Turkey fines JPMorgan citing disruptive equity transactions
JPMorgan faced a previous investigation amid turbulence for the Turkish lira
Ankara: The Turkish securities regulator fined JPMorgan Securities PLC over alleged irregularities in stock market dealings.
The regulator, known as SPK, said late Friday that it imposed a penalty of 32.8 million lira ($1.7 million) on the bank for violating an article covering “disruptive” equity transactions.
JPMorgan didn’t immediately respond to emailed requests for comment early Saturday.
In 2019, JPMorgan faced a previous investigation amid turbulence for the Turkish lira. The Banking Regulation and Supervision Agency, known as BDDK, said at that time that JPMorgan analysts who recommended selling the lira against the dollar had issued a note featuring “misguiding and manipulative” content that resulted in volatility in markets and hurt the reputation of Turkish banks.