International Relations

Banking Regulation and Supervision Agency’s foreign relations have three dimensions. Agency have collaboration with foreign supervisory authorities related to consolidated supervision, close cooperation with European Union as a candidate country, strong links with multinational institutions and relations with other international and foreign institutions.

Relations with Foreign Supervisory Authorities

Some Turkish banks are operating through subsidiaries or branches in foreign countries while many foreign banks continue their activities in Turkey. In order to improve the effectiveness of the consolidated supervision, BRSA collaborates with foreign supervisory authorities. Accordingly, BRSA signs Memorandum of Understanding (MoU) with some foreign supervisory authorities on the consistency of policies and regulations pursuant to Article 98 of the Banking Law Nr. 5411.

The MoUs that have been signed as of June 2017 are listed in the table below.

MEMORANDUM OF UNDERSTANDINGS

# Country Institution Date
1 TRNC Central Bank of TRNC 17.09.2001
2 Albania Bank of Albania 19.10.2001
3 Romania National Bank of Romania 19.02.2002
4 Bahrain Central Bank of Bahrain 30.07.2002
5 Indonesia Bank Indonesia 11.12.2002
6 Pakistan State Bank of Pakistan 20.01.2004
7 Malta Malta Financial Services Authority 10.12.2004
8 Greece Bank of Greece 28.01.2005
9 Kyrgyzstan National Bank of the Kyrgyz Republic 17.05.2005
10 Azerbaijan Central Bank of Azerbaijan
Financial Market Supervisory Authority Republic of Azerbaijan
14.06.2005
28.12.2018
11 Bulgaria Bulgarian National Bank 13.09.2005
12 China China Banking Regulatory Commission 11.07.2006
13 Georgia Central Bank of Georgia 02.11.2007
14 Kosovo Central Bank of the Republic of Kosovo 12.05.2008
15 Luxembourg Luxembourg Financial Sector Surveillance Commission 13.03.2009
16 Lebanon Banking Control Commission of Lebanon 10.06.2009
17 Bosnia-Herzegovina National Bank of Bosnia-Herzegovina 12.06.2009
18 Kazakhstan Banking Committee of the Central Bank of Kazakhstan
Astana Financial Services Authority
28.08.2009
12.02.2019
19 Ukraine National Bank of Ukraine 19.02.2010
20 Macedonia National Bank of the Republic of Macedonia 30.08.2010
21 Russia Central Bank of the Russian Federation 30.09.2010
22 Syria Central Bank of Syria, Credit and Money Council 21.12.2010
23 Qatar Qatar Financial Centre Regulatory Authority 25.07.2011
24 Germany Federal Financial Supervisory Authority (BaFin) 05.08.2011
25 Croatia Croatian National Bank 29.08.2011
26 Jordan Central Bank of Jordan 06.09.2011
27 Belgium National Bank of Belgium 18.11.2011
28 Republic of Korea Financial Supervisory Service (FSS) 25.11.2011
29 Republic of Iraq Central Bank of Iraq 20.12.2011
30 Spain Banco De Espana 25.11.2013
31 The Nederlands De Nederlandsche Bank 24.01.2014
32 Republic of Serbia National Bank of Serbia 09.06.2015
33 United Arab Emirates Dubai Financial Services Authority
Central Bank of the United Arab Emirates
Financial Services Regulatory Authority of Abu Dhabi Global Market
23.08.2007
17.02.2009
17.06.2016
34 India Reserve Bank of India 23.11.2016
35 England Bank of England 22.05.2017

Relations with Europen Union

Turkey is a candidate country to European Union (EU). Accordingly there exists an extensive effort in Turkey to align national legislation with EU acquis and to improve the administrative capacity for an effective implementation of new regulations.

Within this context, BRSA participates in the negotiations with EU and responsible for an effective harmonization of the regulations. In recent years, BRSA had many amendments in banking regulations in order to incorporate EU laws. As a result banking sector is now one of the most prepared sectors for EU accession.

BRSA is extensively involved in the screening chapters titled Financial Services, Free Movement of Capital, Financial Control andCompanyLaw. Within this context, “EC-Turkey Subcommittee No 4:Economic and Monetary Issues, Capital Movements and Statistics” and “EC-Turkey Subcommittee No 2:Internal Market and Competition” were formed according to the Decision of the Turkey-EU Partnership Commission with the aim of directing the analytical investigation process related to the legislation between Turkey and the Union.

Moreover, Turkey participates in the studies of Pre-Accession Economic Program (PAEP) every year, within the framework of Pre-Accession Financial Monitoring Process started by the European Commission in 2001.

Relations with Multinational Institutions and Other Foreign Institutions

BRSA has also strong links with multinational institutions such as International Monetary Fund (IMF), World Bank (WB), Bank for International Settlements (BIS), Organization for Economic Cooperation and Development (OECD), World Trade Organization (WTO) and Financial Action Task Force (FATF).

On May 2009, BRSA became a member of Basel Committee on Banking Supervision (BCBS) which conducts studies to enhance effective risk management practices and market discipline in banks and to improve efficiency of capital adequacy measurement techniques.

BRSA became a member of Islamic Financial Services Board (IFSB) on December 2010, which conducts studies on ensuring standardization in non-interest financial services and also became a member of Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) on June 2016, which conducts studies for the standardization of finance practices, governance, auditing, accounting standards and financial reporting for non-interest financial institutions.

BRSA closely follows the work done by BCBS, IFSB and other international standards and best practices on banking supervision and participates in different studies that are conducted by these institutions globally. Within this context, the most important international projects are New Basel Capital Accord (Basel-II) and International Accounting Standards.

BRSA is the member of Supervision and Reconciliation Committee (SRC) which is the Standing Committee of Financial Stability Board (FSB).

Within the scope of the cooperation with International Monetary Fund (IMF), BRSA participates the discussions of Article IV consultations with the Fund. Also BRSA continues to cooperate with World Bankon banking issues through projects and seminars.

In the framework of the studies conducted by the Organisation for Economic Co-operation and Development (OECD), BRSA contributes to the studies of Financial Markets Committee of OECD and the other committees as well.

BRSA has been following and participating in multilateral discussion tours on General Agreement on Trade in Services (GATS) that aim to increase the liberalization and transparency in the international service trade under World Trade Organization.

Moreover, BRSA collaborates with FATF that was established by G-7 countries with the aim of providing the cooperation required to prevent the use of banking sector and financial system as an instrument of money laundering.

BRSA has been the coordinator of Working Group of Banking and Finance of Black Sea Economic Cooperation Organization since 2009.

BRSA also meets with different foreign institutions to discuss and communicate the developments in the banking sector. The institutions include rating agencies, investment banks that have exposure to Turkish markets, potential foreign investors and country analysts.

Key Words:  International Relations
Banking Regulation And Supervison Agency

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