TURKEY NAMES TAX CHIEF TO HEAD MARKETS REGULATOR

Turkey named Muhsin Atci, head of the country's Tax Audit Board, as the new chairman of the Capital Markets Board on October 31. He replaces Mahmut Sutcu, who resigned after just five months in the job citing health problems, as a fund crisis shook investor confidence. The regulator had already ordered the liquidation of 131 investment funds worth roughly $20 billion since September, after several of them could not meet investors' redemption requests. Atci moves straight from chasing tax evaders to overseeing the cleanup of Turkey's asset management industry, while $TUR investors wait for the fallout to clear.