Release: 4532-01
For Release: June 25, 2001

CFTC AND CAPITAL MARKET BOARD OF TURKEY
SIGN MEMORANDUM OF UNDERSTANDING

WASHINGTON -- The United States Commodity Futures Trading Commission (CFTC) and the Capital Market Board of Turkey (CMB) today signed a Memorandum of Understanding (MOU) concerning consultation, cooperation, and the exchange of information. CFTC Acting Chairman James E. Newsome and CMB Chairman Dr. Doğan Cansızlar signed the MOU on behalf of their respective authorities in Stockholm, Sweden during the annual meeting of the International Organization of Securities Commissions.

According to the MOU, the CFTC and CMB recognize an "increased international activity in futures transactions and the corresponding need for mutual cooperation." To this end, the MOU provides a framework for information sharing, thereby facilitating cooperation in cross-border investigations of potential violations of commodity futures and options laws.

Commenting on the CFTC's latest MOU, CFTC Acting Chairman Newsome stated:

"The MOU with the CMB continues the CFTC's long tradition of cooperative arrangements with foreign futures authorities. As internationalization continues to define world markets and as technological advances are made, we view our partnership with the CMB as a further step toward protecting market participants from cross-border fraud and abuse. Cooperative arrangements, such as the one undertaken today, are the foundation for ensuring market integrity and customer protection."

In addition to the MOU signed today, the CFTC has cooperative arrangements with authorities in Argentina, Australia, Brazil, Canada (Ontario and Québec), France, Germany, Hong Kong, Italy, Mexico, The Netherlands, New Zealand, Portugal, Singapore, South Africa, Spain, Taiwan, and the United Kingdom. It also is authorized to request assistance from Switzerland under the US-Swiss treaty on mutual assistance in criminal matters.

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