Turkiye: Implemented Circular No. 2022/1 Explaining the Application of The Regulation for Disclosure of Confidential Information

On 11 August 2022, Circular No. 2022/1 Explaining the Application of The Regulation for Disclosure of Confidential Information was implemented by the Banking Regulation and Supervision Agency (BRSA). The Circular elaborates on the application of the Regulation for Disclosure of Confidential Information. The Circular contains guidance on how to conform to the confidentiality obligation, held in Article 73 of the Turkish Banking Law No. 5411. Both the scope as well as exceptions of the general confidentiality obligation are set out while reporting duties to BRSA are also elaborated upon.