The 37th Annual Conference of the International Organization of Securities Commissions (IOSCO) which is formed by the securities and derivatives regulatory authorities of the world and where the Capital Markets Board (CMB) of Turkey is a member has been held between 13-17 May in Beijing with the hosting of the China Securities Regulatory Commission. During the meeting Mr. Vedat AKGİRAY attended various meetings as the Chairman of the Emerging Markets Committee (EMC) which has the largest number of participation in IOSCO with 86 members. At the EMC meeting, Mr. AKGİRAY pointed out that emerging markets include the fastest growing economies of the world and their importance in the global capital markets has increased considerably.
The CMB Chairman, Mr. Vedat AKGİRAY has been reelected as the EMC Chairman which he has been continuing for the last 2 years, for another 2-year term between 2012-2014. With this title, the CMB will continue the chairing of an IOSCO Committee that fulfills one of the most important functions, as well as having the right to attend the Financial Stability Board (FSB) meetings which supports G20 work.
On the other hand, due to the changes in the financial markets in the last years, IOSCO has also been going through a period of change. At the meetings held in China this year, the new structure of IOSCO for the purpose of reorganization has been implemented and the IOSCO Board has been established. During the inaugural meeting of IOSCO held in Beijing, Mr. AKGİRAY has been elected as the IOSCO Board Vice Chair in addition to being the EMC Chairman. Additionally, Mr. AKGİRAY will also act as the chairman of the IOSCO Foundation which will undertake activities of technical assistance, education and research for the member jurisdictions of IOSCO.
The CMB has actively participated in the studies conducted recently by the IOSCO EMC, namely development of institutional investor base, day trading and development of corporate bond markets. Also, the CMB will take active roles in the upcoming studies on financing of small and medium enterprises by capital markets and financial stability issues in emerging markets.
Besides, CMB experts will participate in 5 of the new Committees established by the IOSCO Board which are issuer accounting, audit and disclosure, secondary markets, market intermediaries, enforcement and information sharing and credit rating agencies. Moreover, CMB experts actively participate in the work of the Assessment Committee which has the function of assessing the implementation of IOSCO principles in member countries and the Screening Group which evaluates the adequacy of the applicant jurisdictions for signing the IOSCO Multilateral Memorandum of Understanding (MMoU).
During the Annual Conference, Mr. AKGİRAY held bilateral meetings with representatives of miscellaneous regulatory authorities and international institutions including the authorities of Chinese capital markets and China Investment Corporation.
Furthermore, Head of the Institutional Investors Department Mr. Tevfik KINIK made a presentation on the "Institutional Investors and Distribution Channels" during a workshop and Head of Strategic Development Department Mr. Mustafa GUMUS made a presentation on "Istanbul Finance Center".