Following e-payment trend in the world, Turkey enacted the Law numbered 6493 on Payment and Securities Settlement Systems, Payment Services and Electronic Money (the Law) on 27.06.2013
The relevant regulatory authorities are Banking Regulation and Supervision Agency (BRSA) for payment, electronic money (e-money) companies and the Central Bank of the Republic of Turkey (CBRT) for payment, settlement system operators.
According to the law and relevant regulations current companies who are conducting payment services and e-money must implement the Law and apply for a license at BRSA on or before 27.06.2015.
One should note that, taking into account limited timeline, companies who are already providing such services must fulfill the requirements and apply for a license. These requirements such as qualifications of board members, specific share capital amount, adequate IT system report, establishment of adequate internal systems, risk management units etc. maybe time consuming due to complexity of law and regulations.
The Law allows Payment & E-Money Companies to establish branches and appoint representatives for their operations as well as outsourcing some of their services. It is important to note that, as being a license holder, the liability of Payment & E-Money Companies for the actions of branches, representatives and outsourcing companies shall continue.
For more information please contact Kortan Toygar and/or Cagri Cosar.