The CMB is a member of the International Organization of Securities Commissions (IOSCO) which is established by the gathering of the organizations that regulate the world's securities and futures markets.
Currently, IOSCO has more than 120 members from all over the world. The CMB became a member of the IOSCO in 1988, and since then has been involved in IOSCO activities in the sense that the CMB has been actively participating in the work of committees and working groups within the Organization. It has also been contributing to the constitution of policies in line with the realization of IOSCO's goals and objectives.
The CMB Chairman was elected as the Chair of the Growth and Emerging Markets Committee (GEM) in the periods of 2002-2006 and 2010-2013. During that tenure, the CMB also participated in the activities and meetings of the Financial Stability Board (FSB) which supports the work of G20. Currently CMB has been elected as a member of the GEM's Steering Committee. Moreover CMB has acted as IOSCO Board Vice Chair in 2012-2013 and been IOSCO Board member in 2014-2016.
In addition, the CMB has also been taking active roles within the IOSCO committees mentioned below:
Growth and Emerging Markets Committee (GEM)
Growth and Emerging Markets Committee, aims to ensure the exchange of information and to promote the improvement of efficiency among the emerging markets by establishing principles. Currently, the GEM has 107 members.
The CMB has actively participated and contributed to the GEM works on fintech and corporate governance recently and also in parallel with current trends in financial markets, CMB supports the works on new priorities
The activities of the Presidents' Committee are carried out through the committees established within IOSCO. As the ultimate authority to realize IOSCO's targets, Presidents' Committee meets once a year during the annual conference. The CMB participates in the Presidents' Committee which is composed of the Presidents of member organizations.
IOSCO Board which has been established at the 2012 Annual Conference within the context of restructuring IOSCO, acts as the executive body by taking the necessary decisions and bringing them to the agenda of the Presidents Committee. Being the EMC Chair, the CMB was represented as a member of the IOSCO Board with the tenure of Board vice-chair during 2012-2013 period. Moreover, the CMB had a seat in the IOSCO Board as GEMC representative in the terms of 2014-2016 and 2016-2018 respectively by the winner of the elections made in 2014 and 2016. With IOSCO Board membership, CMB has gained the opportunity to contribute directly to international decision making process on capital markets.
IOSCO Policy Committees
After the 2012 Annual Conference, IOSCO working groups and standing committees have been merged under IOSCO Policy Committees. In the current situation, there are 8 IOSCO Policy Committees which are as follows:
Committee on Issuer Accounting, Audit and Disclosure
- Committee on Secondary Markets
- Committee on Market Intermediaries
- Committee on Enforcement and the Exchange of Information
- Committee on Investment Management
- Committee on Credit Rating Agencies
- Committee on Commodity Derivatives Markets
- Committee on Retail Investors
The representatives of the relevant Departments of the CMB are members of seven of the eight committees mentioned above (with the exception of committee 7).
Assessment Committee, Screening Group and Committee on Emerging Risks
In addition to the Policy Committees, there are some other committees established for standard setting and international cooperation activities.
Following the revision of IOSCO Principles in 2010 and the Methodology on the implementation of the Principles in 2011, the Assessment Committee has been established in 2012. The CMB is represented in the Assessment Committee which assesses the implementation of IOSCO principles within member states.
Furthermore, the CMB also follows the activities of "Screening Group" which works on evaluation of applications to become a signatory to the IOSCO Multilateral Memorandum of Understanding (MMoU) and "Committee on Emerging Risks" which was launched in 2011 to mitigate systemic risk.
Currently there are four regional committees in IOSCO for the European, Africa-Middle East, Asia-Pacific and Inter-American regions. As a result of the ongoing works on restructuring IOSCO, there is an effort to increase the effectiveness of the regional committees on IOSCO's activities. In the current situation, regional committees can delegate 3 representatives to the IOSCO Board and they carry out missions such as informing members on ongoing IOSCO initiatives, discussing prominent developments in securities markets and making preparations on the issues to be taken into the IOSCO Board agenda and forming regional committee decisions. CMB is a member of the European Regional Committee.
The IOSCO MMoU concerning the cooperation and exchange of information among the member countries has been approved by all IOSCO members at the 2002 Annual Conference held in Istanbul. The IOSCO MMoU gives the opportunity to cooperate with the member jurisdictions within the context of a clearly defined method. However, in order to become a signatory, regulations of the member organizations must be consistent with the conditions set out for sharing of information as defined in the MMoU. The CMB was among the first institutions to sign the MMoU.
Furthermore, the CMB is a member of the Screening Group which is established for assessing applications from institutions to sign the MMoU and contributes to the finalization of these applications. As of July 2017, 115 institutions have signed the MMoU.