Yılmaz: Measures on problem funds should not be portrayed as targeting the whole market

Fund Coordination Board head Yılmaz said administrative and judicial measures against problems in a certain segment of the fund markets are being carried out resolutely and in coordination. Yılmaz also stressed that the board is working intensively.

Liquidation and investor rights

According to Yılmaz, ordinary liquidations are being carried out swiftly, while the legal arrangements enabling extraordinary liquidation are on parliament's agenda. He said wide-ranging efforts are under way to return unjust and excessive gains to the system and pay investors.

Warning on perception

Yılmaz said it is wrong to distort the steps taken against abusers and manipulators and thereby cast suspicion on all capital markets and healthy funds. He recalled that about 10 months ago he had also objected to regulations on some abused funds being perceived as aimed at the entire market, and had stressed healthy economic communication. He said portraying measures on problem funds as covering rule-abiding funds, which make up more than ninety percent of the market, harms the system and investors.

Nerede somut bir sorun varsa, yetkili otoritelerce söz konusu sorunun veya sorunlu fonların üstüne gidilmesi esastır.

Yılmaz

Yılmaz said that while eliminating unhealthy structures they are taking an approach that does not harm the system. He said investing in funds, stocks and other capital market instruments is not a crime but a policy supported in their plans and programs, whereas unlawful transactions, disrupting the market, fraud and manipulation are crimes. He said failing to draw this distinction clearly would harm investors and the economy.

Saying that anyone who has engaged or engages in unlawful transactions must bear the consequences, Yılmaz stated that defending rule-abiding players, the system as a whole and investors' rights is everyone's shared responsibility, first and foremost that of independent regulatory and supervisory authorities.