Türkiye has appointed new leadership at the top of the country's market regulator, including a new chief following a recent investment fund crisis, according to the decision published in the Official Gazette on Sunday.
Muhsin Atcı has been named the new chair of the Capital Markets Board (SPK), with Ersin Başar Ekmekci appointed as deputy chair, according to the decision signed off by President Recep Tayyip Erdoğan.
Atcı's predecessor, Mahmut Sütçü, was dismissed from his post as SPK chair on Oct. 20 amid the turmoil affecting the country's stock exchange and the liquidation of a number of funds.
The crisis began in the middle of September after several funds said they could not meet investors' redemption requests during a market sell-off. That prompted a wide investigation into suspected price manipulation in a number of thinly traded stocks.
SPK quickly suspended trading in 131 funds run by seven asset management companies and placed them into liquidation.
Atcı was previously head of the country's tax audit board.
The Official Gazette decision also appointed Yasemin Girici as a member of the board.
Atcı has spent his 23-year career in tax enforcement, rising through the ranks to lead the Tax Inspection Board (VDK) in October 2023.
Along the way, he oversaw audits of some of the country's largest companies, building extensive experience in complex corporate and financial investigations. He also has a master's degree in development policy from Duke University.
Ekmekci has a graduate degree in financial economics from Boston University. He joins from MASAK, Türkiye’s financial intelligence unit, where he served as deputy president. His background in tracking suspicious transactions and financial crimes is expected to strengthen the SPK's ability to detect and act on market abuse.
Girici served as a director on the board of the European Bank for Reconstruction and Development (EBRD), representing Türkiye, Romania, Azerbaijan, Moldova, Kyrgyzstan and Algeria.
She holds a master's degree in economics from Rutgers University in the U.S.
The new names, with years of professional experience, including in auditing procedures, are seen as helping restore confidence in the market, increasing deterrence in auditing and protecting investors.