Türkiye moves to rewrite capital markets law after $20 billion fund scandal

Vice President Cevdet Yılmaz's new Fund Coordination Board instructed regulators on October 2 to finalise amendments to the Capital Markets Law, three weeks after authorities ordered 131 investment funds from seven companies, holding $20 billion for nearly 500,000 investors, into liquidation over suspected price manipulation. The capital markets regulator has already approved advance payouts for affected investors, and Finance Minister Mehmet Şimşek says the broader risk to the financial system is contained. The scandal has also widened into a parliamentary inquiry.

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