Capital Markets Board as an independent administrative authority

The market for long-term funds is named capital market. The capital market supplies major source of financing in required sector of economy. To satisfy this function of the capital market; the capital market has to work with confidence, clarity and grind away; also it is required to protect saver right and profit. Therefore capital markets law no. 2499 has been accepted and inured.One of the most innovations of capital markets law is foundation of the capital markets board. Law no. 167 of 1982 fundamental law forms constitutional basis of the capital markets board. Foundation purpose of the capital markets board; to work capital market with confidence, clarity and grind away, to clarify the public about the companies that are associated with security and capital market, to form protection of saver right and benefit. The board uses its authorization own under liability independently. Also the board has administrative autonomy and financial autonomy. However it is seen that the board associated with a ministry of state in capital markets law. Basic reason of this association, implementation opinion of integrity principle is formed by reason of it is not possible to form an administrative authority that is exactly independent constitutionally. Capital Markets Board takes place within the local administrative organizations.The capital markets board consists of seven members who are assigned with cabinet decision. These members are elected from two candidates among four nominative candidates offered by an associated ministry of state and one each candidate among two each nominative candidates offered by the Ministry of Finance, the Ministry of Industry and Commerce, the Banking Regulation and Supervision Agency, the Turkish Union of Chambers and Commodity Exchanges, Association of Capital Market Intermediary Institutions of Turkey. Term of office of board governor and members are six years. They can win a second time after six years. One-third of members except governor renew bi yearly. Board governor and members cannot dismiss from office until the expiration of the term of office.Regulation power, supervisory power and administrative practice power are found scope of the capital market board activities. Consequential losses as a result of improper use of board powers can adhibit liability coverage of capital compensation. In fact, the board senses different from public bodies by judicial bodies.