Six days before the end of the Transition Period, the Regulation Amending the Regulation on Payment Services and Electronic Money Issuance and Payment Service Providers (the "Regulation Amendment"), published in the Official Gazette dated 25.11.2022, together with the Communiqué Amending the Communiqué on Information Systems of Payment and Electronic Money Institutions and Data Sharing Services in the Field of Payment Services of Payment Service Providers (the "Communiqué Amendment"), has extended the end of the transition period (the "Transition Period") from 01.12.2022 to 28.02.2023 for some of the provisions in the Regulation on Payment Services and Electronic Money Issuance and Payment Service Providers (the "Regulation") and the Communiqué on Information Systems of Payment and Electronic Money Institutions and Data Sharing Services in the Field of Payment Services of Payment Service Providers (the "Communiqué") that differ from the repealed regulation and the repealed communiqué. As is known, the Regulation and the Communiqué were published in the Official Gazette dated 01.12.2021, and the end of the Transition Period for provisions that differ from the repealed communiqué and regulation and/or were not previously included at all was set as 01.12.2022 (accepted as the general date, although there are exceptional dates). You can follow the changes introduced by the Regulation Amendment and the Communiqué Amendment through our summary table.
Among the provisions whose Transition Period has not been completed, no change has been made to the following: the obligation of institutions to comply, by 31.12.2022 at the latest, with the provisions on the restriction on holding shares in other companies regulated in Article 20 of the Regulation; the obligation of persons who, before the effective date of the Regulation, issue intangible assets that may be considered e-money and who could be included in the e-money institution category under the Law but do not hold an operating license, to apply to the Central Bank of the Republic of Turkey ("CBRT") and obtain the necessary permissions within one year from the publication date of the regulation expected to be published by the CBRT; and the obligation of companies providing open banking services to comply with the activity prohibition provisions (Article 15, paragraphs two and three of the Regulation) within one year after applying to the CBRT and obtaining the necessary permissions.
You can access the relevant regulation below:
https://www.resmigazete.gov.tr/eskiler/2022/11/20221125-4.htm
