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Turkey’s Banking Regulator Outlines Supervisory Expectations
Introduction
Istanbul, Turkey - The Banking Regulation and Supervision Agency (BRSA), Turkey’s banking regulator, has outlined its supervisory expectations for banks and other financial institutions operating in the country.
About BRSA
According to the Banking Law Nr. 5411 of 2005, BRSA is responsible for regulating and supervising the activities of:
- Banks
- Financial holding companies
- Leasing and factoring companies
- Finance companies
- Asset management companies
The agency’s responsibilities include ensuring the sound operation of the credit system, protecting the rights and interests of depositors, and promoting confidence and stability in financial markets.
Regulatory Responsibilities
Under the law, BRSA is tasked with:
- Regulating the establishment and activities of banks and financial holding companies
- Enforcing and supervising the implementation of management and organizational structure, merger, disintegration, change of shares, and liquidation of banks and financial holding companies
- Monitoring and supervising leasing, factoring, and financing companies
International Cooperation
In addition to its regulatory responsibilities, BRSA is required to become a member of international financial, economic, and professional organizations and sign memorandums of understanding with authorized bodies of foreign countries on issues related to its duty field.
Resources
The current list of institutions under the supervision and control of BRSA can be found on the agency’s official website. The Banking Law Nr. 5411 is also available online for reference.