For the purpose of providing the integration of the Turkish capital market with the EU and the alignment of the Turkish legislation with the EU acquis, the activities of the CMB have been continuing in close contact with the European Commission and the Delegation of the European Union to Turkey as well as other EU institutions.

EU Negotiation Process

The CMB is one of the responsible institutions with respect to negotiation chapters of "Free Movement of Capital", "Company Law" "Financial Services" and "Economic and Monetary Union". The negotiations with the EU regarding the chapters of "Free Movement of Capital" and "Company Law" have been opened in 2008.

The CMB has been contributing to meetings held by the EU Commission for the purpose of alignment of Turkish law with the EU acquis
Work in relation to negotiations continues in line with "Turkey's Program for the Alignment with the Acquis" published in the National Gazette numbered 27097 on 31.12.2008 and National Action Plan for EU Accession which was published by Ministry For EU Affairs in 2014.

The CMB has applied to European Securities Markets Authority for the assessment of Turkish laws and regulations on prospectuses. Based on the ESMA Board of Supervisors of 8 February 2016, a prospectus drawn up according to Turkish laws and regulations can constitute a valid prospectus under the Prospectus Directive for the purposes of its approval by the competent EU regulatory authority. ESMA considers that a wrap accompanying a Turkish prospectus for shares, in order that such may be approved by a competent authority of a home Member State as a prospectus under the Prospectus Directive, is not necessary to make it equivalent with the requirements under the PD, provided that the prospectus contains financial statements in accordance with IFRS. The prospectus which is approved by an EU regulatory authority will have passport which is valid in other European countries.


In order to align its legislation with the EU acquis, the CMB has been collaborating with relevant EU institutions and EU Member States and the process for getting assistance funded by the EU is being continued. In this regard, projects conducted by the CMB are summarized below:

Short Term Technical Assistance: Several meetings are being held by the CMB in co-operation with the Technical Assistance Information Exchange Office (TAIEX) of the EU Commission Enlargement Directorate General, which provides technical support for legislative alignment and the development of adequate administrative capacity. During the period between 2008 and 2014 with the participation of foreign experts 12 workshops, 5 expert mission and 5 study visits have been conducted.

Furthermore in the context of short term technical assistance activities financed from EU funds, a workshop on Markets in Financial Instruments Directive has been held in March 2010 at the CMB under the project entitled SEI (Support Activities to Strengthen the European Integration Process). Also within the SEI program work with regard to a Project on "IT Audit has been conducted by 2 experts from Belgium and Turkey over a three month period starting at 24 November 2010.

Long Term Technical Assistance: In the context of the twinning project entitled "Assisting Capital Markets Board of Turkey to comply fully with EU capital markets standards" conducted with German authorities during 2006 - 2007 activities were carried out with respect to drafting regulation in line with the EU acquis and training.

Furthermore, activities under the Project entitled "Strengthening the Administrative Capacity of the CMB", which was approved by the EU Commission under the EU ESEI Instrument for Pre-Accession for 2011 have been launched as of September 2015. In the course of the project, activities will be conducted with respect to "Training in the Field of Accounting and Auditing", , "Improving Administrative Capacity of the CMB and Establishing Implementing Measures" and "Increasing Public Awarness"

Under the first component, study visits to EU Member States and seminars will be organised for CMB experts in relation to accounting and auditing based on the training priorities that will be identified and training materials that will be prepared. Under the second component of the project, activities will mainly composed of comparisons of relevant EU and Turkish legislation and training in relation to EU financial services legislation.

Third component consists of public disclosure activity.

Technical Assistance Provided by Member Countries: Furthermore with the purpose of alignment with EU legislation and practice, 2 projects stated below have been conducted under the Netherlands Pre-accession Program with the Netherlands Authority for Financial Markets (AFM);
During 2007 - 2008 "Creating an Effective Supervision System on Financial Reporting of Listed Companies and on the Conduct of Business Rules of Intermediary Institutions"

In 2009 "Application of a Risk Based Approach on Market Abuse Supervision".