Washington, D.C., Oct. 29, 2008 (LAWFUEL) – The Securities and Exchange Commission announced today that it completed its largest regional training program ever, the Capital Market Development, Enforcement and Oversight Training Program, held in Istanbul, Turkey, from October 20 to 24. The five-day program, which was hosted and co-sponsored by the Capital Markets Board of Turkey (CMBT), included intensive training on methods for conducting investigations of insider trading, financial accounting fraud, market manipulation, pyramid schemes, and broker-dealer abuses. The training also included instruction on broker dealer examinations, compliance, and a variety of market development topics, as well as discussion of issues raised by current market events.
The Istanbul program featured nearly 300 delegates from 30 different countries located across Europe, the Middle East, Asia and the Caribbean. The program was conducted by both SEC and CMBT staff, and was held at the Istanbul Stock Exchange.
SEC Chairman Christopher Cox said, “At this time when the SEC is working closely with international regulators on global market stability, it is gratifying that so many of our counterparts from around the world could come together to share best practices and solidify partnerships and strategies. Dealing with market turmoil, fraud and abuse in the current environment requires learning from one another. Events such as this help ensure that regulatory authorities around the globe will be better prepared to handle current and future financial crises.”
Dr. Turan Erol, Chairman of the CMBT, said, “We are well aware of the fact that globalization and increasing international investments require more international collaboration and better understanding of each other. Hence, sharing our experiences and increasing our networks across the world will help us significantly in accomplishing our missions. In this regard, we are open to take up new ideas and offers that will help provide safer, sounder and more efficient financial markets. With these kinds of international events, it is a great honor to be able to contribute to promoting safer and sounder national and international financial markets for a more prosperous world. Having this opportunity, I would like to thank the U.S. SEC’s Chairman, Mr. Christopher Cox, and the SEC’s distinguished staff for enabling this program and thank speakers, panelists and participants for their participation and contributions.”
Ethiopis Tafara, Director of the SEC’s Office of International Affairs added, “The Commission’s technical assistance programs continue to be a very valuable tool in bringing together regulators to recognize how inter-related capital markets have become, and develop strategies together to promote investor protection. Conducting these programs abroad also serves to provide the Commission with unique insights into foreign market developments and practices. We are grateful to the leadership and staff of the Capital Markets Board of Turkey for so graciously hosting this important event.”
The SEC’s technical assistance training program consists of bilateral and regional training programs, assessments, consultations, and review and comment on statutory and regulatory initiatives. The SEC has provided training for more than 1,900 foreign capital market officials from 125 foreign jurisdictions in fiscal year 2008 alone.
For more information on the SEC’s technical assistance program, contact Dr. Robert M. Fisher or Z. Scott Birdwell at the Office of International Affairs at 202-551-6690, or by email at [email protected]