Banking Regulation and Supervision Board Decision on Time Extensions due to COVID-19 Outbreak

The Banking Regulation and Supervision Board ("Board") published its decision dated 02.04.2020 and numbered 8976 ("Decision") within the scope of the measures taken against COVID-19 outbreak.

In this regard, the Board has granted the banks, independent auditing firms, credit rating institutions, asset management companies, leasing, factoring and financing companies an additional period of 60 days, to be in effect until 31.12.2020, for the submission of the financial reports, independent audit reports and activity reports, which are required under various regulations listed in the Decision for the year-end reports of 31.12.2019 and the interim reports of 31.03.2020, to the Banking Regulation and Supervision Agency (“BRSA”) and other relevant authorities. The Board granted the same extension to the periods determined for certain notifications under the regulations mentioned in the Decision.

In addition, the Board enabled that the documents which should have been provided (but which could not be provided) by the credit customers shall be recorded and such missing documents shall be completed within 6 months as of the date of credit allocation, and the missing information and documents requested from the current credit customers shall be completed until the end of the year 2020.

Finally, the Decision allows the banks to share the Stress Test Reports and Internal Capital Adequacy Assessment Process (ISEDES) reports with the BRSA through their registered electronic mail addresses.

You may access the full text of the Decision here.