TCMA ANNUAL REPORT 2018

markets” at our General Meeting that he honored with his presence. The Capital Market Law describes our Association as a self-regulatory professional organization in public institution status. One of our duties and powers in this framework is “to create policies to help develop the activities of capital markets and member enterprises, and make decisions for their implementation”. Within the frame of this duty and authority, the “Directive on the Provisions to be Set Aside by Mutual Funds” began to be implemented from August based on the TCMA Board of Directors decision. We have taken the necessary steps for the enforcement of this Directive by our Members, which is important with respect to self-regulation of the sector. On another note, we have set up a task force at the Association for identifying the problems associated with the issuance of corporate bonds and their secondary market, and for devising solution suggestions. We have submitted our report to the Capital Markets Board of Turkey (CMB), which was produced by this task force and covered suggestions related to healthy development of the corporate bond market, as well as to issuance of these bonds, public disclosure rules, liquidity, and monitoring of the issuer risk. We Have Completed the Work for the Establishment of a Mortgage Financing Institution We have completed our work in relation to the establishment of a Mortgage Financing Institution, which will be realized in cooperation with the major actors in financial markets for developing the securitization activities, and presented the same to relevant authorities. We have suggested to constitute the shareholding and management structure of the institution from among professional organizations similar to TCMA active in the Turkish financial services sector. Based on these recommendations, the structure of the shareholders of the company was identified in 2019. Being the Dispute Center, We Have Continued to the Arbitration Committee Reviews Client Disputes Arbitration Committees were set up for the first time in 2016 at the Association for the resolution of disputes, which is one of our key duties and responsibilities. The two-year terms of Erhan TOPAC Chairperson 17 TCMA 2018 ANNUAL REPORT