Funding of the CMB
The CMB can be considered to be self-financing since all the expenditures are paid by a particular fund established for this purpose in compliance with the Capital Market Law (CML). A certain percentage of the volume of the securities registered with the CMB is paid by the issuer as the registration fee, which constitutes the financial sources of the budget of the CMB. This ratio varies between 0,02 and 0,2 percent according to the type and maturity of the securities and the market of stock exchange in which the security has accepted for trading. (CML, Article 28-b)
In case the income from this fund is insufficient for paying the expenditures of the CMB, then this deficit is met by an amount allocated by the Parliament from the budget of the related Ministry. However, this has never occurred since the CMB was established.
With the new amendments to the CML, 5% of the income of the Exchanges established within the scope of the CML are also required to be transferred to this fund. Upon the request of the CMB, the related Minister is authorized to increase this percentage up to 10%, or to reserve a smaller percentage or not to reserve any (CML, Article 40, para.6).