Activities for the Harmonization of Legislation with the EU Acquis

For the purpose of integration of the Turkish capital market with the EU, and alignment of the Turkish legislation with the EU acquis, the CMB participates in and contributes to various meetings and reports under the coordination of the EU Directorate of the Ministry of Foreign Affairs.

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 Policy". The negotiations with the EU have been opened with regard to the "Free Movement of Capital" and "Company Law" Chapters and in 2015 with regard to the “Economic and Monetary Policy” Chapter in 2015.

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.

Projects

For the purpose of legislative alignment, the following short and long-term projects have been conducted through EU and EU Member State funding:

• 2015 – 2017: The Project entitled "Strengthening the Administrative Capacity of the CMB" under pre-accession EU funding, including the following activities:
  • Training in the Field of Accounting and Auditing,
  • Comparison of Turkish legislation with the corresponding EU acquis and drafting of legislation harmonized with EU regulations,
  • Increasing public awareness.
• November 2010 – February 2011: Project on "IT Audit” under SEI (Support Activities to Strengthen the European Integration Process) funding,
• March 2010: Workshop on Markets in Financial Instruments Directive under SEI funding,
• Projects conducted with the Netherlands Authority for Financial Markets (AFM) under the Netherlands Pre-accession Program:
  • 2009: "Application of a Risk Based Approach on Market Abuse Supervision"
  • 2007 – 2008: "Creating an Effective Supervision System on Financial Reporting of Listed Companies and on the Conduct of Business Rules of Intermediary Institutions".
• 2006 – 2007: The Twinning Project entitled "Assisting Capital Markets Board of Türkiye to comply fully with EU capital markets standards" conducted with the German Federal Ministry of Finance including the following:
  • Drafting of legislation in line with the EU acquis and related training activities,

Workshops and study visits organized under the Technical Assistance Information Exchange Office (TAIEX) of the EU Commission.