{"id":29634,"date":"2025-11-05T15:48:43","date_gmt":"2025-11-05T12:48:43","guid":{"rendered":"https:\/\/www.bicakhukuk.com\/?p=29634"},"modified":"2025-11-05T18:02:57","modified_gmt":"2025-11-05T15:02:57","slug":"borsa-manipulasyonu-sucu-ve-cezasi","status":"publish","type":"post","link":"https:\/\/www.bicakhukuk.com\/fr\/borsa-manipulasyonu-sucu-ve-cezasi\/","title":{"rendered":"Borsa Manip\u00fclasyonu Su\u00e7u ve Cezas\u0131"},"content":{"rendered":"<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Sermaye piyasalar\u0131, ekonomik d\u00fczenin en hassas alanlar\u0131ndan biridir. Bu piyasalar\u0131n temel i\u015flevi, tasarruflar\u0131n \u00fcretken alanlara y\u00f6nlendirilmesini ve yat\u0131r\u0131mc\u0131lar aras\u0131nda g\u00fcvene dayal\u0131 bir sermaye ak\u0131\u015f\u0131n\u0131n sa\u011flanmas\u0131n\u0131 temin etmektir. Bu i\u015flevin yerine getirilebilmesi ise yaln\u0131zca g\u00fcven, \u015feffafl\u0131k, e\u015fit bilgiye eri\u015fim ve d\u00fcr\u00fcst i\u015flem ilkelerinin korunmas\u0131yla m\u00fcmk\u00fcnd\u00fcr. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu \u00e7er\u00e7evede <a href=\"https:\/\/www.mevzuat.gov.tr\/mevzuat?MevzuatNo=6362&amp;MevzuatTur=1&amp;MevzuatTertip=5\" target=\"_blank\" rel=\"noopener\">6362 say\u0131l\u0131 Sermaye Piyasas\u0131 Kanunu<\/a> (SPKn), T\u00fcrkiye\u2019de modern sermaye piyasas\u0131 d\u00fczeninin omurgas\u0131n\u0131 olu\u015fturmaktad\u0131r. Kanunun amac\u0131, sermaye piyasas\u0131n\u0131n g\u00fcvenilir, \u015feffaf, etkin, istikrarl\u0131, adil ve rekabet\u00e7i bir ortamda i\u015fleyi\u015fini sa\u011flamak ve yat\u0131r\u0131mc\u0131lar\u0131n haklar\u0131n\u0131 korumakt\u0131r (m. 1). Bu amaca ula\u015fmak i\u00e7in Kanun, yaln\u0131zca idari ve kurumsal yap\u0131lanmay\u0131 de\u011fil, ayn\u0131 zamanda piyasa b\u00fct\u00fcnl\u00fc\u011f\u00fcn\u00fc bozabilecek fiillerin su\u00e7 haline getirilmesini de \u00f6ng\u00f6rmektedir. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu su\u00e7lardan en \u00f6nemlisi, piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 olarak da bilinen borsa manip\u00fclasyonu su\u00e7udur. <\/span><\/p>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Manip\u00fclasyon, sermaye piyasas\u0131nda yapay fiyat hareketleri yaratmak, yat\u0131r\u0131mc\u0131 kararlar\u0131n\u0131 yanl\u0131\u015f y\u00f6nlendirmek veya suni arz\u2013talep dengesi olu\u015fturmak suretiyle piyasan\u0131n do\u011fal i\u015fleyi\u015fini bozan eylemleri ifade eder. Bu t\u00fcr davran\u0131\u015flar yaln\u0131zca bireysel yat\u0131r\u0131mc\u0131lar\u0131 de\u011fil, finansal sistemin b\u00fct\u00fcn\u00fcn\u00fc tehdit eder. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Kanunun 107. maddesi, manip\u00fclasyon fiillerini iki temel kategoriye ay\u0131rm\u0131\u015ft\u0131r:<\/span><\/p>\n<ul>\n<li data-start=\"1788\" data-end=\"1907\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">\u0130\u015flem bazl\u0131 manip\u00fclasyon (m. 107\/1) &#8211; piyasa fiyatlar\u0131n\u0131 veya arz &#8211; talep dengesini yan\u0131lt\u0131c\u0131 i\u015flemlerle etkilemek,<\/span><\/li>\n<li data-start=\"1911\" data-end=\"2048\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bilgi bazl\u0131 manip\u00fclasyon (m. 107\/2) &#8211; yalan veya yan\u0131lt\u0131c\u0131 haber, s\u00f6ylenti, yorum ve raporlarla yat\u0131r\u0131mc\u0131 kararlar\u0131n\u0131 y\u00f6nlendirmek.<\/span><\/li>\n<\/ul>\n<p data-start=\"2050\" data-end=\"2255\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Ayr\u0131ca ayn\u0131 madde, etkin pi\u015fmanl\u0131k h\u00fck\u00fcmleriyle manip\u00fclasyon su\u00e7lar\u0131nda menfaatin geri \u00f6denmesi halinde cezas\u0131zl\u0131k veya ceza indirimi \u00f6ng\u00f6rerek, piyasa zarar\u0131n\u0131n telafisini te\u015fvik etmektedir.<\/span><\/p>\n<p data-start=\"2257\" data-end=\"2615\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu iki manip\u00fclasyon t\u00fcr\u00fcn\u00fcn s\u0131n\u0131rlar\u0131n\u0131 belirlemek, yaln\u0131zca ceza hukukunun de\u011fil, ayn\u0131 zamanda sermaye piyasas\u0131 prati\u011finin, bas\u0131n \u00f6zg\u00fcrl\u00fc\u011f\u00fcn\u00fcn ve bili\u015fim hukukunun da konusudur. Zira manip\u00fclasyon su\u00e7lar\u0131, bir yandan piyasa b\u00fct\u00fcnl\u00fc\u011f\u00fcn\u00fc koruma amac\u0131n\u0131 g\u00fcderken, \u00f6te yandan ifade ve haber verme \u00f6zg\u00fcrl\u00fc\u011f\u00fcyle do\u011frudan etkile\u015fim halindedir. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Kanunun 108. maddesi, bilgi suistimali veya piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 say\u0131lmayacak durumlar\u0131 ayr\u0131nt\u0131l\u0131 bi\u00e7imde belirleyerek, merkez bankas\u0131 i\u015flemleri, geri al\u0131m programlar\u0131, \u00e7al\u0131\u015fanlara pay tahsisi ve piyasa yap\u0131c\u0131l\u0131\u011f\u0131 gibi hukuka uygun piyasa m\u00fcdahalelerini cezai sorumluluk alan\u0131 d\u0131\u015f\u0131nda b\u0131rakm\u0131\u015ft\u0131r. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">\u00d6te yandan 115. madde, baz\u0131 sermaye piyasas\u0131 su\u00e7lar\u0131 bak\u0131m\u0131ndan Cumhuriyet savc\u0131s\u0131n\u0131n do\u011frudan soru\u015fturma ba\u015flatmas\u0131n\u0131 izin veya karar \u015fart\u0131na ba\u011flayarak, uygulamada \u201c<em>savc\u0131ya kelep\u00e7e<\/em>\u201d olarak nitelendirilen \u00f6zel bir takip usul\u00fc d\u00fczenlemi\u015ftir. Bu h\u00fck\u00fcm, ceza muhakemesi ilkeleri ve etkin soru\u015fturma hakk\u0131 bak\u0131m\u0131ndan tart\u0131\u015fmal\u0131 bir alan olu\u015fturmaktad\u0131r.<\/span><\/p>\n<p data-start=\"3310\" data-end=\"3775\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Son y\u0131llarda, Yarg\u0131tay ve Ceza Genel Kurulu kararlar\u0131nda manip\u00fclasyon su\u00e7lar\u0131na ili\u015fkin hem maddi ceza hukuku hem de usul hukuku bak\u0131m\u0131ndan \u00f6nemli i\u00e7tihatlar olu\u015fmu\u015ftur. Ayr\u0131ca, \u201cmanip\u00fclat\u00f6r\u201d kavram\u0131n\u0131n bas\u0131n \u00f6zg\u00fcrl\u00fc\u011f\u00fc s\u0131n\u0131rlar\u0131 i\u00e7inde kullan\u0131m\u0131 (Yarg. 4. CD, 2023\/20467 K.) ve unutulma hakk\u0131 taleplerinin piyasa \u015feffafl\u0131\u011f\u0131 ilkesiyle \u00e7at\u0131\u015fmas\u0131 (Yarg\u0131tay 16.11.2020, kanun yarar\u0131na bozma karar\u0131) da g\u00fcncel hukuk\u00ee meseleler haline gelmi\u015ftir.\u00a0<\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu yaz\u0131, 6362 say\u0131l\u0131 Sermaye Piyasas\u0131 Kanunu\u2019nun 107, 108 ve 115. maddeleri \u00e7er\u00e7evesinde borsa manip\u00fclasyonu su\u00e7unun kapsam\u0131n\u0131, uygulamadaki sorunlar\u0131, yarg\u0131sal i\u00e7tihatlar\u0131 ve ifade \u00f6zg\u00fcrl\u00fc\u011f\u00fcyle olan ili\u015fkisini \u00e7ok boyutlu bi\u00e7imde incelemektedir. Ama\u00e7, hem yarg\u0131 prati\u011fine hem de sermaye piyasas\u0131 hukukunun geli\u015fimine katk\u0131 sa\u011flayacak b\u00fct\u00fcnc\u00fcl bir de\u011ferlendirme sunmakt\u0131r.<\/span><\/p>\n<h3 data-start=\"3310\" data-end=\"3775\">Su\u00e7un Normatif Temelleri ve Unsurlar\u0131<\/h3>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Sermaye piyasas\u0131 hukukunda manip\u00fclasyon su\u00e7u, finansal sistemin d\u00fcr\u00fcst i\u015fleyi\u015fini koruyan en temel ceza\u00ee yapt\u0131r\u0131m mekanizmalar\u0131ndan biridir. <a href=\"https:\/\/www.mevzuat.gov.tr\/mevzuat?MevzuatNo=6362&amp;MevzuatTur=1&amp;MevzuatTertip=5\" target=\"_blank\" rel=\"noopener\">6362 say\u0131l\u0131 Sermaye Piyasas\u0131 Kanunu<\/a>\u2019nun 107. maddesi, T\u00fcrk hukukunda manip\u00fclasyonun iki ayr\u0131 bi\u00e7imini su\u00e7 olarak tan\u0131mlamaktad\u0131r:<\/span><\/p>\n<ol>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">\u0130\u015flem bazl\u0131 manip\u00fclasyon (madde 107\/1)<\/span><\/li>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bilgi bazl\u0131 manip\u00fclasyon (madde 107\/2)<\/span><\/li>\n<\/ol>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Her iki su\u00e7 tipi de, piyasa fiyatlar\u0131n\u0131n yapay olarak etkilenmesini ve yat\u0131r\u0131mc\u0131lar\u0131n yanl\u0131\u015f y\u00f6nlendirilmesini engelleme amac\u0131n\u0131 ta\u015f\u0131r. Ancak ara\u00e7, fiil ve ispat standard\u0131 bak\u0131m\u0131ndan aralar\u0131nda belirgin farklar bulunmaktad\u0131r.<\/span><\/p>\n<h4><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">\u0130\u015flem Bazl\u0131 Manip\u00fclasyon (SPK m. 107\/1)<\/span><\/h4>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Kanunun 107\/1. f\u0131kras\u0131na g\u00f6re:\u00a0<\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">\u201c<em>Sermaye piyasas\u0131 ara\u00e7lar\u0131n\u0131n fiyatlar\u0131na, fiyat de\u011fi\u015fimlerine, arz ve taleplerine ili\u015fkin olarak yanl\u0131\u015f veya yan\u0131lt\u0131c\u0131 izlenim uyand\u0131rmak amac\u0131yla al\u0131m veya sat\u0131m yapanlar, emir verenler, emir iptal edenler, emir de\u011fi\u015ftirenler veya hesap hareketleri ger\u00e7ekle\u015ftirenler \u00fc\u00e7 y\u0131ldan be\u015f y\u0131la kadar hapis ve be\u015f bin g\u00fcnden on bin g\u00fcne kadar adl\u00ee para cezas\u0131 ile cezaland\u0131r\u0131l\u0131rlar.<\/em>\u201d\u00a0<\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu d\u00fczenleme, piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 kavram\u0131n\u0131 klasik ceza hukuku anlam\u0131nda bir \u201c<em>tehlike su\u00e7u<\/em>\u201d h\u00e2line getirmi\u015ftir. Zira burada cezaland\u0131r\u0131lan, do\u011frudan bir zarar\u0131n ger\u00e7ekle\u015fmesi de\u011fil; piyasan\u0131n do\u011fal arz &#8211; talep dengesine m\u00fcdahale edilmesi tehlikesidir.\u00a0<\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Dolay\u0131s\u0131yla su\u00e7un tamamlanmas\u0131 i\u00e7in fiyat\u0131n ger\u00e7ekten de\u011fi\u015fmi\u015f olmas\u0131, yat\u0131r\u0131mc\u0131lar\u0131n fiilen zarara u\u011framas\u0131 veya haks\u0131z kazan\u00e7 elde edilmesi gerekmez. Yeterli olan, failin eylemiyle piyasan\u0131n g\u00fcven ve istikrar\u0131n\u0131 bozma tehlikesi yaratmas\u0131d\u0131r.<\/span><\/p>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Yarg\u0131tay 5. Ceza Dairesi\u2019nin 2016\/8614 E., 2016\/8871 K. say\u0131l\u0131 karar\u0131nda, \u201c<em>yan\u0131lt\u0131c\u0131 izlenim<\/em>\u201din yaln\u0131zca yat\u0131r\u0131mc\u0131 nezdinde de\u011fil, piyasa d\u00fczeni bak\u0131m\u0131ndan genel bir tehlike olu\u015fturmas\u0131 gerekti\u011fi vurgulanm\u0131\u015ft\u0131r. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu kapsamda, emirlerin Borsa \u0130stanbul\u2019un elektronik sistemine iletilmesi, emir iptali veya de\u011fi\u015fikli\u011finin otomatik e\u015fle\u015fme s\u00fcrecini etkilemesi, su\u00e7un \u201cicra hareketi\u201d olarak kabul edilmi\u015ftir. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Daire, yetkili yarg\u0131 yerinin de Borsa \u0130stanbul\u2019un bulundu\u011fu yer mahkemesi oldu\u011funu belirterek, yer y\u00f6n\u00fcnden yetki sorununa da a\u00e7\u0131kl\u0131k getirmi\u015ftir.<\/span><\/p>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Manip\u00fclasyon su\u00e7u, do\u011frudan kastla i\u015flenebilir. Fail, sermaye piyasas\u0131 ara\u00e7lar\u0131n\u0131n fiyat\u0131na veya arz-talep dengesine yanl\u0131\u015f veya yan\u0131lt\u0131c\u0131 izlenim kazand\u0131rma bilinciyle hareket etmelidir.<\/span><br \/>\n<span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Olas\u0131 kast veya ihmal yeterli de\u011fildir. Ancak failin \u201cekonomik menfaat\u201d sa\u011flama amac\u0131, su\u00e7un tipiklik \u015fart\u0131 de\u011fil, ceza \u00f6l\u00e7\u00fcm\u00fcnde dikkate al\u0131nan bir unsurdur.<\/span><\/p>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Kanun, bu su\u00e7 i\u00e7in 3 y\u0131ldan 5 y\u0131la kadar hapis ve 5.000 &#8211; 10.000 g\u00fcn adl\u00ee para cezas\u0131 \u00f6ng\u00f6rm\u00fc\u015ft\u00fcr. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Adl\u00ee para cezas\u0131 bak\u0131m\u0131ndan, 19. Ceza Dairesi\u2019nin 2019\/8372 E., 2019\/6880 K. say\u0131l\u0131 karar\u0131nda, \u201c<em>verilecek para cezas\u0131 miktar\u0131n\u0131n su\u00e7tan elde edilen menfaatten az olamayaca\u011f\u0131<\/em>\u201d belirtilmi\u015f; menfaatin san\u0131k baz\u0131nda ayr\u0131\u015ft\u0131r\u0131lmas\u0131 gerekti\u011fi vurgulanm\u0131\u015ft\u0131r. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu yakla\u015f\u0131m, ceza sorumlulu\u011funun ki\u015fisellik ilkesiyle uyumludur. Aksi takdirde, \u201c<em>toplam menfaatin t\u00fcm san\u0131klara e\u015fit olarak y\u00fcklenmesi<\/em>\u201d hukuka ayk\u0131r\u0131 olacakt\u0131r.<\/span><\/p>\n<h4><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bilgi Bazl\u0131 Manip\u00fclasyon (SPK m. 107\/2)<\/span><\/h4>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Maddenin ikinci f\u0131kras\u0131 \u015fu \u015fekildedir:\u00a0<\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">\u201c<em>Sermaye piyasas\u0131 ara\u00e7lar\u0131n\u0131n fiyatlar\u0131n\u0131, de\u011ferlerini veya yat\u0131r\u0131mc\u0131lar\u0131n kararlar\u0131n\u0131 etkilemek amac\u0131yla yalan, yanl\u0131\u015f veya yan\u0131lt\u0131c\u0131 bilgi veren, s\u00f6ylenti \u00e7\u0131karan, haber veren, yorum yapan veya rapor haz\u0131rlayan ya da bunlar\u0131 yayan ve bu suretle menfaat sa\u011flayanlar \u00fc\u00e7 y\u0131ldan be\u015f y\u0131la kadar hapis ve be\u015f bin g\u00fcne kadar adl\u00ee para cezas\u0131 ile cezaland\u0131r\u0131l\u0131rlar.<\/em>\u201d\u00a0<\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu d\u00fczenleme, bilgi manip\u00fclasyonu veya \u201c<em>piyasa s\u00f6ylentisi<\/em>\u201d (rumour trading) olarak bilinen eylemleri cezaland\u0131r\u0131r. Burada su\u00e7un konusunu \u201cbilgi\u201d olu\u015fturmaktad\u0131r. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Fail, yat\u0131r\u0131mc\u0131 davran\u0131\u015flar\u0131n\u0131 etkilemek amac\u0131yla do\u011fru olmayan veya yan\u0131lt\u0131c\u0131 nitelikteki veriyi bilerek yaymaktad\u0131r. Bu fiil, \u00f6zellikle finansal medya, sosyal a\u011flar ve borsa yorum platformlar\u0131nda s\u0131k\u00e7a g\u00f6r\u00fclmektedir.<\/span><\/p>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bilgi bazl\u0131 manip\u00fclasyonda cezaland\u0131rma i\u00e7in \u00fc\u00e7 temel unsurun birlikte bulunmas\u0131 gerekir:<\/span><\/p>\n<ul>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Yalan, yanl\u0131\u015f veya yan\u0131lt\u0131c\u0131 bilgi, s\u00f6ylenti, haber veya yorumun varl\u0131\u011f\u0131,<\/span><\/li>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu bilginin yat\u0131r\u0131mc\u0131 kararlar\u0131n\u0131 veya fiyatlar\u0131 etkileme amac\u0131yla kullan\u0131lmas\u0131,<\/span><\/li>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Failin menfaat sa\u011flamas\u0131 veya menfaat sa\u011flamaya te\u015febb\u00fcs etmesi.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">\u201cMenfaat\u201d kavram\u0131 yaln\u0131zca maddi kazan\u00e7 olarak de\u011fil, piyasa pozisyonu elde etmek, ba\u015fkalar\u0131n\u0131n zarar\u0131na avantaj sa\u011flamak gibi sonu\u00e7lar\u0131 da kapsar.<\/span><\/p>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu su\u00e7 tipinde ispat g\u00fc\u00e7l\u00fc\u011f\u00fc \u00f6n plandad\u0131r. \u00c7\u00fcnk\u00fc bilgi manip\u00fclasyonu, genellikle haber niteli\u011finde payla\u015f\u0131mlar, yorumlar, piyasa s\u00f6ylentileri veya raporlar yoluyla ger\u00e7ekle\u015fir.<\/span><br \/>\n<span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Yarg\u0131 organlar\u0131, \u00f6zellikle \u201c<em>haber verme hakk\u0131<\/em>\u201d ile \u201c<em>piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131<\/em>\u201d aras\u0131ndaki dengeyi kurmak zorundad\u0131r. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Yarg\u0131tay kararlar\u0131nda, \u201c<em>menfaat sa\u011flama<\/em>\u201d unsurunun ispat\u0131 i\u00e7in genellikle failin bizzat i\u015flem yapt\u0131\u011f\u0131 hesap hareketleri, haber \u00f6ncesi ve sonras\u0131 fiyat farklar\u0131 ve ili\u015fkili ki\u015fi ba\u011flant\u0131lar\u0131 incelenmektedir.<\/span><\/p>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bilgi manip\u00fclasyonu su\u00e7unda \u201chaber\u201d veya \u201cyorum\u201d unsuru yer ald\u0131\u011f\u0131 i\u00e7in, ifade ve bas\u0131n \u00f6zg\u00fcrl\u00fc\u011f\u00fc ile do\u011frudan bir temas s\u00f6z konusudur. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Yarg\u0131tay 4. Ceza Dairesi\u2019nin 2023\/20467 K. say\u0131l\u0131 karar\u0131nda, \u201c<em>manip\u00fclat\u00f6r<\/em>\u201d kelimesinin kullan\u0131m\u0131, hakaret de\u011fil \u201c<em>a\u011f\u0131r ele\u015ftiri<\/em>\u201d olarak de\u011ferlendirilmi\u015f ve bas\u0131n \u00f6zg\u00fcrl\u00fc\u011f\u00fc kapsam\u0131nda g\u00f6r\u00fclm\u00fc\u015ft\u00fcr. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Dolay\u0131s\u0131yla, bir haberde veya k\u00f6\u015fe yaz\u0131s\u0131nda sermaye piyasas\u0131 akt\u00f6rlerinden s\u00f6z edilmesi, menfaat sa\u011flama kast\u0131 bulunmad\u0131k\u00e7a ve somut isnat yap\u0131lmad\u0131k\u00e7a, 107\/2 kapsam\u0131nda cezai sorumluluk do\u011furmaz.<\/span><\/p>\n<h4><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Etkin Pi\u015fmanl\u0131k H\u00fck\u00fcmleri (SPKn m. 107\/3)<\/span><\/h4>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Maddenin \u00fc\u00e7\u00fcnc\u00fc f\u0131kras\u0131, manip\u00fclasyon su\u00e7lar\u0131nda menfaatin geri \u00f6denmesi h\u00e2linde cezai sorumlulu\u011fun azalt\u0131lmas\u0131n\u0131 veya ortadan kald\u0131r\u0131lmas\u0131n\u0131 d\u00fczenler.<\/span><br \/>\n<span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Buna g\u00f6re:<\/span><\/p>\n<ul>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Soru\u015fturma ba\u015flamadan \u00f6nce menfaatin iki kat\u0131n\u0131 \u00f6deyen fail hakk\u0131nda ceza verilmez.<\/span><\/li>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Soru\u015fturma evresinde \u00f6deme yap\u0131l\u0131rsa ceza yar\u0131 oran\u0131nda indirilir.<\/span><\/li>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Kovu\u015fturma a\u015famas\u0131nda h\u00fck\u00fcm verilinceye kadar \u00f6deme yap\u0131l\u0131rsa ceza \u00fc\u00e7te bir oran\u0131nda indirilir.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu h\u00fck\u00fcm, klasik ceza hukuku anlam\u0131nda bir \u201c<em>etkin pi\u015fmanl\u0131k kurumu<\/em>\u201ddur ve amac\u0131, piyasa zarar\u0131n\u0131n telafisi ile ekonomik dengeyi yeniden tesis etmektir.<\/span><\/p>\n<h3><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bilgi Suistimali ve Piyasa Doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 Say\u0131lmayan Haller<\/span><\/h3>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\"><a href=\"https:\/\/www.mevzuat.gov.tr\/mevzuat?MevzuatNo=6362&amp;MevzuatTur=1&amp;MevzuatTertip=5\" target=\"_blank\" rel=\"noopener\">6362 say\u0131l\u0131 Sermaye Piyasas\u0131 Kanunu<\/a>\u2019nun 108. maddesi, piyasa b\u00fct\u00fcnl\u00fc\u011f\u00fcn\u00fc koruma amac\u0131yla geni\u015f bi\u00e7imde tan\u0131mlanm\u0131\u015f olan manip\u00fclasyon su\u00e7unun s\u0131n\u0131rlar\u0131n\u0131 belirleyerek, hukuka uygun i\u015flem alanlar\u0131n\u0131 a\u00e7\u0131k\u00e7a ortaya koymaktad\u0131r. Bu h\u00fck\u00fcm, su\u00e7un tipiklik s\u0131n\u0131r\u0131n\u0131 \u00e7izerken ayn\u0131 zamanda ekonomik me\u015fruiyet alan\u0131 yaratmaktad\u0131r.<\/span><\/p>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Madde 108 uyar\u0131nca a\u015fa\u011f\u0131daki haller bilgi suistimali veya piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 say\u0131lmaz:<\/span><\/p>\n<ul>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">TCMB veya yetkilendirilmi\u015f di\u011fer resm\u00ee kurumlar\u0131n, para ve d\u00f6viz politikas\u0131, kamu bor\u00e7 y\u00f6netimi veya finansal istikrar\u0131 sa\u011flama amac\u0131yla yapt\u0131klar\u0131 i\u015flemler,<\/span><\/li>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Geri al\u0131m programlar\u0131, \u00e7al\u0131\u015fanlara pay edindirme planlar\u0131 veya pay tahsisi,<\/span><\/li>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Fiyat istikrar\u0131n\u0131 sa\u011flay\u0131c\u0131 i\u015flemler ile piyasa yap\u0131c\u0131l\u0131\u011f\u0131 faaliyetleri.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu istisnalar, sermaye piyasas\u0131n\u0131n istikrar\u0131n\u0131 sa\u011flamakla g\u00f6revli kamu otoriteleri ve d\u00fczenlenmi\u015f piyasa akt\u00f6rlerinin me\u015fru faaliyetlerini cezaland\u0131rma riskini bertaraf etmektedir. B\u00f6ylece Kanun koyucu, piyasa istikrar\u0131 i\u00e7in gerekli m\u00fcdahaleleri cezai yapt\u0131r\u0131m tehdidinden korumu\u015ftur.<\/span><\/p>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Madde 108\/1-a, Merkez Bankas\u0131 ve benzeri kurumlar\u0131n para politikas\u0131 ara\u00e7lar\u0131n\u0131 kullanarak piyasaya m\u00fcdahale etmelerini \u201cbilgi suistimali\u201d veya \u201cpiyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131\u201d olarak g\u00f6rmemektedir. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">\u00d6rne\u011fin, TCMB\u2019nin d\u00f6viz kuru istikrar\u0131n\u0131 sa\u011flamak amac\u0131yla yapt\u0131\u011f\u0131 swap, a\u00e7\u0131k piyasa i\u015flemleri veya rezerv sat\u0131\u015flar\u0131 manip\u00fclasyon de\u011fil, makroekonomik istikrar politikas\u0131 arac\u0131d\u0131r.\u00a0<\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu t\u00fcr i\u015flemler, bireysel menfaat elde etme amac\u0131yla de\u011fil, kamusal bir ekonomik hedef do\u011frultusunda ger\u00e7ekle\u015ftirilir. Dolay\u0131s\u0131yla su\u00e7un hem manevi unsuru (menfaat kast\u0131) hem de tipiklik unsuru (yan\u0131lt\u0131c\u0131 izlenim yaratma) bak\u0131m\u0131ndan olu\u015fmaz.<\/span><\/p>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Maddenin (b) bendi, SPK\u2019n\u0131n d\u00fczenlemelerine uygun bi\u00e7imde uygulanan:<\/span><\/p>\n<ul>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Geri al\u0131m (share buyback) programlar\u0131,<\/span><\/li>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">\u00c7al\u0131\u015fanlara pay edindirme veya prim planlar\u0131,<\/span><\/li>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Ba\u011fl\u0131 ortakl\u0131k \u00e7al\u0131\u015fanlar\u0131na pay tahsisi<\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">gibi kurumsal i\u015flemleri manip\u00fclasyon kapsam\u0131 d\u0131\u015f\u0131nda tutar. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu d\u00fczenleme, \u015firketlerin sermaye yap\u0131s\u0131n\u0131 g\u00fc\u00e7lendirmek veya \u00e7al\u0131\u015fan ba\u011fl\u0131l\u0131\u011f\u0131n\u0131 art\u0131rmak gibi me\u015fru ekonomik hedeflerini korumaktad\u0131r. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Ancak uygulamada baz\u0131 \u015firketlerin \u201c<em>geri al\u0131m program\u0131<\/em>\u201d ad\u0131 alt\u0131nda hisse fiyat\u0131n\u0131 yapay olarak destekleme e\u011filiminde olduklar\u0131 g\u00f6r\u00fclmektedir. Bu nedenle SPK, bu programlara ili\u015fkin d\u00fczenlemelerinde \u201c<em>fiyat destekleme amac\u0131yla k\u00f6t\u00fcye kullan\u0131m\u0131<\/em>\u201d engellemek \u00fczere s\u0131n\u0131r ve raporlama y\u00fck\u00fcml\u00fcl\u00fckleri getirmi\u015ftir.<\/span><\/p>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Maddenin (c) bendi, SPK\u2019n\u0131n ilgili d\u00fczenlemelerine uygun bi\u00e7imde y\u00fcr\u00fct\u00fclen:<\/span><\/p>\n<ul>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Fiyat istikrar\u0131 sa\u011flay\u0131c\u0131 i\u015flemler,<\/span><\/li>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Piyasa yap\u0131c\u0131l\u0131\u011f\u0131 faaliyetleri,<\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">gibi uygulamalar\u0131 cezai sorumluluk alan\u0131 d\u0131\u015f\u0131nda b\u0131rak\u0131r. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Fiyat istikrar\u0131 sa\u011flay\u0131c\u0131 i\u015flem, genellikle halka arz veya b\u00fcy\u00fck \u00f6l\u00e7ekli ihra\u00e7lar sonras\u0131nda, menkul k\u0131ymet fiyat\u0131n\u0131n a\u015f\u0131r\u0131 dalgalanmas\u0131n\u0131 \u00f6nlemek amac\u0131yla yap\u0131lan s\u0131n\u0131rl\u0131 m\u00fcdahalelerdir. Bu t\u00fcr i\u015flemler, SPK taraf\u0131ndan onayl\u0131 \u201cprospekt\u00fcs\u201d ve \u201cstabilizasyon raporlar\u0131\u201d kapsam\u0131nda y\u00fcr\u00fct\u00fcl\u00fcr. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Ayr\u0131ca piyasa yap\u0131c\u0131lar\u0131, likiditeyi sa\u011flamak ve i\u015flem s\u00fcreklili\u011fini temin etmek i\u00e7in al\u0131m-sat\u0131m kotasyonu vererek piyasada aktif rol \u00fcstlenir. Bu faaliyetler, do\u011fal fiyat olu\u015fumuna katk\u0131 sa\u011flad\u0131\u011f\u0131 i\u00e7in manip\u00fclasyonla kar\u0131\u015ft\u0131r\u0131lamaz.<\/span><\/p>\n<h4><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Uygulamada Gri Alanlar ve Yarg\u0131sal Denetim<\/span><\/h4>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Her ne kadar m.108 belirli eylemleri su\u00e7 d\u0131\u015f\u0131 b\u0131raksa da, uygulamada baz\u0131 gri alanlar ortaya \u00e7\u0131kmaktad\u0131r:<\/span><\/p>\n<ul>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Kurumsal i\u015flem \u2013 bireysel menfaat \u00e7at\u0131\u015fmas\u0131: <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">\u015eirket y\u00f6netiminin geri al\u0131m program\u0131n\u0131, hisse fiyat\u0131n\u0131 yapay bi\u00e7imde art\u0131rmak i\u00e7in kullanmas\u0131 h\u00e2linde, i\u015flem g\u00f6r\u00fcn\u00fc\u015fte m.108 kapsam\u0131nda olsa da maddi unsur y\u00f6n\u00fcnden manip\u00fclasyon olu\u015fturabilir.<\/span><\/li>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Kamu otoritesi bilgisine dayal\u0131 i\u015flem: <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Merkez Bankas\u0131 veya kamu kurumu \u00e7al\u0131\u015fanlar\u0131n\u0131n, kurumun gizli kararlar\u0131n\u0131 kullanarak ki\u015fisel i\u015flem yapmas\u0131 h\u00e2linde, i\u015flem m.108 korumas\u0131 d\u0131\u015f\u0131nda kal\u0131r; bu durumda fiil \u201cbilgi suistimali\u201d (insider trading) say\u0131l\u0131r.<\/span><\/li>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Piyasa yap\u0131c\u0131l\u0131\u011f\u0131nda s\u0131n\u0131r\u0131n a\u015f\u0131lmas\u0131: <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Piyasa yap\u0131c\u0131s\u0131n\u0131n, emirlerini fiyat destekleme amac\u0131n\u0131n \u00f6tesine ta\u015f\u0131mas\u0131 ve yat\u0131r\u0131mc\u0131y\u0131 yan\u0131ltacak yo\u011funlukta i\u015flem yapmas\u0131 h\u00e2linde, m.108 kapsam\u0131 d\u0131\u015f\u0131na \u00e7\u0131k\u0131l\u0131r.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu nedenle Yarg\u0131tay, m.108 kapsam\u0131ndaki faaliyetlerin me\u015fruiyetini de\u011ferlendirirken SPK d\u00fczenlemelerine uygunluk ve menfaat kast\u0131n\u0131n yoklu\u011fu kriterlerini esas almaktad\u0131r. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Sermaye Piyasas\u0131 Kurulu, 108. maddenin uygulanmas\u0131na y\u00f6nelik olarak:<\/span><\/p>\n<ul>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">II-15.1 say\u0131l\u0131 \u201c<a href=\"https:\/\/www.mevzuat.gov.tr\/mevzuat?MevzuatNo=19315&amp;MevzuatTur=9&amp;MevzuatTertip=5\" target=\"_blank\" rel=\"noopener\">Bilgi Suistimali ve Piyasa Doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 Tebli\u011fi<\/a>\u201d,<\/span><\/li>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">II-22.1 say\u0131l\u0131 \u201c<a href=\"https:\/\/mevzuat.gov.tr\/File\/GeneratePdf?mevzuatNo=19226&amp;mevzuatTur=Teblig&amp;mevzuatTertip=5\" target=\"_blank\" rel=\"noopener\">Geri Al\u0131nan Paylar Tebli\u011fi<\/a>\u201d<\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">gibi ikincil d\u00fczenlemeleri yay\u0131mlam\u0131\u015ft\u0131r. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu d\u00fczenlemeler, hangi i\u015flemlerin piyasa istikrar\u0131 sa\u011flama amac\u0131na uygun, hangilerinin manip\u00fclatif nitelikte oldu\u011funu belirleyen teknik \u00f6l\u00e7\u00fctleri ortaya koyar. Bu sayede idari\u2013ceza\u00ee koordinasyon sa\u011flanmakta ve piyasa kat\u0131l\u0131mc\u0131lar\u0131n\u0131n \u00f6ng\u00f6r\u00fclebilirli\u011fi art\u0131r\u0131lmaktad\u0131r.<\/span><\/p>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Madde 108, piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7unun istisnalar\u0131n\u0131 belirleyerek, ekonomik me\u015fruiyet alan\u0131n\u0131 tan\u0131mlar. Ancak her bir istisna, kast\u0131n varl\u0131\u011f\u0131 ve SPK d\u00fczenlemelerine uygunluk kriterleriyle s\u0131n\u0131rl\u0131d\u0131r. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu madde sayesinde, Kanun\u2019un cezaland\u0131r\u0131c\u0131 niteli\u011fi, me\u015fru finansal istikrar ara\u00e7lar\u0131n\u0131 engellemeyecek bi\u00e7imde dengelenmi\u015ftir.\u00a0<\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Uygulamada kar\u015f\u0131la\u015f\u0131lan s\u0131n\u0131r ihlalleri, hem SPK\u2019n\u0131n denetim raporlar\u0131 hem de Yarg\u0131tay\u2019\u0131n i\u00e7tihatlar\u0131 arac\u0131l\u0131\u011f\u0131yla giderek netle\u015fmektedir. B\u00f6ylece, piyasa istikrar\u0131n\u0131 koruma amac\u0131yla getirilen d\u00fczenlemeler, hukuki g\u00fcvenlik ve \u00f6ng\u00f6r\u00fclebilirlik ilkeleriyle uyum i\u00e7inde yorumlanmaktad\u0131r.<\/span><\/p>\n<h3><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Uygulamada D\u00fc\u011f\u00fcm Noktalar\u0131\u00a0<\/span><\/h3>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Borsa manip\u00fclasyonu su\u00e7lar\u0131nda yer y\u00f6n\u00fcnden yetki, yani davaya hangi mahkemenin bakaca\u011f\u0131, uygulamada s\u0131kl\u0131kla tart\u0131\u015f\u0131lan bir konudur. Bu tart\u0131\u015fman\u0131n temelinde, manip\u00fclasyon eylemlerinin \u00e7o\u011fu zaman elektronik ortamda, \u00e7ok say\u0131da yat\u0131r\u0131mc\u0131n\u0131n hesab\u0131 \u00fczerinden ve farkl\u0131 illerde bulunan arac\u0131 kurumlar arac\u0131l\u0131\u011f\u0131yla ger\u00e7ekle\u015ftirilmesi yatmaktad\u0131r. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Kanun, 6362 say\u0131l\u0131 SPKn\u2019da a\u00e7\u0131k bir \u201cyer bak\u0131m\u0131ndan yetki\u201d h\u00fckm\u00fc \u00f6ng\u00f6rmemi\u015ftir. Bu nedenle de\u011ferlendirme, 5237 say\u0131l\u0131 T\u00fcrk Ceza Kanunu\u2019nun 8. maddesi (su\u00e7un i\u015flendi\u011fi yer) ve 5271 say\u0131l\u0131 Ceza Muhakemesi Kanunu\u2019nun 12. maddesi (yetkili mahkeme) h\u00fck\u00fcmleri \u00e7er\u00e7evesinde yap\u0131lmaktad\u0131r.<\/span><\/p>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Borsa manip\u00fclasyonu su\u00e7lar\u0131, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde elektronik emir sistemi \u00fczerinden ger\u00e7ekle\u015fen \u201ci\u015flem bazl\u0131 su\u00e7lar\u201d oldu\u011fundan, eylemin fiilen nerede i\u015flendi\u011fi hususu karma\u015f\u0131k bir teknik sorudur. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Su\u00e7un icras\u0131, failin emir verme, iptal etme, de\u011fi\u015ftirme veya al\u0131m-sat\u0131m talimat\u0131 olu\u015fturma fiiliyle ba\u015flar. Ancak su\u00e7un tamamlanmas\u0131, bu emrin Borsa \u0130stanbul\u2019un merkezi i\u015flem sistemine ula\u015fmas\u0131 ve emir e\u015fle\u015fmesiyle piyasada izlenim yaratmas\u0131 an\u0131nda ger\u00e7ekle\u015fir.\u00a0<\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu nedenle, eylem Ankara, \u0130zmir veya Bursa\u2019daki bir yat\u0131r\u0131m hesab\u0131 \u00fczerinden ger\u00e7ekle\u015ftirilmi\u015f olsa dahi, emir e\u015fle\u015fmesi Borsa \u0130stanbul sisteminde yap\u0131ld\u0131\u011f\u0131ndan su\u00e7un tamamlanma yeri \u0130stanbul say\u0131lmaktad\u0131r. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Yarg\u0131tay 5. Ceza Dairesi\u2019nin 2016 tarihli karar\u0131nda, bu konuda ilk sistematik i\u00e7tihat olu\u015fturulmu\u015ftur. Kararda \u015fu hususlar a\u00e7\u0131k\u00e7a vurgulanm\u0131\u015ft\u0131r: <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">\u201c<em>Borsa i\u015flemleri, Borsa \u0130stanbul Anonim \u015eirketi taraf\u0131ndan i\u015fletilen elektronik sistemde ger\u00e7ekle\u015ftirilir. Emirlerin girilmesi, iptali, de\u011fi\u015ftirilmesi veya e\u015fle\u015fmesi Borsa \u0130stanbul\u2019un d\u00fczen ve g\u00f6zetimi alt\u0131ndad\u0131r. <\/em><\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\"><em>Bu nedenle, i\u015flem bazl\u0131 manip\u00fclasyon su\u00e7unun tamamland\u0131\u011f\u0131 yer, Borsa \u0130stanbul\u2019un bulundu\u011fu yer olan \u0130stanbul\u2019dur.<\/em>\u201d\u00a0<\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Daire, ayr\u0131ca manip\u00fclasyon fiilinin \u201c<em>Borsa faaliyeti<\/em>\u201d niteli\u011fi ta\u015f\u0131d\u0131\u011f\u0131n\u0131; bu nedenle faaliyetin icra edildi\u011fi merkez esas al\u0131narak yetki belirlenmesi gerekti\u011fini kabul etmi\u015ftir.\u00a0<\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">B\u00f6ylece, manip\u00fclasyon su\u00e7lar\u0131nda yetkili mahkeme olarak \u0130stanbul A\u011f\u0131r Ceza Mahkemeleri (SPK su\u00e7lar\u0131na bakmakla g\u00f6revli) benimsenmi\u015ftir.<\/span><\/p>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Uygulamada, san\u0131\u011f\u0131n arac\u0131 kurum hesab\u0131n\u0131n bulundu\u011fu ilin Cumhuriyet Ba\u015fsavc\u0131l\u0131\u011f\u0131 taraf\u0131ndan ba\u015flat\u0131lan soru\u015fturmalar, bu i\u00e7tihat do\u011frultusunda genellikle yetkisizlik karar\u0131yla \u0130stanbul\u2019a g\u00f6nderilmektedir. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Ancak baz\u0131 dosyalarda, \u00f6zellikle bilgi bazl\u0131 manip\u00fclasyon (107\/2) fiillerinde, haberin veya yorumun yay\u0131nland\u0131\u011f\u0131 yer esas al\u0131narak bas\u0131n yoluyla i\u015flenen su\u00e7larda yetki (CMK m.12\/3) tart\u0131\u015fmas\u0131 da g\u00fcndeme gelebilmektedir.\u00a0<\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu durumda, haberin merkezi Ankara\u2019da yay\u0131mlanm\u0131\u015fsa Ankara A\u011f\u0131r Ceza Mahkemesi, fiil Borsa \u0130stanbul\u2019da sonu\u00e7 do\u011furdu\u011fu i\u00e7in ise \u0130stanbul Mahkemesi yetkili say\u0131lmaktad\u0131r. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Yarg\u0131tay, uygulamada birli\u011fin sa\u011flanmas\u0131 amac\u0131yla piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7unun tamamlanma yeri olarak \u0130stanbul\u2019u esas almakta; haber veya yorumun ba\u015fka \u015fehirde yay\u0131mlanm\u0131\u015f olmas\u0131n\u0131n yetkiyi de\u011fi\u015ftirmeyece\u011fini vurgulamaktad\u0131r. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu yakla\u015f\u0131m, ceza muhakemesinde \u201cneticenin ger\u00e7ekle\u015fti\u011fi yerin esas al\u0131nmas\u0131\u201d ilkesinin finansal piyasalara uyarlanm\u0131\u015f bir bi\u00e7imidir. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Manip\u00fclasyon fiilinde:<\/span><\/p>\n<ul>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Failin emir girdi\u011fi terminal fiziksel olarak farkl\u0131 \u015fehirde olabilir,<\/span><\/li>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Ancak netice (piyasada izlenim yaratma) \u0130stanbul\u2019da, Borsa \u0130stanbul sisteminde ortaya \u00e7\u0131kar.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Dolay\u0131s\u0131yla, icra yeri \u2013 netice yeri ayr\u0131m\u0131, klasik su\u00e7lardan farkl\u0131 olarak dijital i\u015flem altyap\u0131s\u0131na ba\u011fl\u0131d\u0131r. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Yer y\u00f6n\u00fcnden yetkinin \u0130stanbul merkezinde toplanmas\u0131n\u0131n iki \u00f6nemli sonucu bulunmaktad\u0131r:<\/span><\/p>\n<ul>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Yarg\u0131lamada uzmanla\u015fma: <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">T\u00fcm manip\u00fclasyon dosyalar\u0131n\u0131n \u0130stanbul\u2019da g\u00f6r\u00fclmesi, hem uzmanla\u015fm\u0131\u015f mahkeme heyetleri hem de teknik bilirki\u015fi havuzlar\u0131n\u0131n olu\u015fmas\u0131n\u0131 kolayla\u015ft\u0131r\u0131r.<\/span><\/li>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Pratik sorun:Ancak bu durum, \u00fclkenin farkl\u0131 b\u00f6lgelerinden gelen dosyalar\u0131n tek merkezde birikmesine ve yarg\u0131laman\u0131n yava\u015flamas\u0131na neden olmaktad\u0131r. \u00d6zellikle, arac\u0131 kurumlar\u0131n farkl\u0131 illerde bulunmas\u0131 ve san\u0131klar\u0131n ifadelerinin istinabe yoluyla al\u0131nmas\u0131 s\u00fcre\u00e7leri uzatmaktad\u0131r. Bu nedenle, \u201c<em>yetki merkezile\u015fmesi<\/em>\u201dnin faydal\u0131 oldu\u011fu kadar muhakeme ekonomisini zorla\u015ft\u0131ran sonu\u00e7lar do\u011furdu\u011fu da tart\u0131\u015f\u0131lmaktad\u0131r.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Borsa manip\u00fclasyonu su\u00e7lar\u0131nda yer y\u00f6n\u00fcnden yetki, Yarg\u0131tay i\u00e7tihad\u0131 uyar\u0131nca Borsa \u0130stanbul\u2019un bulundu\u011fu yer olarak kabul edilmi\u015ftir. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu yorum, hem piyasa b\u00fct\u00fcnl\u00fc\u011f\u00fc hem de yarg\u0131sal tutarl\u0131l\u0131k a\u00e7\u0131s\u0131ndan yerinde g\u00f6r\u00fcnmektedir.\u00a0<\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Ancak uygulamada, bilgi bazl\u0131 manip\u00fclasyon (107\/2) fiillerinde bas\u0131n-yay\u0131n organlar\u0131n\u0131n farkl\u0131 illerde bulunmas\u0131 veya dijital i\u00e7eriklerin s\u0131n\u0131r a\u015fan niteli\u011fi nedeniyle yetki uyu\u015fmazl\u0131klar\u0131 devam etmektedir. Bu ba\u011flamda, kanun koyucunun ileride m.107\u2019ye \u00f6zel bir yetki d\u00fczenlemesi eklemesi, uygulama birli\u011fini daha da g\u00fc\u00e7lendirecektir.<\/span><\/p>\n<h4><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Menfaat Hesab\u0131 ve Adl\u00ee Para Cezas\u0131n\u0131n Belirlenmesi<\/span><\/h4>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Sermaye piyasas\u0131 su\u00e7lar\u0131nda, \u00f6zellikle 6362 say\u0131l\u0131 Kanun\u2019un 107. maddesinde \u00f6ng\u00f6r\u00fclen piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 fiilleri bak\u0131m\u0131ndan, su\u00e7un ekonomik boyutu ve menfaatin tespiti ceza belirlemede kilit \u00f6neme sahiptir. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Kanun koyucu, bu su\u00e7 tipinde yaln\u0131zca h\u00fcrriyeti ba\u011flay\u0131c\u0131 ceza ile yetinmemi\u015f; ayn\u0131 zamanda y\u00fcksek oranl\u0131 adl\u00ee para cezalar\u0131 \u00f6ng\u00f6rerek cayd\u0131r\u0131c\u0131l\u0131\u011f\u0131 ekonomik d\u00fczlemde g\u00fc\u00e7lendirmi\u015ftir. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">SPKn m.107\/1 ve 107\/2\u2019ye g\u00f6re verilecek adl\u00ee para cezas\u0131n\u0131n miktar\u0131, be\u015f bin g\u00fcnden on bin g\u00fcne kadar olup, \u015fu c\u00fcmleyle s\u0131n\u0131rland\u0131r\u0131lm\u0131\u015ft\u0131r: <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">\u201c<em>Ancak, bu su\u00e7tan dolay\u0131 verilecek olan adl\u00ee para cezas\u0131n\u0131n miktar\u0131, su\u00e7un i\u015flenmesiyle elde edilen menfaatten az olamaz.<\/em>\u201d <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu h\u00fck\u00fcm, klasik ceza hukukundaki \u201c<em>kazan\u00e7 m\u00fcsaderesi<\/em>\u201d veya \u201c<em>malvarl\u0131\u011f\u0131na el koyma<\/em>\u201d kavramlar\u0131ndan farkl\u0131 olarak, do\u011frudan cezan\u0131n miktar\u0131n\u0131 belirleyen bir alt s\u0131n\u0131r \u00f6ng\u00f6rmektedir. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Dolay\u0131s\u0131yla failin elde etti\u011fi ekonomik kazan\u00e7, cezan\u0131n taban\u0131n\u0131 belirler; mahkeme bu miktar\u0131n alt\u0131na inemez.<\/span><\/p>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">\u201cMenfaat\u201d kavram\u0131, yaln\u0131zca nakd\u00ee kazanc\u0131 de\u011fil, failin veya ona ba\u011fl\u0131 ki\u015filerin elde etti\u011fi her t\u00fcrl\u00fc ekonomik \u00e7\u0131kar\u0131 kapsar. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Buna;<\/span><\/p>\n<ul>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Piyasa fiyatlar\u0131ndaki yapay art\u0131\u015ftan sa\u011flanan kar,<\/span><\/li>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Eldeki menkul k\u0131ymetlerin de\u011fer art\u0131\u015f\u0131,<\/span><\/li>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">\u00dc\u00e7\u00fcnc\u00fc ki\u015filere devredilen k\u00e2r paylar\u0131,<\/span><\/li>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Arac\u0131 hesaplar \u00fczerinden sa\u011flanan dolayl\u0131 kazan\u00e7lar<\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">dahildir. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Menfaat, hem fiil\u00ee (ger\u00e7ekle\u015fmi\u015f) hem de potansiyel (elde edilmesi ama\u00e7lanan) kazan\u00e7lar\u0131 kapsayabilir; ancak ceza \u00f6l\u00e7\u00fcm\u00fcnde esas al\u0131nacak olan ger\u00e7ekle\u015fmi\u015f kazan\u00e7t\u0131r.\u00a0 <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Yarg\u0131tay 19. Ceza Dairesi, 2019\/8372 E., 2019\/6880 K. say\u0131l\u0131 karar\u0131nda bu hususu ayr\u0131nt\u0131l\u0131 bi\u00e7imde a\u00e7\u0131klam\u0131\u015ft\u0131r. Kararda \u015fu ilke benimsenmi\u015ftir:\u00a0<\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">\u201c<em>Piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7unda birden fazla fail bulunmas\u0131 h\u00e2linde, elde edilen menfaatin toplam tutar\u0131 \u00fczerinden de\u011fil, her bir san\u0131\u011f\u0131n eyleminden do\u011frudan elde etti\u011fi bireysel menfaat \u00fczerinden adl\u00ee para cezas\u0131 belirlenmelidir. <\/em><\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\"><em>Zira ceza sorumlulu\u011fu \u015fahs\u00ee olup, kazan\u00e7 ortakl\u0131\u011f\u0131 s\u00f6z konusu olmad\u0131k\u00e7a m\u00fc\u015fterek menfaat esas\u0131 uygulanamaz.<\/em>\u201d <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu i\u00e7tihat, \u201cmenfaat\u201d kavram\u0131n\u0131n kolektif de\u011fil bireysel olarak hesaplanmas\u0131 gerekti\u011fini ortaya koymu\u015ftur. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Dolay\u0131s\u0131yla, ayn\u0131 manip\u00fclasyon eylemine kat\u0131lan san\u0131klar\u0131n kazan\u00e7 miktarlar\u0131 farkl\u0131ysa, adl\u00ee para cezalar\u0131 da ki\u015fisel menfaat d\u00fczeyine g\u00f6re farkl\u0131 belirlenmelidir.<\/span><\/p>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Uygulamada menfaat hesab\u0131, \u00e7o\u011fu zaman SPK inceleme raporlar\u0131, banka kay\u0131tlar\u0131, emir defterleri ve MKK (Merkezi Kay\u0131t Kurulu\u015fu) hareketleri \u00fczerinden yap\u0131lmaktad\u0131r. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">SPK uzmanlar\u0131, manip\u00fclasyon d\u00f6neminde:<\/span><\/p>\n<ul>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Hisse senedinin fiyat hareketini,<\/span><\/li>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">San\u0131\u011f\u0131n al\u0131\u015f-sat\u0131\u015f zamanlamas\u0131n\u0131,<\/span><\/li>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">\u0130\u015flem hacmini,<\/span><\/li>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Kar realizasyon tarihlerini<\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">analiz ederek \u201c<em>haks\u0131z menfaat<\/em>\u201d tablosu olu\u015ftururlar. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu tablo, Cumhuriyet savc\u0131s\u0131 taraf\u0131ndan iddianameye eklenir ve mahkemece delil olarak kabul edilir. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Mahkeme, SPK raporunda belirtilen tutar\u0131 esas almak zorunda de\u011fildir; ancak aksi y\u00f6nde bir teknik analiz yap\u0131lmad\u0131k\u00e7a, rapor bilimsel delil niteli\u011findedir.<\/span><\/p>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Eylemin bir \u00f6rg\u00fct yap\u0131s\u0131 i\u00e7inde veya koordineli hesaplar \u00fczerinden ger\u00e7ekle\u015ftirilmesi h\u00e2linde, menfaatin payla\u015ft\u0131r\u0131lmas\u0131 karma\u015f\u0131k hale gelir. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu durumda Yarg\u0131tay, failin \u201c<em>etkin kat\u0131l\u0131m oran\u0131<\/em>\u201d ve \u201c<em>kazanc\u0131n payla\u015f\u0131m\u0131ndaki pay\u0131<\/em>\u201d esas al\u0131narak taksim\u00ee menfaat hesab\u0131 yap\u0131lmas\u0131n\u0131 \u00f6ng\u00f6rmektedir. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">\u00d6rne\u011fin; \u00fc\u00e7 failin koordineli bi\u00e7imde yapt\u0131\u011f\u0131 i\u015flemler sonucunda toplam 9 milyon TL kazan\u00e7 sa\u011flanm\u0131\u015fsa, delil durumuna g\u00f6re her bir failin 3 milyon TL civar\u0131nda menfaat elde etti\u011fi varsay\u0131larak, asgar\u00ee adl\u00ee para cezas\u0131 bu tutar alt\u0131na inemeyecek \u015fekilde belirlenir. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Ancak san\u0131klardan biri komisyoncu veya arac\u0131 konumundaysa, sadece ald\u0131\u011f\u0131 hizmet bedeli kadar menfaat sorumlulu\u011fu do\u011far.<\/span><\/p>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Ceza mahkemesi, menfaat tutar\u0131n\u0131 belirledikten sonra iki a\u015famal\u0131 bir hesaplama yapar:<\/span><\/p>\n<ul>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">G\u00fcn say\u0131s\u0131 belirleme: <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Kanundaki alt ve \u00fcst s\u0131n\u0131rlar (5.000 \u2013 10.000 g\u00fcn) aras\u0131nda, fiilin a\u011f\u0131rl\u0131\u011f\u0131 ve san\u0131\u011f\u0131n kusur derecesine g\u00f6re bir \u201cg\u00fcn say\u0131s\u0131\u201d belirlenir. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">\u00d6rne\u011fin, fiilin sistematik ve \u00e7ok say\u0131da yat\u0131r\u0131mc\u0131y\u0131 etkilemi\u015f olmas\u0131 h\u00e2linde 9.000 g\u00fcn gibi y\u00fcksek bir de\u011fer se\u00e7ilir.<\/span><\/li>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bir g\u00fcn kar\u015f\u0131l\u0131\u011f\u0131 miktar: <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">TCK m.52 uyar\u0131nca, bir g\u00fcn kar\u015f\u0131l\u0131\u011f\u0131 adl\u00ee para miktar\u0131 20 TL ile 100 TL aras\u0131nda belirlenir. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Ancak toplam ceza miktar\u0131, su\u00e7tan elde edilen menfaatten az olamayaca\u011f\u0131 i\u00e7in, mahkeme hesaplamay\u0131 yukar\u0131 do\u011fru d\u00fczeltmek zorundad\u0131r.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">B\u00f6ylece h\u00fckmedilen toplam adl\u00ee para cezas\u0131, failin haks\u0131z kazanc\u0131n\u0131 a\u015facak d\u00fczeye getirilir.<\/span><\/p>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Baz\u0131 dosyalarda, karma\u015f\u0131k i\u015flem zincirleri veya yurt d\u0131\u015f\u0131 hesap hareketleri nedeniyle menfaatin net bi\u00e7imde tespiti m\u00fcmk\u00fcn olmayabilir. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu durumda Yarg\u0131tay, \u201c<em>asgari menfaat varsay\u0131m\u0131<\/em>\u201d ilkesini uygulamaktad\u0131r. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Buna g\u00f6re, manip\u00fclasyonun etki s\u00fcresi, i\u015flem hacmi ve fiyat fark\u0131 gibi objektif g\u00f6stergelerden hareketle makul bir kazan\u00e7 tahmini yap\u0131l\u0131r.\u00a0<\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu yakla\u015f\u0131m, \u201c<em>ceza miktar\u0131n\u0131n menfaate e\u015fit ya da ondan fazla olmas\u0131<\/em>\u201d \u015fart\u0131n\u0131 korurken, fail lehine belirsizlikten do\u011fan cezaland\u0131rma yasa\u011f\u0131na da riayet eder.<\/span><\/p>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Maddenin \u00fc\u00e7\u00fcnc\u00fc f\u0131kras\u0131nda \u00f6ng\u00f6r\u00fclen etkin pi\u015fmanl\u0131k h\u00fck\u00fcmleri uyar\u0131nca, fail elde etti\u011fi menfaati Hazine\u2019ye iade ederse ceza ya tamamen ortadan kalkar ya da \u00f6nemli \u00f6l\u00e7\u00fcde indirilir. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu nedenle menfaatin do\u011fru hesaplanmas\u0131, yaln\u0131zca cezaland\u0131rma a\u00e7\u0131s\u0131ndan de\u011fil, pi\u015fmanl\u0131k indirimi bak\u0131m\u0131ndan da belirleyici niteliktedir.<\/span><\/p>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Menfaat hesab\u0131 ve buna ba\u011fl\u0131 adl\u00ee para cezas\u0131 belirleme s\u00fcreci, sermaye piyasas\u0131 su\u00e7lar\u0131nda ekonomik ger\u00e7eklik ile ceza adaletinin bireyselle\u015ftirilmesi aras\u0131nda hassas bir denge gerektirir. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Yarg\u0131tay\u2019\u0131n son y\u0131llardaki i\u00e7tihatlar\u0131, cezaland\u0131rman\u0131n toplu de\u011fil ki\u015fisel menfaat \u00fczerinden yap\u0131lmas\u0131 gerekti\u011fini a\u00e7\u0131k\u00e7a ortaya koymu\u015ftur.\u00a0<\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu yakla\u015f\u0131m, hem kusur ilkesi hem de m\u00fclkiyet hakk\u0131 bak\u0131m\u0131ndan Anayasa\u2019n\u0131n 38. maddesiyle uyumludur. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">B\u00f6ylece, manip\u00fclasyon su\u00e7lar\u0131n\u0131n ekonomik sonu\u00e7lar\u0131 ki\u015fiselle\u015ftirilmi\u015f bir sorumluluk anlay\u0131\u015f\u0131 \u00e7er\u00e7evesinde de\u011ferlendirilmektedir.<\/span><\/p>\n<h3><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bas\u0131n Yay\u0131n Faaliyetleri, \u0130fade \u00d6zg\u00fcrl\u00fc\u011f\u00fc ve Piyasa Doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 \u0130li\u015fkisi<\/span><\/h3>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Sermaye piyasalar\u0131nda bilgi ak\u0131\u015f\u0131, yat\u0131r\u0131mc\u0131 g\u00fcveninin ve piyasa istikrar\u0131n\u0131n en \u00f6nemli unsurlar\u0131ndand\u0131r. Ancak bilgiye dayal\u0131 su\u00e7lar bak\u0131m\u0131ndan, bas\u0131n \u00f6zg\u00fcrl\u00fc\u011f\u00fc ile piyasa b\u00fct\u00fcnl\u00fc\u011f\u00fc aras\u0131nda hassas bir denge kurulmas\u0131 gerekir. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">6362 say\u0131l\u0131 Kanun\u2019un 107\/2. maddesi, sermaye piyasas\u0131 ara\u00e7lar\u0131n\u0131n fiyatlar\u0131n\u0131 veya yat\u0131r\u0131mc\u0131 kararlar\u0131n\u0131 etkilemek amac\u0131yla \u201c<em>yalan, yanl\u0131\u015f veya yan\u0131lt\u0131c\u0131 bilgi, s\u00f6ylenti, haber, yorum veya rapor haz\u0131rlama ve yayma<\/em>\u201d fiillerini piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 olarak tan\u0131mlam\u0131\u015ft\u0131r.\u00a0<\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu d\u00fczenleme, gazetecilik faaliyetinin me\u015fru bilgilendirme i\u015flevi ile piyasay\u0131 y\u00f6nlendirme amac\u0131 ta\u015f\u0131yan manip\u00fclatif s\u00f6ylemler aras\u0131nda ince bir \u00e7izgi \u00e7izer.<\/span><\/p>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Anayasa\u2019n\u0131n 26. ve 28. maddelerinde g\u00fcvence alt\u0131na al\u0131nan ifade ve bas\u0131n \u00f6zg\u00fcrl\u00fc\u011f\u00fc, demokratik toplumun temel ta\u015flar\u0131ndand\u0131r. Ancak bu \u00f6zg\u00fcrl\u00fck, ba\u015fkalar\u0131n\u0131n \u015f\u00f6hret ve haklar\u0131n\u0131n korunmas\u0131, kamu d\u00fczeninin sa\u011flanmas\u0131 ve su\u00e7 i\u015flenmesinin \u00f6nlenmesi ama\u00e7lar\u0131yla s\u0131n\u0131rland\u0131r\u0131labilir.\u00a0<\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7unun bas\u0131n arac\u0131l\u0131\u011f\u0131yla i\u015flenmesi durumunda, korunan hukuki de\u011fer sadece bireyin itibar\u0131 de\u011fil; ayn\u0131 zamanda kamusal nitelikteki sermaye piyasas\u0131 g\u00fcvenidir. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu nedenle, bir haber veya yorumun \u201cmanip\u00fclatif bilgi\u201d say\u0131l\u0131p say\u0131lmayaca\u011f\u0131 de\u011ferlendirilirken hem kamu yarar\u0131 hem de maddi do\u011fruluk kriterleri dikkate al\u0131nmal\u0131d\u0131r. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Yarg\u0131tay 4. Ceza Dairesi, 2023 tarihli bir karar\u0131nda (E.2021\/9774, K.2023\/20467) bas\u0131n \u00f6zg\u00fcrl\u00fc\u011f\u00fc ile sermaye piyasas\u0131 su\u00e7lamalar\u0131 aras\u0131ndaki s\u0131n\u0131r\u0131 net bi\u00e7imde \u00e7izmi\u015ftir. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Somut olayda, bir ekonomi haber sitesinde bir ki\u015fi hakk\u0131nda \u201c<em>manip\u00fclat\u00f6rler korkulu r\u00fcya g\u00f6rmeye devam etsin<\/em>\u201d ifadesi kullan\u0131lm\u0131\u015f; kat\u0131lan, bu ifadenin kendisine y\u00f6nelik oldu\u011funu ve \u201c<em>piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131<\/em>\u201d su\u00e7lamas\u0131 i\u00e7erdi\u011fini iddia etmi\u015ftir.\u00a0<\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Ancak Yarg\u0131tay, yerel mahkemenin beraat karar\u0131n\u0131 onaylayarak \u015fu tespitleri yapm\u0131\u015ft\u0131r:\u00a0<\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">\u201c<em>San\u0131\u011f\u0131n yaz\u0131s\u0131 b\u00fct\u00fcn olarak de\u011ferlendirildi\u011finde, kat\u0131lan do\u011frudan hedef al\u0131nmam\u0131\u015f, yaz\u0131n\u0131n amac\u0131 haber verme ve piyasa yorumudur. <\/em><\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\"><em>\u2018Manip\u00fclat\u00f6r\u2019 ifadesi, sermaye piyasas\u0131nda i\u015flem yapan ki\u015fi grubunu betimleyici niteliktedir; k\u00fc\u00e7\u00fck d\u00fc\u015f\u00fcr\u00fcc\u00fc kas\u0131t bulunmamaktad\u0131r.<\/em>\u201d <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu yakla\u015f\u0131m, ele\u015ftiri s\u0131n\u0131rlar\u0131n\u0131 a\u015fmayan haberlerin manip\u00fclasyon su\u00e7u kapsam\u0131nda de\u011ferlendirilemeyece\u011fini g\u00f6stermektedir. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Yarg\u0131tay burada \u201c<em>matufiyet<\/em>\u201d (hedefe y\u00f6nelmi\u015flik) unsurunun ger\u00e7ekle\u015fmemesi nedeniyle hakaret su\u00e7u olu\u015fmad\u0131\u011f\u0131 gibi, SPKn m.107\/2 anlam\u0131nda da manip\u00fclatif bilgi fiilinin bulunmad\u0131\u011f\u0131n\u0131 kabul etmi\u015ftir.<\/span><\/p>\n<h4><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">\u201cUnutulma hakk\u0131\u201d ve g\u00fcncellik ilkesine ili\u015fkin Yarg\u0131tay karar\u0131 (2020\/&#8230;)<\/span><\/h4>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bas\u0131n \u00f6zg\u00fcrl\u00fc\u011f\u00fc tart\u0131\u015fmas\u0131n\u0131n bir di\u011fer boyutu, ge\u00e7mi\u015fte yay\u0131mlanan haberlerin g\u00fcncelli\u011fini yitirmesi durumunda ortaya \u00e7\u0131kar. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Yarg\u0131tay 2020 tarihli bir karar\u0131nda, 2014\u20132015 y\u0131llar\u0131na ait internet haberleriyle bir \u015firket ve y\u00f6neticisinin \u201cmanip\u00fclasyon\u201d su\u00e7lamalar\u0131yla ili\u015fkilendirilmesine y\u00f6nelik eri\u015fimin engellenmesi talebini incelemi\u015ftir.\u00a0<\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Mahkeme, iki y\u00f6nl\u00fc bir de\u011ferlendirme yapm\u0131\u015ft\u0131r:<\/span><\/p>\n<ul>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">2014\u20132017 y\u0131llar\u0131ndaki haberler bak\u0131m\u0131ndan: haberlerin SPK b\u00fcltenlerine dayal\u0131 olmas\u0131 ve yat\u0131r\u0131mc\u0131lar a\u00e7\u0131s\u0131ndan kamu yarar\u0131 ta\u015f\u0131mas\u0131 nedeniyle unutulma hakk\u0131 kapsam\u0131nda eri\u015fimin engellenmesi uygun g\u00f6r\u00fclmemi\u015ftir.<\/span><\/li>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">2019 tarihli g\u00fcncel haber bak\u0131m\u0131ndan ise, piyasan\u0131n h\u00e2l\u00e2 bu bilgilerden etkilendi\u011fi ve yat\u0131r\u0131mc\u0131lar\u0131n korunmas\u0131 amac\u0131yla haberin bas\u0131n \u00f6zg\u00fcrl\u00fc\u011f\u00fc s\u0131n\u0131rlar\u0131 i\u00e7inde kald\u0131\u011f\u0131 kabul edilmi\u015ftir.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu i\u00e7tihat, ifade \u00f6zg\u00fcrl\u00fc\u011f\u00fc ile ki\u015filik haklar\u0131 aras\u0131nda zaman fakt\u00f6r\u00fcne dayal\u0131 bir denge kurmaktad\u0131r: <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bir haberin, yay\u0131mland\u0131\u011f\u0131 d\u00f6nemde ger\u00e7eklik ve kamu yarar\u0131 kriterlerini kar\u015f\u0131lamas\u0131 yeterli iken; aradan uzun y\u0131llar ge\u00e7tikten sonra g\u00fcncellik de\u011ferini yitirmesi, unutulma hakk\u0131 lehine a\u011f\u0131rl\u0131k olu\u015fturur.<\/span><\/p>\n<h4><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">A\u0130HM ve AYM perspektifi: kamusal tart\u0131\u015fma ile ticari hassasiyet ayr\u0131m\u0131<\/span><\/h4>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">A\u0130HM i\u00e7tihatlar\u0131nda (\u00f6rne\u011fin <em>Axel Springer AG\/Almanya<\/em>, <em>Times Newspapers\/Birle\u015fik Krall\u0131k<\/em>) bas\u0131n\u0131n ekonomik akt\u00f6rlere ili\u015fkin haberlerinde \u015fu kriterler esas al\u0131n\u0131r:<\/span><\/p>\n<ul>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Kamu yarar\u0131: haber, genel yat\u0131r\u0131mc\u0131 kitlesini bilgilendirme i\u015flevi ta\u015f\u0131yor mu?<\/span><\/li>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Ger\u00e7eklik: bilgi do\u011frulanabilir kaynaklara dayan\u0131yor mu?<\/span><\/li>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Yay\u0131n bi\u00e7imi: abart\u0131l\u0131, a\u015fa\u011f\u0131lay\u0131c\u0131 veya y\u00f6nlendirici dil kullan\u0131lm\u0131\u015f m\u0131?<\/span><\/li>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Sonu\u00e7: haber, piyasay\u0131 manip\u00fcle edecek bir izlenim yarat\u0131yor mu?<\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Anayasa Mahkemesi de bu \u00f6l\u00e7\u00fctleri benimseyerek, ifade \u00f6zg\u00fcrl\u00fc\u011f\u00fcn\u00fc \u201c<em>kamusal tart\u0131\u015fmaya katk\u0131<\/em>\u201d y\u00f6n\u00fcyle korurken, manip\u00fclasyon amac\u0131 ta\u015f\u0131yan yay\u0131nlar\u0131 cezai sorumluluk alan\u0131na dahil etmektedir.<\/span><\/p>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bas\u0131n \u00f6zg\u00fcrl\u00fc\u011f\u00fc, sermaye piyasalar\u0131n\u0131n \u015feffaf i\u015fleyi\u015fi i\u00e7in hayati \u00f6neme sahiptir; ancak ger\u00e7ek d\u0131\u015f\u0131 veya kas\u0131tl\u0131 y\u00f6nlendirici haberler kamusal g\u00fcveni sarsar.<\/span><br \/>\n<span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Yarg\u0131tay i\u00e7tihatlar\u0131, bu dengenin dinamik bir \u015fekilde kurulmas\u0131n\u0131 benimsemektedir:<\/span><\/p>\n<ul>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">G\u00fcncel ve do\u011frulanabilir bilgiye dayanan haberler koruma alt\u0131ndad\u0131r,<\/span><\/li>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Ancak yat\u0131r\u0131mc\u0131 davran\u0131\u015flar\u0131n\u0131 y\u00f6nlendirme kast\u0131 ta\u015f\u0131yan ifadeler piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 kapsam\u0131na girebilir.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu \u00e7er\u00e7evede, 6362 say\u0131l\u0131 Kanun\u2019un 107\/2. maddesi, gazetecilik sorumlulu\u011funu ceza tehdidiyle de\u011fil, kamusal d\u00fcr\u00fcstl\u00fck ilkesiyle s\u0131n\u0131rlamaktad\u0131r. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Sonu\u00e7 olarak, bas\u0131n ve piyasa g\u00fcvenli\u011fi aras\u0131ndaki denge, hem \u00f6zg\u00fcrl\u00fck hem de g\u00fcven ilkesi temelinde yorumlanmal\u0131d\u0131r.<\/span><\/p>\n<h3><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Cumhuriyet Savc\u0131s\u0131n\u0131n Soru\u015fturma Yetkisi ve 115. Madde\u2019nin Getirdi\u011fi Takip Usul\u00fc<\/span><\/h3>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Sermaye piyasas\u0131 su\u00e7lar\u0131n\u0131n \u00f6nemli bir k\u0131sm\u0131, do\u011frudan kamu g\u00fcvenini ve ekonomik d\u00fczeni ilgilendirmesi nedeniyle resen soru\u015fturulabilir nitelikte olmal\u0131d\u0131r. Ancak 6362 say\u0131l\u0131 Sermaye Piyasas\u0131 Kanunu, baz\u0131 su\u00e7 tiplerinde bu genel ilkeden ayr\u0131larak \u00f6zel bir soru\u015fturma mekanizmas\u0131 \u00f6ng\u00f6rm\u00fc\u015ft\u00fcr. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu mekanizma, 115. maddede d\u00fczenlenen \u201c<em>izin veya karar \u015fart\u0131na ba\u011fl\u0131 takip usul\u00fc<\/em>\u201dd\u00fcr. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Kanunun 115. maddesi \u00f6zetle \u015fu h\u00fckm\u00fc i\u00e7ermektedir:\u00a0<\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">\u201c<em>Bu Kanunda yer alan su\u00e7lardan; <\/em><\/span><em><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">a) Kurulun su\u00e7 duyurusuna ba\u011fl\u0131 olanlar hakk\u0131nda, Cumhuriyet savc\u0131s\u0131 taraf\u0131ndan do\u011frudan soru\u015fturma ba\u015flat\u0131lamaz. <\/span><\/em><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\"><em>b) Kurulun su\u00e7 duyurusu \u00fczerine Cumhuriyet savc\u0131s\u0131 soru\u015fturma ba\u015flat\u0131r.<\/em>\u201d <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu d\u00fczenleme, ceza muhakemesi sisteminde genel ilke olan \u201c<em>re\u2019sen soru\u015fturma<\/em>\u201d yetkisini s\u0131n\u0131rlamakta; belirli su\u00e7lar bak\u0131m\u0131ndan savc\u0131n\u0131n harekete ge\u00e7ebilmesini Sermaye Piyasas\u0131 Kurulu\u2019nun (SPK) su\u00e7 duyurusuna ba\u011flamaktad\u0131r. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu nedenle \u00f6\u011fretide ve uygulamada, madde zaman zaman \u201c<em>Cumhuriyet savc\u0131s\u0131na kelep\u00e7e<\/em>\u201d veya \u201c<em>filtreli soru\u015fturma sistemi<\/em>\u201d olarak nitelendirilmi\u015ftir.<\/span><\/p>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Kanun koyucunun bu d\u00fczenleme ile amac\u0131, sermaye piyasas\u0131 gibi y\u00fcksek teknik uzmanl\u0131k gerektiren bir alanda, ceza soru\u015fturmalar\u0131n\u0131n keyf\u00ee bi\u00e7imde ba\u015flat\u0131lmas\u0131n\u0131 \u00f6nlemek ve SPK\u2019n\u0131n teknik de\u011ferlendirmesini filtre olarak kullanmakt\u0131r. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">SPK, hem kamusal denetim organ\u0131 hem de teknik bilirki\u015fi mercii olarak de\u011ferlendirilir; dolay\u0131s\u0131yla soru\u015fturman\u0131n ba\u015flat\u0131labilmesi i\u00e7in \u00f6ncelikle su\u00e7 \u015f\u00fcphesinin Kurulca tespit edilmesi \u00f6ng\u00f6r\u00fclm\u00fc\u015ft\u00fcr.\u00a0<\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu y\u00f6n\u00fcyle m.115, bilirki\u015filik ve denetim fonksiyonunu yarg\u0131sal s\u00fcrecin \u00f6n safhas\u0131na ta\u015f\u0131yan bir normdur.<\/span><\/p>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu filtre t\u00fcm sermaye piyasas\u0131 su\u00e7lar\u0131n\u0131 kapsamaz. Uygulamada yaln\u0131zca \u015fu kategoriler i\u00e7in ge\u00e7erlidir:<\/span><\/p>\n<ul>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 (m.107),<\/span><\/li>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bilgi suistimali (m.106),<\/span><\/li>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">\u0130zinsiz sermaye piyasas\u0131 faaliyeti (m.109),<\/span><\/li>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Sahte belge d\u00fczenleme (m.110)<\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">gibi do\u011frudan SPK denetim alan\u0131na giren su\u00e7larda, Cumhuriyet savc\u0131s\u0131 SPK\u2019n\u0131n su\u00e7 duyurusu olmadan resen soru\u015fturma a\u00e7amaz. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Buna kar\u015f\u0131l\u0131k, doland\u0131r\u0131c\u0131l\u0131k (TCK m.157) veya nitelikli doland\u0131r\u0131c\u0131l\u0131k (m.158) h\u00fck\u00fcmlerine g\u00f6re y\u00fcr\u00fct\u00fclen genel ceza soru\u015fturmalar\u0131 bu filtreye tabi de\u011fildir.<\/span><\/p>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Uygulamada s\u00fcre\u00e7 \u015fu \u015fekilde i\u015flemektedir:<\/span><\/p>\n<ul>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">SPK, denetim birimlerince y\u00fcr\u00fct\u00fclen inceleme sonucunda su\u00e7 te\u015fkil eden fiiller tespit edilirse, ilgili ki\u015filer hakk\u0131nda su\u00e7 duyurusu raporu d\u00fczenler.<\/span><\/li>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu rapor Cumhuriyet Ba\u015fsavc\u0131l\u0131\u011f\u0131na g\u00f6nderilir.<\/span><\/li>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Savc\u0131l\u0131k, ancak bu a\u015famadan sonra soru\u015fturma evrak\u0131 d\u00fczenleyip ifade alma veya arama gibi koruma tedbirlerine ba\u015fvurabilir.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">SPK su\u00e7 duyurusunda bulunmazsa, savc\u0131n\u0131n elindeki di\u011fer deliller ne kadar g\u00fc\u00e7l\u00fc olursa olsun soru\u015fturma ba\u015flatamaz. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Yarg\u0131tay 19. Ceza Dairesi, \u00e7e\u015fitli kararlar\u0131nda bu d\u00fczenlemeyi takip \u015fart\u0131 olarak nitelendirmi\u015ftir. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">\u00d6rne\u011fin 2018\/3124 E., 2018\/7129 K. say\u0131l\u0131 karar\u0131nda \u015f\u00f6yle denilmektedir:\u00a0<\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">\u201c<em>Sermaye Piyasas\u0131 Kanunu\u2019nun 115. maddesi uyar\u0131nca Kurulun su\u00e7 duyurusu bulunmaks\u0131z\u0131n Cumhuriyet savc\u0131s\u0131 taraf\u0131ndan soru\u015fturma ba\u015flat\u0131lmas\u0131 m\u00fcmk\u00fcn de\u011fildir. <\/em><\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\"><em>Bu \u015fart, soru\u015fturma evresine ili\u015fkin olup, davan\u0131n esas\u0131na etkili bir usul\u00ee \u00f6nko\u015ful niteli\u011findedir.<\/em>\u201d\u00a0<\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Dolay\u0131s\u0131yla SPK\u2019n\u0131n su\u00e7 duyurusunun bulunmamas\u0131 h\u00e2linde a\u00e7\u0131lan soru\u015fturma, hukuka ayk\u0131r\u0131 delil niteli\u011fi ta\u015f\u0131yacak ve kovu\u015fturma yap\u0131lamayacakt\u0131r.<\/span><\/p>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu sistem, \u00f6zellikle ceza muhakemesi \u00f6\u011fretisinde yo\u011fun \u015fekilde ele\u015ftirilmektedir. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Ele\u015ftiriler \u00fc\u00e7 noktada toplan\u0131r:<\/span><\/p>\n<ul>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Ba\u011f\u0131ms\u0131z soru\u015fturma ilkesine ayk\u0131r\u0131l\u0131k: <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Savc\u0131, kanunen \u201ckamu ad\u0131na re\u2019sen soru\u015fturma\u201d yetkisine sahiptir. Bu yetkinin idari bir kurumun iradesine ba\u011flanmas\u0131, yarg\u0131 ba\u011f\u0131ms\u0131zl\u0131\u011f\u0131 ile ba\u011fda\u015fmaz.<\/span><\/li>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Etkin soru\u015fturma ilkesine zarar: <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">\u00d6zellikle manip\u00fclasyon fiillerinde SPK\u2019n\u0131n ge\u00e7 bildirim yapmas\u0131 veya hi\u00e7 bildirimde bulunmamas\u0131 durumunda, su\u00e7un zamana\u015f\u0131m\u0131na u\u011frama riski artar.<\/span><\/li>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">\u00c7ifte de\u011ferlendirme riski: <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">SPK, hem idari para cezas\u0131 uygulayan hem de su\u00e7 duyurusunda bulunan organd\u0131r. Bu nedenle ayn\u0131 fiilin hem idari hem cezai s\u00fcre\u00e7te farkl\u0131 de\u011ferlendirilmesi m\u00fcmk\u00fcnd\u00fcr; bu da ne bis in idem (\u00e7ifte yarg\u0131lanmama) ilkesine ayk\u0131r\u0131l\u0131k iddialar\u0131na yol a\u00e7abilir.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">D\u00fczenlemeyi savunan g\u00f6r\u00fc\u015fler ise \u015fu gerek\u00e7elere dayanmaktad\u0131r:<\/span><\/p>\n<ul>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">SPK\u2019n\u0131n su\u00e7 duyurusu \u015fart\u0131, uzmanl\u0131k gerektiren teknik bir \u00f6n eleme mekanizmas\u0131d\u0131r; adaletin etkinli\u011fini art\u0131r\u0131r.<\/span><\/li>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu sistem, savc\u0131n\u0131n de\u011fil, piyasay\u0131 d\u00fczenleyen kurumun yetkinli\u011fini g\u00fc\u00e7lendirir.<\/span><\/li>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Ceza soru\u015fturmas\u0131 \u00f6ncesinde SPK\u2019n\u0131n yapt\u0131\u011f\u0131 de\u011ferlendirme, olas\u0131 hatal\u0131 soru\u015fturmalar\u0131 ve borsa istikrar\u0131na zarar verebilecek s\u00f6ylentileri engeller.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu nedenle baz\u0131 yazarlar, d\u00fczenlemeyi \u201csoru\u015fturma \u00f6ncesi filtre\u201d olarak nitelendirmekte, Anayasa\u2019ya ayk\u0131r\u0131l\u0131k te\u015fkil etmedi\u011fini savunmaktad\u0131r. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Anayasa Mahkemesi\u2019nin bireysel ba\u015fvuru kararlar\u0131nda, idari izin \u015fartlar\u0131n\u0131n ceza soru\u015fturmas\u0131n\u0131n \u00f6z\u00fcne zarar vermemesi gerekti\u011fi vurgulanmaktad\u0131r. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu bak\u0131mdan, m.115\u2019in uygulamas\u0131, A\u0130HS m.6 (adil yarg\u0131lanma hakk\u0131) ve A\u0130HS m.13 (etkili ba\u015fvuru hakk\u0131) y\u00f6n\u00fcnden denetime a\u00e7\u0131k bir konudur.\u00a0<\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">E\u011fer SPK, ciddi bir manip\u00fclasyon \u015f\u00fcphesine ra\u011fmen su\u00e7 duyurusunda bulunmazsa, ma\u011fdur yat\u0131r\u0131mc\u0131lar a\u00e7\u0131s\u0131ndan etkili ba\u015fvuru hakk\u0131n\u0131n ihlali g\u00fcndeme gelebilir.<\/span><\/p>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">\u00d6\u011fretide ve uygulamada, m.115\u2019in g\u00fcncellenmesi y\u00f6n\u00fcnde \u00fc\u00e7 temel \u00f6neri \u00f6ne \u00e7\u0131kmaktad\u0131r:<\/span><\/p>\n<ul>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Savc\u0131ya bilgi alma yetkisi: SPK\u2019n\u0131n su\u00e7 duyurusunda bulunmad\u0131\u011f\u0131 h\u00e2llerde, savc\u0131ya \u201cbilgi isteme\u201d veya \u201c\u00f6n de\u011ferlendirme talebi\u201d hakk\u0131 tan\u0131nabilir.<\/span><\/li>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">S\u00fcre s\u0131n\u0131r\u0131: SPK\u2019n\u0131n inceleme s\u00fcreci alt\u0131 ay gibi belirli bir s\u00fcreyle s\u0131n\u0131rland\u0131r\u0131labilir.<\/span><\/li>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">\u0130stisna getirilmesi: \u00d6zellikle piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 gibi kamu yarar\u0131n\u0131 do\u011frudan ilgilendiren su\u00e7larda savc\u0131n\u0131n resen soru\u015fturma yetkisi yeniden tan\u0131nabilir.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">6362 say\u0131l\u0131 Kanun\u2019un 115. maddesi, ceza muhakemesinde al\u0131\u015f\u0131lmad\u0131k bir \u201cidari filtre\u201d mekanizmas\u0131 olu\u015fturmu\u015ftur. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Ama\u00e7, sermaye piyasas\u0131nda teknik bilgiye dayal\u0131 soru\u015fturma disiplini sa\u011flamakt\u0131r; ancak pratikte bu h\u00fck\u00fcm, kimi durumlarda etkin soru\u015fturma engeline d\u00f6n\u00fc\u015fmektedir.\u00a0<\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu nedenle maddenin gelecekte, hem yarg\u0131sal ba\u011f\u0131ms\u0131zl\u0131k hem de piyasa denetimi ilkeleri g\u00f6zetilerek yeniden \u015fekillendirilmesi gerekir. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">B\u00f6yle bir reform, sermaye piyasas\u0131 su\u00e7lar\u0131n\u0131n hem etkin bi\u00e7imde soru\u015fturulmas\u0131n\u0131 hem de haks\u0131z piyasa s\u00f6ylentilerinin \u00f6nlenmesini sa\u011flayacakt\u0131r.<\/span><\/p>\n<h3><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Sonu\u00e7 ve De\u011ferlendirme <\/span><\/h3>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">6362 say\u0131l\u0131 Sermaye Piyasas\u0131 Kanunu\u2019nun 107, 108 ve 115. maddeleri, T\u00fcrk sermaye piyasas\u0131 hukukunda hem piyasa b\u00fct\u00fcnl\u00fc\u011f\u00fcn\u00fc koruma hem de ifade \u00f6zg\u00fcrl\u00fc\u011f\u00fc s\u0131n\u0131rlar\u0131n\u0131 belirleme a\u00e7\u0131s\u0131ndan kritik \u00f6neme sahiptir. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu \u00fc\u00e7 madde birlikte de\u011ferlendirildi\u011finde, kanun koyucunun iki temel amac\u0131 oldu\u011fu g\u00f6r\u00fclmektedir: <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">(1) Piyasan\u0131n g\u00fcvenilir, \u015feffaf ve d\u00fcr\u00fcst i\u015fleyi\u015fini teminat alt\u0131na almak; <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">(2) Ayn\u0131 zamanda bilgi dola\u015f\u0131m\u0131n\u0131n serbestli\u011fini ve me\u015fru gazetecilik faaliyetini korumak.<\/span><\/p>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Madde, piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 fiillerini iki boyutta tan\u0131mlam\u0131\u015ft\u0131r:<\/span><\/p>\n<ul>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">\u0130\u015flem bazl\u0131 manip\u00fclasyon (m.107\/1) \u2013 al\u0131m sat\u0131m i\u015flemleriyle yapay arz\u2013talep veya fiyat izlenimi yaratmak,<\/span><\/li>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bilgi bazl\u0131 manip\u00fclasyon (m.107\/2) \u2013 yalan veya yan\u0131lt\u0131c\u0131 haber, s\u00f6ylenti ya da yorumla yat\u0131r\u0131mc\u0131 kararlar\u0131n\u0131 etkilemek.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu fiillerin cezaland\u0131r\u0131lmas\u0131, yaln\u0131zca bireysel ma\u011fduriyetleri de\u011fil, finansal sistemin istikrar\u0131n\u0131 ve ekonomik d\u00fczenin g\u00fcvenilirli\u011fini korumay\u0131 hedefler. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bununla birlikte, 108. madde, belirli ekonomik m\u00fcdahalelerin (TCMB i\u015flemleri, geri al\u0131m programlar\u0131, piyasa yap\u0131c\u0131l\u0131\u011f\u0131 vb.) su\u00e7 te\u015fkil etmeyece\u011fini a\u00e7\u0131k\u00e7a belirterek me\u015fru piyasa faaliyetlerini g\u00fcvence alt\u0131na alm\u0131\u015ft\u0131r.\u00a0<\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Son olarak 115. madde, Cumhuriyet savc\u0131s\u0131n\u0131n do\u011frudan soru\u015fturma yetkisini SPK\u2019n\u0131n su\u00e7 duyurusuna ba\u011flayarak, uzmanl\u0131k temelli bir \u00f6n eleme sistemi kurmu\u015ftur. Bu sistem, teknik do\u011fruluk a\u00e7\u0131s\u0131ndan yararl\u0131 olmakla birlikte, etkin soru\u015fturma bak\u0131m\u0131ndan zaman zaman s\u0131n\u0131rland\u0131r\u0131c\u0131 bir etki do\u011furabilmektedir.<\/span><\/p>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Yarg\u0131tay kararlar\u0131 g\u00f6stermektedir ki, uygulamada \u00fc\u00e7 temel gerilim alan\u0131 vard\u0131r:<\/span><\/p>\n<ul>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Yetki ve yer belirleme sorunlar\u0131 &#8211; Dijital i\u015flem yap\u0131s\u0131 nedeniyle su\u00e7un i\u015flendi\u011fi yerin tespiti g\u00fc\u00e7le\u015fmekte; Yarg\u0131tay, fiilin tamamlanma yerini Borsa \u0130stanbul\u2019un bulundu\u011fu \u0130stanbul olarak kabul etmektedir.<\/span><\/li>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Menfaatin hesaplanmas\u0131 \u2013 Ceza ki\u015fiselle\u015ftirilmelidir; her san\u0131\u011f\u0131n kendi eyleminden elde etti\u011fi kazan\u00e7 kadar sorumlu tutulmas\u0131 gerekmektedir.<\/span><\/li>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bas\u0131n ve ifade \u00f6zg\u00fcrl\u00fc\u011f\u00fc \u2013 Ekonomik haberler ile manip\u00fclatif yorumlar aras\u0131ndaki \u00e7izgi bazen bulan\u0131kla\u015fmakta; mahkemeler, ger\u00e7eklik ve kamu yarar\u0131 kriterlerine g\u00f6re denge kurmaktad\u0131r.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu noktada, \u201cmanip\u00fclat\u00f6r\u201d ifadesi veya ge\u00e7mi\u015f borsa davalar\u0131yla ilgili haberler, ifade \u00f6zg\u00fcrl\u00fc\u011f\u00fc s\u0131n\u0131rlar\u0131 i\u00e7inde ele\u015ftiri niteli\u011finde ise cezai sorumluluk do\u011furmaz; ancak yat\u0131r\u0131mc\u0131 davran\u0131\u015f\u0131n\u0131 etkileme veya kazan\u00e7 sa\u011flama kast\u0131 varsa, manip\u00fclasyon su\u00e7u g\u00fcndeme gelebilir.<\/span><\/p>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">T\u00fcrk sermaye piyasas\u0131 hukukunun hem uluslararas\u0131 standartlarla uyum hem de etkinlik bak\u0131m\u0131ndan g\u00fc\u00e7lenmesi i\u00e7in \u015fu d\u00fczenlemeler \u00f6nerilebilir:<\/span><\/p>\n<ul>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">115. madde revizyonu: Savc\u0131n\u0131n resen soru\u015fturma yetkisini, \u00f6zellikle kamu yarar\u0131 gerektiren manip\u00fclasyon dosyalar\u0131nda yeniden tan\u0131mlamak,<\/span><\/li>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bas\u0131n \u00f6zg\u00fcrl\u00fc\u011f\u00fc rehberi: SPK ve Bas\u0131n Konseyi i\u015f birli\u011fiyle piyasa habercili\u011fi i\u00e7in etik ve sorumluluk ilkeleri belirlemek,<\/span><\/li>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Uzman mahkemeler: \u0130stanbul merkezli sermaye piyasas\u0131 mahkemelerinin dijital uzmanl\u0131k kapasitesini art\u0131rmak,<\/span><\/li>\n<li><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Menfaat hesaplama rehberi: Yarg\u0131tay\u2019\u0131n bireysel menfaat i\u00e7tihad\u0131n\u0131 somut kriterlerle destekleyen bir rehber yay\u0131mlamak.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Borsa manip\u00fclasyonu su\u00e7lar\u0131, ceza hukuku ile ekonomik d\u00fczenin kesi\u015fim noktas\u0131nda yer alan karma\u015f\u0131k fiillerdir. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu su\u00e7lar\u0131n soru\u015fturulmas\u0131 ve yarg\u0131lanmas\u0131 s\u00fcrecinde, ifade \u00f6zg\u00fcrl\u00fc\u011f\u00fc, adil yarg\u0131lanma hakk\u0131, ekonomik etkinlik ve kamu yarar\u0131 aras\u0131nda hassas bir denge kurulmal\u0131d\u0131r. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Yarg\u0131 organlar\u0131n\u0131n son y\u0131llardaki kararlar\u0131, bu dengenin \u00f6zg\u00fcrl\u00fck\u00e7\u00fc ama disiplinli bir yakla\u015f\u0131mla korunmas\u0131 y\u00f6n\u00fcnde geli\u015fmektedir.\u00a0<\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Gelecekte yap\u0131lacak reformlarla birlikte, T\u00fcrk sermaye piyasas\u0131 hukukunun \u015feffaf, \u00f6ng\u00f6r\u00fclebilir ve g\u00fcven odakl\u0131 bir yap\u0131ya kavu\u015faca\u011f\u0131 \u00f6ng\u00f6r\u00fclmektedir. <\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Bu s\u00fcre\u00e7te, hukuki bilgi ile ekonomik bilincin birle\u015fti\u011fi alanlarda faaliyet g\u00f6steren kurumlar &#8211;\u00a0 \u00f6zellikle B\u0131\u00e7ak Hukuk B\u00fcrosu gibi akademik temelli hukuk kurulu\u015flar\u0131 &#8211; piyasa b\u00fct\u00fcnl\u00fc\u011f\u00fcn\u00fcn korunmas\u0131nda kilit rol \u00fcstlenmeye devam edecektir.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">\u00a9 2025 <a href=\"https:\/\/www.bicakhukuk.com\/ekibimiz\/avukatlarimiz-2\/vahit-bicak\/\" target=\"_blank\" rel=\"noopener\">Prof. Dr. Vahit B\u0131\u00e7ak<\/a> \/ <a href=\"https:\/\/www.bicakhukuk.com\" target=\"_blank\" rel=\"noopener\">B\u0131\u00e7ak Hukuk B\u00fcrosu<\/a> &#8211; T\u00fcm haklar\u0131 sakl\u0131d\u0131r. Bu makale, say\u0131n\u00a0<a href=\"https:\/\/www.bicakhukuk.com\/ekibimiz\/avukatlarimiz-2\/vahit-bicak\/\" target=\"_blank\" rel=\"noopener\">Prof. Dr. Vahit B\u0131\u00e7ak<\/a> taraf\u0131ndan\u00a0<a href=\"https:\/\/www.bicakhukuk.com\" target=\"_blank\" rel=\"noopener\">www.bicakhukuk.com<\/a>\u00a0sitesinde yay\u0131nlanmas\u0131 i\u00e7in kaleme al\u0131nm\u0131\u015ft\u0131r. Kaynak g\u00f6sterilse dahi makalenin tamam\u0131 \u00f6zel izin al\u0131nmadan kullan\u0131lamaz. Ancak al\u0131nt\u0131lanan makalenin bir b\u00f6l\u00fcm\u00fc, aktif link verilerek kullan\u0131labilir. Yazar\u0131 ve kayna\u011f\u0131 g\u00f6sterilmeden k\u0131smen ya da tamamen yay\u0131nlanmas\u0131 \u015fahsi haklara ve fikri haklara ayk\u0131r\u0131l\u0131k te\u015fkil eder.<\/span><\/p>\n<p><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Referans: B\u0131\u00e7ak, Vahit (2025) \u201c<\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Borsa Manip\u00fclasyonu Su\u00e7u ve Cezas\u0131\u00a0\u00bb<\/span><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">, B\u0131\u00e7ak Hukuk B\u00fcrosu Blogu, <a href=\"https:\/\/www.bicakhukuk.com\/fr\/borsa-manipulasyonu-sucu-ve-cezasi\/\" target=\"_blank\" rel=\"noopener\">https:\/\/www.bicakhukuk.com\/borsa-manipulasyonu-sucu-ve-cezasi<\/a>\/, s. __., Eri\u015fim Tarihi: &#8230;,<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sermaye piyasalar\u0131, ekonomik d\u00fczenin en hassas alanlar\u0131ndan biridir. Bu piyasalar\u0131n temel i\u015flevi, tasarruflar\u0131n \u00fcretken alanlara y\u00f6nlendirilmesini ve yat\u0131r\u0131mc\u0131lar aras\u0131nda g\u00fcvene dayal\u0131 bir sermaye ak\u0131\u015f\u0131n\u0131n sa\u011flanmas\u0131n\u0131 temin etmektir. Bu i\u015flevin yerine getirilebilmesi ise yaln\u0131zca g\u00fcven, \u015feffafl\u0131k, e\u015fit bilgiye eri\u015fim ve d\u00fcr\u00fcst i\u015flem ilkelerinin korunmas\u0131yla m\u00fcmk\u00fcnd\u00fcr. Bu \u00e7er\u00e7evede 6362 say\u0131l\u0131 Sermaye Piyasas\u0131 Kanunu (SPKn), T\u00fcrkiye\u2019de modern sermaye [&hellip;]<\/p>\n","protected":false},"author":27,"featured_media":29635,"comment_status":"open","ping_status":"open","sticky":false,"template":"page-fullwidth.php","format":"standard","meta":{"rs_blank_template":"","rs_page_bg_color":"","slide_template_v7":"","footnotes":""},"categories":[740,739,793],"tags":[19428,791,19473,19472,19448,19431,17865,19423,19469,19440,7315,19434,19470,19464,19463,19422,19466,19415,19465,19419,19445,19438,19454,19453,19437,19474,16371,19450,19439,19461,19447,19452,19430,19424,19460,19468,19467,19471,1354,8272,19443,19429,19426,19416,19451,19457,19427,19458,19456,19420,19449,7321,19442,19417,19459,7314,19441,19436,19444,19425,19418,12236,13598,19462,19455,19432,19433,14575,19446,10251,19421,19435],"class_list":["post-29634","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ceza-hukuku","category-gorusler-dusunceler","category-gorusler","tag-115-madde-sorusturma-usulu","tag-adli-para-cezasi","tag-arama-islemi","tag-atlantis-yatirim-holding","tag-avukat-borsa","tag-basin-ozgurlugu-ve-sermaye-piyasasi","tag-beyaz-yaka-suclari","tag-bilgi-suistimali-sucu","tag-bist","tag-borsa-haberleri-hukuki-sorumluluk","tag-borsa-istanbul","tag-borsa-istanbul-manipulasyon-davalari","tag-borsa-istanbul-manipulasyon-operasyon","tag-borsa-manipulasyon-operasyon","tag-borsa-manipulasyon-sorusturma","tag-borsa-manipulasyonu-cezasi","tag-borsa-manipulasyonu-mucadele","tag-borsa-manipulasyonu-sucu","tag-borsa-manipulator","tag-borsa-sucu-avukati","tag-borsa-yorumlari-hukuki-sinirlar","tag-ceza-hukuku-uzmani","tag-ceza-hukuku-ve-finans-hukuku-iliskisi","tag-ekonomik-duzen-suclari","tag-ekonomik-suclar-avukati","tag-elkoyma-islemi","tag-finans-hukuku-avukati","tag-finans-piyasasi-avukati","tag-finansal-suclar-avukati","tag-hat-holding","tag-hukuk-burosu-borsa","tag-hukuki-danismanlik-turkiye","tag-ifade-ozgurlugu-ve-piyasa-hukuku","tag-insider-trading-turkiye","tag-investco-holding","tag-isik-okte-gozalti","tag-kayitdisilik-mucadele","tag-kucuk-yatirimciyi-zarara-ugratmak","tag-mali-suclari-arastirma-kurulu","tag-mali-suclarla-mucadele-sube-mudurlugu","tag-manipulasyon-savunmasi","tag-manipulator-ifadesi","tag-menfaat-hesabi","tag-piyasa-dolandiriciligi","tag-piyasa-dolandiriciligi-savunmasi","tag-piyasa-manipulasyonu-turk-hukuku","tag-savci-izni-spk","tag-seffaf-piyasa-guclu-hukuk-guvenligi","tag-seffaf-piyasa-ilkesi","tag-sermaye-piyasasi-avukati","tag-sermaye-piyasasi-danismani","tag-sermaye-piyasasi-hukuku","tag-sermaye-piyasasi-hukuku-danismanligi","tag-sermaye-piyasasi-kanunu-107","tag-sermaye-piyasasi-kanununa-muhalefet-sucu","tag-sermaye-piyasasi-kurulu","tag-sermaye-piyasasi-kurulu-suc-duyurusu","tag-sermaye-piyasasinda-suclar","tag-spk-inceleme-raporu","tag-spk-sorusturmasi","tag-spk-suclari","tag-suc-islemek-amaciyla-orgut-kurma","tag-suctan-kaynaklanan-malvarligi-degerlerini-aklama","tag-tmsf-kayyum-atandi","tag-uluslararasi-sermaye-piyasasi-hukuku","tag-unutulma-hakki-borsa-haberleri","tag-yargitay-manipulasyon-karari","tag-yatirim-dolandiriciligi","tag-yatirimci-bilgilendirme","tag-yatirimci-guveni","tag-yatirimci-haklari","tag-yatirimci-koruma"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Borsa Manip\u00fclasyonu Su\u00e7u ve Cezas\u0131 | B\u0131\u00e7ak Hukuk B\u00fcrosu<\/title>\n<meta name=\"description\" content=\"T\u00fcrkiye Borsa Manip\u00fclasyonu Su\u00e7u Cezas\u0131 Hukuk B\u00fcrosu Avukat Sermaye Piyasa Kanunu operasyon soru\u015fturma g\u00f6zalt\u0131 BIST iddia doland\u0131r\u0131c\u0131l\u0131k dava\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bicakhukuk.com\/fr\/borsa-manipulasyonu-sucu-ve-cezasi\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Borsa Manip\u00fclasyonu Su\u00e7u ve Cezas\u0131 %\" \/>\n<meta property=\"og:description\" content=\"Sermaye piyasalar\u0131, ekonomik d\u00fczenin en hassas alanlar\u0131ndan biridir. 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