CMB is the national coordination unit in OECD Corporate Governance Committee and has conducted various tasks including vice chairmanship position in bureau of this Committee since 2013. A revision process regarding the OECD Principles of Corporate Governance was launched by the OECD Corporate Governance Committee in 2013. That revision project was considered as part of the promotion of investments which was one the priorities of Turkey's 2015 G20 Presidency. Within this framework, G20/OECD Corporate Governance Forum was held in April 2015 in İstanbul with the cooperation of the OECD, the CMB and the Corporate Governance Association of Turkey. At the Forum, the revised Principles and the process of the revision were discussed in detail. Before their submission to G20 Leaders' Summit in Antalya in November 2015, the Principles were presented at the G20 Meeting of Finance Ministers and Central Bank Governors in September 2015. Besides, "Corporate Governance, Value Creation and Economic Growth" Project which was launched by the joint initiatives of the OECD and the CMB in 2012 has provided major contribution to the revision process.
CMB is represented as a member in the consultative and decision making bodies of the INFE (International Network for Financial Education) of OECD at the level of Executive Vice Chairman. Furthermore the Executive Vice Chairman is the co-chair of the Financial Education for Entrepreneurs and SMEs Working Group.
Furthermore, CMB contributes to activities of the Financial Markets Committee and studies in relation to SME Finance as well as other committee studies in relation to financial market issues; participates in meetings and contributes to surveys and reports. The CMB also supports sharing experience with other member countries.
Activities Related to the General Agreement on Trade in Services (GATS) & Free Trade Agreements
In the scope of its responsibilities, the CMB contributes to Trade in Services Agreement (TISA) negotiations coordinated by the Ministry of Economy with respect to multilateral liberalization of trade in services as well as free trade agreement negotiations (completed)/ongoing with (Singapore and South Korea)/Pakistan, Mexico, Peru, Ukraine, Russia, Georgia, Chili and Bosnia Herzegovina.
Activities Related with IMF, Worldbank and EBRD
Project-based works are ongoing with these international financial institutions and some other joint works and meetings with those organizations are also carried out under the coordination of the Undersecretariat of Treasury. In this context, the CMB contributes to the reports and peer-reviews within its scope of activities.
CMB also cooperates with the European Bank for Reconstruction and Development (EBRD) on several projects and activities. Within this cooperation, workshops on "Derivative Instruments and Central Counterparty Applications" and a conference on "The Finance of Infrastructure Investments" were jointly organized in 2013. In addition, a joint project on Corporate Governance was launched by November 2015 for one year. The Project, aims to develop corporate governance practices of listed companies through an improvement in the efficiency of implementation of mandatory principles, reporting for voluntary principles, as well as monitoring activities of the CMB.
Activities Related to the Islamic Financial Services Board (IFSB)
The CMB became an associate-member of the Islamic Financial Services Board (IFSB) in August 2010, and has become a full member in 2013. The IFSB closely follows the international regulations, prepares standards and guidelines for regulators and industry stakeholders and informs them about the recent developments through roundtables, seminars and conferences regarding interest free instruments and investment services.
By participating in the above mentioned activities, the CMB aims to provide investors with new financial services, firms with alternative forms of financing and to increase the attractiveness of Turkish financial markets. Within this scope, CMB has been participating in various working groups and task forces established in IFSB as well as IFSB Technical Committee works.
Activities Related to the Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation
The COMCEC Capital Markets Regulators (COMCEC CMR) Forum was established in 2011, and the CMB has been nominated as Chair and Secretariat to the Forum. The Forum facilitates cooperation with regard to strengthening financial market infrastructure, financial education, Islamic finance, and supporting the administrative capacity of member states. Since 2012 COMCEC Capital Markets Regulators Forum meetings have been organized annually by the CMB in Istanbul. During the meetings country presentations were made in relation to task forces on "Capacity Building", "Market Development", "Islamic Finance" and "Financial Literacy" and the issues regarding the structuring of task forces and cooperation possibilities among the member authorities were discussed.
At the 30th COMCEC Ministerial Meeting, the Chairman of the COMCEC, H.E President of Republic of Turkey stated the possible profits of establishing a real estate property exchange. Following this, COMCEC Screening Committee has asked to the CMB to make a preparatory work on the issue in May 2015. Within this framework, a report discussing the feasibility of establishing a real estate securities exchange has been prepared with the contributions of other member organizations. The report was submitted to both COMCEC CMR Forum and 31st COMCEC Ministerial Meeting in November 2015. Related studies are ongoing with the joint efforts of the CMB as the Chair of the COMCEC CMR Forum and other member regulatory authorities.
Activities Related to the International Forum of Independent Audit Regulators
The International Forum of Independent Audit Regulators (IFIAR), which has a broad participation of representatives from member countries is an international organization established in 2006 mainly in order to function for realizing the common goals of protecting investors by increasing the quality of independent audit on a global scale and protecting public interest. European Union Commission, World Bank, Basel Committee and IOSCO attend IFIAR meetings as observers.
IFIAR makes an assessment of membership applications based on certain criteria such as independence from the sector, authority for regulation and legislation.
After being invited in 2009, the CMB made an application for membership to IFIAR and has been accepted to the organization on 16 September 2009. CMB regularly participates in the activities of the IFIAR.
Activities Related to the International Accounting Standards Board
International Accounting Standards Board (IASB) is an international standard setting organization of International Financial Reporting Standards (IFRS) which are implemented in 130 countries including Turkey at which they are accepted as Turkish Financial Reporting and Turkish Accounting Standards. In November 2014, CMB has become a member of IFRS Advisory Council which is the official advisory body of IASB.