Within the framework of Decree Law No. 690, the Post and Telegraph Organization (PTT), which was transferred to Turkey's Sovereign Wealth Fund, has been added to the list of electronic money issuing organizations. Within the framework of the regulations in the law on Payment and Security Settlement Systems, Payment Services and Electronic Money Organizations, the PTT is now included among electronic money issuers.
The audit of the payment institution, the electronic money institution and the PTT within the scope of the law will be carried out by the Banking Regulation and Supervision Agency (BDDK). The PTT will operate without permission from the BDDK and will be able to issue electronic money. The procedures and principles regarding the implementation of the other provisions of the law regarding the PTT will be determined by the BDDK, which can also temporarily or permanently stop the PTT's from providing payment services or issuing electronic money based on an audit to be conducted by the institution.
ICTA authorized to block forex sites
The Information and Communication Technologies Authority (ICTA) has been authorized to block access to foreign websites that issue derivative transactions.
If information is obtained about leveraged and derivative transactions abroad originating from residents in Turkey via the internet, access to the relevant website will be blocked. With the Decree No. 690, the Information Technologies and Communications Authority (ICTA) has been authorized to block access to foreign-origin websites that issue derivative transactions.
If the information obtained regarding the leveraged and derivative transactions is determined to be subject to the same provisions as the leveraged transactions abroad via internet for the residents in Turkey in accordance with the 67th article of the Decree Law, ICTA will block access to the relevant website upon application of the Capital Markets Board (CMB).
Real estate securities not to be confiscated
Moreover, with the decree, provisions related to "real estate security" have been added to the scope of Capital Markets Law No. 6362. Accordingly, real estate security has been defined as "a nominal value equal capital market instrument" that represent specific independent sections of real estate projects, or a specific area unit of independent sections exporters have issued for financing the construction of present or future real estate projects.
The procedures and principles regarding the issuance of real estate securities will be determined by the Capital Markets Board (CMB). An exemption may be granted regarding the principles determined by the entity on the basis of the issuer, or different principles may be determined from the points foreseen in this article. Until the real estate security is redeemed, the funds obtained in exchange for the issuance of the real estate security and the independent sections subject to the real estate security, even if the issuer's management or supervision is transferred to public institutions, will not be saved, pledged, collateralized or seized, including for the purpose of the collection of public receivables included on the bankruptcy desk and issued with an interlocutory injunction.
If the actions cannot be fulfilled or it is understood that they cannot be fulfilled by the end of the maturity period of the real estate security, a meeting of the security owners will be held to discuss the issue, provided that the issuer's obligations related to the real estate securities remain confidential. The provisions for this meeting will be determined by the board. The provisions of the Turkish Commercial Code regarding the general assembly meetings of joint-stock companies will be applied to matters other than those determined by the board.
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