scholarly journals SERMAYE PİYASASI KURULU’NUN İDARİ PARA CEZASI UYGULAMALARININ İLGİLİ MEVZUAT AÇISINDAN İNCELENMESİ

2015 ◽  
Vol 2 (3) ◽  
pp. 308-320
Author(s):  
Fatih Güçlü ◽  
Metin Kılıç
Keyword(s):  
Capital Markets ◽  
Capital Market ◽  
Public Disclosure ◽  
The Subject ◽  
Audit Activity ◽  
Safety And Stability ◽  
The Capital Market

The Capital Market Board (CMB), carry outs audit and surveillance activities in capital markets in order to provide safety and stability of capital markets, protect the rights of investors and fulfill public disclosure. In consequence of audit activity, the CMB, within the scope of power which has been given by the statute law can apply some sanctions, such as administrative fine. The subject of the study is administrative fine applications imposed by the CMB on companies whose shares are processed in the Borsa Istanbul (BIST), between 2006 and 2013. The aim of this study is to determine due to the infringement of which provisions of the statue law which cause administrative fines as a result of te CMB’s audit activity within the scope of power which has been given by the statute law. According to this research's result, CMB mostly executed administrative fines in consequence of statue law related to material disclosure.

SERMAYE PİYASASI KURULU’NUN İDARİ PARA CEZASI UYGULAMALARININ İLGİLİ MEVZUAT AÇISINDAN İNCELENMESİ

2015 ◽  
Vol 2 (3) ◽  
Author(s):  
Fatih Güçlü ◽  
Metin Kılıç
Keyword(s):  
Capital Markets ◽  
Capital Market ◽  
Public Disclosure ◽  
The Subject ◽  
Audit Activity ◽  
Safety And Stability ◽  
The Capital Market

The Capital Market Board (CMB), carry outs audit and surveillance activities in capital markets in order to provide safety and stability of capital markets, protect the rights of investors and fulfill public disclosure. In consequence of audit activity, the CMB, within the scope of power which has been given by the statute law can apply some sanctions, such as administrative fine. The subject of the study is administrative fine applications imposed by the CMB on companies whose shares are processed in the Borsa Istanbul (BIST), between 2006 and 2013. The aim of this study is to determine due to the infringement of which provisions of the statue law which cause administrative fines as a result of te CMB’s audit activity within the scope of power which has been given by the statute law. According to this research's result, CMB mostly executed administrative fines in consequence of statue law related to material disclosure.

scholarly journals Insider Trading Crime in Turkish Criminal Law

2018 ◽  
Author(s):  
Çetin Arslan ◽  
Didar Özdemir
Keyword(s):  
Comparative Analysis ◽  
Insider Trading ◽  
Criminal Law ◽  
Capital Markets ◽  
Capital Market ◽  
Good Faith ◽  
The Other ◽  
Public Disclosure ◽  
Crime Type ◽  
The Capital Market

Insider trading act is penalised ultima ratio with the aim of fighting against manmade market actions which outrage the principle of public disclosure and the element of trust in order to establish equality and good faith in capital markets. Insider trading is first disposed as a crime among the other capital market crimes (art.47/1-A-1) in the Capital Market Code no.2499 dated 28.07.1981 with the Amendment to the law no.3794 dated 29.04.1992 and at the present time it is rearranged as a self-contained crime type in article 106 of the Capital Market Code no.6362 dated 06.12.2012. In this study, the crime of insider trading is examined –in particular through the controversial points- as a comparative analysis between abrogated and current dispositions in Turkish Law.

scholarly journals L’apport Des Marchés De Capitaux Au Financement Des PME Marocaines

2018 ◽  
Vol 14 (7) ◽  
pp. 250
Author(s):  
M. Mohamed Oudgou ◽  
M. Mohamed Zeamari
Keyword(s):  
Capital Markets ◽  
Capital Market ◽  
Market Reforms ◽  
Institutional Conditions ◽  
The Capital Market

Moroccan SMEs do not use generally capital market due to rigidity of the conditions. Moroccan authorities have introduced the measurements to deal with this problem and to encourage SMEs to access in the capital market since 2000. However, these measures were less efficient because they are multiple reason, but indeed, it still attributed to the financial and institutional conditions of access to capital market. The article target is to analyze capital market reforms and its contribution to financing Moroccan SMEs. In order to help us to determine the constraints of access the SMEs to direct finance. In fact, to achieve the target we need to adopt a methodology based on the analysis of secondary statistics and official reports of the main actors of the capital markets in Morocco.

The Shanghai-Hong Kong Stock Market

2015 ◽  
Vol 07 (03) ◽  
pp. 36-45
Author(s):  
Jing WAN
Keyword(s):  
Hong Kong ◽  
Stock Market ◽  
Capital Markets ◽  
Capital Market ◽  
Stock Markets ◽  
Market Access ◽  
Mainland China ◽  
Opening Up ◽  
Hong Kong Stock Market ◽  
The Capital Market

The Stock Connect scheme launched on 17 November 2014 was the first mutual market access between mainland China and Hong Kong stock markets. It is the biggest move ever in the opening up of the capital market. Experiences accumulated will be of great value to mainland regulators who will decide on how these experiences could be utilised for China’s future opening up of its capital markets and for accelerating renminbi internationalisation.

scholarly journals Perlindungan Hukum Bagi Investor Dalam Pasar Modal

2014 ◽  
Vol 2 (2) ◽  
Author(s):  
Hilda Hilmiah Dimyati
Keyword(s):  
Capital Markets ◽  
Capital Market ◽  
Financial Services ◽  
Legal Protection ◽  
Financial Services Industry ◽  
Crucial Aspect ◽  
The Public ◽  
Maximum Protection ◽  
Ministry Of Finance ◽  
The Capital Market

Abstract: Legal Protection for Investors in the Capital Market. Supervision in the financial services industry capital markets experienced a change of control by Bapepam-LK be supervised by the Financial Services Authority. Institutionally, Bapepam-LK is responsible to the Minister of Finance, as Bapepam-LK is under the auspices of the Ministry of Finance, while the Financial Services Authority is responsible to Parliament or the public. Crucial aspect on which the formation of the FSA is not maximum protection of the interests of consumers of financial services. In accordance with the problems that occur as above, the authors feel the need to examine the legal protection in the capital market. This writing will also examine the parties are entitled to legal protection based on Law No. 8 of 1995 and the Capital Market Law No. 21 of 2011 on the Financial Services Authority. Abstrak: Perlindungan Hukum Bagi Investor Dalam Pasar Modal. Pengawasan di bidang industri jasa keuangan pasar modal mengalami perubahan dari pengawasan yang dilakukan oleh Bapepam-LK menjadi diawasi oleh Otoritas Jasa Keuangan. Secara kelembagaan, Bapepam-LK bertanggung jawab kepada Menteri Keuangan, karena Bapepam-LK berada di bawah naungan Kementrian Keuangan, sedangkan Otoritas Jasa Keuangan bertanggung jawab kepada Dewan Perwakilan Rakyat atau masyarakat. Aspek krusial yang menjadi dasar pembentukan OJK adalah tidak maksimalnya perlindungan kepentingan konsumen jasa keuangan. Sesuai dengan permasalahan yang terjadi seperti diatas, maka penulis merasa perlu untuk meneliti tentang perlindungan hukum di pasar modal. Penulisan ini juga akan meneliti para pihak yang berhak atas perlindungan hukum berdasarkan pada Undang-Undang Nomor 8 Tahun 1995 Tentang Pasar Modal dan Undang-Undang Nomor 21 Tahun 2011 Tentang Otoritas Jasa Keuangan. DOI: 10.15408/jch.v1i2.1473

scholarly journals LANDASAN FILOSOFIS PENGATURAN PASAR MODAL DI INDONESIA: HARAPAN DAN KENYATAAN

2015 ◽  
Vol 9 (2) ◽  
pp. 181
Author(s):  
Marihot Janpieter Hutajulu
Keyword(s):  
Welfare State ◽  
Economic System ◽  
Capital Markets ◽  
Capital Market ◽  
Market Development ◽  
Market Regulation ◽  
The Republic ◽  
Capital Market Regulation ◽  
Met Expectations ◽  
The Capital Market

<p><strong>Abstrak</strong><strong></strong></p><p> </p><p>Keberadaan pasar modal di Indonesia dibutuhkan mengingat peranannya yang penting untuk menyokong kondisi perekonomian negara. Namun pasar modal sebagai lembaga yang berasal dari sistem ekonomi liberal-kapitalistik tidak serta merta dapat dengan mudah diadopsi dan diatur tanpa disesuaikan dengan filosofi bangsa Indonesia. Melalui tulisan ini, Penulis hendak menganalisis kesesuaian tujuan pengaturan dan pengembangan pasar modal di Indonesia dengan konsep Negara Kesejahteraan Indonesia pasca Amandemen Undang-Undang Dasar Negara Republik Indonesia Tahun 1945. Analisis tulisan ini menyimpulkan bahwa tujuan pengembangan pasar modal Indonesia adalah mewujudkan masyarakat yang adil dan makmur, namun tujuan pengaturan pasar modal itu sendiri belum sesuai dengan konsep negara kesejahteraan Indonesia serta belum memenuhi harapan konstitusional bangsa ini.</p><p><strong> </strong></p><p><em><strong>Abs</strong><strong>tract</strong></em><strong></strong></p><p>In Indonesia the existence of capital market is needed considering the important role to support the country's economy. But the capital market as an institution derived from the liberal-capitalistic economic system can not necessarily be adopted and arranged without adjustment to the philosophy of the Indonesian nation. Through this article, the author analyzes the suitability of regulation and development of capital markets in Indonesia with the concept of Indonesian welfare state after the amendment to the Constitution of the Republic of Indonesia of 1945. The analysis of this paper draws a conclusion that the purpose of the Indonesian capital market development is to realize a just and prosperous society, but the goal of the capital market regulation itself is not in accordance with the concept of Indonesia as well as the concept of welfare state and thus has not met expectations of the nation's constitutional expectations.</p><p> </p>

scholarly journals Peranan Sistem Informasi dengan Online Trading terhadap Pertumbuhan Pasar Modal di Indonesia

2013 ◽  
Vol 4 (2) ◽  
pp. 803
Author(s):  
Riswan Efendi Tarigan
Keyword(s):  
Capital Markets ◽  
Capital Market ◽  
Community Involvement ◽  
Supply And Demand ◽  
National Development ◽  
Market Participants ◽  
Online Trading ◽  
Efficient Information ◽  
The Capital Market

Capital Markets is part of the financial market, which is related to the supply and demand of the need for long-term funding. Capital Markets was formed and developed with aims to support the implementation of national development in order to improve the distribution, growth, and stability of the national economy towards the improvement of society welfare. However, so far the capital market in Indonesia is still around 0.5% of the total population which is too small compared to capital markets in other advanced countries. One solution for increasing community involvement in the capital market, despite educating in smart and sustainable way, is developing and implementing efficient information systems, so that made it easier for market participants to undertake investment activities. This paper examines how and to what extent the role of information system enhances the capital market in Indonesia, which aims to plan the subsequent strategic step so that the development of Indonesia’s capital market is able to compete in globalmarket.

scholarly journals PASAR MODAL DI INDONESIA DALAM PERSPEKTIF FIKIH MUAMALAH

2018 ◽  
Vol 4 (2) ◽  
pp. 145
Author(s):  
Muhammad Abdul Ghoni
Keyword(s):  
Stock Market ◽  
Capital Markets ◽  
Capital Market ◽  
Islamic Law ◽  
Profit Sharing ◽  
Way Of Life ◽  
Straight Path ◽  
Islamic Jurisprudence ◽  
The Times ◽  
The Capital Market

Abstract: Islamic teaching that is a straight path but not a rigid religion, it is a line-giver to the problems encountered by humans in the course of their lives. Muslims should have a concept that contains a way of life to face the development and progress of the times with various problems. One area that is always warm to talk about is the economy. This problem is getting wider, more varied and more complex. It is not uncommon to find it complicated, especially when confronted with Islamic law. One of them is about the capital market. This journal tries to examine from the perspective of jurisprudence about the jala of the existing capital markets. If we look at the system of stock bidding mechanisms in the capital market, it will be clear that there is a similarity with the capital system contained in the conception of Islamic fiqh, known as mudharabah or qirodh. It is seen from the investors, executors, the nature of capital, capital, and profit sharing of the same shape. Thus, the system of buying and selling of shares in the stock market is clearly visible equation with mudharabah in Islamic jurisprudence.

PEMODELAN HARGA SAHAM BLUE CHIP MENGGUNAKAN VECTOR AUTOREGRESSIVE (VAR)

2016 ◽  
Vol 6 (2) ◽  
pp. 1
Author(s):  
Agus Suharsono ◽  
Aryo Wibisono
Keyword(s):  
Stock Market ◽  
Capital Markets ◽  
Capital Market ◽  
Stock Price ◽  
Stock Exchange ◽  
Rapid Development ◽  
Information Criterion ◽  
Profit Sharing ◽  
Blue Chip ◽  
The Capital Market

In a stock exchange in the capital market, the most in demand by investors is stocks. Shares are securities which shows the ownership of the company, so that shareholders have the right to a dividend or other distribution of profit sharing as well as by the company to its shareholders. The capital market is an indicator of economic progress and support the economy of a country. In this decade, the stock market has experienced rapid development due to pressure from technological change, liberalization and globalization. These changes affect the behavior of the capital markets and cause long-term balance and improving the relations between the world's capital markets. Otherwise interconnected capital markets if the two separate markets have the same movement and the correlation between the movement of the index. Capital markets in the region are likely to have the same movement and the effects of contagion (contagion effect) is high (1). During the observation period, October 2015 to March 2016, there was a phenomenon in which IHSG is not always the same and has a correlation with the movement of world stock market indices. It is also supported by the differences found in the results of some previous studies. The purpose of this study was to determine the relationship between stocks bluechip : Astra International Tbk (ASII), Unilever Indonesia Tbk (UNVR), Astra Agro Lestari Tbk (AALI), Bank Rakyat Indonesia Agroniaga (AGRO) and Bank Rakyat Indonesia (BRI ). The analytical method used in this study is Multivariate Time Series, especially Vector Autoregression (VAR). The results of this study with the model produces the best model VAR (2), AGRO = 11.56 - 4.03*ASII(-1) - 4.40*ASII(-2) + 3.76*UNVR(-1) + 1.27*UNVR(-2) + 1.38*AALI(-1) + 2.54*AALI(-2) + 0.73*AGRO(-1) + 0.14*AGRO(-2) + 5.40*BRI(-1) - 1.34*BRI(-2). The value of AIC (Akaike Information Criterion) = 4.47 Keywords: BLUE CHIP, Stock Price, VAR.

ANALYSIS OF THE AUTHORITY OF CAPITAL MARKETS BOARD TO IMPOSE ADMINISTRATIVE FINES IN CAPITAL MARKET LAW BASED ON RELEVANT PROVISIONS

2021 ◽  
Vol 6 (15) ◽  
pp. 218-234
Author(s):  
Ahmet TOK
Keyword(s):  
Capital Markets ◽  
Capital Market ◽  
Transfer Pricing ◽  
Passive Transfer ◽  
Market Abuse ◽  
Special Cases ◽  
The Subject ◽  
The Law ◽  
Administrative Sanction ◽  
Made In

The aim of this paper is to analyze the legal infrastructure of the authority of administrative fines that imposes by Capital Markets Board in the Capital Markets Law No. 6362 (CML/Law). General principles of administrative fines are regulated in the first paragraph of Article 103 of the Law while special cases of administrative fines are regulated in the following paragraphs of the same article and in Article 104. Violation of take-over bid obligation, non-deliver of net gain to the issuer, passive transfer pricing regulation, withholding information and document, preventing the auditing and market abuse actions can be mentioned among special cases. In our study, the purpose of the administrative fine, the problem to whom the administrative fine will be applied, the problems encountered in the practice related to the subject, the current amendments made in the law especially the regulation on the administrative fines that imposed for legal entities, legal ways to be applied against the administrative sanction decision and the issues on which administrative fines are imposed in practice are also investigated. Finally it is aimed to contribute to doctrine and practice.

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