AKP lawmakers submitted the law proposal, which amended some laws with the Banking Law, to the Turkish Grand National Assembly yesterday. The proposal envisions significant changes.
one- SOURCE OF BIG PROJECTS FROM THE CITIZEN’S POCKET
With the regulation to be added to the Capital Markets Law, citizens are offered the opportunity to become partners in large projects. The regulation aims to provide financing for projects such as Kanal Istanbul and “domestic cars”.
According to the Capital Markets Board’s (CMB) information note regarding the proposal, “The regulation provides the opportunity to securitize loans in large projects such as project finance loans, infrastructure investments, to issue securities based on cash flows of these projects and to establish project finance funds” .
According to the note, “In this way, the use of capital markets actively as well as bank credits in financing large infrastructure projects” will be paved.
2nd- GREAT PRISON TO ‘ARTIFICIAL PRICE’
In the exchange rate increases in 2018 and 2019, the government described this as a “financial attack” and claimed that there was an “artificial price formation”. Now, there is an arrangement on this subject.
A new article is added to the Banking Law under the title of “manipulation and misleading transactions in financial markets”. 5% of the total interest, dividend income, German fees and commissions and banking service revenues in the financial statements of the previous year, not less than twice the benefit provided to the banks, which are engaged in the purpose of providing price formation including artificial supply, demand or exchange rate in the financial markets. Administrative fines will be imposed until.
3- POWER OF BORROWING TO THE ASSETS
Edit making process with Turkey without exposure to the credit limit on the Fund assets and borrowing facilities fetching.
4- SUB-LIMIT EXTENSES TO 3 YEARS AT THE Prison Penalty
Dissemination of unrealistic or misleading information, diversion or misleading guidance of savers, or performing similar actions and practices to achieve these goals will be considered as manipulation and misleading in financial markets. Which processes and applications will be covered by this article will be determined by the BRSA.
In information abuse and market fraud crimes, the lower limit of imprisonment is increased from 2 to 3 years.
In case of unauthorized deposit collection, banking activities, using the bank name, there is a ban on accessing websites.
5- THE BANKING AUTHORITY OF THE BANKERS CAN BE REMOVED
Signature powers of bank members, who have been found to endanger the banking system, may be temporarily revoked. In addition, the authority to determine the commissions taken by banks is given to the Central Bank.
It is envisaged that banks of systemic importance will automatically prepare and implement plans that include measures to be taken in the face of negative developments that may arise in the future in line with their activities and risks.
6- AUTHORIZATION TO DETERMINE FEES AND COMMISSIONS TO THE CENTER
With the proposal of the law, the Central Bank is authorized to determine the fees, expenses and commissions that banks receive under any name from all their activities such as credit, deposit, foreign trade, transfer, cash management and credit card. With the law proposal, the provision to prevent access to websites against unauthorized deposits.
7- PENALTY TO UNAUTHORIZED LIMIT INCREASE
With the decision of the Board and by stating the justification, the organizations under the Bank Cards and Credit Cards Law issue card holders on behalf of persons who do not request or sign a contract, if the card issuers increase their card limits unless they request card holders, from 25 thousand to 50 thousand liras. In case of violation of the provisions, administrative fines from 50 thousand to 250 thousand lira will be applied.
8- ABROAD CUSTOMER’S SECRET
It is clarified that the personal data belonging to real persons and the information of legal persons, which are formed after establishing a customer relationship with banks specific to banking activities, will become a customer secret, and all kinds of data that are customer secrets or bank secrets, except for cases exempted from the confidentiality obligation, with third parties abroad. The Board will be empowered to impose a ban on its assessment of economic security, regarding its sharing or transferring it to them. The Board is authorized to make decisions regarding the information systems used by banks and their backups in the country.
