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The Capital Markets Board Organisation Regulation ("Organisation Regulation") and the Regulation on the Operating Procedures and Principles of the Capital Markets Board ("Operating Principles Regulation") were published on the Official Gazette dated 19 November 2025 and numbered 33082 and entered into force on the date of publication.
Furthermore, the Regulation on the Organisation, Duties and Operating Principles of the Capital Markets Board ("Repealed Regulation"), which was enacted by the Council of Ministers Decision numbered 8/4644 dated 26 April 1982 was repealed pursuant to the Organisation Regulation.
1. Overviev
The Repealed Regulation, which had gradually become incompatible with the practices developed by the Capital Markets Board ("Board") over the years, was abolished by the Organisation Regulation. Taking into account the Board's current activities and contemporary needs, the Organisation Regulation and the Operating Principles Regulation were published.
In this context, deficiencies in the legislation concerning the Electronic Document Management System ("EDMS"), the E-Application System and electronic notification procedures, which were not regulated under the Repealed Regulation but are among the Board's current practices, have been addressed.
In addition, in accordance with the Organisation Regulation, new units such as the Directorate of Financial Technologies, the Directorate of Participation Finance, the Directorate of Investment Funds, the Directorate of Investment Partnerships, and the Directorate of Independent Audit and Valuation Activities have been established, and the organisational structure of the Board has been aligned with the current regulations.
Detailed explanations regarding the Organisation Regulation and Operating Principles Regulation are hereby presented below.
2. Modifications to the Organisational Structure
Units which were not regulated under the Repealed Regulation have been incorporated into the organisational structure within the scope of the Organisation Regulation.
The newly established Directorate of Financial Technologies will review and finalise applications for the sale/distribution and issuance of crypto assets, as well as applications for the issuance of capital market instruments as crypto assets. In addition, matters relating to crypto asset service providers, which were previously handled by the Directorate of Brokerage Activities, will now fall under the purview this unit. Furthermore, new financial instruments emerging with advancing technology will be introduced to the capital markets by the Directorate of Financial Technologies. Thus, it will become possible for the Board to adapt quickly to emerging technologies.
Within this framework, the other newly established departments are listed below:
- Directorate of Financial Technologies,
- Directorate of Participation Finance,
- Directorate of International Relations and Sustainability,
- Directorate of Investment Funds,
- Directorate of Investment Partnerships,
- Directorate of Independent Audit and Valuation Activities,
- Directorate of Information Systems,
- Directorate of Support Services.
3. Electronic Application and Correspondence Procedures
Although the practices developed by the Board over the years had adapted to evolving technology, the Repealed Regulation published in 1982 did not contain any provisions regarding these practices. This shortcoming has been addressed within the scope of the Operating Principles Regulation, and the Board's current practices regarding the EDMS, E-Application System and electronic notification procedures have been incorporated into the relevant legislation.
Accordingly, it has been stipulated that all document records and all transactions related to these documents received by and sent from the Board, apart from for exceptional cases related to information requests, the E-Application System and matters related to confidential documents, shall be carried out through the EDMS.
Furthermore, it has been stipulated that applications to the Board shall be made and finalised through the E-Application System, except for official correspondence from courts and prosecutors and applications such as opinions, reports, complaints and similar submissions falling within the scope of the right to petition.
Accordingly, records of incoming and outgoing documents will be updated and monitored as appropriate via the EDMS and E-Application System.
4. Review of Applications
It is regulated under the Operating Principles Regulation, parallel to the Repealed Regulation, that applications submitted to the Board shall first be subject to a preliminary review in terms of procedural aspects. If any deficiencies are identified, the applicant may be notified and given time to rectify them. Should the deficiencies not be addressed, the file may be removed from processing. If the preliminary review yields a positive outcome, the application shall be evaluated on its merits.
5. On-site Inspections and Audits
Pursuant to the Operating Principles Regulation, on-site inspection and audit activities are carried out by the Chairman of the Board in accordance with the annual programmes established, and the relevant tasks are, as a rule, performed by at least 2 professional staff members. Where necessary, external technical support or consultancy services may also be procured.
6. Reporting Principles
While the Repealed Regulation contained only four types of reports (Transaction, Audit, Study-Research, and Investigation Reports), the reporting principles have been substantially revised within the Operating Principles Regulation, with reports categorised into five distinct types (Review, Audit, Research and Capital Markets, Investigation, and Internal Audit Reports), and their scopes defined in detail.
In addition, it has been regulated that draft recommendation papers will be prepared along with the reports, and these recommendation papers must, at a minimum, comprise: (a) the subject of the relevant application/review, (b) the conclusions and justifications in the report or professional staff paper, (c) matters deemed appropriate or inappropriate by the management of the directorate, and (d) if necessary, tangible recommendations that could form the basis for a Board decision.
Furthermore, processes such as uploading reports to the EDMS, storing attachments electronically, and submitting them to the Board with recommendation papers have been clearly regulated, with detailed standards specified in terms of format, content, and the language of the reports.
7. Representative Offices
While the Repealed Regulation contained provisions relating solely to the Board's Istanbul representative office, the Organisation Regulation provides that representative offices may be established in up to three provinces where the Board's area of activity is concentrated. Furthermore, representative offices may also be established in countries with close ties with respect to capital markets, by a Presidential decree.
8. Liability
Similar to the Repealed Regulation, the Organisation Regulation stipulates that the Board's staff and relevant supervisors are liable for any negative consequences arising from actions and decisions that contravene the requirements of the work, operating principles, confidentiality principles, legislation and efficiency measures, as well as from any intent, error or negligence on their part in the performance of their duties. Furthermore, the Board's staff must compensate the Board for any damage caused, in accordance with the relevant legislation.
9. Prohibitions
As per the Operating Principles Regulation, the Board staff may conduct reviews, audits, inquiries and investigations, and may make requests for information in this regard only upon explicit assignment or authorisation by the Chairman of the Board.
Furthermore, written notification must be made to the Chairmanship of the Board prior to any meetings and discussions held at the Board concerning applications from third parties.
10. Confidentiality Obligation
It is prohibited for the Chairman of the Board, members, Board staff, and external service providers to disclose or use for their own benefit any confidential information obtained in the course of their duties. All information and documents obtained during inspections and audits must be protected. The obligation to maintain confidentiality shall continue even after the relevant Board staff member's term of office has come to an end.
11. Conclusion
With the introduction of the Organisation Regulation and the Operating Principles Regulation, both the organisational structure and operational processes of the Board have been aligned with contemporary requirements, resulting in a more transparent, digitalised, and systematic framework.
Electronic application and correspondence processes, which were not covered by the Repealed Regulation, have been incorporated into the legislation, the Board's technical capacity has been strengthened by establishing new specialist directorates, and reporting, auditing and application processes have been standardised in detail.
You may access the full text of Organisation Regulation here, and the full text of Operating Principles Regulation here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
