The Securities and Exchange Commission and the Capital Markets Board of Turkey on Monday 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 the U.S. and Turkey.
In light of the growing interest in the cross-border flow of financial services and investment between the two nations, officials said 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 said the new SEC-CMB dialogue 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; and 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.
"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," Schapiro said in a statement. "The initiative established today will serve to benefit investors in the United States and Turkey, and facilitate cross-border capital flows."