Obligations Of The Payment Service Providers To Comply With The Regulation And The Communiqué Were Postponed For Three Months

With the Regulation Amending the Regulation on Payment Services and Electronic Money Issuance and Payment Service Providers ("Amendment Regulation") and the Communiqué Amending the Communiqué on Information Systems of Payment and Electronic Money Institutions and Data Sharing Services in the Field of Payment Services of Payment Services Providers ("Amendment Communiqué") published in the Official Gazette dated November 25, 2022 and numbered 32024, the transitional provisions set under the Regulation on Payment Services and Electronic Money Issuance and Payment Service Providers ("Regulation") and the Communiqué on Information Systems of Payment and Electronic Money Institutions and Data Sharing Services in the field of Payment Services of Payment Services Providers ("Communiqué") published in the Official Gazette dated December 1, 2021 and numbered 31676 were amended and the date to comply with the new obligations set forth in the Regulation and the Communiqué was postponed from 01/12/2022 to 28/02/2023. Under the Amendment Regulation, the date to comply with articles 15/4, 15/5, and 66 of the Regulation on transactions in foreign currency was preserved as 01/12/2022.

Thus, the Amendment Regulation provides an additional three-month period to the payment service providers in order for them to comply with the regulations published on December 1, 2021 which introduced new obligations to payment service providers.

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LBF Partners Law Firm

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