On A New and Complex Regulation Directly Relating to Banks: What Does the Regulation on Sharing of Secret Information Bring?

To determine the scope, form, procedures and principles regarding the sharing and transfer of information in the nature of bank secrets and customer secrets the “Regulation on Sharing of Confidential Information” (“Regulation”) was published in the Official Gazette dated 4 June 2021 and numbered 31501 to enter into force on 1 January 2022. First of all, what does this mean? Accordingly, everyone within the scope of the Regulation must comply with the provisions of this Regulation as of January 1, 2022! I will explain below who needs to be compatible with what. On the other hand, in terms of the close relationship of the issue with the personal data protection legislation, it is extremely important and necessary to consider it together with the data protection legislation in order to determine what obligations the Regulation imposes on whom.