Yatırımcıları Koruma Fonu Özelinde Yatırımcı Tazmin Sistemimiz ve Avrupa Birliği Yatırımcı Tazmin Sistemine Uyum Çerçevesinde Yapılması Gerekenler
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Date
2007
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Kadir Has Üniversitesi
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Abstract
Yatırımcılar Koruma Fonu, Sermaye Piyasası Kanununa 15.12.1999 tarih ve 4487 sayılı Kanun'un 23. maddesi ile eklenen 46/A maddesi ile, Sermaye Piyasası Kurulu tarafından hakkında tedrici tasfiye veya iflas kararı verilen aracı kurumların ve Bankalar Kanunu hükümleri saklı kalmak kaydıyla Bakanlar Kurulu Kararıyla faaliyetleri durdurulan SPKn'nun 50'nci maddesi (a) bendi hükmü kapsamındaki bankaların, yaptıkları sermaye piyasası faaliyetleri nedeniyle müşterilerine karşı hisse senedi işlemlerinden doğan nakit ödeme ve hisse senedi teslim yükümlülüklerini ve SPKn'nun 46/B maddesinde düzenlenen görevleri yerine getirmek ve tasfiye giderlerini karşılamak amacıyla tüzel kişiliğe haiz olarak kurulmuştur. Avrupa Birliği'nin Finansal Ürün Piyasalar Direktifi 1 Kasım 2007 tarihinde yürürlüğe girecektir. AB ülkeleri ilgili direktifi 31 Ocak 2007 tarihine kadar kendi kanunlarına ve düzenlemelerine uyarlamakla ve bu düzenlemeleri de 1 Kasım 2007 tarihinden itibaren uygulamakla yükümlüdürler. Bu çerçevede, mevzuatımızın AB düzenlemelerine uyumlu hale getirilmesi için; i- Fon'un koruma kapsamı genişletilmelidir. ii- Fona katılım zorunlu olmalıdır. iii- Alacakların ödenme süresi kısaltılmalıdır. iv- Tazminat limiti yeniden belirlenmelidir. v- Koruma kapsamı dışında bırakılan yatırımcı grubu yeniden belirlenmelidir. vi- Yükümlülüklerini yerine getirmeyen Fon katılımcılarına uygulanan yaptırımlar etkinleştirilmelidir. vii- Müşterek hesaplarda pay oranı dikkate alınmalıdır. viii- Yurtiçindeki ve yurtdışındaki şubelere ilişkin düzenleme yapılmalıdır. ix- Fon yalnız tazmin ile yükümlü kılınmalıdır.
The Investors' Protection Fund, having legal entity, has been established, pursuant to the Article 46/A of the Capital Market Law (Law) added through modification made on 18.12.1999 with Article 23 of the Law Number 4487, with the objective of meeting the liquidation expenses and to carry out the functions provided for in Article 46/B in accordance with the principles envisioned by the Law with respect to intermediary institutions for which a gradual liquidation or bankruptcy decision is made and, on the condition that the provisions of the Banks Law are reserved, the banks in the scope of paragraph (a) of Article 50 of the Law the operations of which are stopped by a decree of the Council of Ministers, to cover the cash payment and share delivery obligations arising from share transactions for their customers due to capital market operations and transactions in which they engaged. Markets in Financial Instruments Directive of the European Union shall enter into force on 1 November, 2007. The Member States are under the obligation to adapt the Directive into their national laws by 31 January, 2007 and implement them from 1 November, 2007 onwards. Accordingly, in order to harmonize the Turkish national law with the EU regulations, the following should be done; i- The protections scope of the Fund should be extended. ii- Participation in the Fund should be compulsory. iii- The payment period for the credits should be shortened. iv- The level of compensation limit should be predetermined. v- The investors excluded from the compensation cover should be predetermined. vi- Sanctions against the Fund participant firms not acting in accordance with their obligations should be activated. vii- Each investor? share in joint accounts should be taken into account. viii- Legal regulations should be completed regarding branches in country and abroad. ix- The Fund should only be liable for compensation.
The Investors' Protection Fund, having legal entity, has been established, pursuant to the Article 46/A of the Capital Market Law (Law) added through modification made on 18.12.1999 with Article 23 of the Law Number 4487, with the objective of meeting the liquidation expenses and to carry out the functions provided for in Article 46/B in accordance with the principles envisioned by the Law with respect to intermediary institutions for which a gradual liquidation or bankruptcy decision is made and, on the condition that the provisions of the Banks Law are reserved, the banks in the scope of paragraph (a) of Article 50 of the Law the operations of which are stopped by a decree of the Council of Ministers, to cover the cash payment and share delivery obligations arising from share transactions for their customers due to capital market operations and transactions in which they engaged. Markets in Financial Instruments Directive of the European Union shall enter into force on 1 November, 2007. The Member States are under the obligation to adapt the Directive into their national laws by 31 January, 2007 and implement them from 1 November, 2007 onwards. Accordingly, in order to harmonize the Turkish national law with the EU regulations, the following should be done; i- The protections scope of the Fund should be extended. ii- Participation in the Fund should be compulsory. iii- The payment period for the credits should be shortened. iv- The level of compensation limit should be predetermined. v- The investors excluded from the compensation cover should be predetermined. vi- Sanctions against the Fund participant firms not acting in accordance with their obligations should be activated. vii- Each investor? share in joint accounts should be taken into account. viii- Legal regulations should be completed regarding branches in country and abroad. ix- The Fund should only be liable for compensation.