The Central Bank (CBRT) decided to approve the “Crowdfunding System Activity” of the Central Registry Agency (MKK) within the framework of other activities that MKK may carry out.
The relevant communiqué of the Central Bank published in the Official Gazette stated:
“It was decided, pursuant to Article 17 of the Law on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions dated 20/6/2013 and numbered 6493 and the Regulation on the Activities of Payment and Securities Settlement Systems, published in the Official Gazette dated 28/6/2014 and numbered 29044 and entered into force, to approve the “Crowdfunding System Activity” of Merkezi Kayit Kurulusu A.S. within the framework of other activities that MKK may carry out, and to include it within the scope of the activity permit granted to MKK by Decision dated 12/6/2015 and numbered 10160/19759 to operate a securities settlement system.”
What does Article 17 of the Regulation on the Activities of Payment and Securities Settlement Systems contain?
Other activities of the system operator
ARTICLE 17 – (1) The system operator may engage in other activities that are indirectly related to the operation of the system or have no connection with the functioning of the system, but that improve, secure and facilitate the activities of system participants, or that it is authorized to carry out by legislation.
(2) For the system operator to be able to operate under this article, the Bank must have approved these activities and included them within the scope of the activity permit granted to the system operator.
(3) The Bank may impose an additional capital requirement on the system operator for it to operate under this article.
(4) The system operator shall consider the risks that may arise from other activities it provides under this article and take the necessary measures to manage these risks effectively.
(5) If the Bank concludes that the other activities carried out by the system operator under this article adversely affect the smooth functioning of the system, it is authorized to request the system operator to stop these activities or, where these activities have been granted to the system operator by a separate law, to carry out the activities related to the system under a separate legal entity.
You can access the Regulation on the Activities of Payment and Securities Settlement Systems at the link below.
https://www.resmigazete.gov.tr/eskiler/2014/06/20140628-4.htm
