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senting ten percent or more of the capital, or if shares held directly or
indirectly by one shareholder exceed ten percent, twenty percent, thir-
ty-three percent or fifty percent of the capital as a result thereof, and
assignments of shares that result in shares held by one shareholder
falling below these percentages, shall require the permission of the
Central Bank for a system operator, and the permission of the BRSA
for an electronic money institution.
Sanctions
The sanctions and prosecution-investigation procedure are provid-
ed in between Articles 27 and 41 of the Law.
Pursuant to these, the offences of not following the regulations and
decisions, operating without the relevant permits, blocking inspection
and supervision activities and not submitting the documents required,
providing false statements, hiding documents and failure to comply
with the obligation of information security, disclosing information that
shall not be disclosed, bringing a company into disrepute, not record-
ing transactions, false accounting and embezzlement are subject to
special sanctions.
Conclusion
Technological developments essentially influence commercial
relationships and therefore provoke radical changes in payment meth-
ods and monetary systems. In order to establish a legal basis to moni-
tor these changes and new trends, regulations in harmony with the
European legislations have been adopted in Turkey. It can be stated that
through the adoption of the Law, the Regulation and the Communiqué
explained above, it is possible for non-bank institutions and electronic
money institutions to engage in payment services if the required con-
ditions are fulfilled. The authorities authorized to grant permits are the
Central Bank for payment and security settlement systems and the
BRSA for electronic money institutions.
MISCELLANEOUS
397