Regulation on Sharing of Secret Information is Published
The “Regulation on Sharing of Secret Information” (“Regulation”) prepared by the Banking Regulation ..
Turkey has passed a new law published in the Official Gazette on November 22, 2019 (the “Amendment”) amending the Law on Payment and Security Settlement Systems, Payment Services and Electronic Money Institutions numbered 6493 (the “Law”).
The Turkish Personal Data Protection Authority (the “Authority”) has published on its website the long-awaited guideline on the preparation of data inventories by data controllers on April 29, 2019.
Article 12 of the Law no. 6698 on the Protection of Personal Data (“PDPL”) regulates security of personal data. In addition to PDPL, the Turkish Personal Data Protection Board (the “Board”) published a guideline on this matter (i.e. Guideline on Security of Personal Data-Technical and Administrative Measures).
On 25 December 2018, the Banking Regulatory and Supervisory Authority (“BRSA”) published the Draft Regulation on the Information Systems and Electronic Banking Services of the Banks (“Draft Regulation”). The Draft Regulation will govern information systems management and electronic banking services as well as related risk management. Once adopted, the Draft Regulation will replace the BRSA’s Communiqué on Principles Regarding the Information System Management of the Banks1
Recent regulatory developments unveiled a new initiative aimed at addressing the liquidity needs and increased funding costs of Turkish banks. The initiative opens a new chapter in the Turkish securitisation market by allowing the issuance of ABS backed by MCB.
Turkish banks and intermediaries are for the first time required to report their over-the-counter and on exchange derivatives trades to a central data registry enabling Turkey to meet its commitments under the G20 regulatory rules.
The Ministry of Trade introduced the Communiqué on the Implementation of Article 376 of the Turkish Commercial Code Numbered 6102 (“Communiqué”) detailing the measures to be implemented in companies subject to technical bankruptcy.
The Turkish Capital Markets Board (“CMB”) and Borsa Istanbul (“BIST”) rolled out new announcements this week launching measures on OTC derivative transactions - partly found guilty for increasing the vulnerability of the Turkish economy to volatility and exposing it to market players with an appetite to benefit from such conditions by means of these instruments.
The Banking Regulatory and Supervisory Agency (“BRSA”) introduced the Regulation on the Restructuring of Debts in the Financial Sector1 (“Regulation”) in an effort to further facilitate successful financial restructuring in the Turkish market.