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Payment Services, and for the security and confidentiality of the pay-
ment service user’s funds and information, and (vii) have a transparent
and clear partnership structure and organizational system that does not
prevent supervision of the Banking Regulation and Supervision
Agency (“Agency”).
Institutions that fulfill such conditions may apply for an operating
license in order to conduct payment services. Institutions whose oper-
ating license application has been granted are entitled to act as pay-
ment institutions, and the decision that grants an operating license is
published in the Official Gazette.
Application for Operating License
Payment institutions that seek to provide payment services within
Turkey are required to apply to the Agency for an operating license.
The documents that must be submitted to the Agency are listed in
detail under Art. 8 of the Regulation on Payment Services. Documents
must be submitted both for the company applying for the operating
license, as well as for the real and legal shareholders of the company
who hold, directly or indirectly, ten per cent or more shares in the com-
pany. These documents generally confirm that the company is not
bankrupt, does not have any tax or premium debt, has not been found
to be guilty of certain crimes, and, as well, provides the documentation
that sets out the capital of the company.
Moreover, the Regulation on Payment Services regulates specific
documents if the shareholders who hold, directly or indirectly, ten per
cent or more shares in the company who are applying for an operating
license, and the controlling shareholders that are banks or financial
institutions established abroad. In this case, the documents required by
the relevant legislation are limited due to the fact that the shareholder
is a bank established abroad, thus being required to abide by the
international principles that are established for banking.
As per Art. 8/4 of the Regulation on the Payment Services, if any
deficiencies in the information and documents relating to the operating
license are not cured within six months as of the date of notification by
the Agency, the application for the operating license shall be rendered
invalid.
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NEWSLETTER 2015