28 June 2014
SATURDAY Official Gazette Issue : 29044

REGULATION

From the Central Bank of the Republic of Turkey:

REGULATION ON THE ACTIVITIES OF PAYMENT AND SECURITIES SETTLEMENT SYSTEMS

PART ONE

Purpose, Scope, Basis and Definitions

Purpose

ARTICLE 1 – (1) The purpose of this Regulation is to regulate the procedures and principles regarding the operating license and activities of system operators of payment and securities settlement systems.

Scope

ARTICLE 2 – (1) This Regulation covers the procedures and principles regarding the operating license related to payment and securities settlement systems, the system contract and rules, the persons responsible for management, operating principles, collateral, credit and guarantee mechanisms, own resources, notification obligations, share acquisition and transfers, information systems, business continuity plan, backup center and backup systems, and other matters.

Basis

ARTICLE 3 – (1) This Regulation has been prepared based on the second and third paragraphs of Article 4, the fifth paragraph of Article 5, the fourth paragraph of Article 22, the sixth paragraph of Article 25 and the third paragraph of Article 26 of the Law on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions dated 20/6/2013 and numbered 6493.

Definitions

ARTICLE 4 – (1) In this Regulation;

a) Bank: The Central Bank of the Republic of Turkey Joint Stock Company,

b) Audit trail: The records that will enable a financial or operational transaction to be followed step by step from its beginning to its end,

c) Fund: Banknote, coin, book money or electronic money,

ç) Law: The Law on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions dated 20/6/2013 and numbered 6493,

d) Participant: The legal person that has the authority to directly issue transfer orders by participating in the system and is obliged to comply with the system rules,

e) Control: The possession, directly or indirectly, of the majority of the capital of a legal person, without seeking the condition of owning at least fifty-one percent of it, or, although not owning this majority, the holding of privileged shares or the disposal of the majority of voting rights based on agreements made with other shareholders, or the acquisition of the authority to appoint or dismiss the majority of the members of the board of directors required for a resolution in any manner

of such authority,

f) Securities settlement system: The structure that provides the necessary infrastructure for clearing and settlement transactions carried out to ensure the realization of securities transfers arising from transfer orders between three or more participants and has common rules,

g) Central counterparty: The institution that undertakes the completion of transactions by assuming the role of buyer against the seller and seller against the buyer between the parties of financial contracts traded in one or more markets,

ğ) Settlement: The fulfillment of obligations arising from the transfer of funds or securities between two or more parties,

h) Settlement account: The account held at the Bank, a settlement institution or a central counterparty, used for the purpose of safekeeping funds or securities and ensuring the settlement of transactions between participants in the system,

ı) Settlement institution: The institution that holds a settlement account with it and can extend credit to the participant for settlement purposes when necessary,

i) Netting: The mutual offsetting of receivables and debts arising from transfer orders sent and received by a participant and their conversion into a single receivable or debt,

j) Qualified shareholder: The real or legal person that owns shares constituting directly or indirectly ten percent or more of the capital or voting rights of the system operator, and shares that, even if below this ratio, grant the privilege of determining members of the board of directors,

k) Payment system: The structure that provides the necessary infrastructure for clearing and settlement transactions carried out to ensure the realization of fund transfers arising from transfer orders between three or more participants and has common rules,

l) Participant with special status: The legal person determined by the system operator pursuant to the sixth paragraph of Article 8 and that may be subject to different rules from other participants regarding the conditions of participation in the system and the system rules,

m) System: Payment system and securities settlement system,

n) System operator: The legal person responsible for the daily operation of the system and holding the operating license required for the operation of the system,

o) Clearing: The transfer of transfer orders sent to the system, the mutual transmission of these orders and, in cases where provision is obtained before settlement, intermediation in obtaining provision and, in some cases, the netting of these orders,

ö) Transfer order:

1) The participant instruction regarding the transfer of a certain amount of funds among the participants within the system,

2) The instruction in accordance with the system rules that results in the assumption or fulfillment of the payment obligation,

3) The participant instruction aimed at transferring rights on securities and other capital market instruments within the system in book-entry form or otherwise,

p) Restructuring plans: The plans containing corrective and remedial methods that the system operator creates to use in the event that, despite the use of the mechanisms established within the scope of Article 23, the uninterrupted continuation of its important functions is jeopardized due to financial problems, liquidity squeeze, difficulties regarding capital adequacy or structural weaknesses experienced by its participants or itself,

means.

PART TWO

System Definition, System Contract and System Rules

Scope of the system definition

ARTICLE 5 – (1) It is mandatory that the structures to be considered as systems within the scope of this Regulation have at least three participants and that the transactions realized between the participants perform at least one of the clearing and settlement transactions.

(2) Bilateral structures established between two institutions operating in financial markets, structures that only enable the exchange of messages between members but do not engage in any clearing or settlement activity related to the transaction contained in the message, and structures that an institution establishes internally for fund or securities transfer transactions it will carry out on its own behalf or on behalf of its clients are not considered as systems under this Regulation.

(3) The Bank is authorized to make the final decision on whether a structure is accepted as a system under this Regulation.

System contract

ARTICLE 6 – (1) The system contract, which will determine the rights and obligations of the parties between the system operator and the system participants, and which has received the favorable opinion of the Bank, shall be drawn up in writing.

(2) The system contract regulated in the first paragraph shall be made uniformly with all participants except specially statused participants.

(3) The system operator shall ensure that the participant candidate is informed about the parts of the system rules concerning the participants, which are regulated under Article 7, before the system contract specified in the first paragraph is signed.

System rules

ARTICLE 7 – (1) The system rules shall be determined in writing by the system operator and applied fairly and impartially to all participants. The system operator and its participant are obliged to comply with the matters contained in the system rules.

(2) In the system rules;

a) The identity and full address of the system operator,

b) The rules and procedures regarding participation in the system, leaving the system and being expelled from the system,

c) The minimum technical, financial and administrative requirements for participation in the system,

ç) The methods to be used for the clearing and settlement of transactions in the system and the principles regarding the implementation of these methods,

d) With which institution the settlement account to be established for the settlement of transactions in the system will be opened, the characteristics of this account and its operating principles,

e) The working days and hours of the system,

f) The moment the transfer order enters the system and the moment it becomes irrevocable within the system,

g) The content, format structure and transmission method of messages related to transfer orders,

ğ) The types of transactions to be carried out in the system and the types of assets subject to these transactions,

h) With which currency or units transactions can be carried out in the system,

ı) The methods to be used to ensure the security of information in the system,

i) The business continuity plan and extraordinary situation rules,

j) The pricing principles regarding the system,

k) The disciplinary penalties to be imposed on system participants in case of non-compliance with the system rules and the transactions and procedures regarding the implementation of these penalties,

l) The participation options in the system and the rules and procedures to which the participant will be subject for each participation option,

m) Whether transfer orders incoming to the system can be rejected by the participant that is the receiving party, and if they can be rejected, the procedures to be applied in this regard,

n) The collateral, credit and guarantee mechanisms that can be established under Article 23 to be used in case obligations are not fulfilled on time,

o) The procedures and principles regarding the types of instruments and assets to be accepted for the collateral, credit and guarantee mechanisms that can be established under Article 23, the method for calculating the contribution to be made by system participants to these mechanisms, the earning of interest on these contributions and other matters related to the mechanisms,

ö) In case the system establishes a connection with other systems under Article 12, the principles regarding this connection,

p) In case there are out-of-court dispute resolution methods that can be used in disputes between the system participant and the system operator, the procedures to be applied regarding these methods,

r) The restructuring plans regarding the system,

s) The rules regarding the correction of erroneous transactions occurring in the system and cancellation transactions,

ş) Other matters regarding the activities of the system,

must be clearly determined and specified.

(3) The system operator is authorized to make changes to the system rules.

(4) Structural changes to be made in the system rules are subject to the approval of the Bank; structural changes that are not approved cannot be put into practice. Non-structural changes made in the system rules shall be notified to the Bank within five business days. The Bank is authorized to request the cancellation or correction of the notified changes.

(5) Structural changes to be made by the system operator in the system rules shall be notified to the system participants at least fifteen days before they enter into force, and other changes shall be notified to the system participants within a reasonable period.

(6) The Bank may request that separate documents be created regarding the matters in the second paragraph while the system rules are being prepared.

Participation in the system

ARTICLE 8 – (1) The rules for participation in the system shall be determined clearly and precisely by the system operator, and the participation rules, except in cases that would harm information security, shall be announced to the public by being published on the system operator's website. In cases required by information security, participation rules requiring confidentiality shall be provided in return for a confidentiality undertaking to be signed by the participant candidate.

(2) The rules for participation in the system shall be determined in a reasonable and impartial manner. The system operator is obliged to allow all legal entities that meet the conditions in the rules for participation in the system to participate in the system.

(3) While determining the rules for participation in the system, the system operator shall aim to minimize the risks arising from the system and shall observe the stability of the system.

(4) Changes made in the rules for participation in the system and approved by the Bank shall, as an exception to the fifth paragraph of Article 7, be notified to the system participants at least thirty days before they enter into force and shall be announced to the public on the website established under Article 20.

(5) System participants are obliged to comply with the changes made in the rules for participation in the system. Memberships of system participants that do not comply with the amendments made shall be suspended temporarily or permanently by the system operator.

(6) The system operator may, subject to obtaining the approval of the Bank, define a special status participant and determine special participation conditions and procedures for that participant.

(7) If the system operator detects any deficiency in the information and documents required to be included in the application for participation in the system, it shall notify the applicant without delay and request that the deficiency be remedied within a reasonable period it shall determine. The system operator shall conclude applications for participation in the system within three months following the complete submission of the requested information and documents and shall notify the relevant parties of its decision.

CHAPTER THREE

Operating License and Persons Responsible for the Management of the System Operator

Operating license

ARTICLE 9 – (1) In order for an institution wishing to operate as a system operator to establish and operate a system, it is mandatory to obtain an operating license from the Bank.

(2) In order for an operating license to be granted, the applicant institution is required to meet the conditions set out in the second paragraph of Article 5 of the Law.

(3) In the annex to the application to be made by the applicant institution to the Bank for the purpose of obtaining an operating license;

a) A detailed feasibility report analyzing the expected benefit from the operation of the system, and an estimated balance sheet and

budget plan including income statements setting out the targets for three years from the commencement of operations,

b) Business plans including how internal control will be ensured and the risk management framework, and the operating program showing the organizational structure of the system operator and the distribution of duties and powers within the organizational structure,

c) Declarations to be prepared by qualified shareholders in accordance with the samples in Annex-1 or Annex-2 and to be signed in the presence of a notary,

ç) A report to be prepared by auditors authorized by the Public Oversight, Accounting and Auditing Standards Authority regarding the financial status of the qualified shareholders,

d) Documents showing the identity information of the qualified shareholders and their detailed CVs,

e) Documents regarding the deposit and loan accounts declared by the qualified shareholders, to be issued by the relevant banks addressed to the Bank and showing that no active account movements have occurred as of the date of issuance, each bearing the same date,

f) Documents to be obtained from the Civil Courts of First Instance for Commerce stating that the qualified shareholders are not bankrupt, that there is no decision of postponement of bankruptcy issued regarding them, and that the applications of legal persons for restructuring through settlement have not been approved; and documents to be obtained from the competent Enforcement Court stating that they have not declared concordat,

g) Criminal record certificates obtained by real person qualified shareholders within the last six months and including the archive record,

ğ) Documents to be obtained from the relevant tax offices and the Social Security Institution stating that the qualified shareholders have no overdue tax and premium debts,

h) A document obtained from the relevant Trade Registry Directorate within the last month showing that the applicant institution has been registered in the Trade Registry, and notarized copies of the signature circulars of the persons authorized to represent the applicant institution and the articles of association of the company,

ı) A document showing that the applicant institution has the capital specified in subparagraph (b) of the second paragraph of Article 5 of the Law,

i) If the applicant institution is a participant in another system, the document relating thereto,

j) If the applicant institution plans to use an external service provider for its main activities, an explanation containing in which area and for what purpose the external service provider will be used,

k) Identity information and detailed CVs of the persons responsible for management, and documents showing that they possess the qualifications set out in the second paragraph of Article 10,

l) Copies of decisions taken by the authorized bodies of legal persons regarding their becoming a shareholder in the applicant institution,

m) Declarations of the qualified shareholders in Annex-3 stating that they were not qualified shareholders before the transfer in banks subjected to liquidation, bankers, insurance companies, and institutions operating in money and capital markets and banks transferred to the Savings Deposit Insurance Fund, and documents to be obtained from the relevant institution regarding these matters,

n) The system rules and the conditions for participation in the system and a detailed explanation relating thereto,

o) If there are special status participants planned to participate in the system, an explanation regarding the reason why they are considered within this scope,

ö) Detailed documents showing the technical infrastructure of the system, its information systems, and the measures taken regarding the security and reliability of the information in the system and business continuity,

p) Consolidated financial statements for the last three years, if any, of legal person qualified shareholders and the capital group to which they belong, approved by an independent audit company that complies with international accounting standards and is internationally recognized,

r) Schedules showing the shareholders and share ratios of the legal person partners of legal person qualified shareholders and the legal persons holding shares in the capital of these partners, until reaching the real person, in order to determine indirect shareholdings in the capital,

s) Samples of powers of attorney given to the person or persons authorized to represent the qualified shareholders,

ş) A letter of undertaking to be prepared and signed by the qualified shareholders in accordance with the sample in Annex-4 stating that they have provided the necessary resources from their own commercial, industrial and other legal activities free from any kind of collusion,

t) A report prepared by one of the rating agencies, if any, for legal person qualified shareholders,

must be present.

(4) If none of the partners of the institution applying to operate as a system operator in Turkey possesses the qualification of qualified shareholder as defined in this Regulation, the necessary information and documents shall be requested from the five largest shareholders within the framework of this article.

(5) If any change affects the validity of the information and documents in the third paragraph, the system operator shall inform the Bank thereof without delay.

(6) The provisions of this article shall also apply to the information and documents to be provided by foreign nationals. While the provisions of this article are applied to foreign nationals, it is mandatory that the information and documents in the third paragraph, to the extent appropriate, be approved by the competent authorities of the relevant country and by the embassy or consulate of Türkiye in that country or in accordance with the provisions of the Convention Abolishing the Requirement of Legalisation for Foreign Public Documents prepared within the framework of the Hague Conference on Private International Law, and that their notarized translations be submitted together with the originals of the documents.

(7) If the system operator wishes to establish a new system after obtaining an operating license or plans to make a structural change in the existing system, it is mandatory to obtain the approval of the Bank.

(8) In the annex to the application to be made by the system operator to the Bank pursuant to the seventh paragraph, regarding the new system or the structural change to be made in the existing system;

a) A detailed feasibility report analyzing the expected benefit, the additional cost to be incurred and the methods of covering the costs,

b) Business plans and the activity program showing how the system operator's internal control, risk management framework, organizational structure and the distribution of duties and authorities within the organizational structure will change,

c) If the system operator plans to use an external service provider, a statement containing in which area and for what purpose the external service provider will be used,

ç) A detailed statement regarding the changes to be made in the system rules and matters of participation in the system,

d) In case of a change regarding specially statuted participants, a detailed statement regarding this,

e) Detailed documents showing the changes to be made in the technical infrastructure, information systems and the measures taken regarding the security and reliability of information and business continuity,

must be present.

(9) If the application to be made by the system operator pursuant to the seventh paragraph is not found appropriate by the Bank, the system operator cannot establish a new system or make a structural change in the existing system.

(10) During the operating license application, if the institution making the application requests for the operation of more than one system;

a) A detailed feasibility report analyzing the expected benefit from the operation of the system, the cost to be incurred and the methods of covering the costs,

b) Business plans containing how internal control and risk management regarding the system will be carried out, and the activity program showing the place of the units related to this system within the organizational structure of the system operator,

c) If the use of an external service provider regarding the system is planned, a statement containing in which area and for what purpose the external service provider will be used,

ç) The statements and documents in subparagraphs (n), (o) and (ö) of the third paragraph,

must be submitted separately for each system.

(11) The Bank may request additional information and documents it deems necessary for the implementation of this article, and is authorized to request the information and documents in this article in different scopes and contents.

(12) The operating license application for system operation made to the Bank in accordance with the provisions of the Law and this Regulation shall be concluded by the Bank within six months following the complete submission of the requested information and documents regarding the application. The provisions of this paragraph shall also apply to applications to be made pursuant to the seventh paragraph.

(13) If the Bank detects a deficiency in the information and documents that should be in the license application, it shall notify the applicant thereof without delay and request the deficiency to be remedied within a reasonable period it will determine. If the application file is not completed within the period given by the Bank, the application shall be deemed not made. If these persons wish to apply for an operating license again, the process regarding the operating license starts anew.

(14) In the implementation of this Regulation, in the determination of indirect shareholding, the provisions of Article 13 of the Regulation on Transactions Subject to Permission of Banks and Indirect Shareholding published in the Official Gazette dated 1/11/2006 and numbered 26333 shall be applied by analogy.

(15) If the activity subject of the applicant institution is within the scope of the Capital Markets Law dated 6/12/2012 and numbered 6362, the Bank shall share information with the Capital Markets Board regarding the operating license application. If the applicant is a system operator, the Capital Markets Board shall also share information with the Bank regarding the applications made to it.

(16) If the activity subject of the applicant institution is within the scope of the Banking Law dated 19/10/2005 and numbered 5411 or the Bank Cards and Credit Cards Law dated 23/2/2006 and numbered 5464, the Bank shall share information with the Banking Regulation and Supervision Agency regarding the operating license application. If the applicant is a system operator, the Banking Regulation and Supervision Agency shall also share information with the Bank regarding the applications made to it.

Persons responsible for the management of the system operator

ARTICLE 10 – (1) Which titles responsible for the management of the system operator shall be subject to this article are determined by the Bank according to the organizational structure of the system operator.

(2) The persons responsible for the management of the system operator;

a) Must possess the conditions set forth in subparagraphs (a), (b), (c) and (d) of the first paragraph of Article 8 of the Banking Law numbered 5411,

b) Must not be among the persons who have responsibility in the event requiring sanction in institutions whose operating license has been revoked by the Bank or which have been subjected to the sanctions mentioned in subparagraphs (b) and (c) of the first paragraph of Article 8 of the Banking Law numbered 5411,

c) Must have higher education; possess knowledge and experience in the fields of finance, economics, banking, information technology or payment and securities settlement systems,

zorunludur.

(3) Persons who do not have the qualifications specified in this article cannot be appointed to titles responsible for the management of the system operator. Persons responsible for the management of the system operator who lose the qualifications specified in this article after their appointment shall be dismissed by the system operator. The system operator is obliged to monitor that the persons responsible for its management possess the conditions specified in this article for as long as they remain in office.

(4) The appointment and dismissal transactions regarding the persons responsible for the management of the system operator shall be notified to the Bank within five business days after the transaction takes place.

FOURTH CHAPTER

Operating Procedures and Principles

Operating principles of the system operator

ARTICLE 11 – (1) In order for the system operator to ensure that the system operates uninterruptedly, securely, effectively and efficiently during its activities;

a) To establish the necessary information systems and technological infrastructure in accordance with Article 24 and to take measures regarding the security of these systems and infrastructures,

b) To have the necessary information, document and accounting record systems and sufficient infrastructure to ensure regular workflow and communication,

c) To create records regarding the transactions carried out in the system and audit trails belonging to the transactions that cause changes in these records with sufficient detail and clarity,

ç) To have sufficient and qualified personnel and equity,

d) To make a functional separation of duties in a manner that will enable the prevention of events such as errors, fraud, conflicts of interest, information manipulation and misuse of resources that may occur in the system and, in the event of such events, the clear identification of those responsible, and to clearly and in writing determine the authorities and responsibilities of all units, management bodies and personnel within the system,

e) To establish a sufficient and effective internal control system to check that the system operates in compliance with the Law and other relevant regulations and the rules, procedures and practices specific to the system,

f) To regularly monitor the transactions of system participants and their compliance with the system rules, to take the necessary measures for the clearing and settlement activities to be maintained smoothly and uninterruptedly, to follow up on the matters that system participants must fulfill regarding the system's compliance with the obligations imposed by the Law and other relevant regulations, to restrict the transactions of system participants who do not comply with the said obligations, to temporarily suspend them or to remove these participants from the system,

g) Not to engage in activities that may jeopardize the smooth realization of clearing and settlement transactions,

ğ) To work in cooperation with system participants and to establish appropriate platforms where system participants can express their complaints and suggestions,

h) To have an effective risk management framework to be established in accordance with Article 22,

ı) To prepare restructuring plans,

i) To establish backup centers and systems that will be activated when problems are experienced in accordance with Article 25, and to create a business continuity plan,

is required.

(2) The system operator is responsible for the work performed by its employees during the performance of the work assigned to them.

Connection with other systems

ARTICLE 12 – (1) The system operator may establish direct or indirect connections with other systems established domestically or abroad regarding the system.

(2) The system operator takes into consideration the risks that may arise from connected systems and takes the necessary measures to effectively manage these risks.

(3) In order to establish a direct or indirect connection with other systems, the system operator must obtain the approval of the Bank. If the Bank concludes that the connection to be established with other systems will adversely affect the smooth operation of the system, it does not permit the system operator to establish connections with other systems.

(4) If the Bank determines as a result of its supervision activities that the connection with other systems adversely affects the smooth operation of the system, it requests the system operator to take the necessary measures, and if the necessary measures are not taken within a reasonable period of time to be determined by the Bank, it requests the termination of the said connection.

Financial reporting

ARTICLE 13 – (1) Unless otherwise specified in the special legislation to which it is subject, the accounting of the system operator's activities shall be performed in accordance with the accounting standards published by the Public Oversight, Accounting and Auditing Standards Authority.

(2) The system operator prepares its financial statements and reports in a timely, complete and accurate manner in accordance with the accounting and financial reporting standards published by the Public Oversight, Accounting and Auditing Standards Authority and shares them with the Bank.

(3) The Bank may, if it deems necessary, request additional matters regarding the accounting of the system operator's activities and the creation of financial statements and reports related thereto, in addition to the standards published by the Public Oversight, Accounting and Auditing Standards Authority.

(4) If the system operator engages in other activities in accordance with Article 17, the Bank may request the system operator to present the accounting information of its activities related to the operation of the system and its other activities separately.

Equity

ARTICLE 14 – (1) The equity of the system operator cannot fall below the amount specified in subparagraph (b) of the second paragraph of Article 5 of the Law as long as it continues to operate.

(2) The Bank is authorized to request the system operator to maintain additional equity as long as it operates, taking into consideration the activities carried out and the risks assumed by the system operator.

(3) The Bank is authorized to determine additional procedures and principles regarding the equity of the system operator if it deems necessary.

Transfer of activities and assets related to the system

ARTICLE 15 – (1) The transfer of the activities related to the system carried out by the system operator to another system operator is subject to the approval of the Bank.

(2) In its assessment regarding the transfer of activities related to the system to another system operator, the Bank considers matters such as the uninterrupted, effective, secure and efficient continuation of activities and financial stability.

(3) While transferring the activities it carries out to another system operator pursuant to the first paragraph, the system operator may also transfer the assets belonging to the participants in the system to the other system operator, provided that the approval of the participants is obtained.

Use of external service providers

ARTICLE 16 – (1) When the system operator wishes to procure external services regarding matters related to its main activities concerning the system, it notifies the Bank of this situation.

(2) When the system operator procures external services for its main activities pursuant to the first paragraph;

a) To exercise due diligence in the selection of the external service provider institution,

b) To carry out the external service procurement in a manner that will not reduce the quality of the internal control and risk management framework and will not decrease the effectiveness of the Bank's supervisory activities regarding the system operator,

c) To regulate matters related to the external service procurement by also taking into consideration the business continuity plan,

ç) To clarify the obligations of the external service provider institution through a contract,

d) To take the necessary measures to effectively manage the additional risks that the external service procurement will create by taking these risks into consideration,

e) To take the necessary measures for the confidentiality and security of the data related to the transactions carried out in the system and the participants,

it is obliged.

(3) When the system operator chooses to procure external services regarding matters related to its main activities concerning the system, the following rules apply:

a) The responsibility of the persons responsible for the management of the system operator continues.

b) The obligations of the system operator towards the system participants continue.

c) There shall be no change in the conditions to be complied with by the system operator regarding the granting of an operating license to the system operator and the maintenance of the operating license within the scope of the Law and this Regulation.

(4) The system operator is responsible for the transactions of the external service provider in terms of the activities subject to external services.

(5) In cases where the Bank concludes that the system operator's procurement of external services negatively affects the smooth functioning of the system or the institution providing the service obstructs the Bank's activities related to the supervision of the system, it may request the system operator to stop the external service procurement.

Other activities of the system operator

ARTICLE 17 – (1) The system operator may engage in other activities that are indirectly related to the operation of the system or that have no connection with the functioning of the system but that develop, secure and facilitate the activities of the system participants, or for which it is authorized by legislation.

(2) In order for the system operator to be able to operate pursuant to this article, the Bank must have approved these activities and included them within the scope of the operating license granted to the system operator.

(3) The Bank may impose an obligation on the system operator to maintain additional own funds in order for it to be able to operate pursuant to this article.

(4) The system operator takes into consideration the risks that may arise from the other activities it will offer pursuant to this article and takes the necessary measures to effectively manage these risks.

(5) In cases where the Bank concludes that the other activities carried out by the system operator pursuant to this article negatively affect the smooth functioning of the system, it is authorized to request the system operator to stop these activities or, in cases where these activities have been granted to the system operator by a separate law, to request that the activities related to the system be carried out under a separate legal entity.

Obligation to notify the Bank

ARTICLE 18 – (1) The system operator notifies the Bank of the system participants. In cases where there is a change in these notifications, the system operator notifies the Bank of this change without delay.

(2) In cases where the system operator learns of information regarding the system participants that may negatively affect the smooth functioning of the system, it notifies the Bank of this information without delay.

(3) The system operator notifies the Bank without delay of matters that disrupt the ordinary functioning of the system, cause an interruption, or prevent the closure of the system.

(4) The Bank is authorized to request from the system operator all kinds of information, documents and records regarding the system participants that the participants are obliged to provide to the system operator. The system operator is obliged to provide the information, documents and records requested by the Bank pursuant to this paragraph without delay.

(5) When there is a change that will affect the validity and accuracy of the information, documents and records requested by the Bank, the system operator notifies the Bank of this situation without delay.

Notification regarding the implementation of Article 10 of the Law

ARTICLE 19 – (1) In cases where any event occurs regarding the system participant that would cause the implementation of the provisions set forth in Article 10 of the Law, it informs the system operator on this matter without delay.

(2) In cases where any event occurs that would cause the implementation of the provisions set forth in Article 10 of the Law, the system operator informs the Bank on this matter without delay.

(3) Following the notification it will make within the scope of the second paragraph, the system operator determines the assets and transactions within the system to which the provisions set forth in Article 10 of the Law will be applied and notifies the Bank of these without delay.

(4) Following the completion of the transactions related to the measure or decision that caused the implementation of the provisions set forth in Article 10 of the Law, the system operator transmits to the Bank without delay a detailed report containing all kinds of developments experienced in the system regarding this matter during the period from the notification of this measure or decision to the completion of the transactions.

Website, transparency and information to be published

ARTICLE 20 – (1) The system operator is required to have a website that will allow it to share with the public the information that must be disclosed in terms of the principle of transparency regarding the systems and the information society.

(2) The system operator publishes on its website its financial statements and reports, remuneration principles, statistical data regarding transactions carried out in the system, organizational structure, operating principles of the system, system participation rules other than those that would impair information security, and the list of participants, and ensures that this information is kept up to date.

(3) The Bank may request the system operator to publish other information and documents on its website in addition to the matters set out in the second paragraph.

Confidentiality and obligation to keep secrets

ARTICLE 21 – (1) The system operator takes the necessary measures regarding the confidentiality and security of information relating to transactions carried out in the system.

(2) The persons responsible for the management of the system operator and all its other personnel, as well as the employees of external service providers, are obliged to keep confidential the secrets they learn due to their title and duties, even if they have left their post, not to disclose them in any way to anyone other than persons and authorities expressly appointed and authorized by law, and not to use them for the benefit or detriment of themselves or third parties.

PART FIVE

Provisions on Risk Management

Risk management framework

ARTICLE 22 – (1) The system operator must have a risk management framework that ensures the identification, measurement, monitoring and effective management of all risks that may arise from its activities relating to clearing and settlement operations, from other activities it carries out pursuant to Article 17, from the activities of participants and institutions indirectly connected to the system, from connections with other systems, from activities carried out by external service providers, and from other matters relating to the operation of the system, and that may jeopardize the smooth operation of the system.

(2) The risk management framework must enable participants to monitor the risks they impose on the system and are exposed to due to the system, and to manage these risks effectively.

(3) The risk management framework to be established pursuant to the first and second paragraphs takes into account all types of risk elements that may jeopardize the smooth operation of the system, such as credit risk, liquidity risk, legal risk and operational risk.

(4) The system operator establishes in writing the rules, procedures and policies relating to the risk management framework and the amendments to be made thereto, and shares them with all relevant parties.

(5) The system operator ensures that the risk management framework is kept up to date in a manner that bears the qualities set out in the first, second and third paragraphs.

Collateral, credit and guarantee mechanisms

ARTICLE 23 – (1) The system operator may request a system participant to hold collateral to be used when it fails to fulfil its obligations in the system.

(2) The system operator may establish a special credit mechanism to be used in the event that a system participant experiences liquidity tightness.

(3) The system operator may establish a system-specific guarantee mechanism to be used in the event that transactions in the system cannot be terminated for any reason.

(4) The procedures and principles of the collateral, credit and guarantee mechanisms to be established pursuant to this article are clearly set out in the system rules and enter into force with the approval of the Bank.

(5) The system operator clearly sets out in the system rules the order of application of the collateral, credit and guarantee mechanisms established pursuant to this article.

(6) The Bank may request the system operator to establish collateral, credit and guarantee mechanisms pursuant to this article or to make amendments to mechanisms already established.

(7) Provided that the mechanisms specified in the first, second and third paragraphs are insufficient for the termination of transactions in the system, that this is expressly stated in the system contract, and that it does not exceed the loss that the system participant whose collateral is to be used within the scope of this paragraph would suffer if this paragraph were not applied; it is possible for the collateral held by a system participant pursuant to the first paragraph to be used to cover the additional obligation assumed, by assuming the amount determined by the system operator of the obligation of another participant that has failed to fulfil its obligation. The amount of the additional obligation assumed within the scope of this paragraph cannot exceed the collateral held by the participant pursuant to the first paragraph.

(8) During the application of the seventh paragraph, the financial condition of the system participant whose assets will be used for the fulfilment of another participant's obligation is taken into consideration by the system operator.

(9) Without prejudice to the provisions set out in the seventh, tenth and thirteenth paragraphs, the assets provided by system participants to the mechanisms established pursuant to this article cannot be used for purposes other than their intended purposes.

(10) In the event that the cash assets provided by system participants to the mechanisms established pursuant to this article are to be interest-bearing, the system operator may invest the assets provided by system participants in low-risk, highly liquid investment instruments. Obtaining the approval of the Bank is mandatory for the investment instruments that may be used by the system operator.

(11) The collateral provided by participants pursuant to this article and the assets provided to the guarantee mechanism are monitored separately from the other assets of the participants in the system and from the system operator's own assets.

(12) The system operator takes care that the credit, liquidity and market risks of the assets accepted from participants pursuant to this article are low, updates the pricing and discount rates of non-cash assets in parallel with developments in financial markets, and establishes an effective system for the management and monitoring of these assets.

(13) When the operations in the system cannot be terminated, if it is possible for the system operator to access the Bank's liquidity facilities or if there is a possibility of providing liquidity by borrowing against collateral from a financial institution, the assets provided by the participants under this article may be given as collateral by the system operator to the Bank or to the financial institution providing the credit facility, in order to benefit from the liquidity facility within the framework of the provisions of this paragraph, provided that they comply with the rules of these institutions regarding collateral. In order for this paragraph to be applicable, the system operator must have obtained the necessary legal permissions regarding the assets to be transferred.

(14) In the event that the assets provided by the participants under this article are used in whole or in part, the system operator, taking into account market conditions and the financial situations of the participants, establishes the necessary rules and procedures for the restoration of the used assets.

Information systems

ARTICLE 24 – (1) The system operator designs the information systems in a way that ensures the smooth continuation of the activities carried out and the services provided.

(2) Information systems must be compatible with the characteristics of the activities carried out and the services provided and the scale of the transactions realized.

(3) While designing information systems, attention is paid to creating a structure that will allow all information to be stored and used securely in electronic environment. The system operator takes control measures to ensure the confidentiality, integrity and availability of information systems and the data contained in these systems.

(4) The system operator is responsible for ensuring the security and reliability of information systems, identifying, monitoring, managing risks arising from information systems and establishing security controls related thereto, applying stress tests and performance tests to measure issues such as the resilience and actual capacity of information systems, and regularly updating information systems and making necessary changes.

(5) The system operator is obliged to monitor and periodically evaluate incidents related to information security breaches.

(6) The information systems of the system operator must be established domestically. In the event that the system operator receives an external service within the scope of the information systems used in carrying out its activities, it is essential that the information systems used by the external service provider in carrying out its activities within this scope and their backups are also kept domestically.

(7) The system operator is obliged to place the elements related to the management of information systems in the appropriate place within the organizational structure and to allocate the necessary financing and human resources for the effective fulfillment of information systems management.

(8) The system operator must have clearly defined physical security and information security policies.

(9) The Bank is authorized to determine the procedures and principles that the system operator must pay attention to regarding information systems through communiqués, circulars and instructions it will issue.

Backup center, backup systems and business continuity plan

ARTICLE 25 – (1) The system operator is obliged to establish backup systems and periodically test them in order to ensure the uninterrupted continuation of its activities. Care is taken to ensure that the design of backup systems is made in a way that prevents problems that may be experienced in primary systems in the face of emergency and unexpected situations from also being experienced in backup systems.

(2) The system operator is obliged to establish a data backup center in order to prevent the loss of data in the system as a result of emergency and unexpected situations. The data backup center is designed taking into account the risks of unauthorized access to data and contains at minimum the same level of security features as the primary systems.

(3) The system operator establishes a backup center at a location different from the primary center in order to ensure the uninterrupted continuation of its activities in the event that the primary center becomes unusable due to the emergence of emergency and unexpected situations, determines the emergency personnel to take duty in such situations and their duties, and takes the necessary measures for the emergency personnel to be able to work at this center. It is mandatory that the backup center be designed in a way that enables the emergency personnel to effectively use the backup systems and data backup centers.

(4) The backup center, backup systems and data backup center must be located domestically. The location of the backup center, backup systems and data backup center is determined in a way that prevents emergency and unexpected situations from affecting the backups at the same time and to the same extent as the primary systems and centers.

(5) The system operator is obliged to create and regularly test a business continuity plan that includes scenarios regarding emergency and unexpected situations that may adversely affect the uninterrupted operation of the system, as well as matters regarding the resolution of interruptions that may be experienced in the system due to the realization of these scenarios within a reasonable time and without data loss.

(6) While creating the business continuity plan, what needs to be done regarding matters closely related to the operation of the system such as network and communication infrastructure, primary and backup systems, critical resources including personnel, critical operations, what needs to be done by participants and use of external service providers are determined in the event of emergency and unexpected situations.

(7) Establishing mechanisms that will ensure being informed of such situations and the extent of the events as soon as possible when emergency and unexpected situations arise, and determining the affected participants and the extent of the damage, constitutes an integral part of the business continuity plan.

(8) The business continuity plan is prepared in writing and the relevant parts are shared with the participants.

(9) The system operator shares in writing with the participants the things that must be done by the system participant within the scope of the business continuity plan. The system participant is obliged to fulfill the matters notified to it by the system operator pursuant to this paragraph.

(10) In the event that an external service provider organization is used in relation to the backup center, backup system or data backup center, the system operator is obliged to include these organizations in the tests carried out regarding the business continuity plan.

Emergency contact officer

ARTICLE 26 – (1) The system operator determines the emergency contact officers so that the Bank can contact the system operator in emergencies.

(2) Pursuant to the first paragraph, at least one primary and one backup emergency contact officer is determined.

(3) The emergency contact officers to be determined pursuant to this article must be selected from among the persons responsible for the management of the system operator determined pursuant to the first paragraph of Article 10.

(4) The identity and contact information and titles of the emergency contact officers determined pursuant to this article are notified to the Bank.

(5) The Bank may request the system operator to determine additional emergency contact officers or to change the existing emergency contact officers.

(6) The system operator notifies the Bank without delay of changes regarding the emergency contact officers.

PART SIX

Share Acquisitions and Transfers

Share acquisitions and transfers

ARTICLE 27 – (1) The acquisition by a person of shares representing ten percent or more of the capital in the system operator through direct or indirect shareholding, or share acquisitions resulting in the direct or indirect shares belonging to a partner exceeding ten percent, twenty percent, thirty-three percent or fifty percent of the capital, and share transfers resulting in the shares belonging to a partner falling below these rates, are subject to the permission of the Bank.

(2) The establishment, transfer or new issuance of privileged shares granting the privilege to determine members to the board of directors or the audit committee of the system operator is subject to the permission of the Bank, regardless of the proportional limits set forth in the first paragraph.

(3) Share transfers resulting in the change of control of legal entities holding ten percent or more of the capital of the system operator are subject to the permission of the Bank.

(4) In share transfers subject to permission pursuant to this article, the persons acquiring the shares must possess the qualifications sought for bank founders in the Banking Law No. 5411.

(5) A copy of the contract to be made regarding the share acquisition and transfer is attached to the application to be made to the Bank regarding share acquisitions and transfers pursuant to the first, second and third paragraphs. In the annex of the application to be prepared pursuant to this paragraph, the information and documents requested pursuant to the third paragraph of Article 9 during the activity permit application for the qualified shareholders and persons responsible for the management of the system operator, regarding the persons realizing the share transfer and acquisition, must be included by analogy.

(6) The Bank may request additional information and documents it deems necessary for the implementation of this article, and is also authorized to request the information and documents set forth in this article in different scopes and contents.

(7) Share transfers not falling within the scope of the first, second and third paragraphs are notified to the Bank by the relevant parties within five business days from the realization of the transfer.

(8) Transactions related to share transfers not permitted by the Bank are invalid. Share transfers contrary to this provision are not recorded in the partnership share ledger and records made in this way do not have any effect.

(9) The matters of the system operator establishing partnerships with systems established abroad, participating in partnerships established regarding systems, fully taking over a system abroad or establishing a new system abroad are subject to the permission of the Bank.

PART SEVEN

Other Provisions

Inter-institutional cooperation

ARTICLE 28 – (1) Developments notified to or determined by the Banking Regulation and Supervision Agency and the Capital Markets Board regarding the system operator and its participants in accordance with the legislation and that may adversely affect the smooth operation of the system are shared with the Bank.

(2) The Bank shares, among the matters notified to it or determined by it within the scope of the Law and the relevant legislation prepared pursuant to the Law that may adversely affect the smooth operation of the system, the developments that may adversely affect the operation of institutions within the scope of Law No. 5411 or Law No. 5464 with the Banking Regulation and Supervision Agency; and the developments that may adversely affect the operation of institutions within the scope of Law No. 6362 with the Capital Markets Board.

Registry and announcement

ARTICLE 29 – (1) The Bank creates a list regarding the system operators to which it grants activity permits, publishes the created list on its website and ensures the currency of this list.

(2) The Bank publishes in the Official Gazette the activity permit decision it grants pursuant to Articles 5 and 6 of the Law and Article 9 of this Regulation.

(3) The Bank publishes in the Official Gazette that the activity permit of the system operator has terminated, following the notification to the Bank by the system operator of the situations regulated in the first paragraph of Article 7 of the Law or the determination of these situations by the Bank.

(4) The Bank publishes in the Official Gazette the decision regarding the measure it will apply in relation to the system operator pursuant to subparagraphs (ç) and (d) of the second paragraph of Article 9 of the Law and makes an explanation regarding the nature of the measure to be applied in the list created pursuant to the first paragraph of this article.

Implementation principles

ARTICLE 30 – (1) The Bank is authorized to interpret the provisions of this Regulation, to decide on matters not included in this Regulation or on which there is no clarity by also taking into account the general provisions, and to issue communiqués, circulars and instructions to regulate and guide the implementation.

Exemptions

ARTICLE 31 – (1) The provisions set forth in Articles 13, 14, 15, 26 and 27 of this Regulation shall not apply to the legal entity specified in the third paragraph of Article 5 of the Law.

(2) The provisions set out in Articles 10, 13, 14, 15, 16, 17, 18, 26 and 27 of this Regulation, and paragraph (r) of the second paragraph and the fourth paragraph of Article 7, the sixth paragraph of Article 8, paragraph (ı) of the first paragraph of Article 11, the third and fourth paragraphs of Article 12, the second, third and fourth paragraphs of Article 19, and the fourth and tenth paragraphs of Article 23 shall not apply to the systems specified in the sixth paragraph of Article 5 of the Law.

(3) Pursuant to the second paragraph of Article 20, the provision on the publication of financial statements and reports shall not apply to the systems specified in the third and sixth paragraphs of Article 5 of the Law.

(4) Paragraphs (a) and (l) of the third paragraph of Article 9 shall not apply to systems operating as of the date this Regulation enters into force.

PART EIGHT

Final Provisions

Transitional provisions

PROVISIONAL ARTICLE 1 – (1) System operators operating on the date this Regulation enters into force must bring their systems into compliance with the Law and this Regulation within one year and apply to the Bank to obtain the necessary permissions.

(2) Institutions required to obtain an operating permission within the period specified in the first paragraph may not operate under the Law and this Regulation if they fail to obtain said permission.

Entry into force

ARTICLE 32 – (1) This Regulation enters into force on the date of its publication.

Execution

ARTICLE 33 – (1) The Governor of the Central Bank of the Republic of Türkiye shall execute the provisions of this Regulation.

ANNEX – 1

DECLARATION BY SYSTEM OPERATORS REGARDING QUALIFIED SHAREHOLDERS - PERSONS ACQUIRING SHARES (LEGAL PERSONS)

LEGAL PERSON'S
TITLE
HEADQUARTERS AND DATE OF INCORPORATION
CAPITAL (Detailed)
ADDRESS
FIELD OF ACTIVITY
TAX IDENTIFICATION NUMBER
CERTAIN BALANCE SHEET ITEMS FOR THE LAST FIVE YEARS (TL)
YEAR	NET PROFIT-LOSS(1)	EQUITY	TOTAL ASSETS
SUBSIDIARIES (2)
	COMPANY TITLE	TYPE OF ACTIVITY	CAPITAL	SHARE AMOUNT
1
2
3
4
5
REAL ESTATE OWNED
	LOCATION	TYPE	SHEET	BLOCK	PARCEL	ENCUMBRANCES	FAIR VALUE
1
2
3
4
5
SECURITIES (Detailed)(3), (4)
DETAILED BREAKDOWN OF THE RESOURCES TO COVER THE SUBSCRIBED CAPITAL
1
2
3
4
5
BANKS WITH WHICH IT WORKS (5), (6)
	1	2	3	4	5
BANK NAME
BRANCH NAME
DEPOSIT
--TERM
--DEMAND
LOAN
--AMOUNT
--REMAINING DEBT AMOUNT
--COLLATERAL
--TYPE
--STARTING MATURITY
--REMAINING MATURITY
DEBTS TO OTHER REAL AND LEGAL PERSONS OTHER THAN BANKS (7)

	CREDITOR'S NAME	DEBT'S
		TYPE	AMOUNT	REMAINING DEBT AMOUNT	STARTING MATURITY	REMAINING MATURITY
1
2
3
4
5

OFF-BALANCE SHEET LIABILITIES (8)

	CREDITOR'S NAME	DEBT'S		DESCRIPTION
		TYPE	AMOUNT
1
2
3
4
5

SIGNIFICANT WORKS PREVIOUSLY CARRIED OUT IN THE FIELD OF PAYMENT AND SECURITIES SETTLEMENT SYSTEMS

WHETHER THE LOANS USED AND OTHER DEBTS RECEIVED FROM DOMESTIC OR ABROAD BY REAL AND LEGAL PERSONS HOLDING MORE THAN 10 PERCENT OF THE COMPANY OR COMPANY CAPITAL HAVE BEEN SUBJECT TO LEGAL PROCEEDINGS

SIGNIFICANT LEGAL DISPUTES TO WHICH THE COMPANY IS A PARTY

CONCLUDED
ONGOING

SIGNATURE:
DATE:

EXPLANATIONS:

(1) The amount after setting aside tax provision shall be written.

(2) The participation rate shall be filled in if it is 5% or more of the capital of the participated company.

(3) If there are bonds, debentures, gold, precious stones and minerals, etc., they shall be written in this section together with their encumbrances.

(4) Share certificates belonging to participations shall be excluded.

(5) If more than one type of loan is used from the same bank, they shall be shown separately.

(6) If working with more than one branch of the same bank, they shall be shown separately.

(7) Debts in the amount of 5% or more of the company capital shall be written.

(8) Off-balance sheet liabilities such as surety, commitment and guarantee shall be written.

NOTE: If the sections allocated in the form are not sufficient, additional forms shall be used.

ANNEX – 2

DECLARATION OF SYSTEM OPERATORS REGARDING QUALIFIED SHAREHOLDERS - THOSE WHO WILL TAKE OVER SHARES (REAL PERSONS)

REAL PERSON'S
NAME - SURNAME
PLACE AND DATE OF BIRTH
NATIONALITY
MOTHER'S NAME
FATHER'S NAME
RESIDENTIAL ADDRESS
EDUCATION STATUS (Detailed)
TITLE AND ADDRESS OF THE WORKPLACE WHERE CURRENTLY EMPLOYED
PROFESSION AND TITLE
T.R. IDENTITY NUMBER
WORKPLACES PREVIOUSLY WORKED AT
	TITLE OF THE WORKPLACE (1)	ENTRY DATE	EXIT DATE	LAST DUTY TITLE
1
2
3
4
5
ANNUAL INCOME TAXES OF THE LAST FIVE YEARS AND INCOME TAX PAID (Thousand TL)
YEAR	NET INCOME	INCOME TAX PAID

COMPANIES IN WHICH HE/SHE IS A PARTNER (2)
TITLE OF THE COMPANY	TYPE OF ACTIVITY	CAPITAL	SHARE AMOUNT
1
2
3
4
5
IMMOVABLE PROPERTIES OWNED
LOCATION	TYPE	SHEET	BLOCK	PARCEL	ENCUMBRANCES	FAIR VALUE
1
2
3
4
5
SECURITIES (DETAILED) (3), (4)
DETAILED BREAKDOWN OF THE RESOURCES TO COVER THE COMMITTED CAPITAL
1
2
3
4
5
OTHER ASSETS OWNED (5)
BANKS WORKED WITH (6), (7)
	1	2	3	4	5
BANK NAME
BRANCH NAME

DEPOSIT
--TERM
--DEMAND
LOAN
--AMOUNT
--REMAINING DEBT AMOUNT
--COLLATERAL
--TYPE
--STARTING MATURITY
--REMAINING MATURITY
DEBTS TO OTHER REAL AND LEGAL PERSONS OTHER THAN BANKS
CREDITOR'S NAME	DEBT'S
	TYPE AMOUNT	REMAINING DEBT AMOUNT	STARTING MATURITY	REMAINING MATURITY
1
2
3
4
5
OTHER LIABILITIES (8)
CREDITOR'S NAME	DEBT'S		DESCRIPTION
	TYPE	AMOUNT
1
2
3
4
5

FOR WHICH ACTIVITY IT PREVIOUSLY APPLIED FOR PERMISSION TO ENGAGE IN THE FINANCIAL SECTOR IN TÜRKİYE OR IN ANOTHER COUNTRY, AND IF THE APPLICATION WAS REJECTED OR THE PERMISSION OBTAINED WAS REVOKED, THE REASONS (9)

WHETHER THE LOANS USED AND OTHER DEBTS OBTAINED BY HIMSELF OR BY THE COMPANY IN WHICH HE IS A QUALIFIED SHAREHOLDER FROM DOMESTIC OR ABROAD HAVE BEEN SUBJECT TO LEGAL PROCEEDINGS WHETHER THE DEBTS HAVE BEEN SUBJECT TO LEGAL PROCEEDINGS

WHETHER THERE IS A LAWSUIT FILED AGAINST HIM; IF SO, THE SUBJECT OF THE LAWSUIT

DETAILED EXPLANATION REGARDING SIGNIFICANT LEGAL DISPUTES TO WHICH HE IS CURRENTLY A PARTY DETAILED EXPLANATION

INFORMATION REGARDING PERSONS WHO CAN PROVIDE REFERENCES ABOUT HIM

	NAME - SURNAME	ADDRESS	CONTACT INFORMATION
			TELEPHONE	E-MAIL
1
2
3
4
5

SIGNATURE:
DATE:

EXPLANATIONS:

(1) The name or trade title of the institution, employer or company worked for shall be written.

(2) The participation rate shall be filled in if it is 5% or more of the capital of the company participated in.

(3) Bonds, debentures, gold, precious stones and minerals, etc., if any, shall be written in this section together with their encumbrances.

(4) The shares of the companies specified in the “companies in which he is a partner” section shall be excluded.

(5) Other assets with a fair value of at least 100.000 TL shall be written.

(6) If more than one type of loan is used from the same bank, they shall be shown separately.

(7) If business is conducted with more than one branch of the same bank, they shall be shown separately.

(8) Suretyship, commitment and guarantee-like obligations shall be written.

(9) Banks, insurance, financial leasing, factoring companies, authorized institutions and institutions operating under the Capital Markets Law, etc. shall be written.

NOTE: If the sections allocated in the form are not sufficient, an additional form may be used.

ANNEX – 3

LETTER OF UNDERTAKING

TO THE CENTRAL BANK OF THE REPUBLIC OF TÜRKİYE

I declare and undertake that I / the legal entity I represent was not a qualified shareholder prior to the transfer in banks subject to liquidation, bankers, insurance companies and institutions operating in money and capital markets, and banks transferred to the Savings Deposit Insurance Fund.

SIGNATURE:
NAME SURNAME:
DATE:

ANNEX – 4

LETTER OF UNDERTAKING

TO THE CENTRAL BANK OF THE REPUBLIC OF TÜRKİYE

That I / the legal entity I represent ……………. I declare that the incorporation capital/purchase price specified in the application for obtaining an operating license for its incorporation/taking over its shares originates from my/our commercial, industrial and other legal activities, and I undertake that it will be provided and deposited in cash, free from any kind of collusion.

SIGNATURE:
NAME SURNAME:
DATE: