Recent Developments
The amendments to the Law No. 6361 on Financial Leasing, Factoring and Financing Companies ("Law No. 6361") entered into force by publication in the Official Gazette No. 31416 on March 7, 2021. Accordingly, the amendments authorized the Banking Regulatory and Supervisory Authority ("BRSA") to render access blocking/content removal decisions for unauthorized financial leasing, factoring and savings financing activities.
What's New?
According to Article 46 of Law No. 6361, persons who
(i) carry out financial leasing, factoring, financing and savings
financing activities, or
(ii) use statements or wordings that give the impression that they
operate as a company in their tradenames, documents, announcements,
advertisements or disclosures made to the public without obtaining
the necessary authorizations under the Law No. 6361 are subject to
criminal sanctions.
Further to the amendments, the BRSA is now authorized to render content removal and/or access blocking decisions for the foregoing non-compliances conducted on the internet. The BRSA's decision will be communicated to the Information and Communication Technologies Authority for implementation.
Conclusion
The BRSA was granted authorization to render content removal and/or access blocking decisions for the online publications of companies that do not have the necessary authorizations under the Law No. 6361 regarding financial leasing, factoring, financing and savings financing activities. The relevant companies should monitor how these access blocking decisions will be implemented in practice.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
