What is BRSA, What are its Duties What Does BRSA Stand for

BRSA was formed with the abbreviation of the initials of the Banking Regulation and Supervision Agency. In the Banking Law No. 5411, the authority has been given to the BRSA. Article 82 of this law states that “The Banking Regulation and Supervision Agency, which is a public legal entity and has financial autonomy, has been established.” What is BRSA? What are their duties? Here are all the curious details.

Headquartered in Ankara, the BRSA's items consist of the Banking Regulation, Presidency and Supervisory Board.

What are the Duties of the BRSA?

In order to carry out banking activities and establish a bank, it is necessary to obtain permission from the BRSA first. People who will operate in the country and abroad should also get permission from this box. BRSA regulates the principles regarding the supervision of banks such as establishment, operation, transfer, audit, management, liquidation and merger. It is responsible for taking all necessary decisions to ensure the effective functioning of the credit system. Another duty of the people working in this institution is to ensure the formation of banking legislation. At the same time, it controls the financial markets with the counter, efficient and rational work of the bank in order to ensure a full competitive environment.

What Does BRSA Stand For?

BRSA stands for Banking Regulation and Supervision Agency. BRSA is an institution that allows banks to carry out transactions such as regulation, management, establishment, liquidation, transfer and merger. The BRSA ensures that new regulations regarding financial markets are prepared in consultation with the relevant parties. It then gives an idea about what to do about these issues and how to act.

What is the Purpose of the Banking Regulation and Supervision Agency?

The main purpose of the BRSA is to ensure the implementation of the Banking Law. The purpose of the banks law;

• Protecting the rights and interests of savers
• Ensuring confidence and stability in financial markets
• The Banking Regulation and Supervision Agency was established in order to fulfill the requirements of economic development, to ensure the proper functioning of the credit system, and to ensure the execution of work, transfer, merger and liquidation transactions.

Authorizations and Duties of the Banking Regulation and Supervision Agency

The Banking Regulation and Supervision Agency is a decision-making body. The Banking Regulation and Supervision Board consists of a total of seven members, one of which is the chairman and the other is the vice chairman. According to Article 93 of Law No. 5411, this institution has duties such as ensuring confidence and stability in financial markets, proper functioning of the credit system, development of the financial sector in a short time, and protection of the rights and interests of people who save. The main duties of this institution are to carry out and supervise the management, organizational structure, indivisible, liquidation and exchange of shares of factoring, financial leasing companies, without prejudice to the provisions in the laws with banks and political holding companies. Ensuring that banking business and transactions are carried out in an orderly manner, the BRSA also ensures that all activities are managed in accordance with the rules.