Turkey’s regulator SPK filed criminal referrals against 37 people involved in TRHOL trading and decided to impose a 2-year trading ban in that market. The licences held by 24 of those individuals will be revoked during the trading-ban period.
The Capital Markets Board of Turkey (SPK) completed its investigation into trading in the TRHOL stock market and decided to file criminal referrals against 37 people. These individuals will be subject to a 2-year trading ban limited to the TRHOL stock market.
The decision was published in SPK Official Gazette No. 2026/66, dated 28 September 2026. The legal basis for the criminal referrals was stated to be Article 107, Paragraph 1 of Capital Markets Law No. 6362. The provision covers matters including market manipulation and insider trading.
In addition to the criminal referrals, it was decided that the licences of 24 people would be revoked during the trading-ban period. The licence revocations are based on the Communiqué on Measures in Investigations of Insider Trading and Market Manipulation.
Important details concerning the provisions on plea bargaining, or effective remorse, were also shared. Persons subject to a criminal-referral decision must, within 15 days of the Board’s decision, pay into the Ministry of Treasury’s electronic collection account at least TRY 500,000 or an amount equal to twice the benefit obtained or to be obtained, whichever is applicable. The related documents must also be submitted within the same period.