U.S. Securities & Exchange Commission
SEC Seal
Home | Previous Page
U.S. Securities and Exchange Commission

SEC and Turkey Securities Regulator Announce Terms of Reference for Enhanced Cooperation and Collaboration


Washington, D.C., July 22, 2011 – The Securities and Exchange Commission and the Capital Markets Board of Turkey (CMB) today announced a new relationship to enhance cooperation and collaboration with the aim of promoting investor protection, fostering market integrity, and facilitating cross-border securities activities between Turkey and the United States.

Additional Materials

In light of the growing interest in the cross-border flow of financial services and investment between the U.S. and Turkey, the dialogue will provide an opportunity for the SEC and the CMB to discuss issues of common concern, including those relating to supervisory and enforcement matters.

SEC Chairman Mary Schapiro and CMB Chairman Dr. Vedat Akgiray elaborated on the terms establishing the structure of and agenda for a SEC-CMB dialogue, which has three main objectives:

  • Identify and discuss regulatory issues of common concern.
  • Improve cooperation and the exchange of information in cross-border securities enforcement matters.
  • Maintain and continue to develop the existing jointly-sponsored training and technical assistance programs that benefit the SEC, CMB, and other regulators in the region.

Chairman Schapiro said, “Participating in cross-border efforts to increase transparency for investors, promote well-regulated markets, and strengthen cooperation in supervisory and enforcement matters is essential for any securities regulator in today’s global markets. The initiative established today will serve to benefit investors in the United States and Turkey, and facilitate cross-border capital flows.”

Chairman Akgiray said, “With the new dynamics caused by global financial markets, we would like to capitalize on this international dimension to the benefit our fast-growing capital market in Turkey. With this vision, the CMB and the SEC cooperation that will occur through this bilateral regulatory dialogue will significantly improve cooperation for regulatory and supervisory issues, address common concerns more effectively, and therefore prove to be mutually beneficial. Upgrading our financial markets in an internationally collaborative way will contribute to the Istanbul Financial Center workplan as well. We believe this initiative will facilitate the CMB’s mission of investor protection, market integrity, and a regulatory environment that encourages capital formation.”

Ethiopis Tafara, Director of the SEC’s Office of International Affairs, said, “We benefit immensely in obtaining the CMB’s perspectives on current challenges that securities regulators face given CMB’s unique location within the region. We look forward to discussions on a variety of matters of importance to investors in the global marketplace, including improving oversight of market intermediaries and the development of markets for small enterprises.”

This announcement reflects the long-standing tradition of bilateral technical assistance programs between the SEC and CMB. In 2008, 2009, and 2010, the CMB co-sponsored three major regional training sessions in Turkey on market regulation, inspections, enforcement, and disclosure with more than 575 people trained, including financial services staff and officials from the Turkish market as well as other foreign authorities from the region. At these programs, SEC and CMB senior staff shared their insights on promoting timely and accurate disclosure and transparency as a tool for regulating capital markets. The CMB has been particularly successful in attracting participation in these market-development training programs due to its current role as head of IOSCO’s Emerging Market Committee.

# # #



Modified: 07/22/2011