ARTICLE
29 November 2022

Deadline To Comply With New Payment Services Regulation Extended

EA
Esin Attorney Partnership

Contributor

Esin Attorney Partnership, a member firm of Baker & McKenzie International, has long been a leading provider of legal services in the Turkish market. We have a total of nearly 140 staff, including over 90 lawyers, serving some of the largest Turkish and multinational corporations. Our clients benefit from on-the-ground assistance that reflects a deep understanding of the country's legal, regulatory and commercial practices, while also having access to the full-service, international and foreign law advice of the world's leading global law firm. We help our clients capture and optimize opportunities in Turkey's dynamic market, including the key growth areas of mergers and acquisitions, infrastructure development, private equity and real estate. In addition, we are one of the few firms that can offer services in areas such as compliance, tax, employment, and competition law — vital for companies doing business in Turkey.
The Regulation Amending the Regulation on Payment Services and Electronic Money Issuance and Payment Service Providers was published in the Official Gazette on November 25, 2022.
Turkey Finance and Banking

Recent Developments

The Regulation Amending the Regulation on Payment Services and Electronic Money Issuance and Payment Service Providers was published in the Official Gazette on November 25, 2022.

Please refer to our legal alert dated December 3, 2021 for recent changes to payment services regulations.

What's New?

The deadline to comply with the new Regulation on Payment Services and Electronic Money Issuance and Payment Service Providers ("Regulation") is now extended.

In this respect, the one-year period for compliance is now extended to February 28, 2023, with the exceptions detailed below.

Services providers are still required to comply with Article 15 of the Regulation on foreign exchange trading and Article 66 on currencies to be utilized in payments by December 1, 2022.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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