2.4.6. Activities Regarding Financial Sector Assessment Program

Within the framework of the Financial Sector Assessment Program 2016 Turkey’s assessment activities are conducted jointly by the IMF and the World Bank (WB). In addition to assessment of the banking and insurance sector, and capital markets; financial market infrastructures were assessed with regard to financial stability and compliance with standards.

In this context, the EFT System (Interbank TL Payment System and Retail TL Payment System) and the Electronic Securities Transfer System which are owned and operated by the CBRT were assessed in a detailed manner within the framework of the PFMI which was published in 2012. Because of the importance of their linkages with the above-mentioned systems for financial markets and financial stability, the linkages with the Central Registry Agency Inc. (MKK) and the İstanbul Clearing and Custody Bank Inc. (Takasbank) were also assessed in general for some basic points. On the other hand, the authorities responsible for the Financial Market Infrastructures (FMIs) operating in Turkey were also assessed in a detailed way within the scope of “Responsibilities” determined for relevant authorities.

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