Financial Services

2. Getting Licenses
Getting licenses for money markets
 


Designated authorities to apply to:

 

    • Banks (all kinds of banks such as investment banks, commercial banks, etc.)
    • Financial leasing companies
    • Factoring companies
    • Financing companies
    • Financial holding companies
    • Independent audit institutions
    • Financial agencies
    • Asset management companies
  • Banking Regulation and Supervision Agency (BRSA)
  •  Undersecretariat of Treasury and related ministries

Getting licenses for capital markets
 


Designated authorities to apply to:
 

    • Intermediary agencies and institutions
    • Financial futures brokerage firms
    • Investment funds
    • Investment trusts
    • Portfolio management companies
    • Independent audit institutions
    • Rating agencies
    • Real estate appraisal companies
  • Capital Markets Board (SPK)
  • Undersecretariat of Treasury and related ministries

 

 

 

In order to open a bank representative office in Turkey:

 

An authorized person in the head office of the international bank should apply to the Banking Regulation and Supervision Agency (BRSA) in person and demand information concerning the required information and documents.
 

 

 

Required information and documents should be prepared and submitted to BRSA.

 

 

Submitted information and documents are reviewed by the Application Department within the BRSA. In case of missing information and documents, these documents and information are reclaimed by BRSA and submitted by the bank in return.

 

 

Following the delivery of the documents and information, Application Department puts the application into process. In case of approval by Application Department, the application is sent to the commission with a positive comment for a “commission decision to be taken” and the bank waits for this decision.

 

 

If the commission takes a decision in favor of the bank, the bank is informed of the decision, which is followed by the opening of the bank representative office. (In line with the Banking Law, banks which have obtained establishment permits and permits for opening branch offices should also obtain operation permits. The decision concerning this permit is taken within 3 months.)


 

Information and documents required by BRSA

 

  • Minimum paid capital of the head office of the bank should be TRY 30 million
  • A three-year balance sheet and operation report, as well as an independent audit report
  • A letter obtained from the audit institution of the relevant country indicating that there are no restrictions on the operations of the bank
  • Executive Board's decision
  • Shares should be issued in cash and in the name of the holder
  • Articles of association should be in line with the provisions of the law
  • Business plan and the budget plan for the first 3 years
  • Attributes of the founders should meet the conditions stipulated in the Banking Law
  • A comprehensive report giving the details of the reasons for opening a representative office in Turkey
  • Information and documents concerning the operations of the bank in other countries
  • Information concerning the experiences of the representative candidate
  • A rating report, if any
  • A commitment letter regarding the delivery of the documents required by BRSA 
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