Turkey Imposed Trade Restrictions to Managers, Personnel, and Immediate Families thereof Working for Data Storage Institutions in Capital Markets

Turkey has recently amended its regulation on Principles of Activity, Operation and Audit of The Data Storage Institution (“VDK”).

Hence with the amended regulation, VDK managers, personnel and their spouses and children under their custody cannot trade and take positions in the markets to which the transactions are related to VDK, except for before starting their duty, VDK managers and personnel are obliged to dispose their assets other than mutual and pension fund shares and vehicles issued by asset leasing  companies that are established within the framework of the Central Bank, Ministry of Treasury and Finance, and Public Finance and Debt Management.

Eda Kurt