The Draft Regulation on Sustainability Audit (“Draft Regulation”), which will regulates (i) the sustainability audit to be conducted mainly within the framework of the Turkish Commercial Code No. 6102, the Decree Law No. 660 on the Organization and Duties of the Public Oversight, Accounting and Auditing Standards Authority (“Authority”) or on a voluntary basis, (ii) the authorization and responsibilities of independent audit firms and independent auditors who will operate in the field of sustainability, (iii) supervision and audit by the Authority and (iv) the administrative sanctions to be with respect thereto, is submitted to public’s view.

The Climate Change Presidency (“Presidency”) has submitted the draft Regulation on Türkiye Green Taxonomy Regulation (“Draft Regulation”) to public’s view. The Draft Regulation aims to regulate the principles and procedures of the Green Taxonomy of Türkiye to (i) support economic activities aligned with sustainable development goals, (ii) promote the flow of financing toward sustainable investments, and (iii) prevent greenwashing in the market. The authority to enforce the Draft Regulation lies with the Minister of Environment, Urbanization, and Climate Change.

Due to the difficulties for certain sectors to reach the increased financial thresholds while considering an initial public offering (IPO), on 28.03.2024, the Capital Markets Board (Board) has announced a principle decision regarding the decrease of the monetary thresholds, which was increased at the end of 2023 for certain companies operating in the

The Public Oversight, Accounting and Auditing Standards Authority (Authority) has determined the scope of application of the Turkish Sustainability Reporting Standards (TSRS) while preparation of sustainability reports by businesses, companies and institutions through the decision of its Board (Board) dated 27 December 2023.

The Draft Regulation on the Operation of Carbon Markets (“Draft Regulation”) as a part of secondary legislations to Draft Climate Law is submitted to public’s view.

Following the introduction of the Carbon Border Adjustment Mechanism as part of the EU legislation, the importers from the countries which are not integrated into the EU’s emission trade system or have not adopted their own carbon pricing mechanisms or are not party to a related treaty between the EU and their country of domicile shall be under the obligation to pay carbon taxes according to the emission values of the facilities manufacturing the imported goods

The Court of Appeal (“Court”) handed down a landmark decision in a claim requesting the court to set-aside an arbitral award.

The Act on Corporate Due Diligence to Prevent Human Rights Violations in Supply Chains (the Supply Chain Act), imposing new obligations in terms of respecting human rights to certain German companies and their suppliers, entered into force on 1 January 2023..

The European Parliament recently approved the Corporate Sustainability Reporting Directive (the “CSRD”), requiring a large number of companies to report on sustainability matters. The CSRD is prepared as part of the European Green Deal..

A new Regulation on Environmental Noise Control (the “Regulation”) is published in the Official Gazette dated 30.11.2022. The Regulation aims to prevent the negative effects of environmental noise on environment and human health..