THE REGULATION ON THE PRINCIPLES AND THE PROCEDURES OF THE SURVEILLANCE OF TRANSACTIONS AFFECTING THE FOREIGN EXCHANGE POSITION BY CENTRAL BANK OF TURKEY (“REGULATION”)
The Regulation is published in the Official Gazette on 17.02.2018 and prepared based upon the Central Bank of the Republic of Turkey Law Numbered 1211.
PURPOSE OF THE REGULATION
The purpose of this regulation is to regulate the principles and procedures regarding the Central Bank of the Republic of Turkey’s (“CBRT”) collection of information and document from the firms designated by itself to monitor the transactions affecting the foreign exchange position.
SCOPE OF THE REGULATION
This regulation regulates the firms whose transactions affecting the foreign exchange position are to be surveilled by the CBRT, information and documents to be requested, the procedure regarding the collection, surveillance and sharing of such information and documents, auditing of their accuracy along with obtaining support service for this obligation.
THE OBLIGATION AND PROCEDURES OF THE NOTICE
Firms, whose overseas and domestic foreign currency money loans and loans indexed foreign exchange are 15 Million USD and over in total as of the last working day of related accounting period, are liable to notify the CBRT of the information requested with data form in accordance with the declaration form following the accounting period.
In the cases where the sum of the overseas and domestic foreign currency money loans and loans indexed foreign exchange of the firm, which is obliged to notify, is below the limit determined by the CBRT, the firm’s obligation ends as of following the accounting period.
The firm, which is obliged to notify, signs an auditing contract with an independent auditing firm or an independent auditor within 60 days from the date the obligation starts.
Managing body of the firm is responsible from the accuracy and completeness of the data to be notified to the CBRT.
Data prepared in accordance with the financial reporting framework is notified to the CBRT by using data form.
PROTECTION OF INFORMATION
Personal and private information among the collected data, are not allowed to be published and made public.
In the cases where the notification of data is never done, or is not done true, complete and accurate, or the required corrections are not done a punitive process can be started according to the Article 68 of the Law Numbered 1211.
The Regulation shall enter into force on the publication date.