{"id":57668,"date":"2026-07-06T15:24:24","date_gmt":"2026-07-06T15:24:24","guid":{"rendered":"https:\/\/my.legal500.com\/developments\/?post_type=legal_developments&p=57668"},"modified":"2026-07-06T15:24:24","modified_gmt":"2026-07-06T15:24:24","slug":"administrative-monetary-fines-of-the-capital-markets-board-of-turkiye-in-2025-key-types-of-breaches","status":"publish","type":"legal_developments","link":"https:\/\/my.legal500.com\/developments\/thought-leadership\/administrative-monetary-fines-of-the-capital-markets-board-of-turkiye-in-2025-key-types-of-breaches\/","title":{"rendered":"Administrative Monetary Fines of the Capital Markets Board of T\u00fcrkiye in 2025: Key Types of Breaches"},"content":{"rendered":"

\u0130layda Salk\u0131m<\/strong><\/p>\n

Introduction<\/strong><\/p>\n

Capital Markets Law No. 6362 (\u2018CML\u2019) confers upon the Capital Markets Board (\u2018Board\u2019) broad administrative enforcement powers designed to ensure that capital markets function in a sound, transparent, and efficient manner. Among the enforcement instruments available to the Board, administrative monetary fines, governed by Articles 103 and 104 of the CML, constitute one of the most frequently deployed mechanisms.<\/strong><\/p>\n

<\/p>\n

In 2025, across 68 published bulletins[i]<\/a>, the Board imposed administrative monetary fines on 297 natural and legal persons, with the aggregate amount of those fines reaching TRY 2,692,239,472.78 (approximately TRY 2.69 billion). Approximately 79% of this total derives from fines levied in respect of market abuse actions, whilst the remaining material share of infringement comprises violations of public disclosure obligations. Further notable categories of violation in 2025 include non-compliance with information systems regulations, violations relating to share sale information forms, breaches of corporate governance principles, and contraventions of the short-selling prohibition.<\/p>\n

This article analyses, within the framework of the administrative monetary fines imposed by the Board, market abuse actions and breaches of disclosure obligations that are particularly notable by reference to both the frequency of sanctions and the magnitude of the fines imposed. Comparative data in respect of the categories of violation most prominent in 2025 by number and by total monetary value are presented in the table below.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/strong><\/td>\nType of Violation<\/strong><\/td>\nNumber<\/strong><\/td>\nTotal Amount<\/strong><\/td>\n<\/tr>\n
Most Frequently Sanctioned Violation Types (by Number)<\/strong><\/td>\n<\/tr>\n
1.\u00a0\u00a0\u00a0\u00a0 <\/strong><\/td>\nCommuniqu\u00e9 No. VI-104.1, Art. 6\/1 and 6\/4 (Market Abuse Actions Through Communication)<\/td>\n88<\/p>\n

 <\/td>\n

190,966,790.36<\/p>\n

 <\/td>\n<\/tr>\n

2.\u00a0\u00a0\u00a0\u00a0 <\/strong><\/td>\nCommuniqu\u00e9 No. II-15.1, (Violations of Public Disclosure Obligations)<\/td>\n38<\/p>\n

 <\/td>\n

45,767,658.40<\/p>\n

 <\/td>\n<\/tr>\n

3.\u00a0\u00a0\u00a0\u00a0 <\/strong><\/td>\nCommuniqu\u00e9 No. VI-104.1, Art. 5\/1 (a,b,\u00e7,d,f) (Market Abuse Actions Based on Orders or Transactions)<\/td>\n35<\/td>\n2,123,062,592.24<\/td>\n<\/tr>\n
Violation Types with the Highest Sanctions (by Amount)<\/strong><\/td>\n<\/tr>\n
1.\u00a0\u00a0\u00a0\u00a0 <\/strong><\/td>\nCommuniqu\u00e9 No. VI-104.1, Art. 5\/1 (a,b,\u00e7,d,f) (Market Abuse Actions Based on Orders or Transactions)<\/td>\n35<\/td>\n2,123,062,592.24<\/td>\n<\/tr>\n
2.\u00a0\u00a0\u00a0\u00a0 <\/strong><\/td>\nCommuniqu\u00e9 No. VI-104.1, Art. 6\/1 and 6\/4 (Market Abuse Actions Through Communication)<\/td>\n88<\/p>\n

 <\/td>\n

190,966,790.36<\/p>\n

 <\/td>\n<\/tr>\n

3.\u00a0\u00a0\u00a0\u00a0 <\/strong><\/td>\nCommuniqu\u00e9 No. VII-128.1, Art. 27 (Violations related to share sale information form)<\/td>\n11<\/p>\n

 <\/td>\n

74,072,884.42<\/p>\n

 <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

Overview of Administrative Monetary Fines under the CML<\/strong><\/p>\n

Pursuant to Article 103 of the CML, the Board is empowered to impose administrative monetary fines on natural and legal persons acting in breach of the provisions of the law, the standards and forms established thereunder, the secondary legislation enacted on the basis of the CML, or the Board\u2019s decisions of a general or specific nature. The minimum and maximum thresholds of such fines are adjusted annually in accordance with the revaluation rate. The CML further provides that, in any case where a benefit has been obtained as a consequence of non-compliance with an obligation, the administrative monetary fine shall be no less than twice the amount of the benefit obtained. In determining the specific quantum of the fine, the Board takes into account the gravity of the infringement, the status of the offender, and the impact of the conduct on the market.<\/p>\n

With regard to administrative monetary fines imposed on legal entities, the applicable fine may be set at up to the higher of 1% of gross sales revenue or 20% of profit before tax, as reflected in the entity\u2019s most recent independently audited annual financial statements prior to the date of the infringement. Article 104 of the CML contains specific provision in relation to market abuse actions and stipulates that, where a benefit has been obtained through the violation, the administrative monetary fine shall be no less than twice the amount of such benefit.<\/p>\n

Within this framework, for a given act to be characterised as a market abuse action, three cumulative conditions must be satisfied: (i) the act must not be explicable by reference to a reasonable economic or financial rationale; (ii) it must be of a nature capable of disrupting the confidence, transparency, and stability of stock exchanges and other organised markets; and (iii) the act or transaction in question must not constitute a criminal offence. A pecuniary benefit need not be obtained for an act to be so characterised; however, where such a benefit is established, it will be factored into the determination of the quantum of the administrative monetary fine.<\/p>\n