2.4.2 Developments in Payment and Securities Settlement Systems Regarding Licensing

As a result of the assessments within the context of Article 6 of the “Law on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions” Law No. 6493, and Article 9 of the “Regulation on Operations of Payment and Securities Settlement Systems”, “Regulation” hereafter, it has been decided that:

• The ”Equities Market Clearing System” operated by the Istanbul Clearing and Custody Bank (Takasbank), through which clearing and settlement activities related to the transactions realized at the Borsa Istanbul Equities and Emerging Companies Market are performed, and the “Debts Securities Market Clearing System”, through which clearing and settlement activities related to the transactions realized at the Borsa Istanbul Debt Securities Market are performed, regarded as securities settlement systems in accordance with Law No. 6493, and in this context Takasbank, is licensed as a system operator,
• “Domestic Clearing and Netting System” operated by the Interbank Card Center (ICC), which provides interbank clearing and settlement of debit and credit card transactions, is regarded as a payment system in accordance with Law No. 6493 and in this context the ICC is licensed as a system operator,
• The “Central Dematerialized System” operated by the Central Registry Agency (CRA), in which clearing and settlement activities related to securities tranfers are carried out, is regarded as a securities settlement system in accordance with Law No. 6493 and in this context the CRA is licensed as a system operator,
• “TakasNet System” operated by Garanti Payment Systems (GOSAS) in which clearing and settlement activities related to transactions realized with debit and credit cards issued under the BONUS brand and through which BONUS POS machines are carried out, is regarded as a payment system in accordance with Law No. 6493 and, in this context, GOSAS is licensed as a system operator,
• The Cheque Clearing System operated by the Interbank Clearing Houses Center (ICH), through which clearing and settlement activities related to interbank cheques payments are performed by book-entry form, is regarded as a payment system in accordance with Law No. 6493 and in this context the ICH is licensed as a system operator, and
• 18 activities of Takasbank, 11 activities of ICC, 10 activities of CRA and 6 activities of GOSAS are approved as other activities to be performed within the scope of their operating licenses in addition to their system operator activities pursuant to Article 17 of the Regulation.

These CBRT’s decisions were published in the Official Gazette No.29391, dated 19 June 2015.

Additionally, the decree regarding the approval of activity of hosting information systems owned by “Capital Markets Licensing Registration and Training Agency” on the Central Registry Agency’s servers within the scope of the CRA’s other activities pursuant to Law No. 6493 and Article 17 of the Regulation was published in the Official gazette No. 29536, dated 18 November 2015. This decree also covers this activity to be included in the operating license which is granted to the CRA to operate the securities settlement system.