ERDEM-NEWSLETTER-2018-metin

194 NEWSLETTER 2018 directly linked to the investment firm, in the decision of the court of first instance. Measures to be applied in Manipulation Investigations According to Article 101 of the CML, in what concerns real persons or legal entities, as well as the authorized officers of those legal entities, about whom a reasonable doubt exists concerning the execution of manipulation, and also regarding the related capital mar- ket instruments, the Board is authorized to take all kinds of neces- sary measures to provide the effective and robust functioning of the market, and to determine the principles and procedures regarding the implementation of these measures, including; • Temporarily or permanently prohibiting trading activities in the exchanges; • Changing the methods of clearing; • Imposing restrictions upon the transactions of margin tra- ding, short selling, borrowing and lending; • Imposing a guarantee obligation or changing the obligation; • Being traded in different markets, or determining different transaction principles; • Restricting the extent of the distribution of the market data; and • Imposing a transaction or position limit 3 . In addition, when the company implies a buy-back program, the Board may impose a restriction of the transactions on the shares of the related listed corporation of the real persons or legal entities with whom it is associated, directly or indirectly as to management, audit- ing, or capital, and to transactions made by other associated persons. If there is an organized offense of manipulation, the manipulators may be punished pursuant to Article 220 of the Turkish Criminal Code. 3 The comprehensive provisions on measures to be applied in manipulation inves- tigations are regulated in the Communiqué on Measures to Be Taken for Insider Trading and in Manipulation Investigations (V-101.1).