Turkish Capital Markets Board

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Turkish Capital Markets Board
Headquarters Ankara, Turkey and Istanbul, Turkey regional office
Web site http://www.cmb.gov.tr/index.aspx

The Turkish Capital Markets Board (CMB) is the independent government authority that regulates and monitors capital market activities in Turkey. The board is comprised of seven members, two of whom are the chairman and the vice chairman.

The legal framework of the Turkish capital markets consists of three major legislations, one of which is specifically devoted to this area, the Capital Markets Law, enacted in 1981. The others are the Decree with Force of Law No. 91 concerning the securities exchanges and the Turkish Commercial Code.

The subject of the Capital Markets Law is to regulate and control the secure, transparent and stable functioning of the capital market and to protect the rights and benefits of investors with the purpose of ensuring an efficient and widespread participation by the public in the development of the economy through investing savings in the securities market.[1]

The CMB prepared a bill, or draft law, that aimed to amend the Capital Markets Law[2] to bring it more in line with relevant European Union legislation.[3]

The CMB granted the permission for the establishment of TurkDEX on March 5, 2004 after being convinced that necessary macroeconomic stability throughout the country was achieved. TurkDEX opened on Feb. 4, 2005 as the first private exchange in Turkey.[4]

History

Key People

References

  1. the Capital Markets Board. CMB.
  2. Capital Markets Board of Turkey. CMB.
  3. The EU and Turkey are United on the Issue of Capital Markets Standards. Delegation of the European Commission to Turkey.
  4. Recent Developments in International Securities Law. ABA.
  5. Speech by Turan Erol, Ph.D. at Central European Covered Bond Conference. spk.gov.