The effective date of the Regulation on Banks’ Information Systems and Electronic Banking Services (“Regulation”) was initially set as July 1, 2020 (our recent legal alert on the Regulation is available here).
The Regulation was amended via a regulation published in the Official Gazette No. 31161, dated June 20, 2020, and the effective date of the provisions – excluding the following provisions – has been postponed to January 1, 2021:
The above-mentioned articles will enter into force on July 1, 2020.
The Communiqué on the Principles to be Considered in Banks’ Information Systems Management will be abolished with the Regulation’s full entry into force by January 1, 2021.
It is worth noting that Article 29 of the Regulation, which regulates the mandatory provisions of the outsourcing agreements to be concluded under the Regulation, will come into force on July 1, 2020. Accordingly, banks will have to complete the necessary harmonization actions by this date.
The amendments provide a gradual transition period by setting different effective dates for the provisions in the Regulation. While banks will still have time to adapt themselves in terms of certain provisions, they will be required to take the necessary actions to comply with the provisions listed above by July 1, 2020.