The legislative proposal amending the Law Numbered 6493 Regarding Payment and Security Agreement Systems, Payment Services and Electronic Currency Institutions ("the Law No. 6493") have been accepted in the Grand National Assembly of Turkey ("the National Assembly") on November 12, 2019.
With the acceptance of the legislative proposal, there have been amendments to Banking Law No. 5411, Debit Cards and Credit Cards Law No. 5464 and Law No. 5549 Regarding Prevention of Laundering Crime Revenues, in addition to the Law No. 6493.
The major amendments to the Law No. 6493 are as follows:
- The authorities under the Law No. 6493, such as clearing and settlement of bank cards and credit cards, setting maximum fees and commissions for the provision of payment services, were transferred to Central Bank of the Turkish Republic ("CBTR");
- The exception granted regarding exemption of prepaid card services was limited and definition of payment services was expanded;
- A professional association, Turkish Payment and Electronic Currency Institutions Association, which requires mandatory membership of institutions is incorporated;
- Payment transactions carried out by commercial representatives will also be considered as a payment service, provided that such payment services meet the criteria determined by the CBRT.
The legislative proposal including amendments to the Law No. 6493 is expected to be published at the Official Gazette in the upcoming days.
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