International Organization of Securities Commission (IOSCO)
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 derivatives markets.
IOSCO prepares and publishes principles, policies and recommendations with the purpose of attaining high standards with respect to securities regulation on a global scale, and promoting cooperation among securities regulators. Currently IOSCO has over 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 initiatives through active participation in the work of various 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.
Growth and Emerging Markets Committee (GEM)
Growth and Emerging Markets Committee, aims to ensure the creation of principles to increase efficiency in emerging markets, and to promote the exchange of information. Currently, the GEM Committee has 112 members. The CMB has taken part in the management of the GEM Committee in the past, and is currently the vice-chair of the Committee. The CMB is also a member of the Steering Committee established under the GEM Committee.
Presidents' Committee
The activities of the Presidents' Committee carried out through 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 chairpersons of member organizations.
IOSCO Board
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. The CMB is a member of the IOSCO Board for the 2018 – 2020 period. IOSCO Board membership is significant since it provides the CMB with the opportunity to contribute directly to international discussions and decision-making processes on capital markets.
IOSCO Policy Committees
After the 2012 Annual Conference, IOSCO working groups and standing committees have been merged under IOSCO Policy Committees. There are currently eight 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
Representatives from relevant CMB Departments are members of all committees mentioned above. Furthermore, the CMB participates in other working groups and task forces established with respect specific issues, accordingly studies on FinTech and sustainable finance are currently being conducted.
Assessment Committee, Screening Group and Committee on Emerging Risks
In addition to the Policy Committees, there are some other committees established under IOSCO for standard setting and international cooperation activities.
The Assessment Committee has been established in 2012, following the revision of IOSCO Principles on Securities Regulation in 2010 and the Methodology on the Implementation of the Principles in 2011. The CMB is represented in the Assessment Committee, which assesses the implementation of IOSCO Principles within member jurisdictions.
Furthermore, the CMB participates in the "Screening Group" which works on evaluation of applications to become a signatory to the IOSCO Multilateral Memorandum of Understanding (MMoU), and the "Committee on Emerging Risks" which was launched in 2011 to mitigate systemic risk.
Regional Committees
Currently there are four regional committees under IOSCO for the European, Africa-Middle East, Asia-Pacific and Inter-American regions. Regional committees elect 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, making preparations on issues to be taken into the IOSCO Board agenda, and forming regional committee decisions. CMB is a member of the European Regional Committee.
IOSCO MMoU
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 member jurisdictions the opportunity to cooperate within the context of a clearly defined method. However, in order to become a signatory, regulations of 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 December 2019, 124 institutions have signed the MMoU.