Option A: shut the hell up. Option B: spend time in prison.

Societe Generale SA ordered employees to cease commentary on Turkey pending a review of new legislation that threatens up to five years imprisonment for certain types of commentary on financial markets. Turkey’s Capital Markets Law enacted on Dec. 31 stipulates punishment for “those who provide untruthful, wrong or misleading information, start rumors, or provide news, commentary, or prepare reports with the intention of influencing prices, values of capital markets instruments or investor decisions.” Bank of America Merrill Lynch and Commerzbank AG said they were also reviewing how the new law will affect their business in Turkey. “I am quite surprised by the contents of the section on market commentary as the authorities have proven to be proactive in promoting an investor-friendly environment in the past,” Benoit Anne, head of emerging-markets strategy at Societe Generale in London, said by e-mail today. The bank is seeking legal advice and won’t comment on Turkish markets until further notice, he said.

[Bloomberg]

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Comments (6)

  1. Posted by Recep Erdogan | January 4, 2013 at 7:58 PM

    I come here for the cheap humor, I stay here for the footnotes.

  2. Posted by guest | January 4, 2013 at 8:00 PM

    Cool story.

  3. Posted by Ping Jiang | January 5, 2013 at 11:49 AM

    Something about turkey and a syringe…

  4. Posted by Damnyouusdjpy | January 5, 2013 at 3:55 PM

    Oh wow i love how this never got any light on turkish press. One step closer to the fascist state.

  5. Posted by dandraka | January 7, 2013 at 5:40 AM

    "or provide news, commentary, or prepare reports with the intention of influencing [...] investor decisions"

    Oh man, are they right or what. Reports are just meant to be confetti or something.

  6. Posted by sohbet | May 12, 2013 at 6:48 PM

    telling these little stories, here's a good idea: Have a point. It makes it so much more interesting for the listener.