RENEWAL OF THE ORGANISATIONAL STRUCTURE OF THE CAPITAL MARKETS BOARD OF TÜRKİYE (CMB)

With the entry into force of the Communique on the Organizational Structure of the Capital Markets Board of Türkiye, published in the Official Gazette dated 19 November 2025, the CMB’s institutional structure, allocation of duties and powers, service units and internal functioning have been comprehensively renewed. The regulation has been prepared with the aim of aligning with the needs of modern capital markets and establishing a stronger and more functional administrative structure in critical areas such as crypto-assets, financial technologies, sustainability and market oversight.

1. LEGAL BASIS AND MANAGEMENT STRUCTURE

Pursuant to Presidential Decree No. 10584, which entered into force upon its publication in the Official Gazette dated 19 November 2025 and numbered 33082, the CMB’s administrative structure has been defined along two main axes: the “Decision-Making Body of the Board” and the “Presidency Organization”

• Decision-Making Body of the Board: This body consists of 7 members, including the Chair, the Vice Chair and the Deputy Chair, and constitutes the highest decision-making authority of the CMB.
• Presidency Organization: This structure comprises the Chair, five Vice Chairs, service units, representative offices, advisors, the Special Office and the Private Secretariat.

 

1. NEWLY ESTABLISHED MAIN SERVICE UNITS AND THEIR FUNCTIONS

Pursuant to Article 17 of the Regulation, the main service units – including departments established for the first time in the context of the digitalization of capital markets and global alignment – and their functions are as follows:

• Department of Financial Technologies (Article 23)

This department, the sector's most significant innovation, focuses directly on crypto assets and blockchain technology.

• Crypto Asset Issuances: Crypto Asset Issuances: Decides on applications for the sale and distribution of assets created using distributed ledger technology (DLT).
• Service Providers (CASP): Authorizes, lists, and conducts operational oversight of crypto asset service providers (exchanges, custodians).
• Market Integrity: Monitors and regulates actions that could undermine trust and transparency in cryptocurrency transactions.

 

• Department of Participation Financing (Article 24)

A dedicated organizational structure has been established for participation-based financing instruments.

• Lease Certificates (Sukuk): Manages the issuance of participation-based capital market instruments and the related public disclosure processes.
• Participation Funds: These funds regulate the establishment and operating principles of these funds

 

• Department of International Relations and Sustainability (Article 27)

Established to support global integration and sustainable (green) finance.

• Sustainable Finance: Approves the issuance of green bonds and similar instruments; sets the standards for “impact reporting” regarding the allocation and use of proceeds.
• External Relations: Manages memoranda of understanding and cooperation activities with the EU and foreign regulatory authorities.

 

• DEPARTMENTS RESTRUCTURED FOR SPECIALIZATION

The duties previously under the “Institutional Investors Department” have been divided into two separate units pursuant to Articles 28 and 29 of the Regulation:

• Department of Investment Funds (Article 28)

• Responsible for the establishment, operations, and supervision of mutual funds, pension investment funds, and Portfolio Management Companies (PMCs).
• Regulates entities that provide portfolio custody services.

 

• Department of Investment Trusts (Article 29)

• Focuses on securities investment trusts, real estate investment trusts (REITs), and venture capital investment trusts (VCITs).
• Granted the authority to finalize applications related to mortgage finance institutions (housing finance).

 

1. UNITS WITH RENAMED FUNCTIONS AND NAMES

 

• Independent Audit and Valuation Activities Department (Formerly: Accounting Standards Department) (Article 21)

The name of the Department has been changed to accurately reflect its title and the functions it performs. The Department is not limited to performing only the standard-setting function; it is also responsible for the authorization, supervision, quality control and periodic auditing of independent audit firms, real estate valuation companies and rating agencies. Furthermore, the monitoring of financial reporting disclosures by publicly traded companies and other regulated institutions and organizations, compliance checks, and oversight of compliance with relevant regulations have also been included within the scope of the Department's responsibilities  

• Department of Information Systems (Article 32)

The phrase “Statistics and Information” has been removed from the former title, and a more technically precise naming was adopted to reflect the unit’s expertise and functional scope. Under the new structure, the department has been assigned additional strategic responsibilities, most notably the coordination and execution of the Sectoral Cyber Incident Response Team (SOME) activities for capital market institutions. Accordingly, the department is tasked with the inspection and oversight of market institutions’ information systems and cybersecurity infrastructure, managing incident-response processes, and developing regulations and standards aimed at strengthening cyber resilience.

• Separation of Administrative Structure (Articles 33 & 34)

To enhance service quality, the former Administrative and Financial Affairs Department has been split into two units:

• Department of Support Services: Department of Support Services: Budgeting, accounting, procurement, library services, vehicle and facility management.
• Department of Human Resources and Training: Workforce planning, examinations, training programs, performance evaluation, and appointment procedures.

 

1. ADVISORY UNITS

Two departments that strategically guide the Board’s decision-making processes and contribute directly to policy development will continue their functions as advisory units

• Legal Affairs Department

Provides legal consultancy for all Board activities, ensures regulatory compliance in the preparation of secondary legislation, monitors judicial proceedings in cases filed by or against the Board, supports dispute resolution processes, and prepares legal assessments for administrative sanction procedures

• Strategy Development Department

Supports the Board’s medium- and long-term objectives by conducting macroeconomic and sectoral analyses, strategic planning, policy development studies, and establishing performance indicators and measurement criteria. It also carries out regular reporting activities aimed at enhancing institutional capacity and monitoring the Board’s overall effectiveness.  

1. TRANSITIONAL PROVISIONS

Pursuant to Provisional Article 1 of the Regulation, appointments aligned with the new organizational structure must be completed within three months following the publication date of the Regulation (19 November 2025). During this period, existing units will continue their current functions.