The Circular No. 2022/1 Explaining the Application of The Regulation for Disclosure of Confidential Information Has Been Published

On 11.08.2022 The Circular No. 2022/1 Explaining the Application of The Regulation for Disclosure of Confidential Information (The Circular) has been published by the Banking Regulation and Supervision Agency (BRSA). The Circular was published in order to shed light on the Application of The Regulation for Disclosure of Confidential Information (Regulation). The content of the Circular is briefly summarized below:

In the Circular, explanations and concrete examples regarding the application of the general principles regarding the sharing of confidential information, which data can be considered as customer/bank secret, the scope of the confidentiality obligation, the application of the situations that are exempt from the confidentiality obligation, the reporting to the BRSA and the opinions of conformity to be received from the BRSA the evaluation procedures of the Information Sharing Committee are given.

The Circular constitutes great importance since it handles with the confidentiality obligation of the banks in details which is regulated under Article 73 of the Banking Law No. 5411 and the Regulation, and which is one of the most important obligations of banks. Therefore, the Circular is considered as an important guidance to take appropriate actions while sharing and transferring confidential information.

It is interesting that the Circular contains information regarding the subjects such as whether there is a difference between the expressions “transfer” and “sharing”, how the condition of “common customer” will be satisfied and by which method the customer instruction request will be received and who can represent the banks.