Annual Reports for Banks in Turkey: Key Requirements and Regulations

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This article outlines the essential requirements for banks operating in Turkey to prepare and publish their annual reports, highlighting key points, regulation highlights, and implications.

Key Points

Submission of Annual Reports

• Timeframe: Banks must submit their annual reports to the Banking Regulation and Supervision Agency (BRSA) within a specified timeframe.
• Report Requirements: The report must include financial statements, internal control and audit evaluations, risk management policies, and other relevant information.

Publication and Submission of Annual Reports

• Website Publication: Banks must publish their annual reports on their own websites.
• Copy to BRSA: A copy of the published report must be submitted to the BRSA within seven days.

Foreign Banks Operating in Turkey

• Translation Requirements: Foreign banks operating in Turkey must translate their annual reports into Turkish.
• Additional Information: They must provide additional information as specified by the regulation.

Regulation Highlights

Emphasis on Transparency and Accountability

The regulation emphasizes the importance of transparency and accountability in banking operations, ensuring that banks provide accurate and comprehensive financial information to their stakeholders.

Role of BRSA

The Banking Regulation and Supervision Agency (BRSA) plays a crucial role in overseeing and enforcing compliance with this regulation. The agency is responsible for auditing the consistency and correctness of the financial information in the annual report with the independent audit report.