Regulation of payment services and electronic money (1) - GazeteA24, both read and to watch

DIV

– Parliamentary Planning and Budget Commission, payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions determine the procedures and principles agreed-According to the draft bill, the payment provider can not be found-lending business activities of electronic money institutions issuing electronic money through banks conduct- the organization will issue electronic money up to fund the establishment of e-money lending business can not be found-According to the draft, the system operated by the system operator. For participation in the functioning of the system and the system of rules and conventions to be determined by the system operator in accordance with the regulations issued Bankasfnca office. The Central Bank will make the necessary arrangements to ensure that systems are functioning smoothly and without interruption. The system operator, who can run the system with the permission of the Central Bank under the arrangement. The system operator, in the form of joint-stock company in collusion with the establishment and any cash paid-in capital will have to be at least 5 million Turkish Liras. In addition, to have adequate risk management and information security, business continuity and reliability, and to take the measures necessary for the system, participants, and ensure compliance with the operating rules, regulations, bearer share certificates to be issued against cash and will be asked to complete. Interfere with the effective supervision of the bank’s ownership structure and organizational chart transparent and have a clear, 10 per cent of the shares and control of those who have and those who held shares of the founders of the Banking Act, the bank will have the qualifications sought for. These provisions will not appl y to legal persons carrying out the activities of clearing checks under Czech law. Given permission to operate the system operator, within 10 days from the beginning of operations of the Central Bank has begun to notify its operations. Established or to be established in the Central Bank of surveillance systems to ensure uninterrupted operation of the will. The system operator, any record under surveillance, information and documents, even if they are hidden within the framework of the principles and procedures to be determined by the Central Bank will be deposited to the bank and the bank’s oversight of the system will be ready. Central Bank, the measures based on the weight of the violation, the system operator may request the issuance of the system, temporarily stop operating permit. The Bank could threaten financial stability in order to prevent the emergence of a systemic risk to temporarily take over the management of the plant operator. -Transfer order system be comes an explicitly determined by the rules of the transfer order and transfer order can not be restored after this moment can not be taken back by the participant or a third party. Transfer order entry system determined by the rules of the system memory. Participant or system operator to suspend transfers of funds or securities, or permanent suspension of limitation of funds or securities, the savings on to include any measure that prevents regulated by law and the decision, the system operator after the moment of notification of the measure and decide on transfer orders will be applied to the system. Guarantees given to the participant, or system operator in connection with the Central Bank guarantees given to the system, guarantees the owner of the system will be used to fulfill their obligations. The bill-payment service, the Central Bank is given the authority to determine the protective provisions, benefit systems, set system obliges publicity in the Official Gazette. We also determined in detail in payment services and payment institutions. In cases where a specific payment for the realization of the payment transaction to pay money to the account yat?r?labilmesi account, payment account, withdraw money, and to perform other operations on the account of all the activities carried out by payment service provider, the payment service to be held. Depending on the actual payment account and sending a specific authorization issued by any direct debit transactions initiated by the buyer, debit card or credit card, payment instruments, such as payment transactions initiated by the sender of a money transfer operations, be considered within the scope of payment services. Issuance and acceptance of payment instrument would be part of the payment service. Depending on the sender’s account without any payment service provider acting on behalf of the buyer or recipient of funds transfer transactions are defined as transfer of money. Electricit y, water and telephone bill payments as well as regular services to some organizations that mediate the non-bank payment service to be considered. From opening an account on behalf of the sender or the recipient, the payment service provider acting on behalf of the buyer or recipient of the transactions transferring funds, held as part of the payment service. The sender of the

payment process and the approval of the aforementioned vehicles, transfer of funds between the sender and the receiving party through the tools of information and transactions occur through electronic communications operator (such as mobile payment service) be considered of payment services. IT and electronic communication between the receiving and sending of the organization offering the service at any stage of the process does not have the funds sent to the payment process, and offers infrastructure services only account, the payment service to be evaluated within the scope. All institutions offering payment services, “payment service provider” collected under the name. In addition to banks, electronic money institutions and payment institutions, payment service provider will be defined as. Banks, electronic money institutions, payment institutions, defined as a payment service provider. Persons other than banks and payment service provider not submit payment service. -Paid-in capital will be at least one million pounds payment provider willing to operate in the field of payment services within the scope of Regulation, provided that the activity found in the BRSA permission. Payment facility to search for the following terms: “the establishment in the form of a joint stock company, and over 10 percent of the share capital and control of those who have the qualifications required for the holders of the founders of the bank, all of the shares and registered shares to be issued against cash, paid in cash, and all kinds of collusion have at least one milli on pounds of capital under the arrangement to perform management operations, have sufficient personnel and technical equipment and the relevant departments of the complaints and objections to form, the continuity of the activities to be carried out and payment service users about the safety and privacy of information on the funds and take the necessary measures, the BRSA control interfere with transparent and open to a partnership structure and organizational chart. ” The paying agency, provided that the payment service to be used for the payment process while only hold payment account. With regard to electronic money institutions and payment service to pay the funds, deposits, participation funds or be considered as an electronic money. Payment provider can not be found in the lending business. Payment may request the establishment of a separate organization ihdas?n?-operate in areas other than the payment service and the payment of these activities, the establishment of BRSA’s financial position or the paying agency to monitor compliance with the provisions of laws and regulations that may affect adversely affect the case or the Board to develop a separate institution for payment services who might want to. Payment institution to permit the merger or division of your organization, such as changing the legal structure of the transactions, the paying agency in the event of the termination of the legal entity, the legal entity has ended, the paying agency for a period of more than six months within one year after the commencement of operations does not operate in the event of expiry date of the six-month period will end in itself. Electronic money institutions-banks and electronic money issuer of electronic money institutions that are allowed to eject persons other than the electronic money issuance activity bulunmalar? banned. Electronic money, electronic money institution wishing to export, which may operate subject to the consent of the Board. Under the bill, Requirements for electronic money institution as follows: “the establishment in the form of a joint stock company, and over ten percent of the share capital and control of those who possess the qualifications required for the holders of the founders of the fact that all of the shares and registered shares to be issued against cash, cash, and all kinds collusion to be paid-in capital of at least 5 million Turkish Lira, to perform management operations, have sufficient personnel and technical equipment, complaints and objections to form the relevant departments will carry out activities related to the continuity and users of electronic money funds and take the necessary measures regarding the safety and privacy of information, interfere with control of the organization structure and organizational chart transparent and open to a partnership. ” Electronic money institutions to carry out their activities through banks. Only its own store network of electronic money issuing institution, not just a specific group of goods or services as a result of an agreement or a purchase of a service network that can be used only in certain pre-paid instruments will be outside the scope of this regulation. -Issuance of e-money issuer of electronic money institutions, so that the fund will issue electronic money. This organization funds deposited by electronic money without delay by turning the electronic money will be ready to use. The organization collects funds for issuance of electronic money, a separate account to be opened at banks by transferring the user will have to keep that account during the period. Funds invested in banks, electronic money amount deposited body in, the user will be blocked for the duration of the accounts at the Central Bank. The provider can not be found in the lending business of electronic money, electronic money, electronic money holder holds the interest rates depending on the time and un able to lead to any benefits. The Board shall be authorized to determine other activities can not be done by electronic money institution. The funds received in exchange for electronic money institutions issuing electronic money, deposits or participation funds will not be considered. (Will Continue)

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