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TCMA
2016
Annual Report
Task Force for Intermediary Institution Chart of Accounts
and Accounting Practices
The revisions introduced with the new capital market
legislation regarding investment services and investment
firms, capital adequacy of intermediary institutions, and
other matters such as records and documents brought
about the need to review the arrangements related to
altered market conditions, and bookkeeping and record
keeping of intermediary institutions. To conduct the
relevant activities, a Task Force for Intermediary Institution
Chart of Accounts and Accounting Practices was set up in
the Association.
It has been considered that it would be useful to ensure
uniformity in the sector to incorporate explanatory
provisions about the operating principles of intermediary
institution accounts, as well as the intermediary institution
chart of accounts in the chart of accounts and accounting
initiative. To this end, “Chart of Accounts Prospectus”
covering descriptions of the accounts in relation to the new
chart of accounts and “Sample Accounting Slips” covering
sample records of different accounting transactions were
prepared.
The Task Force completed its work on regulations about the
chart of accounts and accounting, which was coordinated
by the Association. The resulting Chart of Accounts, Chart
of Accounts Prospectus and Sample Accounting Slips were
presented for review and comments by the CMB. The Task
Force will continue to work on finalizing the incomplete
aspects of the new Chart of Accounts, Chart of Accounts
Prospectus and Sample Accounting Slips.
Data Storage Companies Task Force
The CMB drew up the Draft Regulation on the Activity,
Operating and Auditing Principles of Data Storage
Companies and the Draft Communiqué on the Principles
of Reporting to Data Storage Companies; the sector’s
feedback and suggestions on the subject were presented to
the CMB by our Association.
Following the CMB’s revisions to draft communiqués and
regulations, and to reporting fields, it was considered
potentially useful to share a document in the nature of a
guide on the reporting fields set out in the arrangement
with the sector’s representatives.
Within this framework, a Data Storage Companies Task
Force was set up to work on the topics mentioned above,
which will be coordinated by the Association and the Banks
Association of Turkey (TBB). The Task Force will be formed
of the CSD of Turkey and sector representatives.
The Task Force held meetings at the Association, in which
experts from the Association and the CSD of Turkey
and sector representatives took part. Within the scope
of the arrangements in the draft regulations and draft
communiqués, related reporting fields and the document
in the nature of a guide will be submitted to the CMB once
they are finalized by the CSD of Turkey.
Corporate Bonds Task Force
Corporate bonds have been one of the fastest growing
investment instruments in the capital markets in the last
years. A Corporate Bond Task Force was set up at the
Association to establish the risks, issues and suggested
solutions for this gradually growing market.
Including various parties such as banks, intermediary
institutions and asset management companies, the Task
Force held meetings in April and developed suggestions
under many headings related to the flourishing of the
market. Covering details of the suggestions, the Corporate
Bonds Task Force Report was submitted to the CMB by
early May.
Private Pension Joint Committee
A Private Pension Joint Committee was set up under
the coordination of the Association and the Insurance
Association of Turkey (IAT) and formed of representatives
from asset management and pension companies for
identifying structural issues in the private pension system
and suggested solutions.
The Committee gathered various suggestions that
will support the healthy growth of the sector such as
simplification of mutual funds, introduction of new products
to the system and increasing the returns, and presented
the same at the Pension Mutual Funds Workshop held on
21 January 2016, where representatives of the T.R. Prime
Ministry Undersecretariat of Treasury, CMB and the sector
representatives got together.
After the Workshop, the Committee held various meetings
during the year to address improvements to the existing
system and automatic enrollment. The Committee also
convened with regulatory authorities and submitted its
opinions and suggestions.
Task Forces