The Law No. 7247 Amending Certain Laws and Decrees published on the Official Gazette dated June 26, 2020 and numbered 31167 ("Law No. 7247") amends several laws including the Banking Law numbered 5411 ("Banking Law") and the Capital Market Law numbered 6362 ("Capital Market Law").
Pursuant to the amendments on Article 76 of the Banking Law (Customer Rights), the agreements to be executed with customers regarding the banking activities may be executed in written or as distant contracts or through electronic devices which have been deemed as written form by the Banking Regulation and Supervision Agency. Such agreements shall be executed in a way which allows the verification of the customer's identity. In this sense, execution of agreements through recent technological means has been introduced.
This amendment also applies to the relation between the investment companies and portfolio management companies as one party and the customers as the counterparty under Article 42 of the CML (Principles regarding financial liability limits and employees and the agreements to be executed with customers) and also various contracts under Financial Leasing, Factoring and Funding Companies Law numbered 6361, Bank Carts and Credit Carts Law numbered 5464, Electronic Communications Law numbered 5809 and Law on Payment and Security Systems, Payment Services and Electronic Money Institutions numbered 6493.
Please find the Turkish version of the Law No. 7247 here.
Originally published 09 July, 2020
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