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ARTICLE · 04 NOVEMBER 2019

Law Proposal On Amending Payment And E-Money Regulations In Turkey

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Lastly, as it appears, the financial and impact area limits required to be considered as a payment service will be determined freely by the Central Bank.

TurkeyFinance and Banking
Tuğrul Sevim
Tuğrul Sevim
Kaan Can Akdere
Kaan Can Akdere
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Introduction

On October 16, 2019, "Proposal on Law Amending the Law on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions" ("Proposal") has been published on the "Law Proposals" webpage of the Turkish Grand National Assembly (Link for the Proposal).1 It is understood that there are 3 main points aimed with the amendments when the general preamble of the Proposal is considered:

  • Answering the sectoral needs of the payment and electronic money institutions,
  • Eliminating the dual structure which consists the Central Bank of the Republic of Turkey ("Central Bank") and Banking Regulation and Supervision Agency ("BRSA") and positioning the Central Bank as the sole regulatory and supervisory authority and

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