The Regulation Amending the Regulation on Payment Services and Electronic Money Issuance and Payment Service Providers Is Published

25.11.2022 Melis Uslu
% 0

The Regulation (Amending Regulation) Amending the Regulation on Payment Services and Electronic Money Issuance and Payment Service Providers (Regulation) and the Communiqué on Information Systems of Payment and Electronic Money Institutions and Data Sharing Services of Payment Service Providers in the Field of Payment Services entered into force through their publication in the Official Gazette dated 25.11.2022 and numbered 32024. Significant amendments introduced by the Amending Regulation and Amending Communiqué are summarized below.

  • Prior to the Amendment, payment and electronic money institutions operating as of the date of entry into force of the Regulation were obliged to comply with the Regulation within one year from the date of publication of the Regulation, i.e. until 01.12.2022. With the Amending Regulation, the compliance period is extended until 28.02.2023. In accordance with this, the compliance period with the Communiqué is also extended until 28.02.2023 with the Amending Communiqué.
  • Pursuant to the Amending Regulation, payment and electronic money institutions shall comply with the provisions on the currency to be used in payments and the prohibition on foreign currency transactions in relation to payment transactions used by payment service providers located in Turkiye and where both parties to the transaction are residents of Turkey until 01.12.2022.

All rights of this article are reserved. This article may not be used, reproduced, copied, published, distributed, or otherwise disseminated without quotation or Erdem & Erdem Law Firm's written consent. Any content created without citing the resource or Erdem & Erdem Law Firm’s written consent is regularly tracked, and legal action will be taken in case of violation.

Other Contents

The Communiqué on Redetermination of Minimum Equity Amounts for Payment and Electronic Money Institutions
Legal Developments
The Communiqué on Redetermination of Minimum Equity Amounts for Payment and Electronic Money Institutions

The Communiqué on Redetermination of Minimum Equity Amounts for Payment and Electronic Money Institutions (Communiqué) is published in the Official Gazette dated 28.01.2023 and numbered 32087. The Communiqué will enter into force on 30.06.2023. As per the Communiqué, the minimum equity amounts...

Banking and Finance 31.01.2023
Draft Regulation Amending the Regulation on Debit Cards and Credit Cards is Published
Legal Developments
Draft Regulation Amending the Regulation on Debit Cards and Credit Cards is Published

On 28.10.2022, Banking Regulation and Supervision Agency published the Draft Regulation Amending the Regulation on Debit Cards and Credit Cards (Draft Regulation) on its website to receive market players’ comments...

Banking and Finance 24.11.2022
The Communiqué Amending the Communiqué on Maintenance of Turkish Lira-Denominated Securities for Foreign Currency Liabilities and the Communiqué on Required Reserves Were Published
Legal Developments
The Communiqué Amending the Communiqué on Maintenance of Turkish Lira-Denominated Securities for Foreign Currency Liabilities and the Communiqué on Required Reserves Were Published

The Communiqué Amending the Communiqué on Maintenance of Turkish Lira-Denominated Securities for Foreign Currency Liabilities and the Communiqué Amending the Communiqué on Required Reserves (together referred to as “Amendment Communiqués”) were published...

Banking and Finance 24.08.2022
The Circular No. 2022/1 Explaining the Application of The Regulation for Disclosure of Confidential Information Has Been Published
Legal Developments
The Circular No. 2022/1 Explaining the Application of The Regulation for Disclosure of Confidential Information Has Been Published

On 11.08.2022 The Circular No. 2022/1 Explaining the Application of The Regulation for Disclosure of Confidential Information (The Circular) has been published by the Banking Regulation and Supervision Agency (BRSA). The Circular was published in order to shed light on the...

Banking and Finance 18.08.2022
Significant Amendments were Introduced to the Banking Law
Legal Developments
Significant Amendments were Introduced to the Banking Law

Law No. 7407 on Amendments to the Banking Law, Certain Laws and Decree Law No. 655 ("Law") published in the Official Gazette dated 28.05.2022 and numbered 31849 introduced various amendments to the banking legislation. The amendments are briefly summarized...

Banking and Finance 01.06.2022
Ministry of Treasury and Finance Published an Announcement Regarding the Communiqué No. 2022-32/66 on Decree No. 32
Legal Developments
Ministry of Treasury and Finance Published an Announcement Regarding the Communiqué No. 2022-32/66 on Decree No. 32

Following the publication of The Communiqué No. 2022-32/66 Amending the Communiqué No. 2008-32/34 (“Communiqué No. 2008-32/34”) regarding the Decree No:32 on Protection of the Value of Turkish Currency (“Communiqué No. 2022-32/66”) in the Official Gazette...

Banking and Finance 22.04.2022
Obligation to Pay in Turkish Lira in Contracts for Sale of Goods Has Been Introduced
Legal Developments
Obligation to Pay in Turkish Lira in Contracts for Sale of Goods Has Been Introduced

The Communiqué No. 2022-32/66 Amending the Communiqué No. 2008-32/34 (“Communiqué”) regarding the Decree No:32 on Protection of the Value of Turkish Currency was published in the Official Gazette dated 19 April 2022 and No. 31814...


Banking and Finance 20.04.2022
The Communiqué on Remote Identification Methods used by Intermediary Institutions and Portfolio Management Companies and Establishment of Contractual Relations in Electronic Environment
Legal Developments
The Communiqué on Remote Identification Methods used by Intermediary Institutions and Portfolio Management Companies and Establishment of Contractual Relations in Electronic Environment

The Communiqué (III-42.1) on Remote Identification Methods to be Used by Intermediary Institutions and Portfolio Management Companies and...

Banking and Finance 11.02.2022
Banking Regulatory and Supervisory Authority Introduces New Amendments
Legal Developments
Banking Regulatory and Supervisory Authority Introduces New Amendments

Following the publication of the Official Gazette dated 04.02.2022 and numbered 31740, the Banking Regulatory and Supervisory Authority (“BRSA”) made amendments regarding the banking sector which...

Banking and Finance 04.02.2022
Minimum Equity Requirements for Certain Payment Services Have Been Increased
Legal Developments
Minimum Equity Requirements for Certain Payment Services Have Been Increased

Pursuant to the Communiqué on the Re-determination of Minimum Equity Amounts of Payment and Electronic Money Institutions (“Communiqué”) which is published in the Official Gazette dated 22.01.2022 and numbered...

Banking and Finance 24.01.2022
TR QR Code Period in Payment Services is Commencing
Legal Developments
TR QR Code Period in Payment Services is Commencing

TR QR Code Period in Payment Services is Commencing

Banking and Finance 24.08.2020
The Regulation on the Amendment to the Regulation on Bank Cards and Credit Cards is published
Legal Developments
The Regulation on the Amendment to the Regulation on Bank Cards and Credit Cards is published

The Regulation on the Amendment to the Regulation on Bank Cards and Credit Cards is published

Banking and Finance 25.09.2020
Announcement of the Banking Regulation and Supervision Agency dated 08.12.2020
Legal Developments
Announcement of the Banking Regulation and Supervision Agency dated 08.12.2020

Announcement of the Banking Regulation and Supervision Agency dated 08.12.2020

Banking and Finance 9.12.2020
Amendment to the Regulation on Procedures and Principles concerning Monitoring of Transactions Affecting Foreign Exchange Position by Central Bank of Republic of Turkey
Legal Developments
Amendment to the Regulation on Procedures and Principles concerning Monitoring of Transactions Affecting Foreign Exchange Position by Central Bank of Republic of Turkey

Amendment to the Regulation on Procedures and Principles concerning Monitoring of Transactions Affecting Foreign Exchange Position by Central Bank of Republic of Turkey

Banking and Finance 24.02.2021
Amendment to the Communiqué on the Procedures and Principles Regarding the Fees that Banks Can Charge Their Commercial Clients
Legal Developments
Amendment to the Communiqué on the Procedures and Principles Regarding the Fees that Banks Can Charge Their Commercial Clients

Amendment to the Communiqué on the Procedures and Principles Regarding the Fees that Banks Can Charge Their Commercial Clients

Banking and Finance 1.03.2021
The Regulation on Prevention Plans to be Prepared by Systemically Important Banks is published
Legal Developments
The Regulation on Prevention Plans to be Prepared by Systemically Important Banks is published

The Regulation on Prevention Plans to be Prepared by Systemically Important Banks is published

Banking and Finance 19.03.2021
The Period of the Low Withholding Rates Related to Deposit Interest and Dividends Paid by Participation Banks are Extended
Legal Developments
The Period of the Low Withholding Rates Related to Deposit Interest and Dividends Paid by Participation Banks are Extended

The Period of the Low Withholding Rates Related to Deposit Interest and Dividends Paid by Participation Banks are Extended

Banking and Finance 1.04.2021
Regulation on Remote Identification Methods to be Used by Banks and Establishment of Contractual Relations in Electronic Environment is Published
Legal Developments
Regulation on Remote Identification Methods to be Used by Banks and Establishment of Contractual Relations in Electronic Environment is Published

Regulation on Remote Identification Methods to be Used by Banks and Establishment of Contractual Relations in Electronic Environment is Published

Banking and Finance 2.04.2021
Regulation on Not Using Crypto Assets in Payments is published
Legal Developments
Regulation on Not Using Crypto Assets in Payments is published

Regulation on Not Using Crypto Assets in Payments is published

Banking and Finance 16.04.2021
General Communiqué of the Financial Crimes Investigation Board is Published
Legal Developments
General Communiqué of the Financial Crimes Investigation Board is Published

General Communiqué of the Financial Crimes Investigation Board is Published

Banking and Finance 30.04.2021
Amendment to the Regulation on Measures Regarding Prevention of Laundering Proceeds of Crime and Financing of Terrorism
Legal Developments
Amendment to the Regulation on Measures Regarding Prevention of Laundering Proceeds of Crime and Financing of Terrorism

Amendment to the Regulation on Measures Regarding Prevention of Laundering Proceeds of Crime and Financing of Terrorism

Banking and Finance 3.05.2021
Communiqué on Portfolio Management Companies was Amended
Legal Developments
Communiqué on Portfolio Management Companies was Amended

Communiqué on Portfolio Management Companies was Amended

Banking and Finance 28.05.2021
The Implementation of Credit Rating is Postponed to December 31st
Legal Developments
The Implementation of Credit Rating is Postponed to December 31st

The Implementation of Credit Rating is Postponed to December 31st

Banking and Finance 1.06.2021
The Period of the Application of Low Withholding Rates on Deposit Interest and Dividends Paid by Participation Banks are Extended-III
Legal Developments
The Period of the Application of Low Withholding Rates on Deposit Interest and Dividends Paid by Participation Banks are Extended-III

The Period of the Application of Low Withholding Rates on Deposit Interest and Dividends Paid by Participation Banks are Extended

Banking and Finance 2.06.2021
The Regulation on Sharing of Confidential Information was Published
Legal Developments
The Regulation on Sharing of Confidential Information was Published

The Regulation on Sharing of Confidential Information was Published

Banking and Finance 4.06.2021
RUSF Rate for the Loans Obtained from EBRD and IFC
Legal Developments
RUSF Rate for the Loans Obtained from EBRD and IFC

RUSF Rate for the Loans Obtained from EBRD and IFC

Banking and Finance 22.06.2021
Amendment to the Regulation on the Procedures and Principles Regarding the Classification of Loans and Provisions to be Set Aside for Them
Legal Developments
Amendment to the Regulation on the Procedures and Principles Regarding the Classification of Loans and Provisions to be Set Aside for Them

Amendment to the Regulation on the Procedures and Principles Regarding the Classification of Loans and Provisions to be Set Aside for Them

Banking and Finance 8.07.2021
Amendment to the Regulation on Loan Operations of Banks
Legal Developments
Amendment to the Regulation on Loan Operations of Banks

Amendment to the Regulation on Loan Operations of Banks

Banking and Finance 9.07.2021
The Period of the Application of Low Withholding Rates on Deposit Interest and Dividends Paid by Participation Banks are Extended-II
Legal Developments
The Period of the Application of Low Withholding Rates on Deposit Interest and Dividends Paid by Participation Banks are Extended-II

The Period of the Application of Low Withholding Rates on Deposit Interest and Dividends Paid by Participation Banks are Extended

Banking and Finance 30.07.2021
The Withholding Rate on Earnings from Shares of Venture Capital Investment Fund and Real Estate Investment Fund Participation Shares Held for More than Two Years Has Been Reduced to 0%
Legal Developments
The Withholding Rate on Earnings from Shares of Venture Capital Investment Fund and Real Estate Investment Fund Participation Shares Held for More than Two Years Has Been Reduced to 0%

The Withholding Rate on Earnings from Shares of Venture Capital Investment Fund and Real Estate Investment Fund Participation Shares Held for More than Two Years Has Been Reduced to 0%

Banking and Finance 7.09.2021
The Period of the Application of Low Withholding Rates on Deposit Interest and Dividends Paid by Participation Banks are Extended-I
Legal Developments
The Period of the Application of Low Withholding Rates on Deposit Interest and Dividends Paid by Participation Banks are Extended-I

The Period of the Application of Low Withholding Rates on Deposit Interest and Dividends Paid by Participation Banks are Extended

Banking and Finance 1.10.2021
The Communiqué on the Amendment to the Communiqué on Mandatory Reserves is published
Legal Developments
The Communiqué on the Amendment to the Communiqué on Mandatory Reserves is published

The Communiqué on the Amendment to the Communiqué on Mandatory Reserves is published

Banking and Finance 9.11.2021

For creative legal solutions, please contact us.