F:\\Testing Files\\insider_trading_in_turkey.ppt

1. INSIDER TRADING REGULATIONS IN U.S. AND A PROPOSAL FOR TURKEY

28. WHAT IF FAMOUS CASES HAPPENED IN TURKEY? ? √ ? The attorney, after having learned of the law firm’s client’s planned tender offer , purchased call options in the target company prior to the announcement of the tender offer. O'Hagan √ In Turkey this case would be interpreted as manipulation. A columnist of the Wall Street Journal traded the securities he wrote about and in turn gained a profit. Carpenter √ √ √ A company’s former official’s selective disclosure of insider information to an analyst giving an unfair advantage to the analyst and the analyst’s clients over the public generally Dirks ? √ ? A financial printer deduced the names of the target companies in takeover bids from the documents he printed. He purchased the target company’s securities before the announcement of bids and sold them after the bids, thus making a profit. Chiarella √ √ √ Insiders of a mine company purchased company stock on the open market with knowledge of a valuable mineral find that had not been publicly announced and made a considerable profit after the announcement. Texas Gulf Sulphur √ √ √ A registered broker-dealer directed his customers to liquidate their holdings in Curtis-Wright stock because he had advance knowledge of a dividend cut . Cady Roberts Co. Turkey? Gain/Loss Materiality Subject Case Conviction in Turkey

30. THANK YOU SENEM DEMIRKAN