75 BANKING AND FINANCE LAW A Draft Regulation on Sharing of Confidential Information Has Been Published* Sevgi Ünsal Özden Introduction The Banking Regulation and Supervision Authority (“BRSA”) was authorized to determine the scope, form, procedures and principles regarding the sharing and transferring of confidential information within the scope of the amendment1 made in Article 73 of Banking Law No. 5411 (“Law”) last year. Accordingly, the long-awaited regulation (“Regulation”), which aims to clarify the confidentiality obligation, which is one of the most important obligations of banks, the exceptions to this obligation and the concept of customer secrets, was published as a draft on the website of the BRSA,2 by considering the authorization set forth under Article 73 and Article 93, titled “Duties and powers of the Agency” of the Law. What Does the Regulation Determine? When the justification and the provisions of the Regulation are examined that the definitions of concepts, such as customer secrets, data processing and pseudonymization are elaborated upon, the principles regarding information sharing are determined, along with the clarification of the exceptions to the confidentiality obligation. * Article of March, 2021 1 Law No. 7222 regarding the amendments to the Banking Law and certain other Laws entered into force after being published in the Official Gazette dated 25.02.2020 and numbered 31050. https://www.resmigazete.gov.tr/eskiler/2020/02/20200225-12.htm (Access date: 29.03.2021). 2 https://www.bddk.org.tr/Mevzuat-Kategori/Duzenleme-Taslaklari/11 (Access date: 29.03.2021).
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