sucu Turkiye'de yeni bir konu olsa da, bu suca iliskin kayitlar, sucun en azindan 18. yuzyilin basina kadar uzandigini gostermektedir. Bilgi suistimali sucunu engellemeye yonelik tasarlanan kurallar ve duzenlemeler, temel olarak sermaye piyasalarinin guvenli, seffaf, etkin, istikrarli, adil ve rekabetci bir ortamda gelismesini ve islemesini temin etmek amacini tasimaktadir.Bilgi suistimali niteligindeki islemlerin engellenmesi ve soz konusu nitelikte islem gerceklestirenlere yaptirim uygulanmasi konusunda borsalar ve duzenleyici otoriteler arasinda belirli olculerde isbirligi bulunmaktadir. Gorev paylasiminin derecesi ulkeden ulkeye degismekte, fakat genel olarak gozetim faaliyetlerinin oz duzenleyici kuruluslar tarafindan yurutuldugu, denetim faaliyetlerinin ise duzenleyici otoritelerin gorevi oldugu gorulmektedir.Mevcut durumda, bilgi suistimali sucunun engellenmesi amaciyla SPK ve Borsa Istanbul duzenlemelerinde bircok arac bulunmaktadir. Bu duzenlemelere ilave olarak, 30.12.2012 tarihinde yururluge giren 6362 sayili Sermaye Piyasasi Kanunu’nu yeni hukumler icermektedir. Bu cercevede, 6362 sayili Sermaye Piyasasi Kanunu’na dayanilarak, Piyasa Bozucu Eylemler Tebligi, Bilgi Suistimali ve Piyasa Dolandiriciligi Incelemelerinde Uygulanacak Tedbirler Tebligi, Bildirim Yukumlulugu Tebligi ve Yoneticilerin Net Alim Satim Kazanclarini Ihraccilara Odemeleri Hakkinda Tebligi hazirlanmis ve yayimlanmistir.English Abstract: Purchase and sale of securities depending on inside information has always been a attractive issue regarding capital markets. Insider trading can be shortly described as the trading of a public company' securities by individuals with access to non-public information about the company. Although the insider trading is relatively new issue in Turkey, the records show that history of insider trading dates at least back to the beginning of 18th century. Rules and regulations designed to prevent insider trading basically aim to ensure the functioning and development of capital markets in a secure, transparent, efficient, stable, fair and competitive environment and to protect the rights and interests of investors.A certain degree of cooperation exists between the regulatory authorities and exchanges in preventing insider trading acts and imposing sanctions on wrongdoers. The degree of cooperation is subject to differ among countries; however, it is generally observed that surveillance activities are carried out by the self regulatory organizations, whilst enforcement activities are the duties of the regulatory organization.Currently, there are several tools available in the Capital Markets Board of Turkey and Borsa Istanbul regulations to prevent insider trading. Addition to those regulations, the Capital Markets Law no. 6362 dated 30/12/2012 consist new provisions. In this context, based on the Capital Markets Law no. 6362, the new communiques named; Communique on Market Abuse, Communique on Measures of Insider Trading and Manipulation, Communique on Obligation of Notification and Communique on Payment of Net Trading Earnings By Executives of Issuers to Issuers, have been prepared and issued.