Capital Markets Board of Turkey

The Capital Markets Board of Turkey (CMB) is the financial regulatory and supervisory agency of Turkey. Its board is appointed by the Turkish finance ministry. History The CMB was created in 1982 with the passing of the Capital Markets Law (CML) in 1981. This was followed by a number of further laws and decrees that expanded its functions and responsibilities. The most significant of these changes was Law No. 4487 which was passed in December 1999, which brought in a set of amendments to the Capital Market Law expanding the duties and the scope of authority. This included increased consumer protection and changes to allow dematerlisation of stocks and other changes to make the markets more flexible and able to use information technology. Responsibilities and functions The CMB is responsible for safeguarding the stability of the financial market, consumer protections and supervising participants in the stock market. Structure The Chairman who is also the CEO is responsible for the administration and representation of the CMB and sits on a board which consists of seven Commissioners.