6362 say\u0131l\u0131 Sermaye Piyasas\u0131 Kanunu\u2019nun kamuoyunda borsa manip\u00fclasyonu olarak bilinen 107. maddesinde piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7unun d\u00fczenlendi\u011fi, 108. maddesinde hangi hallerin bilgi suistimali ve piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 say\u0131lamayaca\u011f\u0131n\u0131n s\u0131raland\u0131\u011f\u0131, 115. maddesinde ise Cumhuriyet savc\u0131s\u0131na kar\u015f\u0131 kelep\u00e7e olarak nitelendirebilece\u011fimiz ve baz\u0131 kanunlarda Cumhuriyet savc\u0131s\u0131n\u0131n soru\u015fturma ba\u015flatmas\u0131n\u0131 engelleyen ve onu izin veya karar \u015fart\u0131na ba\u011flayan bir takip usul\u00fcn\u00fcn d\u00fczenlendi\u011fi g\u00f6r\u00fclmektedir.<\/p>\n
Piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7u bir iktisadi su\u00e7tur, esasen bu su\u00e7la ilgili yapt\u0131r\u0131m\u0131n parasal olmas\u0131 gerekir, ancak kanun koyucu piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7u bak\u0131m\u0131ndan adli para cezas\u0131n\u0131n yan\u0131nda hapis cezas\u0131n\u0131 da \u00f6ng\u00f6rm\u00fc\u015f ve bir de pi\u015fmanl\u0131k halini d\u00fczenlemi\u015ftir. Elbette bu su\u00e7a ba\u011fl\u0131 olarak ve bu su\u00e7un i\u015flendi\u011fine dair bir tespitin varl\u0131\u011f\u0131 halinde, \u00f6nc\u00fcl su\u00e7un ger\u00e7ekle\u015fti\u011finin kabul\u00fc ile 5237 say\u0131l\u0131 T\u00fcrk Ceza Kanunu m.282\u2019de d\u00fczenlenen su\u00e7tan kaynaklanan malvarl\u0131\u011f\u0131 de\u011ferlerini aklama su\u00e7unun olu\u015fup olu\u015fmad\u0131\u011f\u0131 ayr\u0131ca incelenmelidir. 282. maddede aklama faaliyetinin yurt i\u00e7inde veya yurt d\u0131\u015f\u0131nda yap\u0131lmas\u0131na g\u00f6re \u201csu\u00e7ta ve cezada kanunilik\u201d ilkesine ba\u011fl\u0131 kal\u0131narak, piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7undan elde edildi\u011fi kabul edildi\u011fi menfaatin aklanmak suretiyle piyasaya, yani me\u015fru alana aktar\u0131lmas\u0131na ili\u015fkin fiillerin de ayr\u0131ca de\u011ferlendirilmesi, bu kapsamda piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7undan soru\u015fturmay\u0131 y\u00fcr\u00fcten Cumhuriyet savc\u0131s\u0131n\u0131n, bizce \u00f6nc\u00fcl su\u00e7un varl\u0131\u011f\u0131n\u0131n tespit edildi\u011fi ilk derece mahkemesinin karar\u0131na ba\u011fl\u0131 olarak, uygulamada iddianameye, hatta \u00f6nc\u00fcl su\u00e7la ilgili ba\u015flat\u0131lan soru\u015fturma kapsam\u0131nda Mali Su\u00e7lar\u0131 Ara\u015ft\u0131rma Kurulu\u2019ndan (MASAK\u2019tan) mali verileri analiz ve aklama raporlar\u0131n\u0131n al\u0131nmas\u0131, bu raporlar\u0131n soru\u015fturmada veya kovu\u015fturmada bilirki\u015fi raporu ile birlikte de\u011ferlendirilmesi ve buna g\u00f6re bir sonuca var\u0131lmas\u0131 isabetli olacakt\u0131r. MASAK raporunun bir bilirki\u015fi raporu olmay\u0131p taraf raporu oldu\u011fu, Cumhuriyet savc\u0131s\u0131n\u0131n talebine ba\u011fl\u0131 olarak sadece soru\u015fturma a\u015famas\u0131nda su\u00e7tan kaynaklanan malvarl\u0131\u011f\u0131 de\u011ferlerini aklama su\u00e7u ile ilgili raporun MASAK taraf\u0131ndan haz\u0131rlan\u0131p soru\u015fturma dosyas\u0131na g\u00f6nderildi\u011fi, kovu\u015fturma a\u015famas\u0131nda MASAK\u2019tan rapor al\u0131namayaca\u011f\u0131, fakat bir taraf raporu olan MASAK raporuna ba\u011fl\u0131 olarak da mahkumiyet karar\u0131 verilemeyece\u011finden, kovu\u015fturmada muhakkak kara para aklama iddias\u0131n\u0131n 5271 say\u0131l\u0131 Ceza Muhakemesi Kanunu m.63 kapsam\u0131nda bilirki\u015fi raporu ile de\u011ferlendirilmesi gerekti\u011fi a\u00e7\u0131kt\u0131r.<\/p>\n
Daha evvel \u201cSermaye Piyasas\u0131 Kurulu\u2019nun Ba\u015fvuru \u015eart\u0131 ve Pi\u015fmanl\u0131\u011f\u0131n Ba\u015fvuru Yetkisi\u201d ba\u015fl\u0131kl\u0131 bir yaz\u0131 kaleme alm\u0131\u015f ve bu yaz\u0131da 6362 say\u0131l\u0131 Kanunun 107. maddesinin 3. f\u0131kras\u0131n\u0131n uygulanma \u015fekil ve \u015fartlar\u0131 ile sonu\u00e7lar\u0131n\u0131 incelemi\u015ftik. Su\u00e7u i\u015fleyenin pi\u015fmanl\u0131k g\u00f6stermesi \u015fart\u0131na ba\u011flayan ve bu \u015fart\u0131 elde etti\u011fi veya elde edilmesine sebep oldu\u011fu menfaatin iki kat\u0131 miktar\u0131 kadar paran\u0131n hazineye \u00f6denmesi olarak g\u00f6steren kanun koyucu; etkin pi\u015fmanl\u0131k olarak nitelendirmedi\u011fi ve sadece pi\u015fmanl\u0131k kavram\u0131na yer verdi\u011fi h\u00fck\u00fcmde, soru\u015fturma \u00f6ncesine ve sonras\u0131na cezas\u0131zl\u0131k veya indirilmi\u015f ceza hallerini \u00f6ng\u00f6rm\u00fc\u015ft\u00fcr.<\/p>\n
6362 say\u0131l\u0131 Kanunun 107. maddesinin ba\u015fl\u0131\u011f\u0131n\u0131n \u201cPiyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131\u201d oldu\u011fu, esasen kanun koyucunun burada borsada manip\u00fclasyon su\u00e7unu d\u00fczenledi\u011fi, ancak su\u00e7un ad\u0131n\u0131n piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 olmas\u0131 sebebiyle, unsurlar\u0131 TCK m.157\u2019de d\u00fczenlenen doland\u0131r\u0131c\u0131l\u0131k su\u00e7u ile burada tan\u0131mlanan piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 aras\u0131nda bir ba\u011flant\u0131n\u0131n veya benzerli\u011fin olup olmad\u0131\u011f\u0131na bak\u0131lmas\u0131 gerekti\u011fi, her durumda 6362 say\u0131l\u0131 Kanunun piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7unu tan\u0131mlayan 107. maddesi ile piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7u say\u0131lmayan halleri tan\u0131mlayan 6362 say\u0131l\u0131 Kanunun 108. maddesinde \u00fc\u00e7 bent halinde s\u0131ralanan hukuka uygunluk sebeplerinin \u00f6zel kanun niteli\u011finde oldu\u011fu, dolay\u0131s\u0131yla sermaye piyasas\u0131nda doland\u0131r\u0131c\u0131l\u0131k fiillerinin genel kanun niteli\u011fi ta\u015f\u0131yan TCK m.157 ve m.158\u2019de d\u00fczenlenen doland\u0131r\u0131c\u0131l\u0131k ile nitelikli doland\u0131r\u0131c\u0131l\u0131k su\u00e7lar\u0131 kapsam\u0131nda de\u011fil, piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7unu tan\u0131mlayan 6362 say\u0131l\u0131 Kanunun 107. maddesine g\u00f6re de\u011ferlendirilebilece\u011fi, bu su\u00e7 bak\u0131m\u0131ndan bilgi suistimali ve piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7u say\u0131lmayan halleri d\u00fczenleyen m.108 ile yaz\u0131l\u0131 ba\u015fvuru ve \u00f6zel soru\u015fturma usullerini \u00f6ng\u00f6ren m.115\u2019in mutlaka dikkate al\u0131nmas\u0131 gerekti\u011fi, m.115\u2019de \u00f6ng\u00f6r\u00fclen muhakeme \u015fart\u0131 yerine getirilmeden soru\u015fturma a\u00e7\u0131lamayaca\u011f\u0131n\u0131n belirtildi\u011fi anla\u015f\u0131lmaktad\u0131r.<\/p>\n
Piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7unu d\u00fczenleyen 6362 say\u0131l\u0131 Kanun m.107\/1-2 incelendi\u011finde; kanun koyucunun birinci f\u0131krada \u00e7ok failli su\u00e7u d\u00fczenledi\u011fi ve se\u00e7imlik hareketler \u00f6ng\u00f6rd\u00fc\u011f\u00fc, bu h\u00fck\u00fcmde 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 kast\u0131yla al\u0131m veya sat\u0131m yap\u0131lmas\u0131n\u0131, borsada emir verilmesinin, borsa emrinin iptal edilmesinin, emrin de\u011fi\u015ftirilmesinin veya \u00f6zel kasta, yani saike uygun hesap hareketleri ger\u00e7ekle\u015ftirilmesinin arand\u0131\u011f\u0131, su\u00e7un maddi unsurunda se\u00e7imlik hareketlerin \u00f6ng\u00f6r\u00fcld\u00fc\u011f\u00fc, \u00e7ok failli bir su\u00e7un d\u00fczenlendi\u011fi ve kanun koyucunun piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7unda \u00f6zel kast\u0131 arad\u0131\u011f\u0131, su\u00e7un \u00f6zelli\u011fi itibariyle \u00e7ok failli su\u00e7 olmas\u0131 nedeniyle birden fazla ki\u015finin fail veya m\u00fc\u015fterek fail olarak nitelendirilmesinin gerekti\u011fi, 1. f\u0131krada d\u00fczenlenen su\u00e7un cezas\u0131n\u0131n 3 y\u0131ldan 5 y\u0131la kadar hapis ve be\u015f bin g\u00fcnden on bin g\u00fcne kadar adli para cezas\u0131 olarak g\u00f6sterildi\u011fi, ancak bu su\u00e7tan verilecek olan adli para cezas\u0131 miktar\u0131n\u0131n su\u00e7un i\u015flendi\u011fi menfaatten az olamayaca\u011f\u0131n\u0131n da belirtildi\u011fi,<\/p>\n
Bu bak\u0131mdan borsada manip\u00fclasyon, yani birtak\u0131m y\u00f6ntemler uygulamak suretiyle borsada i\u015flem g\u00f6ren hisse senetlerinde suni art\u0131\u015flar ve azalmalar olu\u015fmas\u0131na sebebiyet veren faillerin otomatik olarak 5237 sayl\u0131 T\u00fcrk Ceza Kanunu m.220 kapsam\u0131nda \u00f6rg\u00fct kurman\u0131n faili say\u0131lamayaca\u011f\u0131, su\u00e7 \u00f6rg\u00fct\u00fc kurma su\u00e7unu d\u00fczenleyen TCK m.220 incelendi\u011finde, belirli bir su\u00e7u i\u015flemek i\u00e7in \u00f6rg\u00fct kurulamayaca\u011f\u0131, bu t\u00fcr birlikteliklerin su\u00e7a i\u015ftirak olarak adland\u0131r\u0131labilece\u011fi, su\u00e7 \u00f6rg\u00fct\u00fc kurma su\u00e7unun olu\u015fabilmesi i\u00e7in \u00f6rg\u00fct\u00fcn birden fazla ve belirsiz su\u00e7lar\u0131 i\u015flemek amac\u0131yla faaliyette bulunaca\u011f\u0131, sadece bir veya birka\u00e7 hisse senedi ile ilgili piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7unun i\u015flendi\u011finden bahsedildi\u011fi durumda, TCK m.220\u2019de tan\u0131mlanan unsurlara uygun \u015fekilde kurulup y\u00f6netilen, hiyerar\u015fik yap\u0131ya sahip, altl\u0131k \u00fcstl\u00fck ili\u015fkisi bulunan, yo\u011funluk, \u00e7e\u015fitlilik ve s\u00fcreklilik i\u00e7eren su\u00e7 \u00f6rg\u00fct\u00fcn\u00fcn varl\u0131\u011f\u0131ndan s\u00f6z edilemeyece\u011fi,<\/p>\n
Su\u00e7un \u00e7ok failli su\u00e7 olarak tan\u0131mlanmas\u0131n\u0131n su\u00e7 \u00f6rg\u00fct\u00fc kurma su\u00e7u kapsam\u0131nda i\u015flenmesini engellemedi\u011fi, yani ortada \u00e7ok failli su\u00e7un varl\u0131\u011f\u0131n\u0131n bir \u00f6rg\u00fct\u00fcn faaliyeti kapsam\u0131nda piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7unun i\u015flenmesini engellemeyece\u011fi, fakat ayn\u0131 zamanda veya farkl\u0131 zamanlarda olsa bile bir veya birka\u00e7 hissenin manip\u00fcle edilerek, m.107\/2\u2019de \u00f6ng\u00f6r\u00fclen se\u00e7imlik hareketlere m\u00fc\u015fterek fail, azmettiren veya yard\u0131m eden kimselerin su\u00e7a i\u015ftirakten cezaland\u0131r\u0131lacaklar\u0131, fakat ayr\u0131ca su\u00e7 \u00f6rg\u00fct\u00fc kurma su\u00e7unu d\u00fczenleyen TCK m.220\u2019ye g\u00f6re sorumlu tutulamayacaklar\u0131, \u00e7\u00fcnk\u00fc su\u00e7 \u00f6rg\u00fct\u00fc kurma su\u00e7unun belirsiz su\u00e7lar i\u00e7in ve bir zaman s\u0131n\u0131r\u0131 olmaks\u0131z\u0131n, altl\u0131k \u00fcstl\u00fck, hiyerar\u015fik yap\u0131lanma ve emir komuta zinciri i\u00e7eren su\u00e7 \u00f6rg\u00fct\u00fcn\u00fcn varl\u0131\u011f\u0131n\u0131 gerekli k\u0131ld\u0131\u011f\u0131, hatta yasal tan\u0131ma g\u00f6re ba\u011f\u0131ms\u0131z bir su\u00e7 tipi olan su\u00e7 \u00f6rg\u00fct\u00fc kurma su\u00e7undan ceza sorumlulu\u011funun do\u011fabilmesi i\u00e7in \u00f6rg\u00fct\u00fcn faaliyeti kapsam\u0131nda su\u00e7 i\u015flemeye veya bir su\u00e7a te\u015febb\u00fcs edilmesine gerek olmad\u0131\u011f\u0131,<\/p>\n
TCK m.220\u2019de g\u00f6sterilen unsurlara g\u00f6re kurulmu\u015f bir \u00f6rg\u00fct\u00fcn fikri alanda kald\u0131\u011f\u0131, yani bir faaliyet su\u00e7una te\u015febb\u00fcs etmedi\u011fi durumda bile, kanun koyucunun bu t\u00fcr bir yap\u0131lanmay\u0131 somut tehlike su\u00e7u saymak suretiyle cezaland\u0131rma yolunu tercih etti\u011fi, fikri alana ve haz\u0131rl\u0131k hareketlerine bu derece m\u00fcdahale edilmesi sebebiyle TCK m.220\u2019yi ele\u015ftirdi\u011fimizi, esasen su\u00e7 \u00f6rg\u00fct\u00fc kurma su\u00e7unun ayr\u0131 bir su\u00e7 de\u011fil, baz\u0131 su\u00e7 tiplerinin a\u011f\u0131rla\u015ft\u0131r\u0131c\u0131 nedeni olarak kabul edilmesinin isabet bulundu\u011fu, aksi halde ortaya \u00e7ifte cezaland\u0131rman\u0131n \u00e7\u0131kt\u0131\u011f\u0131, \u00f6rne\u011fin ya\u011fma su\u00e7unun bir \u00f6rg\u00fct\u00fcn faaliyeti kapsam\u0131nda i\u015flenmesi halinde TCK m.149\/1-f,g\u2019de ayr\u0131 ceza sorumlulu\u011funun \u00f6ng\u00f6r\u00fcld\u00fc\u011f\u00fc, ya\u011fma su\u00e7unun nitelikli say\u0131lmak suretiyle cezas\u0131n\u0131n a\u011f\u0131rla\u015ft\u0131r\u0131ld\u0131\u011f\u0131, ancak bunun TCK m.220\u2019nin tatbikini engellemedi\u011fi, nitekim benzer bir d\u00fczenlemenin tehdit su\u00e7unu d\u00fczenleyen TCK m.106\/2-d\u2019de de \u00f6ng\u00f6r\u00fcld\u00fc\u011f\u00fc, esasen kanun koyucunun burada cezan\u0131n cayd\u0131r\u0131c\u0131 etkisine \u00f6nem verdi\u011fi, fakat bu t\u00fcr bir d\u00fczenlemenin piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7unun bir \u00f6rg\u00fct\u00fcn faaliyeti kapsam\u0131nda i\u015flenmesi bak\u0131m\u0131ndan ayr\u0131ca a\u011f\u0131rla\u015ft\u0131r\u0131c\u0131 neden say\u0131lmad\u0131\u011f\u0131, kanun koyucunun b\u00f6yle bir tan\u0131mlamaya gitmedi\u011fi,<\/p>\n
G\u00f6r\u00fclmektedir.<\/p>\n
6362 say\u0131l\u0131 Kanunun 107\/2. maddesine bak\u0131ld\u0131\u011f\u0131nda; yine piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7unun bir ba\u015fka t\u00fcr\u00fcn\u00fcn d\u00fczenlendi\u011fi, burada da se\u00e7imlik hareketlerin \u00f6ng\u00f6r\u00fcld\u00fc\u011f\u00fc, ilk f\u0131krada hisse al\u0131m veya sat\u0131mlar\u0131yla ilgili icra hareketleri tan\u0131mlan\u0131rken, 2. f\u0131krada s\u00f6ylentiler ve a\u00e7\u0131klamalar \u00fczerinden 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 vermenin veya s\u00f6ylenti \u00e7\u0131karman\u0131n veya haber vermenin veya yorum yapman\u0131n veya rapor haz\u0131rlaman\u0131n veya bunlar\u0131 yayman\u0131n ve bu suretle menfaat sa\u011flaman\u0131n su\u00e7 say\u0131ld\u0131\u011f\u0131, bu su\u00e7un cezas\u0131n\u0131n da 3 y\u0131ldan 5 y\u0131la kadar hapis ve be\u015f bin g\u00fcne kadar adli para cezas\u0131 olarak g\u00f6sterildi\u011fi, kanun koyucunun piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7unu d\u00fczenleyen 107. maddenin ilk f\u0131kras\u0131nda manip\u00fclatif hareketlerle sermaye piyasas\u0131 ara\u00e7lar\u0131n\u0131n fiyatlar\u0131na m\u00fcdahaleyi su\u00e7 sayarken, bu su\u00e7 y\u00f6n\u00fcnden menfaat teminini, su\u00e7u tan\u0131mlad\u0131\u011f\u0131 1. f\u0131kran\u0131n ilk c\u00fcmlesinde belirtmedi\u011fi, fakat 1. f\u0131kran\u0131n ikinci c\u00fcmlesinde adli para cezas\u0131n\u0131n hesaplanmas\u0131nda maddi menfaat kavram\u0131na yer verdi\u011fi su\u00e7un i\u015flenmesiyle elde edilen menfaatten az olamaz ibaresini h\u00fck\u00fcmde kulland\u0131\u011f\u0131, TCK m.157\u2019de d\u00fczenlenen doland\u0131r\u0131c\u0131l\u0131k su\u00e7unda ve 6362 say\u0131l\u0131 Kanunun 107. maddesinin 2. f\u0131kras\u0131nda tan\u0131mlanan ve bu defa kanun koyucunun spek\u00fclasyon \u00e7\u0131karmak suretiyle sermaye piyasas\u0131 ara\u00e7lar\u0131na m\u00fcdahalede su\u00e7un unsuru sayd\u0131\u011f\u0131 yarar veya menfaat sa\u011flamay\u0131 arad\u0131\u011f\u0131, ancak su\u00e7un unsurlar\u0131n\u0131 g\u00f6steren 107. maddenin 1. f\u0131kras\u0131nda yarar veya menfaat sa\u011flama kavram\u0131na yer vermedi\u011fi, her ne kadar 107. maddenin 1. f\u0131kras\u0131n\u0131n 2. c\u00fcmlesinde ve pi\u015fmanl\u0131\u011f\u0131 tan\u0131mayan 107. maddenin 3. f\u0131kras\u0131nda elde edilen menfaat kavram\u0131na yer verse de, bu bak\u0131\u015f a\u00e7\u0131s\u0131 ile 107. maddenin 1. f\u0131kras\u0131n\u0131n 1. c\u00fcmlesinde say\u0131lan su\u00e7un menfaatin elde edilemedi\u011fi durumda pi\u015fmanl\u0131\u011f\u0131n da kullan\u0131lamayaca\u011f\u0131 ve hatta adli para cezas\u0131na h\u00fckmedilemeyece\u011fi, bu nedenle d\u00fczenlemenin esasen bu suretle menfaat sa\u011flayanlar ibaresine 107. maddenin 2. f\u0131kras\u0131nda oldu\u011fu gibi 1. f\u0131kras\u0131nda da yer verilmesi gerekti\u011fi,<\/p>\n
107. maddenin b\u00fct\u00fcn\u00fcne ve kanun koyucunun amac\u0131na bak\u0131ld\u0131\u011f\u0131nda; 1. f\u0131kra y\u00f6n\u00fcnden de menfaat sa\u011flaman\u0131n su\u00e7un maddi unsurunun netice k\u0131sm\u0131 olarak kabul\u00fcn\u00fcn gerekti\u011fi, menfaat elde edilememi\u015fse su\u00e7un tamamlanmad\u0131\u011f\u0131 ve te\u015febb\u00fcs a\u015famas\u0131nda kald\u0131\u011f\u0131n\u0131n s\u00f6ylenebilece\u011fi, ancak farkl\u0131 bir g\u00f6r\u00fc\u015fe g\u00f6re yarar sa\u011flama veya menfaat elde etmenin piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7unun 107. maddenin 1. f\u0131kras\u0131nda yap\u0131lan tan\u0131m\u0131nda, su\u00e7un maddi unsurunun netice unsuru olarak say\u0131lmad\u0131\u011f\u0131, kanun koyucunun bu y\u00f6nde bir iradesi olsa idi, m.107\/2\u2019de oldu\u011fu bi\u00e7imde bu suretle menfaat sa\u011flayanlar ibaresine burada yer verece\u011finde tart\u0131\u015fma olmayaca\u011f\u0131, ancak 1. f\u0131kran\u0131n 1. c\u00fcmlesinde bu y\u00f6nde bir ibarenin su\u00e7un maddi unsuru olarak g\u00f6sterilmedi\u011fi, su\u00e7un i\u015flenmesi ile elde edilen menfaatin adli para cezas\u0131n\u0131n hesab\u0131nda dikkate al\u0131nd\u0131\u011f\u0131, adli para cezas\u0131n\u0131n her hal\u00fckarda be\u015f bin g\u00fcnden az olamayaca\u011f\u0131, pi\u015fmanl\u0131k hesab\u0131n\u0131n da ortada bir zarar olmamas\u0131 halinde, m.107\/3\u2019de en az be\u015f y\u00fcz bin T\u00fcrk liras\u0131 olarak g\u00f6sterildi\u011fi, bu nedenle m.107\/1\u2019de tan\u0131mlanan piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7u y\u00f6n\u00fcnden menfaat elde etmenin, piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7unun maddi unsurunun tamamlanmas\u0131 i\u00e7in zorunlu olmad\u0131\u011f\u0131,<\/p>\n
6362 say\u0131l\u0131 Kanunun 107. maddesinin 1. f\u0131kras\u0131nda tan\u0131mlanan su\u00e7un ger\u00e7ekle\u015fmesinde; bu h\u00fck\u00fcmde g\u00f6sterilen sermaye piyasas\u0131 ara\u00e7lar\u0131n\u0131n fiyatlar\u0131n\u0131 etkileme kast\u0131yla hareket ederek, borsada yap\u0131lan hisse senedi al\u0131\u015fveri\u015fleri ile sermaye piyasas\u0131 ara\u00e7lar\u0131n\u0131n fiyatlar\u0131n\u0131n etkilenmesi gerekti\u011fi, fiyatlar\u0131n etkilenmedi\u011fi durumda vas\u0131ta elveri\u015fsizli\u011fi veya konu imkans\u0131zl\u0131\u011f\u0131 olarak ifade edebilece\u011fimi i\u015flenemez su\u00e7tan bahsedilece\u011fi, her ne kadar m.107\/1\u2019de sermaye piyasas\u0131 ara\u00e7lar\u0131n\u0131n fiyatlar\u0131n, 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 denilerek, s\u0131rf h\u00fck\u00fcmde g\u00f6sterilen \u00f6zel kastla ve say\u0131lan se\u00e7imlik hareketlerden en az birisinin i\u015flenmesi suretiyle piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7unun ger\u00e7ekle\u015fece\u011fi s\u00f6ylense de, sadece kast\u0131n varl\u0131\u011f\u0131 ve hatta sermaye piyasas\u0131 ara\u00e7lar\u0131n\u0131n fiyatlar\u0131n d\u00f6n\u00fck i\u015flemlerin icras\u0131, bu i\u015flemler nedeniyle sermaye piyasas\u0131 ara\u00e7lar\u0131n\u0131n fiyatlar\u0131 etkilenmedi\u011fi ve i\u015ftirak etti\u011fimiz g\u00f6r\u00fc\u015fe g\u00f6re bu yolla maddi menfaat sa\u011flanmad\u0131\u011f\u0131 veya sa\u011flanma imkan\u0131n\u0131n su\u00e7a te\u015febb\u00fcs bak\u0131m\u0131ndan olu\u015fmad\u0131\u011f\u0131 durumda, yani ortada vas\u0131ta elveri\u015fsizli\u011finin veya konu imkans\u0131zl\u0131\u011f\u0131n\u0131n oldu\u011fu vaziyette, piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7unun i\u015flendi\u011finden veya bu su\u00e7a i\u015ftirak edildi\u011finden bahsedilemez.<\/p>\n
\u00d6rne\u011fin; elinde bulundurdu\u011fu maddi imkanlarla sermaye piyasas\u0131 ara\u00e7lar\u0131n\u0131n fiyatlar\u0131na yanl\u0131\u015f veya yan\u0131lt\u0131c\u0131 izlenim uyand\u0131rmak i\u00e7in al\u0131m veya sat\u0131m yapan ve su\u00e7 i\u015flemek kast\u0131 bulunan faillerin, s\u0131rf su\u00e7 i\u015fleme kast\u0131na sahip olmalar\u0131, fakat icra hareketlerinden dolay\u0131 borsada manip\u00fclasyonun ger\u00e7ekle\u015fmesinin m\u00fcmk\u00fcn olmad\u0131\u011f\u0131 durumda, su\u00e7un ger\u00e7ekle\u015fti\u011finden veya su\u00e7a te\u015febb\u00fcs edildi\u011finden bahsedilemez.<\/p>\n
Ayr\u0131ca; bir su\u00e7 \u00f6rg\u00fct\u00fcn\u00fcn faaliyetleri kapsam\u0131nda veya su\u00e7a i\u015ftirakle veya m.107\/1\u2019de say\u0131lan su\u00e7un \u00e7ok failli su\u00e7 olmas\u0131 sebebiyle borsada manip\u00fclasyon yap\u0131ld\u0131\u011f\u0131 iddias\u0131ndan dolay\u0131 bir ki\u015finin sorumlu tutulabilmesi i\u00e7in, su\u00e7 \u00f6rg\u00fct\u00fc mensubu olarak piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7unu i\u015flemesi, bu su\u00e7a kat\u0131lmas\u0131 veya piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7lar\u0131n\u0131 i\u015fleyen su\u00e7 \u00f6rg\u00fct\u00fcne bilerek ve isteyerek yard\u0131m etmesi veya \u00f6rg\u00fct ad\u0131na bu su\u00e7u i\u015flemesi veya \u00e7ok failli su\u00e7 da piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7unun i\u015flenmesine bir ba\u015fkas\u0131n\u0131 azmettirmesi veya bu su\u00e7u i\u015fleyen ki\u015fiye TCK m.39\/2\u2019de say\u0131lan \u00fc\u00e7 bentten en az birisi yoluyla yard\u0131m etmesi gerekir.<\/p>\n
107. maddenin ilk f\u0131kras\u0131nda; sermaye piyasas\u0131 ara\u00e7lar\u0131n\u0131n, bu kapsamda halka a\u00e7\u0131k, yani borsada al\u0131n\u0131p sat\u0131lan hisse senedi fiyatlar\u0131na, bunlar\u0131n fiyat de\u011fi\u015fimlerine, al\u0131nmas\u0131na veya sat\u0131lmas\u0131na ili\u015fkin olarak, piyasada ve borsada i\u015flem yapan ve yapmak isteyenlerde yanl\u0131\u015f veya yan\u0131lt\u0131c\u0131 izlenim uyand\u0131rmak amac\u0131yla bu hisse senetlerinin al\u0131m veya sat\u0131mlar\u0131n\u0131 yapanlar, al\u0131m veya sat\u0131m emri verenler, bu emirleri iptal edenler, emir de\u011fi\u015ftirenler veya hesap hareketleri ger\u00e7ekle\u015ftirenler, yani bilerek ve isteyerek hesaplar\u0131n\u0131 kulland\u0131ranlar, dolay\u0131s\u0131yla piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7una arac\u0131l\u0131k edenler,<\/p>\n
107. maddenin 2. f\u0131kras\u0131nda ise; borsada al\u0131m\u0131 sat\u0131m\u0131 yap\u0131lan hisse senetlerinin fiyatlar\u0131n\u0131, de\u011ferlerini veya yat\u0131r\u0131mc\u0131lar\u0131n kararlar\u0131n\u0131 etkilemek amac\u0131yla bilerek ve isteyerek ger\u00e7ek d\u0131\u015f\u0131, yanl\u0131\u015f veya yan\u0131lt\u0131c\u0131 bilgi veren, piyasada s\u00f6ylenti \u00e7\u0131karan, bu maksatla haber veren, yorum yapan veya rapor haz\u0131rlayan veya bunlar\u0131 yayan ve bu \u015fekilde menfaat sa\u011flayanlar,<\/p>\n
Piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7unu i\u015flemi\u015f say\u0131l\u0131rlar.<\/p>\n
107. maddede g\u00f6sterilen \u00f6zel kast\u0131n bulunmamas\u0131, t\u00fcm\u00fc ile ticari kurallar ve team\u00fcller \u00e7er\u00e7evesinde yap\u0131lan al\u0131m sat\u0131m ile a\u00e7\u0131klama, borsada i\u015flem yapan insanlar\u0131n birbirlerine verdikleri haber, iki h\u00fck\u00fcmde d\u00fczenlenen piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7unun maddi unsuru say\u0131lmaz. Failin daha fazla kar elde edemeyece\u011fini veya yeterli kara ula\u015ft\u0131\u011f\u0131n\u0131 d\u00fc\u015f\u00fcnerek veya zarar etme ihtimali kar\u015f\u0131s\u0131nda tedbir almak veya daha fazla zarar\u0131 \u00f6nlemek i\u00e7in bir arac\u0131 kurum vas\u0131tas\u0131yla borsada yapt\u0131\u011f\u0131 al\u0131m sat\u0131m, bu y\u00f6nde arkada\u015flar\u0131na veya ba\u015fkalar\u0131na verdi\u011fi tahmini bilgi piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7unu olu\u015fturmaz.<\/p>\n
6362 say\u0131l\u0131 Kanunun 108. maddesinin 1. f\u0131kras\u0131nda \u00fc\u00e7 bent halinde say\u0131lan fiiller, bilgi suistimali veya piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7unu olu\u015fturmaz. Kanun koyucu bu \u00fc\u00e7 bentte yer alan fiilleri; bilgiyi suistimal etme veya doland\u0131r\u0131c\u0131l\u0131k kapsam\u0131nda g\u00f6rmemi\u015f, \u00f6zel t\u00fcr bir hukuka uygunluk sebebi saym\u0131\u015ft\u0131r.<\/p>\n
T\u00fcrkiye Cumhuriyet Merkez Bankas\u0131 veya yetkilendirilmi\u015f ba\u015fka bir resmi kurum veya bunlar ad\u0131na hareket eden ki\u015filer taraf\u0131ndan para, d\u00f6viz kuru, kamu bor\u00e7 y\u00f6netim politikalar\u0131n\u0131n uygulanmas\u0131 veya finansal istikrar\u0131n sa\u011flanmas\u0131 amac\u0131yla borsada i\u015flem yap\u0131lmas\u0131, Sermaye Piyasas\u0131 Kurulu d\u00fczenlemelerine g\u00f6re uygulanan sermaye piyasas\u0131 arac\u0131n\u0131 geri al\u0131m program\u0131, \u00e7al\u0131\u015fanlara pay edindirme program\u0131 veya ihra\u00e7\u00e7\u0131 veya ba\u011fl\u0131 ortakl\u0131\u011f\u0131n \u00e7al\u0131\u015fanlar\u0131na y\u00f6nelik di\u011fer pay tahsis edilmesi, Sermaye Piyasas\u0131 Kurulu\u2019nun 6362 say\u0131l\u0131 Kanun kapsam\u0131ndaki fiyat istikrar\u0131n\u0131 sa\u011flay\u0131c\u0131 i\u015flemlere ve piyasa yap\u0131c\u0131l\u0131\u011f\u0131na ili\u015fkin d\u00fczenlemelerine uygun olarak icra edilmeleri kayd\u0131yla, m\u00fcnhas\u0131ran bu ara\u00e7lar\u0131n piyasa fiyat\u0131n\u0131n \u00f6nceden belirlenmi\u015f bir s\u00fcre i\u00e7in desteklenmesi amac\u0131yla sermaye piyasas\u0131n\u0131n ara\u00e7lar\u0131n\u0131n al\u0131m\u0131n\u0131n veya sat\u0131m\u0131n\u0131n yap\u0131lmas\u0131 veya bu y\u00f6nde emir verilmesi veya verilen emrin iptal edilmesi fiilleri, 106. maddede d\u00fczenlenen bilgi suistimali veya m.107\u2019de tan\u0131mlanan piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7u say\u0131lmayacakt\u0131r.<\/p>\n
Yaz\u0131l\u0131 ba\u015fvuru ve \u00f6zel soru\u015fturma usul\u00fc;<\/p>\n
Kanun koyucu; 6362 say\u0131l\u0131 Kanunun \u201cYaz\u0131l\u0131 ba\u015fvuru ve \u00f6zel soru\u015fturma usulleri\u201d ba\u015fl\u0131kl\u0131 115. maddesinde bir kelep\u00e7e h\u00fckm\u00fcne yer vermi\u015f ve soru\u015fturma, yani takip \u015fart\u0131 \u00f6ng\u00f6rm\u00fc\u015f, b\u00f6ylelikle Cumhuriyet savc\u0131s\u0131n\u0131n CMK m.160 uyar\u0131nca su\u00e7un i\u015flendi\u011fini \u00f6\u011frendi\u011fi anda do\u011frudan soru\u015fturma a\u00e7mas\u0131n\u0131 engellemi\u015ftir. 6362 say\u0131l\u0131 Kanunda tan\u0131mlanan veya bu Kanun taraf\u0131ndan at\u0131fta bulunulan su\u00e7lardan dolay\u0131 CMK m.160 ve m.161 kapsam\u0131nda ceza soru\u015fturmas\u0131 ba\u015flat\u0131lmas\u0131; bilgi suistimaline veya piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131na ili\u015fkin fiil bak\u0131m\u0131ndan \u0130stanbul Borsas\u0131\u2019n\u0131n (Borsa \u0130stanbul\u2019un) bulundu\u011fu yer olan, \u0130stanbul\u2019un Sar\u0131yer il\u00e7esinde i\u015flendi\u011fi iddia edilen su\u00e7larla ilgili g\u00f6revli ve yetkili k\u0131l\u0131nm\u0131\u015f \u0130stanbul Cumhuriyet Ba\u015fsavc\u0131l\u0131\u011f\u0131\u2019na SPK taraf\u0131ndan yaz\u0131l\u0131 ba\u015fvuruda bulunulmas\u0131na ba\u011flanm\u0131\u015f ve bu ba\u015fvuru muhakeme, yani bir takip \u015fart\u0131 niteli\u011finde kabul edilmi\u015ftir.<\/p>\n
SPK\u2019n\u0131n merkezinin Ankara\u2019da olmas\u0131, su\u00e7un i\u015flendi\u011fi yer itibariyle yetkinin \u0130stanbul ili Sar\u0131yer il\u00e7esinin ba\u011fl\u0131 oldu\u011fu \u0130stanbul Adliyesi\u2019nin yetkisini ortadan kald\u0131rmaz. CMK m.12 uyar\u0131nca su\u00e7un i\u015flendi\u011fi yer mahkemesi davaya bakmakla yetkili k\u0131l\u0131nd\u0131\u011f\u0131ndan, bu mahkemenin bulundu\u011fu yerde g\u00f6revli Cumhuriyet ba\u015fsavc\u0131l\u0131\u011f\u0131, i\u015flendi\u011fi iddia edilen borsada manip\u00fclasyon su\u00e7unun soru\u015fturmas\u0131n\u0131 y\u00fcr\u00fctmekte yetkili say\u0131lacakt\u0131r. Muhakeme \u015fart\u0131 soru\u015fturma i\u00e7in getirilmi\u015f olup, kovu\u015fturmay\u0131 kapsamamaktad\u0131r. Ayr\u0131ca \u00f6ng\u00f6r\u00fclen muhakeme \u015fart\u0131; su\u00e7a konu fiille ve olayla s\u0131n\u0131rl\u0131 olup, bu su\u00e7a kat\u0131ld\u0131\u011f\u0131 iddia edilen ki\u015filer bak\u0131m\u0131ndan soru\u015fturma izni verilmesini veya bu ki\u015filerle ilgili SPK taraf\u0131ndan \u0130stanbul Cumhuriyet Ba\u015fsavc\u0131l\u0131\u011f\u0131\u2019na yaz\u0131l\u0131 ba\u015fvuruda bulunulmas\u0131n\u0131 kapsamamaktad\u0131r.<\/p>\n
115. madde; piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7unun soru\u015fturulmas\u0131n\u0131, SPK\u2019n\u0131n yaz\u0131l\u0131 ba\u015fvurusu \u015fart\u0131na ba\u011fl\u0131 tutmu\u015f, fakat kovu\u015fturmada bu \u015fart aranmam\u0131\u015ft\u0131r. Bizce \u00f6nemli bir iktisadi su\u00e7 t\u00fcr\u00fc olan piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7lar\u0131 ile ilgili soru\u015fturma bak\u0131m\u0131ndan da getirilen muhakeme \u015fart\u0131, ula\u015f\u0131lmas\u0131 hedeflenen maddi hakikat ve adalet ama\u00e7lar\u0131na uygun de\u011fildir. Borsa manip\u00fclasyonu su\u00e7u her ne kadar iktisadi bir su\u00e7 t\u00fcr\u00fc olsa da, bu yolla edinilen haks\u0131z kazan\u00e7lar\u0131n ve borsaya yat\u0131r\u0131m yapmak isteyen iyiniyetli \u00fc\u00e7\u00fcnc\u00fc ki\u015filere verilen zararlar\u0131n b\u00fcy\u00fckl\u00fc\u011f\u00fc dikkate al\u0131nd\u0131\u011f\u0131nda, piyasa yap\u0131c\u0131 olarak da adland\u0131r\u0131lan Devletin ekonomiye olumlu m\u00fcdahalelerini, piyasay\u0131 d\u00fczenlemesini, rekabeti g\u00f6zetmesini, haks\u0131z de\u011fil hakl\u0131 kazan\u00e7 sa\u011flanmas\u0131n\u0131n temini i\u00e7in kural ve kaidelerin getirilip takip edilmesini ciddi \u015fekilde sarsacak ve borsa sistemine olan g\u00fcveni azaltacak veya ciddi \u015fekilde bu g\u00fcvene zarar verecek oldu\u011fu g\u00f6zetilerek, 115. maddenin g\u00f6zden ge\u00e7irilmesi ve soru\u015fturma i\u00e7in aranmas\u0131 gereken SPK\u2019n\u0131n yaz\u0131l\u0131 ba\u015fvuru \u015fart\u0131n\u0131n kald\u0131r\u0131lmas\u0131 gerekir. Ancak benzer muhakeme \u015fart\u0131n\u0131n, 5411 say\u0131l\u0131 Bankac\u0131l\u0131k Kanunu\u2019nun 162. maddesinde de bankac\u0131l\u0131k zimmeti bak\u0131m\u0131ndan arand\u0131\u011f\u0131 g\u00f6r\u00fclmektedir.<\/p>\n
CMK m.160\/1 uyar\u0131nca; Cumhuriyet savc\u0131s\u0131n\u0131n, ihbar veya ba\u015fka \u015fekilde bir su\u00e7un i\u015flendi\u011fi izlenimini veren hali \u00f6\u011frenir \u00f6\u011frenmez kamu davas\u0131n\u0131 a\u00e7maya yer olup olmad\u0131\u011f\u0131na karar vermek i\u00e7in hemen i\u015fin ger\u00e7e\u011fini ara\u015ft\u0131rmakla yetkili ve sorumlu k\u0131l\u0131nd\u0131\u011f\u0131 g\u00f6r\u00fclmektedir. Bu t\u00fcr muhakeme \u015fartlar\u0131 getirilerek, Cumhuriyet savc\u0131s\u0131n\u0131n maddi ger\u00e7e\u011fi do\u011frudan do\u011fruya veya emrinde bulunan adli kolluk g\u00f6revlileri vas\u0131tas\u0131yla ara\u015ft\u0131rmas\u0131n\u0131n \u00f6n\u00fcne ge\u00e7ilmemelidir. Ancak uygulamada; 6362 say\u0131l\u0131 Kanunun 115. maddesi nedeniyle, Cumhuriyet Ba\u015fsavc\u0131l\u0131\u011f\u0131na do\u011frudan veya dolayl\u0131 yoldan gelen ihbarlar\u0131n ara\u015ft\u0131r\u0131lmas\u0131 i\u00e7in SPK\u2019ya iletildi\u011fi, ihbarla ilgili ba\u015fkaca bir i\u015flem yap\u0131lmad\u0131\u011f\u0131 ve soru\u015fturma dosyas\u0131n\u0131n a\u00e7\u0131lmad\u0131\u011f\u0131, bu yolla muhakeme \u015fart\u0131 kural\u0131na uyuldu\u011fu g\u00f6r\u00fclmektedir.<\/p>\n
Cumhuriyet Ba\u015fsavc\u0131l\u0131\u011f\u0131; her ne kadar piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 iddias\u0131 ile ilgili do\u011frudan soru\u015fturma ba\u015flatamayacaksa da, kendisine gelen ihbarlar\u0131n SPK\u2019ya iletilmesi sonras\u0131nda ihbar\u0131n ak\u0131betini takip edebilir. Cumhuriyet Ba\u015fsavc\u0131l\u0131\u011f\u0131 kendisine yap\u0131lan ihbarlarla ilgili kaybolma ihtimali bulunan ve herhangi bir koruma tedbirine ba\u015fvurmaks\u0131z\u0131n hemen elde edilmesi m\u00fcmk\u00fcn delilleri bir dosyaya alabilir ve bunlar\u0131 da SPK\u2019ya iletebilir. Ancak yaz\u0131l\u0131 ba\u015fvuru \u015fart\u0131 olay ve su\u00e7a konu fiille s\u0131n\u0131rl\u0131 olup, piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7una kat\u0131lanlar\u0131 kapsamaz.<\/p>\n
Bir ba\u015fka ifadeyle; SPK taraf\u0131ndan do\u011frudan do\u011fruya veya kendisine gelen ihbarla ba\u015flat\u0131lan inceleme kapsam\u0131nda haz\u0131rlanan rapora konu olan olay ve bu olayda ge\u00e7en somut bilgi suistimali veya piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 iddias\u0131 yaz\u0131l\u0131 ba\u015fvuruya ba\u011flan\u0131r ve Cumhuriyet Ba\u015fsavc\u0131l\u0131\u011f\u0131na iletilir. Bir muhakeme \u015fart\u0131 olarak Cumhuriyet Ba\u015fsavc\u0131l\u0131\u011f\u0131n\u0131 s\u0131n\u0131rlayan, SPK\u2019n\u0131n yaz\u0131l\u0131 ba\u015fvurusunda ge\u00e7en olay ve fiiller olup, SPK\u2019n\u0131n yaz\u0131l\u0131 ba\u015fvurusunda belirtilmeyen, fakat yap\u0131lan soru\u015fturmada ba\u015fka isimlerin de piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7una kar\u0131\u015ft\u0131\u011f\u0131 tespit olursa, Cumhuriyet Ba\u015fsavc\u0131l\u0131\u011f\u0131n\u0131n bu \u015fah\u0131slar y\u00f6n\u00fcnden yeniden soru\u015fturma izni almas\u0131na gerek olmad\u0131\u011f\u0131, muhakeme \u015fart\u0131n\u0131n ki\u015fi bazl\u0131 de\u011fil, olay ve fiil bazl\u0131 oldu\u011fu, soru\u015fturma i\u00e7in aranan muhakeme \u015fart\u0131nda yer almayan faillerin de soru\u015fturmaya \u015f\u00fcpheli olarak dahil edilece\u011fi de\u011ferlendirilmelidir.<\/p>\n
Cumhuriyet savc\u0131s\u0131; SPK\u2019n\u0131n muhakeme \u015fart\u0131 niteli\u011fi ta\u015f\u0131yan yaz\u0131l\u0131 ba\u015fvurusunda belirtilen olay\u0131 ve su\u00e7 tarihlerini geni\u015fletemez, bu konuda soru\u015fturma yap\u0131lmas\u0131 gerekti\u011finde durumu CMK m.169\u2019a uygun olarak tutana\u011fa ba\u011flay\u0131p yeni veya ek bir yaz\u0131l\u0131 ba\u015fvurunun Ba\u015fsavc\u0131l\u0131\u011fa yap\u0131lmas\u0131 i\u00e7in SPK\u2019ya m\u00fczekkere g\u00f6nderir. Bunun d\u0131\u015f\u0131nda; SPK\u2019n\u0131n yaz\u0131l\u0131 ba\u015fvurusunda yer alan olay, fiiller ve zamanla s\u0131n\u0131rl\u0131 kalmak kayd\u0131yla su\u00e7a kat\u0131ld\u0131\u011f\u0131 d\u00fc\u015f\u00fcn\u00fclen ve yaz\u0131l\u0131 ba\u015fvuruda yer almayan \u015f\u00fcphelilerin soru\u015fturmaya dahil edilmesi ve soru\u015fturulabilmesi i\u00e7in Cumhuriyet Ba\u015fsavc\u0131l\u0131\u011f\u0131 taraf\u0131ndan SPK\u2019dan yeni veya ek bir yaz\u0131l\u0131 ba\u015fvuru al\u0131nmas\u0131na gerek bulunmamaktad\u0131r.<\/p>\n
(Bu makale, say\u0131n Prof. Dr. Ersan \u015eEN taraf\u0131ndan www.hukukihaber.net sitesinde 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.)<\/p>\n
\u200b6362 say\u0131l\u0131 Sermaye Piyasas\u0131 Kanunu\u2019nun kamuoyunda borsa manip\u00fclasyonu olarak bilinen 107. maddesinde piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7unun d\u00fczenlendi\u011fi, 108. maddesinde hangi hallerin bilgi suistimali ve piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 say\u0131lamayaca\u011f\u0131n\u0131n s\u0131raland\u0131\u011f\u0131, 115. maddesinde ise Cumhuriyet savc\u0131s\u0131na kar\u015f\u0131 kelep\u00e7e olarak nitelendirebilece\u011fimiz ve baz\u0131 kanunlarda Cumhuriyet savc\u0131s\u0131n\u0131n soru\u015fturma ba\u015flatmas\u0131n\u0131 engelleyen ve onu izin veya karar \u015fart\u0131na ba\u011flayan bir takip usul\u00fcn\u00fcn d\u00fczenlendi\u011fi g\u00f6r\u00fclmektedir.<\/p>\n
Piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7u bir iktisadi su\u00e7tur, esasen bu su\u00e7la ilgili yapt\u0131r\u0131m\u0131n parasal olmas\u0131 gerekir, ancak kanun koyucu piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7u bak\u0131m\u0131ndan adli para cezas\u0131n\u0131n yan\u0131nda hapis cezas\u0131n\u0131 da \u00f6ng\u00f6rm\u00fc\u015f ve bir de pi\u015fmanl\u0131k halini d\u00fczenlemi\u015ftir. Elbette bu su\u00e7a ba\u011fl\u0131 olarak ve bu su\u00e7un i\u015flendi\u011fine dair bir tespitin varl\u0131\u011f\u0131 halinde, \u00f6nc\u00fcl su\u00e7un ger\u00e7ekle\u015fti\u011finin kabul\u00fc ile 5237 say\u0131l\u0131 T\u00fcrk Ceza Kanunu m.282\u2019de d\u00fczenlenen su\u00e7tan kaynaklanan malvarl\u0131\u011f\u0131 de\u011ferlerini aklama su\u00e7unun olu\u015fup olu\u015fmad\u0131\u011f\u0131 ayr\u0131ca incelenmelidir. 282. maddede aklama faaliyetinin yurt i\u00e7inde veya yurt d\u0131\u015f\u0131nda yap\u0131lmas\u0131na g\u00f6re \u201csu\u00e7ta ve cezada kanunilik\u201d ilkesine ba\u011fl\u0131 kal\u0131narak, piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7undan elde edildi\u011fi kabul edildi\u011fi menfaatin aklanmak suretiyle piyasaya, yani me\u015fru alana aktar\u0131lmas\u0131na ili\u015fkin fiillerin de ayr\u0131ca de\u011ferlendirilmesi, bu kapsamda piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7undan soru\u015fturmay\u0131 y\u00fcr\u00fcten Cumhuriyet savc\u0131s\u0131n\u0131n, bizce \u00f6nc\u00fcl su\u00e7un varl\u0131\u011f\u0131n\u0131n tespit edildi\u011fi ilk derece mahkemesinin karar\u0131na ba\u011fl\u0131 olarak, uygulamada iddianameye, hatta \u00f6nc\u00fcl su\u00e7la ilgili ba\u015flat\u0131lan soru\u015fturma kapsam\u0131nda Mali Su\u00e7lar\u0131 Ara\u015ft\u0131rma Kurulu\u2019ndan (MASAK\u2019tan) mali verileri analiz ve aklama raporlar\u0131n\u0131n al\u0131nmas\u0131, bu raporlar\u0131n soru\u015fturmada veya kovu\u015fturmada bilirki\u015fi raporu ile birlikte de\u011ferlendirilmesi ve buna g\u00f6re bir sonuca var\u0131lmas\u0131 isabetli olacakt\u0131r. MASAK raporunun bir bilirki\u015fi raporu olmay\u0131p taraf raporu oldu\u011fu, Cumhuriyet savc\u0131s\u0131n\u0131n talebine ba\u011fl\u0131 olarak sadece soru\u015fturma a\u015famas\u0131nda su\u00e7tan kaynaklanan malvarl\u0131\u011f\u0131 de\u011ferlerini aklama su\u00e7u ile ilgili raporun MASAK taraf\u0131ndan haz\u0131rlan\u0131p soru\u015fturma dosyas\u0131na g\u00f6nderildi\u011fi, kovu\u015fturma a\u015famas\u0131nda MASAK\u2019tan rapor al\u0131namayaca\u011f\u0131, fakat bir taraf raporu olan MASAK raporuna ba\u011fl\u0131 olarak da mahkumiyet karar\u0131 verilemeyece\u011finden, kovu\u015fturmada muhakkak kara para aklama iddias\u0131n\u0131n 5271 say\u0131l\u0131 Ceza Muhakemesi Kanunu m.63 kapsam\u0131nda bilirki\u015fi raporu ile de\u011ferlendirilmesi gerekti\u011fi a\u00e7\u0131kt\u0131r.<\/p>\n
Daha evvel \u201cSermaye Piyasas\u0131 Kurulu\u2019nun Ba\u015fvuru \u015eart\u0131 ve Pi\u015fmanl\u0131\u011f\u0131n Ba\u015fvuru Yetkisi\u201d ba\u015fl\u0131kl\u0131 bir yaz\u0131 kaleme alm\u0131\u015f ve bu yaz\u0131da 6362 say\u0131l\u0131 Kanunun 107. maddesinin 3. f\u0131kras\u0131n\u0131n uygulanma \u015fekil ve \u015fartlar\u0131 ile sonu\u00e7lar\u0131n\u0131 incelemi\u015ftik. Su\u00e7u i\u015fleyenin pi\u015fmanl\u0131k g\u00f6stermesi \u015fart\u0131na ba\u011flayan ve bu \u015fart\u0131 elde etti\u011fi veya elde edilmesine sebep oldu\u011fu menfaatin iki kat\u0131 miktar\u0131 kadar paran\u0131n hazineye \u00f6denmesi olarak g\u00f6steren kanun koyucu; etkin pi\u015fmanl\u0131k olarak nitelendirmedi\u011fi ve sadece pi\u015fmanl\u0131k kavram\u0131na yer verdi\u011fi h\u00fck\u00fcmde, soru\u015fturma \u00f6ncesine ve sonras\u0131na cezas\u0131zl\u0131k veya indirilmi\u015f ceza hallerini \u00f6ng\u00f6rm\u00fc\u015ft\u00fcr.<\/p>\n
6362 say\u0131l\u0131 Kanunun 107. maddesinin ba\u015fl\u0131\u011f\u0131n\u0131n \u201cPiyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131\u201d oldu\u011fu, esasen kanun koyucunun burada borsada manip\u00fclasyon su\u00e7unu d\u00fczenledi\u011fi, ancak su\u00e7un ad\u0131n\u0131n piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 olmas\u0131 sebebiyle, unsurlar\u0131 TCK m.157\u2019de d\u00fczenlenen doland\u0131r\u0131c\u0131l\u0131k su\u00e7u ile burada tan\u0131mlanan piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 aras\u0131nda bir ba\u011flant\u0131n\u0131n veya benzerli\u011fin olup olmad\u0131\u011f\u0131na bak\u0131lmas\u0131 gerekti\u011fi, her durumda 6362 say\u0131l\u0131 Kanunun piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7unu tan\u0131mlayan 107. maddesi ile piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7u say\u0131lmayan halleri tan\u0131mlayan 6362 say\u0131l\u0131 Kanunun 108. maddesinde \u00fc\u00e7 bent halinde s\u0131ralanan hukuka uygunluk sebeplerinin \u00f6zel kanun niteli\u011finde oldu\u011fu, dolay\u0131s\u0131yla sermaye piyasas\u0131nda doland\u0131r\u0131c\u0131l\u0131k fiillerinin genel kanun niteli\u011fi ta\u015f\u0131yan TCK m.157 ve m.158\u2019de d\u00fczenlenen doland\u0131r\u0131c\u0131l\u0131k ile nitelikli doland\u0131r\u0131c\u0131l\u0131k su\u00e7lar\u0131 kapsam\u0131nda de\u011fil, piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7unu tan\u0131mlayan 6362 say\u0131l\u0131 Kanunun 107. maddesine g\u00f6re de\u011ferlendirilebilece\u011fi, bu su\u00e7 bak\u0131m\u0131ndan bilgi suistimali ve piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7u say\u0131lmayan halleri d\u00fczenleyen m.108 ile yaz\u0131l\u0131 ba\u015fvuru ve \u00f6zel soru\u015fturma usullerini \u00f6ng\u00f6ren m.115\u2019in mutlaka dikkate al\u0131nmas\u0131 gerekti\u011fi, m.115\u2019de \u00f6ng\u00f6r\u00fclen muhakeme \u015fart\u0131 yerine getirilmeden soru\u015fturma a\u00e7\u0131lamayaca\u011f\u0131n\u0131n belirtildi\u011fi anla\u015f\u0131lmaktad\u0131r.<\/p>\n
Piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7unu d\u00fczenleyen 6362 say\u0131l\u0131 Kanun m.107\/1-2 incelendi\u011finde; kanun koyucunun birinci f\u0131krada \u00e7ok failli su\u00e7u d\u00fczenledi\u011fi ve se\u00e7imlik hareketler \u00f6ng\u00f6rd\u00fc\u011f\u00fc, bu h\u00fck\u00fcmde 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 kast\u0131yla al\u0131m veya sat\u0131m yap\u0131lmas\u0131n\u0131, borsada emir verilmesinin, borsa emrinin iptal edilmesinin, emrin de\u011fi\u015ftirilmesinin veya \u00f6zel kasta, yani saike uygun hesap hareketleri ger\u00e7ekle\u015ftirilmesinin arand\u0131\u011f\u0131, su\u00e7un maddi unsurunda se\u00e7imlik hareketlerin \u00f6ng\u00f6r\u00fcld\u00fc\u011f\u00fc, \u00e7ok failli bir su\u00e7un d\u00fczenlendi\u011fi ve kanun koyucunun piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7unda \u00f6zel kast\u0131 arad\u0131\u011f\u0131, su\u00e7un \u00f6zelli\u011fi itibariyle \u00e7ok failli su\u00e7 olmas\u0131 nedeniyle birden fazla ki\u015finin fail veya m\u00fc\u015fterek fail olarak nitelendirilmesinin gerekti\u011fi, 1. f\u0131krada d\u00fczenlenen su\u00e7un cezas\u0131n\u0131n 3 y\u0131ldan 5 y\u0131la kadar hapis ve be\u015f bin g\u00fcnden on bin g\u00fcne kadar adli para cezas\u0131 olarak g\u00f6sterildi\u011fi, ancak bu su\u00e7tan verilecek olan adli para cezas\u0131 miktar\u0131n\u0131n su\u00e7un i\u015flendi\u011fi menfaatten az olamayaca\u011f\u0131n\u0131n da belirtildi\u011fi,<\/p>\n
Bu bak\u0131mdan borsada manip\u00fclasyon, yani birtak\u0131m y\u00f6ntemler uygulamak suretiyle borsada i\u015flem g\u00f6ren hisse senetlerinde suni art\u0131\u015flar ve azalmalar olu\u015fmas\u0131na sebebiyet veren faillerin otomatik olarak 5237 sayl\u0131 T\u00fcrk Ceza Kanunu m.220 kapsam\u0131nda \u00f6rg\u00fct kurman\u0131n faili say\u0131lamayaca\u011f\u0131, su\u00e7 \u00f6rg\u00fct\u00fc kurma su\u00e7unu d\u00fczenleyen TCK m.220 incelendi\u011finde, belirli bir su\u00e7u i\u015flemek i\u00e7in \u00f6rg\u00fct kurulamayaca\u011f\u0131, bu t\u00fcr birlikteliklerin su\u00e7a i\u015ftirak olarak adland\u0131r\u0131labilece\u011fi, su\u00e7 \u00f6rg\u00fct\u00fc kurma su\u00e7unun olu\u015fabilmesi i\u00e7in \u00f6rg\u00fct\u00fcn birden fazla ve belirsiz su\u00e7lar\u0131 i\u015flemek amac\u0131yla faaliyette bulunaca\u011f\u0131, sadece bir veya birka\u00e7 hisse senedi ile ilgili piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7unun i\u015flendi\u011finden bahsedildi\u011fi durumda, TCK m.220\u2019de tan\u0131mlanan unsurlara uygun \u015fekilde kurulup y\u00f6netilen, hiyerar\u015fik yap\u0131ya sahip, altl\u0131k \u00fcstl\u00fck ili\u015fkisi bulunan, yo\u011funluk, \u00e7e\u015fitlilik ve s\u00fcreklilik i\u00e7eren su\u00e7 \u00f6rg\u00fct\u00fcn\u00fcn varl\u0131\u011f\u0131ndan s\u00f6z edilemeyece\u011fi,<\/p>\n
Su\u00e7un \u00e7ok failli su\u00e7 olarak tan\u0131mlanmas\u0131n\u0131n su\u00e7 \u00f6rg\u00fct\u00fc kurma su\u00e7u kapsam\u0131nda i\u015flenmesini engellemedi\u011fi, yani ortada \u00e7ok failli su\u00e7un varl\u0131\u011f\u0131n\u0131n bir \u00f6rg\u00fct\u00fcn faaliyeti kapsam\u0131nda piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7unun i\u015flenmesini engellemeyece\u011fi, fakat ayn\u0131 zamanda veya farkl\u0131 zamanlarda olsa bile bir veya birka\u00e7 hissenin manip\u00fcle edilerek, m.107\/2\u2019de \u00f6ng\u00f6r\u00fclen se\u00e7imlik hareketlere m\u00fc\u015fterek fail, azmettiren veya yard\u0131m eden kimselerin su\u00e7a i\u015ftirakten cezaland\u0131r\u0131lacaklar\u0131, fakat ayr\u0131ca su\u00e7 \u00f6rg\u00fct\u00fc kurma su\u00e7unu d\u00fczenleyen TCK m.220\u2019ye g\u00f6re sorumlu tutulamayacaklar\u0131, \u00e7\u00fcnk\u00fc su\u00e7 \u00f6rg\u00fct\u00fc kurma su\u00e7unun belirsiz su\u00e7lar i\u00e7in ve bir zaman s\u0131n\u0131r\u0131 olmaks\u0131z\u0131n, altl\u0131k \u00fcstl\u00fck, hiyerar\u015fik yap\u0131lanma ve emir komuta zinciri i\u00e7eren su\u00e7 \u00f6rg\u00fct\u00fcn\u00fcn varl\u0131\u011f\u0131n\u0131 gerekli k\u0131ld\u0131\u011f\u0131, hatta yasal tan\u0131ma g\u00f6re ba\u011f\u0131ms\u0131z bir su\u00e7 tipi olan su\u00e7 \u00f6rg\u00fct\u00fc kurma su\u00e7undan ceza sorumlulu\u011funun do\u011fabilmesi i\u00e7in \u00f6rg\u00fct\u00fcn faaliyeti kapsam\u0131nda su\u00e7 i\u015flemeye veya bir su\u00e7a te\u015febb\u00fcs edilmesine gerek olmad\u0131\u011f\u0131,<\/p>\n
TCK m.220\u2019de g\u00f6sterilen unsurlara g\u00f6re kurulmu\u015f bir \u00f6rg\u00fct\u00fcn fikri alanda kald\u0131\u011f\u0131, yani bir faaliyet su\u00e7una te\u015febb\u00fcs etmedi\u011fi durumda bile, kanun koyucunun bu t\u00fcr bir yap\u0131lanmay\u0131 somut tehlike su\u00e7u saymak suretiyle cezaland\u0131rma yolunu tercih etti\u011fi, fikri alana ve haz\u0131rl\u0131k hareketlerine bu derece m\u00fcdahale edilmesi sebebiyle TCK m.220\u2019yi ele\u015ftirdi\u011fimizi, esasen su\u00e7 \u00f6rg\u00fct\u00fc kurma su\u00e7unun ayr\u0131 bir su\u00e7 de\u011fil, baz\u0131 su\u00e7 tiplerinin a\u011f\u0131rla\u015ft\u0131r\u0131c\u0131 nedeni olarak kabul edilmesinin isabet bulundu\u011fu, aksi halde ortaya \u00e7ifte cezaland\u0131rman\u0131n \u00e7\u0131kt\u0131\u011f\u0131, \u00f6rne\u011fin ya\u011fma su\u00e7unun bir \u00f6rg\u00fct\u00fcn faaliyeti kapsam\u0131nda i\u015flenmesi halinde TCK m.149\/1-f,g\u2019de ayr\u0131 ceza sorumlulu\u011funun \u00f6ng\u00f6r\u00fcld\u00fc\u011f\u00fc, ya\u011fma su\u00e7unun nitelikli say\u0131lmak suretiyle cezas\u0131n\u0131n a\u011f\u0131rla\u015ft\u0131r\u0131ld\u0131\u011f\u0131, ancak bunun TCK m.220\u2019nin tatbikini engellemedi\u011fi, nitekim benzer bir d\u00fczenlemenin tehdit su\u00e7unu d\u00fczenleyen TCK m.106\/2-d\u2019de de \u00f6ng\u00f6r\u00fcld\u00fc\u011f\u00fc, esasen kanun koyucunun burada cezan\u0131n cayd\u0131r\u0131c\u0131 etkisine \u00f6nem verdi\u011fi, fakat bu t\u00fcr bir d\u00fczenlemenin piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7unun bir \u00f6rg\u00fct\u00fcn faaliyeti kapsam\u0131nda i\u015flenmesi bak\u0131m\u0131ndan ayr\u0131ca a\u011f\u0131rla\u015ft\u0131r\u0131c\u0131 neden say\u0131lmad\u0131\u011f\u0131, kanun koyucunun b\u00f6yle bir tan\u0131mlamaya gitmedi\u011fi,<\/p>\n
G\u00f6r\u00fclmektedir.<\/p>\n
6362 say\u0131l\u0131 Kanunun 107\/2. maddesine bak\u0131ld\u0131\u011f\u0131nda; yine piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7unun bir ba\u015fka t\u00fcr\u00fcn\u00fcn d\u00fczenlendi\u011fi, burada da se\u00e7imlik hareketlerin \u00f6ng\u00f6r\u00fcld\u00fc\u011f\u00fc, ilk f\u0131krada hisse al\u0131m veya sat\u0131mlar\u0131yla ilgili icra hareketleri tan\u0131mlan\u0131rken, 2. f\u0131krada s\u00f6ylentiler ve a\u00e7\u0131klamalar \u00fczerinden 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 vermenin veya s\u00f6ylenti \u00e7\u0131karman\u0131n veya haber vermenin veya yorum yapman\u0131n veya rapor haz\u0131rlaman\u0131n veya bunlar\u0131 yayman\u0131n ve bu suretle menfaat sa\u011flaman\u0131n su\u00e7 say\u0131ld\u0131\u011f\u0131, bu su\u00e7un cezas\u0131n\u0131n da 3 y\u0131ldan 5 y\u0131la kadar hapis ve be\u015f bin g\u00fcne kadar adli para cezas\u0131 olarak g\u00f6sterildi\u011fi, kanun koyucunun piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7unu d\u00fczenleyen 107. maddenin ilk f\u0131kras\u0131nda manip\u00fclatif hareketlerle sermaye piyasas\u0131 ara\u00e7lar\u0131n\u0131n fiyatlar\u0131na m\u00fcdahaleyi su\u00e7 sayarken, bu su\u00e7 y\u00f6n\u00fcnden menfaat teminini, su\u00e7u tan\u0131mlad\u0131\u011f\u0131 1. f\u0131kran\u0131n ilk c\u00fcmlesinde belirtmedi\u011fi, fakat 1. f\u0131kran\u0131n ikinci c\u00fcmlesinde adli para cezas\u0131n\u0131n hesaplanmas\u0131nda maddi menfaat kavram\u0131na yer verdi\u011fi su\u00e7un i\u015flenmesiyle elde edilen menfaatten az olamaz ibaresini h\u00fck\u00fcmde kulland\u0131\u011f\u0131, TCK m.157\u2019de d\u00fczenlenen doland\u0131r\u0131c\u0131l\u0131k su\u00e7unda ve 6362 say\u0131l\u0131 Kanunun 107. maddesinin 2. f\u0131kras\u0131nda tan\u0131mlanan ve bu defa kanun koyucunun spek\u00fclasyon \u00e7\u0131karmak suretiyle sermaye piyasas\u0131 ara\u00e7lar\u0131na m\u00fcdahalede su\u00e7un unsuru sayd\u0131\u011f\u0131 yarar veya menfaat sa\u011flamay\u0131 arad\u0131\u011f\u0131, ancak su\u00e7un unsurlar\u0131n\u0131 g\u00f6steren 107. maddenin 1. f\u0131kras\u0131nda yarar veya menfaat sa\u011flama kavram\u0131na yer vermedi\u011fi, her ne kadar 107. maddenin 1. f\u0131kras\u0131n\u0131n 2. c\u00fcmlesinde ve pi\u015fmanl\u0131\u011f\u0131 tan\u0131mayan 107. maddenin 3. f\u0131kras\u0131nda elde edilen menfaat kavram\u0131na yer verse de, bu bak\u0131\u015f a\u00e7\u0131s\u0131 ile 107. maddenin 1. f\u0131kras\u0131n\u0131n 1. c\u00fcmlesinde say\u0131lan su\u00e7un menfaatin elde edilemedi\u011fi durumda pi\u015fmanl\u0131\u011f\u0131n da kullan\u0131lamayaca\u011f\u0131 ve hatta adli para cezas\u0131na h\u00fckmedilemeyece\u011fi, bu nedenle d\u00fczenlemenin esasen bu suretle menfaat sa\u011flayanlar ibaresine 107. maddenin 2. f\u0131kras\u0131nda oldu\u011fu gibi 1. f\u0131kras\u0131nda da yer verilmesi gerekti\u011fi,<\/p>\n
107. maddenin b\u00fct\u00fcn\u00fcne ve kanun koyucunun amac\u0131na bak\u0131ld\u0131\u011f\u0131nda; 1. f\u0131kra y\u00f6n\u00fcnden de menfaat sa\u011flaman\u0131n su\u00e7un maddi unsurunun netice k\u0131sm\u0131 olarak kabul\u00fcn\u00fcn gerekti\u011fi, menfaat elde edilememi\u015fse su\u00e7un tamamlanmad\u0131\u011f\u0131 ve te\u015febb\u00fcs a\u015famas\u0131nda kald\u0131\u011f\u0131n\u0131n s\u00f6ylenebilece\u011fi, ancak farkl\u0131 bir g\u00f6r\u00fc\u015fe g\u00f6re yarar sa\u011flama veya menfaat elde etmenin piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7unun 107. maddenin 1. f\u0131kras\u0131nda yap\u0131lan tan\u0131m\u0131nda, su\u00e7un maddi unsurunun netice unsuru olarak say\u0131lmad\u0131\u011f\u0131, kanun koyucunun bu y\u00f6nde bir iradesi olsa idi, m.107\/2\u2019de oldu\u011fu bi\u00e7imde bu suretle menfaat sa\u011flayanlar ibaresine burada yer verece\u011finde tart\u0131\u015fma olmayaca\u011f\u0131, ancak 1. f\u0131kran\u0131n 1. c\u00fcmlesinde bu y\u00f6nde bir ibarenin su\u00e7un maddi unsuru olarak g\u00f6sterilmedi\u011fi, su\u00e7un i\u015flenmesi ile elde edilen menfaatin adli para cezas\u0131n\u0131n hesab\u0131nda dikkate al\u0131nd\u0131\u011f\u0131, adli para cezas\u0131n\u0131n her hal\u00fckarda be\u015f bin g\u00fcnden az olamayaca\u011f\u0131, pi\u015fmanl\u0131k hesab\u0131n\u0131n da ortada bir zarar olmamas\u0131 halinde, m.107\/3\u2019de en az be\u015f y\u00fcz bin T\u00fcrk liras\u0131 olarak g\u00f6sterildi\u011fi, bu nedenle m.107\/1\u2019de tan\u0131mlanan piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7u y\u00f6n\u00fcnden menfaat elde etmenin, piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7unun maddi unsurunun tamamlanmas\u0131 i\u00e7in zorunlu olmad\u0131\u011f\u0131,<\/p>\n
6362 say\u0131l\u0131 Kanunun 107. maddesinin 1. f\u0131kras\u0131nda tan\u0131mlanan su\u00e7un ger\u00e7ekle\u015fmesinde; bu h\u00fck\u00fcmde g\u00f6sterilen sermaye piyasas\u0131 ara\u00e7lar\u0131n\u0131n fiyatlar\u0131n\u0131 etkileme kast\u0131yla hareket ederek, borsada yap\u0131lan hisse senedi al\u0131\u015fveri\u015fleri ile sermaye piyasas\u0131 ara\u00e7lar\u0131n\u0131n fiyatlar\u0131n\u0131n etkilenmesi gerekti\u011fi, fiyatlar\u0131n etkilenmedi\u011fi durumda vas\u0131ta elveri\u015fsizli\u011fi veya konu imkans\u0131zl\u0131\u011f\u0131 olarak ifade edebilece\u011fimi i\u015flenemez su\u00e7tan bahsedilece\u011fi, her ne kadar m.107\/1\u2019de sermaye piyasas\u0131 ara\u00e7lar\u0131n\u0131n fiyatlar\u0131n, 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 denilerek, s\u0131rf h\u00fck\u00fcmde g\u00f6sterilen \u00f6zel kastla ve say\u0131lan se\u00e7imlik hareketlerden en az birisinin i\u015flenmesi suretiyle piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7unun ger\u00e7ekle\u015fece\u011fi s\u00f6ylense de, sadece kast\u0131n varl\u0131\u011f\u0131 ve hatta sermaye piyasas\u0131 ara\u00e7lar\u0131n\u0131n fiyatlar\u0131n d\u00f6n\u00fck i\u015flemlerin icras\u0131, bu i\u015flemler nedeniyle sermaye piyasas\u0131 ara\u00e7lar\u0131n\u0131n fiyatlar\u0131 etkilenmedi\u011fi ve i\u015ftirak etti\u011fimiz g\u00f6r\u00fc\u015fe g\u00f6re bu yolla maddi menfaat sa\u011flanmad\u0131\u011f\u0131 veya sa\u011flanma imkan\u0131n\u0131n su\u00e7a te\u015febb\u00fcs bak\u0131m\u0131ndan olu\u015fmad\u0131\u011f\u0131 durumda, yani ortada vas\u0131ta elveri\u015fsizli\u011finin veya konu imkans\u0131zl\u0131\u011f\u0131n\u0131n oldu\u011fu vaziyette, piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7unun i\u015flendi\u011finden veya bu su\u00e7a i\u015ftirak edildi\u011finden bahsedilemez.<\/p>\n
\u00d6rne\u011fin; elinde bulundurdu\u011fu maddi imkanlarla sermaye piyasas\u0131 ara\u00e7lar\u0131n\u0131n fiyatlar\u0131na yanl\u0131\u015f veya yan\u0131lt\u0131c\u0131 izlenim uyand\u0131rmak i\u00e7in al\u0131m veya sat\u0131m yapan ve su\u00e7 i\u015flemek kast\u0131 bulunan faillerin, s\u0131rf su\u00e7 i\u015fleme kast\u0131na sahip olmalar\u0131, fakat icra hareketlerinden dolay\u0131 borsada manip\u00fclasyonun ger\u00e7ekle\u015fmesinin m\u00fcmk\u00fcn olmad\u0131\u011f\u0131 durumda, su\u00e7un ger\u00e7ekle\u015fti\u011finden veya su\u00e7a te\u015febb\u00fcs edildi\u011finden bahsedilemez.<\/p>\n
Ayr\u0131ca; bir su\u00e7 \u00f6rg\u00fct\u00fcn\u00fcn faaliyetleri kapsam\u0131nda veya su\u00e7a i\u015ftirakle veya m.107\/1\u2019de say\u0131lan su\u00e7un \u00e7ok failli su\u00e7 olmas\u0131 sebebiyle borsada manip\u00fclasyon yap\u0131ld\u0131\u011f\u0131 iddias\u0131ndan dolay\u0131 bir ki\u015finin sorumlu tutulabilmesi i\u00e7in, su\u00e7 \u00f6rg\u00fct\u00fc mensubu olarak piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7unu i\u015flemesi, bu su\u00e7a kat\u0131lmas\u0131 veya piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7lar\u0131n\u0131 i\u015fleyen su\u00e7 \u00f6rg\u00fct\u00fcne bilerek ve isteyerek yard\u0131m etmesi veya \u00f6rg\u00fct ad\u0131na bu su\u00e7u i\u015flemesi veya \u00e7ok failli su\u00e7 da piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7unun i\u015flenmesine bir ba\u015fkas\u0131n\u0131 azmettirmesi veya bu su\u00e7u i\u015fleyen ki\u015fiye TCK m.39\/2\u2019de say\u0131lan \u00fc\u00e7 bentten en az birisi yoluyla yard\u0131m etmesi gerekir.<\/p>\n
107. maddenin ilk f\u0131kras\u0131nda; sermaye piyasas\u0131 ara\u00e7lar\u0131n\u0131n, bu kapsamda halka a\u00e7\u0131k, yani borsada al\u0131n\u0131p sat\u0131lan hisse senedi fiyatlar\u0131na, bunlar\u0131n fiyat de\u011fi\u015fimlerine, al\u0131nmas\u0131na veya sat\u0131lmas\u0131na ili\u015fkin olarak, piyasada ve borsada i\u015flem yapan ve yapmak isteyenlerde yanl\u0131\u015f veya yan\u0131lt\u0131c\u0131 izlenim uyand\u0131rmak amac\u0131yla bu hisse senetlerinin al\u0131m veya sat\u0131mlar\u0131n\u0131 yapanlar, al\u0131m veya sat\u0131m emri verenler, bu emirleri iptal edenler, emir de\u011fi\u015ftirenler veya hesap hareketleri ger\u00e7ekle\u015ftirenler, yani bilerek ve isteyerek hesaplar\u0131n\u0131 kulland\u0131ranlar, dolay\u0131s\u0131yla piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7una arac\u0131l\u0131k edenler,<\/p>\n
107. maddenin 2. f\u0131kras\u0131nda ise; borsada al\u0131m\u0131 sat\u0131m\u0131 yap\u0131lan hisse senetlerinin fiyatlar\u0131n\u0131, de\u011ferlerini veya yat\u0131r\u0131mc\u0131lar\u0131n kararlar\u0131n\u0131 etkilemek amac\u0131yla bilerek ve isteyerek ger\u00e7ek d\u0131\u015f\u0131, yanl\u0131\u015f veya yan\u0131lt\u0131c\u0131 bilgi veren, piyasada s\u00f6ylenti \u00e7\u0131karan, bu maksatla haber veren, yorum yapan veya rapor haz\u0131rlayan veya bunlar\u0131 yayan ve bu \u015fekilde menfaat sa\u011flayanlar,<\/p>\n
Piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7unu i\u015flemi\u015f say\u0131l\u0131rlar.<\/p>\n
107. maddede g\u00f6sterilen \u00f6zel kast\u0131n bulunmamas\u0131, t\u00fcm\u00fc ile ticari kurallar ve team\u00fcller \u00e7er\u00e7evesinde yap\u0131lan al\u0131m sat\u0131m ile a\u00e7\u0131klama, borsada i\u015flem yapan insanlar\u0131n birbirlerine verdikleri haber, iki h\u00fck\u00fcmde d\u00fczenlenen piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7unun maddi unsuru say\u0131lmaz. Failin daha fazla kar elde edemeyece\u011fini veya yeterli kara ula\u015ft\u0131\u011f\u0131n\u0131 d\u00fc\u015f\u00fcnerek veya zarar etme ihtimali kar\u015f\u0131s\u0131nda tedbir almak veya daha fazla zarar\u0131 \u00f6nlemek i\u00e7in bir arac\u0131 kurum vas\u0131tas\u0131yla borsada yapt\u0131\u011f\u0131 al\u0131m sat\u0131m, bu y\u00f6nde arkada\u015flar\u0131na veya ba\u015fkalar\u0131na verdi\u011fi tahmini bilgi piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7unu olu\u015fturmaz.<\/p>\n
6362 say\u0131l\u0131 Kanunun 108. maddesinin 1. f\u0131kras\u0131nda \u00fc\u00e7 bent halinde say\u0131lan fiiller, bilgi suistimali veya piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7unu olu\u015fturmaz. Kanun koyucu bu \u00fc\u00e7 bentte yer alan fiilleri; bilgiyi suistimal etme veya doland\u0131r\u0131c\u0131l\u0131k kapsam\u0131nda g\u00f6rmemi\u015f, \u00f6zel t\u00fcr bir hukuka uygunluk sebebi saym\u0131\u015ft\u0131r.<\/p>\n
T\u00fcrkiye Cumhuriyet Merkez Bankas\u0131 veya yetkilendirilmi\u015f ba\u015fka bir resmi kurum veya bunlar ad\u0131na hareket eden ki\u015filer taraf\u0131ndan para, d\u00f6viz kuru, kamu bor\u00e7 y\u00f6netim politikalar\u0131n\u0131n uygulanmas\u0131 veya finansal istikrar\u0131n sa\u011flanmas\u0131 amac\u0131yla borsada i\u015flem yap\u0131lmas\u0131, Sermaye Piyasas\u0131 Kurulu d\u00fczenlemelerine g\u00f6re uygulanan sermaye piyasas\u0131 arac\u0131n\u0131 geri al\u0131m program\u0131, \u00e7al\u0131\u015fanlara pay edindirme program\u0131 veya ihra\u00e7\u00e7\u0131 veya ba\u011fl\u0131 ortakl\u0131\u011f\u0131n \u00e7al\u0131\u015fanlar\u0131na y\u00f6nelik di\u011fer pay tahsis edilmesi, Sermaye Piyasas\u0131 Kurulu\u2019nun 6362 say\u0131l\u0131 Kanun kapsam\u0131ndaki fiyat istikrar\u0131n\u0131 sa\u011flay\u0131c\u0131 i\u015flemlere ve piyasa yap\u0131c\u0131l\u0131\u011f\u0131na ili\u015fkin d\u00fczenlemelerine uygun olarak icra edilmeleri kayd\u0131yla, m\u00fcnhas\u0131ran bu ara\u00e7lar\u0131n piyasa fiyat\u0131n\u0131n \u00f6nceden belirlenmi\u015f bir s\u00fcre i\u00e7in desteklenmesi amac\u0131yla sermaye piyasas\u0131n\u0131n ara\u00e7lar\u0131n\u0131n al\u0131m\u0131n\u0131n veya sat\u0131m\u0131n\u0131n yap\u0131lmas\u0131 veya bu y\u00f6nde emir verilmesi veya verilen emrin iptal edilmesi fiilleri, 106. maddede d\u00fczenlenen bilgi suistimali veya m.107\u2019de tan\u0131mlanan piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7u say\u0131lmayacakt\u0131r.<\/p>\n
Yaz\u0131l\u0131 ba\u015fvuru ve \u00f6zel soru\u015fturma usul\u00fc;<\/p>\n
Kanun koyucu; 6362 say\u0131l\u0131 Kanunun \u201cYaz\u0131l\u0131 ba\u015fvuru ve \u00f6zel soru\u015fturma usulleri\u201d ba\u015fl\u0131kl\u0131 115. maddesinde bir kelep\u00e7e h\u00fckm\u00fcne yer vermi\u015f ve soru\u015fturma, yani takip \u015fart\u0131 \u00f6ng\u00f6rm\u00fc\u015f, b\u00f6ylelikle Cumhuriyet savc\u0131s\u0131n\u0131n CMK m.160 uyar\u0131nca su\u00e7un i\u015flendi\u011fini \u00f6\u011frendi\u011fi anda do\u011frudan soru\u015fturma a\u00e7mas\u0131n\u0131 engellemi\u015ftir. 6362 say\u0131l\u0131 Kanunda tan\u0131mlanan veya bu Kanun taraf\u0131ndan at\u0131fta bulunulan su\u00e7lardan dolay\u0131 CMK m.160 ve m.161 kapsam\u0131nda ceza soru\u015fturmas\u0131 ba\u015flat\u0131lmas\u0131; bilgi suistimaline veya piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131na ili\u015fkin fiil bak\u0131m\u0131ndan \u0130stanbul Borsas\u0131\u2019n\u0131n (Borsa \u0130stanbul\u2019un) bulundu\u011fu yer olan, \u0130stanbul\u2019un Sar\u0131yer il\u00e7esinde i\u015flendi\u011fi iddia edilen su\u00e7larla ilgili g\u00f6revli ve yetkili k\u0131l\u0131nm\u0131\u015f \u0130stanbul Cumhuriyet Ba\u015fsavc\u0131l\u0131\u011f\u0131\u2019na SPK taraf\u0131ndan yaz\u0131l\u0131 ba\u015fvuruda bulunulmas\u0131na ba\u011flanm\u0131\u015f ve bu ba\u015fvuru muhakeme, yani bir takip \u015fart\u0131 niteli\u011finde kabul edilmi\u015ftir.<\/p>\n
SPK\u2019n\u0131n merkezinin Ankara\u2019da olmas\u0131, su\u00e7un i\u015flendi\u011fi yer itibariyle yetkinin \u0130stanbul ili Sar\u0131yer il\u00e7esinin ba\u011fl\u0131 oldu\u011fu \u0130stanbul Adliyesi\u2019nin yetkisini ortadan kald\u0131rmaz. CMK m.12 uyar\u0131nca su\u00e7un i\u015flendi\u011fi yer mahkemesi davaya bakmakla yetkili k\u0131l\u0131nd\u0131\u011f\u0131ndan, bu mahkemenin bulundu\u011fu yerde g\u00f6revli Cumhuriyet ba\u015fsavc\u0131l\u0131\u011f\u0131, i\u015flendi\u011fi iddia edilen borsada manip\u00fclasyon su\u00e7unun soru\u015fturmas\u0131n\u0131 y\u00fcr\u00fctmekte yetkili say\u0131lacakt\u0131r. Muhakeme \u015fart\u0131 soru\u015fturma i\u00e7in getirilmi\u015f olup, kovu\u015fturmay\u0131 kapsamamaktad\u0131r. Ayr\u0131ca \u00f6ng\u00f6r\u00fclen muhakeme \u015fart\u0131; su\u00e7a konu fiille ve olayla s\u0131n\u0131rl\u0131 olup, bu su\u00e7a kat\u0131ld\u0131\u011f\u0131 iddia edilen ki\u015filer bak\u0131m\u0131ndan soru\u015fturma izni verilmesini veya bu ki\u015filerle ilgili SPK taraf\u0131ndan \u0130stanbul Cumhuriyet Ba\u015fsavc\u0131l\u0131\u011f\u0131\u2019na yaz\u0131l\u0131 ba\u015fvuruda bulunulmas\u0131n\u0131 kapsamamaktad\u0131r.<\/p>\n
115. madde; piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7unun soru\u015fturulmas\u0131n\u0131, SPK\u2019n\u0131n yaz\u0131l\u0131 ba\u015fvurusu \u015fart\u0131na ba\u011fl\u0131 tutmu\u015f, fakat kovu\u015fturmada bu \u015fart aranmam\u0131\u015ft\u0131r. Bizce \u00f6nemli bir iktisadi su\u00e7 t\u00fcr\u00fc olan piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7lar\u0131 ile ilgili soru\u015fturma bak\u0131m\u0131ndan da getirilen muhakeme \u015fart\u0131, ula\u015f\u0131lmas\u0131 hedeflenen maddi hakikat ve adalet ama\u00e7lar\u0131na uygun de\u011fildir. Borsa manip\u00fclasyonu su\u00e7u her ne kadar iktisadi bir su\u00e7 t\u00fcr\u00fc olsa da, bu yolla edinilen haks\u0131z kazan\u00e7lar\u0131n ve borsaya yat\u0131r\u0131m yapmak isteyen iyiniyetli \u00fc\u00e7\u00fcnc\u00fc ki\u015filere verilen zararlar\u0131n b\u00fcy\u00fckl\u00fc\u011f\u00fc dikkate al\u0131nd\u0131\u011f\u0131nda, piyasa yap\u0131c\u0131 olarak da adland\u0131r\u0131lan Devletin ekonomiye olumlu m\u00fcdahalelerini, piyasay\u0131 d\u00fczenlemesini, rekabeti g\u00f6zetmesini, haks\u0131z de\u011fil hakl\u0131 kazan\u00e7 sa\u011flanmas\u0131n\u0131n temini i\u00e7in kural ve kaidelerin getirilip takip edilmesini ciddi \u015fekilde sarsacak ve borsa sistemine olan g\u00fcveni azaltacak veya ciddi \u015fekilde bu g\u00fcvene zarar verecek oldu\u011fu g\u00f6zetilerek, 115. maddenin g\u00f6zden ge\u00e7irilmesi ve soru\u015fturma i\u00e7in aranmas\u0131 gereken SPK\u2019n\u0131n yaz\u0131l\u0131 ba\u015fvuru \u015fart\u0131n\u0131n kald\u0131r\u0131lmas\u0131 gerekir. Ancak benzer muhakeme \u015fart\u0131n\u0131n, 5411 say\u0131l\u0131 Bankac\u0131l\u0131k Kanunu\u2019nun 162. maddesinde de bankac\u0131l\u0131k zimmeti bak\u0131m\u0131ndan arand\u0131\u011f\u0131 g\u00f6r\u00fclmektedir.<\/p>\n
CMK m.160\/1 uyar\u0131nca; Cumhuriyet savc\u0131s\u0131n\u0131n, ihbar veya ba\u015fka \u015fekilde bir su\u00e7un i\u015flendi\u011fi izlenimini veren hali \u00f6\u011frenir \u00f6\u011frenmez kamu davas\u0131n\u0131 a\u00e7maya yer olup olmad\u0131\u011f\u0131na karar vermek i\u00e7in hemen i\u015fin ger\u00e7e\u011fini ara\u015ft\u0131rmakla yetkili ve sorumlu k\u0131l\u0131nd\u0131\u011f\u0131 g\u00f6r\u00fclmektedir. Bu t\u00fcr muhakeme \u015fartlar\u0131 getirilerek, Cumhuriyet savc\u0131s\u0131n\u0131n maddi ger\u00e7e\u011fi do\u011frudan do\u011fruya veya emrinde bulunan adli kolluk g\u00f6revlileri vas\u0131tas\u0131yla ara\u015ft\u0131rmas\u0131n\u0131n \u00f6n\u00fcne ge\u00e7ilmemelidir. Ancak uygulamada; 6362 say\u0131l\u0131 Kanunun 115. maddesi nedeniyle, Cumhuriyet Ba\u015fsavc\u0131l\u0131\u011f\u0131na do\u011frudan veya dolayl\u0131 yoldan gelen ihbarlar\u0131n ara\u015ft\u0131r\u0131lmas\u0131 i\u00e7in SPK\u2019ya iletildi\u011fi, ihbarla ilgili ba\u015fkaca bir i\u015flem yap\u0131lmad\u0131\u011f\u0131 ve soru\u015fturma dosyas\u0131n\u0131n a\u00e7\u0131lmad\u0131\u011f\u0131, bu yolla muhakeme \u015fart\u0131 kural\u0131na uyuldu\u011fu g\u00f6r\u00fclmektedir.<\/p>\n
Cumhuriyet Ba\u015fsavc\u0131l\u0131\u011f\u0131; her ne kadar piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 iddias\u0131 ile ilgili do\u011frudan soru\u015fturma ba\u015flatamayacaksa da, kendisine gelen ihbarlar\u0131n SPK\u2019ya iletilmesi sonras\u0131nda ihbar\u0131n ak\u0131betini takip edebilir. Cumhuriyet Ba\u015fsavc\u0131l\u0131\u011f\u0131 kendisine yap\u0131lan ihbarlarla ilgili kaybolma ihtimali bulunan ve herhangi bir koruma tedbirine ba\u015fvurmaks\u0131z\u0131n hemen elde edilmesi m\u00fcmk\u00fcn delilleri bir dosyaya alabilir ve bunlar\u0131 da SPK\u2019ya iletebilir. Ancak yaz\u0131l\u0131 ba\u015fvuru \u015fart\u0131 olay ve su\u00e7a konu fiille s\u0131n\u0131rl\u0131 olup, piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7una kat\u0131lanlar\u0131 kapsamaz.<\/p>\n
Bir ba\u015fka ifadeyle; SPK taraf\u0131ndan do\u011frudan do\u011fruya veya kendisine gelen ihbarla ba\u015flat\u0131lan inceleme kapsam\u0131nda haz\u0131rlanan rapora konu olan olay ve bu olayda ge\u00e7en somut bilgi suistimali veya piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 iddias\u0131 yaz\u0131l\u0131 ba\u015fvuruya ba\u011flan\u0131r ve Cumhuriyet Ba\u015fsavc\u0131l\u0131\u011f\u0131na iletilir. Bir muhakeme \u015fart\u0131 olarak Cumhuriyet Ba\u015fsavc\u0131l\u0131\u011f\u0131n\u0131 s\u0131n\u0131rlayan, SPK\u2019n\u0131n yaz\u0131l\u0131 ba\u015fvurusunda ge\u00e7en olay ve fiiller olup, SPK\u2019n\u0131n yaz\u0131l\u0131 ba\u015fvurusunda belirtilmeyen, fakat yap\u0131lan soru\u015fturmada ba\u015fka isimlerin de piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7una kar\u0131\u015ft\u0131\u011f\u0131 tespit olursa, Cumhuriyet Ba\u015fsavc\u0131l\u0131\u011f\u0131n\u0131n bu \u015fah\u0131slar y\u00f6n\u00fcnden yeniden soru\u015fturma izni almas\u0131na gerek olmad\u0131\u011f\u0131, muhakeme \u015fart\u0131n\u0131n ki\u015fi bazl\u0131 de\u011fil, olay ve fiil bazl\u0131 oldu\u011fu, soru\u015fturma i\u00e7in aranan muhakeme \u015fart\u0131nda yer almayan faillerin de soru\u015fturmaya \u015f\u00fcpheli olarak dahil edilece\u011fi de\u011ferlendirilmelidir.<\/p>\n
Cumhuriyet savc\u0131s\u0131; SPK\u2019n\u0131n muhakeme \u015fart\u0131 niteli\u011fi ta\u015f\u0131yan yaz\u0131l\u0131 ba\u015fvurusunda belirtilen olay\u0131 ve su\u00e7 tarihlerini geni\u015fletemez, bu konuda soru\u015fturma yap\u0131lmas\u0131 gerekti\u011finde durumu CMK m.169\u2019a uygun olarak tutana\u011fa ba\u011flay\u0131p yeni veya ek bir yaz\u0131l\u0131 ba\u015fvurunun Ba\u015fsavc\u0131l\u0131\u011fa yap\u0131lmas\u0131 i\u00e7in SPK\u2019ya m\u00fczekkere g\u00f6nderir. Bunun d\u0131\u015f\u0131nda; SPK\u2019n\u0131n yaz\u0131l\u0131 ba\u015fvurusunda yer alan olay, fiiller ve zamanla s\u0131n\u0131rl\u0131 kalmak kayd\u0131yla su\u00e7a kat\u0131ld\u0131\u011f\u0131 d\u00fc\u015f\u00fcn\u00fclen ve yaz\u0131l\u0131 ba\u015fvuruda yer almayan \u015f\u00fcphelilerin soru\u015fturmaya dahil edilmesi ve soru\u015fturulabilmesi i\u00e7in Cumhuriyet Ba\u015fsavc\u0131l\u0131\u011f\u0131 taraf\u0131ndan SPK\u2019dan yeni veya ek bir yaz\u0131l\u0131 ba\u015fvuru al\u0131nmas\u0131na gerek bulunmamaktad\u0131r.<\/p>\n
(Bu makale, say\u0131n Prof. Dr. Ersan \u015eEN taraf\u0131ndan www.hukukihaber.net sitesinde 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.)\u00a0Hukuki Haber<\/p>\n
Haberin Al\u0131nt\u0131land\u0131\u011f\u0131 Kaynak: www.hukukihaber.net<\/p>","protected":false},"excerpt":{"rendered":"
6362 say\u0131l\u0131 Sermaye Piyasas\u0131 Kanunu\u2019nun kamuoyunda borsa manip\u00fclasyonu olarak bilinen 107. maddesinde piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7unun d\u00fczenlendi\u011fi, 108. maddesinde hangi hallerin bilgi suistimali ve piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 say\u0131lamayaca\u011f\u0131n\u0131n s\u0131raland\u0131\u011f\u0131, 115. maddesinde ise Cumhuriyet savc\u0131s\u0131na kar\u015f\u0131 kelep\u00e7e olarak nitelendirebilece\u011fimiz ve baz\u0131 kanunlarda Cumhuriyet savc\u0131s\u0131n\u0131n soru\u015fturma ba\u015flatmas\u0131n\u0131 engelleyen ve onu izin veya karar \u015fart\u0131na ba\u011flayan bir takip usul\u00fcn\u00fcn d\u00fczenlendi\u011fi g\u00f6r\u00fclmektedir. Piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7u bir iktisadi su\u00e7tur, esasen bu su\u00e7la ilgili yapt\u0131r\u0131m\u0131n parasal olmas\u0131 gerekir, ancak kanun koyucu piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7u bak\u0131m\u0131ndan adli para cezas\u0131n\u0131n yan\u0131nda hapis cezas\u0131n\u0131 da \u00f6ng\u00f6rm\u00fc\u015f ve bir de pi\u015fmanl\u0131k halini d\u00fczenlemi\u015ftir. Elbette bu su\u00e7a ba\u011fl\u0131 olarak ve bu su\u00e7un i\u015flendi\u011fine dair bir tespitin varl\u0131\u011f\u0131 halinde, \u00f6nc\u00fcl su\u00e7un ger\u00e7ekle\u015fti\u011finin kabul\u00fc ile 5237 say\u0131l\u0131 T\u00fcrk Ceza Kanunu m.282\u2019de d\u00fczenlenen su\u00e7tan kaynaklanan malvarl\u0131\u011f\u0131 de\u011ferlerini aklama su\u00e7unun olu\u015fup olu\u015fmad\u0131\u011f\u0131 ayr\u0131ca incelenmelidir. 282. maddede aklama faaliyetinin yurt i\u00e7inde veya yurt d\u0131\u015f\u0131nda yap\u0131lmas\u0131na g\u00f6re \u201csu\u00e7ta ve cezada kanunilik\u201d ilkesine ba\u011fl\u0131 kal\u0131narak, piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7undan elde edildi\u011fi kabul edildi\u011fi menfaatin aklanmak suretiyle piyasaya, yani me\u015fru alana aktar\u0131lmas\u0131na ili\u015fkin fiillerin de ayr\u0131ca de\u011ferlendirilmesi, bu kapsamda piyasa doland\u0131r\u0131c\u0131l\u0131\u011f\u0131 su\u00e7undan soru\u015fturmay\u0131 y\u00fcr\u00fcten Cumhuriyet savc\u0131s\u0131n\u0131n, bizce \u00f6nc\u00fcl su\u00e7un varl\u0131\u011f\u0131n\u0131n tespit edildi\u011fi ilk derece mahkemesinin karar\u0131na ba\u011fl\u0131 olarak, uygulamada iddianameye, hatta \u00f6nc\u00fcl su\u00e7la ilgili ba\u015flat\u0131lan soru\u015fturma kapsam\u0131nda Mali Su\u00e7lar\u0131 Ara\u015ft\u0131rma Kurulu\u2019ndan (MASAK\u2019tan) …<\/p>","protected":false},"author":3,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[27],"tags":[],"class_list":["post-112494","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hukukihaber"],"acf":[],"yoast_head":"\n