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important role in our future lives, by examining the legal justification
and important articles of said Law.
Legal Justification of the Law
The legal justifications of the Law show its extent, purpose and
scope. These are as follows:
• Usage of non-cash payment methods for several commercial
and financial transactions in daily life, as a result of technolog-
ical developments and new emerging applications for making
payments;
• Extension of the usage of electronic money as a payment instru-
ment and as a consequence, the need for a legal basis;
• Establishing the integrity of the legislation by defining, legally,
the relationship between the parties as related to payment and
security settlement systems and services, and the terms used in
such relationships;
• Regulating the non-bank institutions which can engage in the
activities of payment services, the increase of the competition
within this sector and the benefits of consumers obtained as a
consequence.
• Authorizing the Turkish Republic Central Bank (“Central
Bank”) to inspect the secure and effective working of the sys-
tems; and
• Harmonization with European Union legislation, especially
with the Payment Services Directive 2007/64/EC, Directive
2009/44/EC amending Directive 1998/26/EC On Settlement
Finality in Payment and Securities Settlement Systems and the
Directive 2009/110/EC on the Taking Up, Pursuit and
Prudential Supervision of the Business of Electronic Money
Institutions.
Payment and Security Settlement Systems
Payment and security settlement systems shall mean the structure
that has common rules and provides the necessary infrastructure for the
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NEWSLETTER 2014