The “Regulation Regarding Payment Services and Electronic Money Issuance and Payment Service Providers” (“Regulation”) and the “Communique Regarding Information Systems of Payment and Electronic Money Institutions and Data Sharing Services of Payment Service Providers” (“Communique”) were entered into force with the Official Gazette dated 01.12.2021 and numbered 31676.

This Regulation regulates the procedures and principles regarding their authorization and activities of payment institutions and electronic money institutions as well as the procedures and principles regarding provision of (i) payment service to payment service providers and (ii) electronic money issuance.

With the Communique, regulations have been made regarding the procedures and principles of the management and audit of the information systems that payment institutions and electronic money institutions use when carry out their activities.

The Regulation, by way of clarifying the scope of payment services, introduces certain obligations for payment institutions and electronic money institutions. Briefly, the Regulation regulates the following:

  • The activities of the institutions that are subject to permission (i.e. activity permit, share transfer permit) and the activities that they cannot conduct within the scope of the Law on Payment and Securities Settlement Systems Payment Services and Electronic Money Institution numbered  6493 as well as the activities within the scope of the mentioned Law as per the activity principles
  • Regulations regarding the loan extension ban for the institutions.
  • Regulations regarding opening branches and agencies regarding institutions, getting external services and corporate management rules, protecting funds and assurances, matters of equity.

Certain obligations which have been created regarding payment transactions conducted for just once have also been introduced. Whereas the Communique regulates the procedures and principles of the management of the information systems which payment institutions and electronic money institutions use to carry out their activities and the data sharing services of service providers in the field of payment services. In this context, the principles to be taken as basis in information systems, the principles to be taken as basis in information system management and the independent evaluation of information systems have been cleared.

Aslı Erkli
Associate | asli.erkli@bener.com
Sevim Özkan
Associate | sevim.ozkan@bener.com