HISTORIC PRESS RELEASE : Agreement on International Financial Regulatory Co-operation with Turkey [September 1999]

The press release issued by HM Treasury on 10 September 1999.

Better communication and exchange of information between national financial regulators will help protect investors in cross-border dealings involving UK and Turkish investments, Economic Secretary Melanie Johnson said today.

Announcing the eighth such bilateral agreement to be reached, Miss Johnson said;

“I welcome this Memorandum of Understanding on international regulatory co-operation between the UK and Turkey. The agreement, between the Treasury, the Financial Services Authority, the London Stock Exchange, and the Capital Markets Board of Turkey, will help in the process of protecting investors in our two countries.

“This will add to the existing agreements with the US, Australian, Swiss, Hong Kong, Japanese, Chinese, Russian, and EU authorities in enhancing the attractiveness of the City of London as a major financial centre dealing with counterparts around the world and encouraging more Turkish companies to list in London.

“This agreement will seek to protect investors and promote the integrity of financial markets by providing a framework of co-operation between regulatory authorities.

“This framework will provide clear channels of communication, enhance mutual understanding, and allow the regulatory authorities to provide each other with investigative assistance and exchange confidential regulatory information.

“This should assist the enforcement of laws, rules, and regulations in the field of securities, and help tackle any insider dealing, market manipulation, or other fraudulent and deceptive practices.”