A study of the current status of the metrological reliability of Transcranial Magnetic Stimulation (TMS) is presented. The matter of safety is approached in three major aspects: The safety and performance of the TMS devices; the safety regarding exposure limits for patients, staff and the general public; and the safety of the therapeutic protocol and of the treatment parameters. Proposals for a harmonized reporting framework and the basis for a possible future TMS safety and performance technical standard are also presented. The results of simulations and measurements of the magnetic flux densities emitted by two brands of TMS devices are reported, with the corresponding calculations for the safe distances regarding staff exposure, using the methods promulgated by the guidelines of the International Commission on Non Ionizing Radiation Protection (ICNIRP). These distances are compared to the previous estimates found in literature. The development of both the simulation routines and the measurement system are described, including possible future applications in other studies and metrological aspects of measurement uncertainty.