2.4.1. Developments in the Legal Framework Regarding Payment Systems

In accordance with the “Law on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions” No. 6493 which was issued in the Official Gazette No. 28690 dated 27 June 2013; secondary regulations, “Regulation on Operations of Payment and Securities Settlement Systems” and “Regulation on Oversight of Payment and Securities Settlement Systems” were prepared by the CBRT and entered into force by publication in the Official Gazette No. 29044 dated 28 June 2014.

In order to fulfill the duty assigned by Article 11 of Law No. 6493 to the CBRT, payment and securities settlement systems operated by the CBRT, the Interbank Clearing Houses Center (ICH), the Istanbul Settlement and Custody Bank, the Central Registry Agency, and the Interbank Card Center were determined as systems subject to the provisions in Article 10 of Law No. 6493, and notification regarding this designation was published in the Official Gazette dated 19 March 2014 and released to the public on the CBRT’s website.

Article 5 of the “Regulation on Oversight of Payment and Securities Settlement Systems” regulates that the CBRT should set the objectives to be reached with oversight activities and policies to be followed during the oversight activities and release them to the public. The Objectives and Policies Regarding Payment and Securities Settlement Systems of the CBRT was posted on the CBRT’s website on 1 October 2014.