Amendments Made to the Implementation of Customs Law No. 4458
Significant amendments were introduced to the implementation of certain provisions of the Turkish Customs Law No. 4458 through a Presidential Decree published in the Official Gazette on August 6, 2024 (Issue No. 32624). These amendments mark a substantial revision of Turkey’s customs regime, and the new regulations are set to take effect on August 21, 2024.
The Impact of Recent Protocol Changes on Residence Permit Applications for Foreign Nationals
The Protocol ("Protocol") between the Directorate of Migration Management and the Union of Notaries introduced a new practice regarding residence permit applications of foreign nationals. This regulation, which came into effect on 17 July 2024, encompasses changes to the processes related to residence permits for foreigners in Türkiye. As stipulated by the Law on Foreigners and
Amendments to the Turkish Commercial Code and Certain Laws is Approved by the Turkish Grand National Assembly
The Amendments on the Turkish Commercial Code and Certain Laws (“The Amendment”), was adopted and published in the Official Gazette on May 29th, marks a significant legislative development. This comprehensive omnibus bill proposes amendments to several pivotal articles within the Turkish Commercial Code (“TCC”), including Article 366, 375, 392, and Temporary Article 7, alongside the introduction
ADOPTION OF THE EUROPEAN UNION CORPORATE SUSTAINABILITY DUE DILIGENCE DIRECTIVE
On May 24, 2024, the European Council announced the approval of the Corporate Sustainability Due Diligence Directive (“CS3D”) by the Member States. This marked the final step in the adoption of the law, which imposes mandatory obligations on large companies to address their negative impacts on human rights and the environment throughout their value chains. The
EU Critical Raw Materials Act
The Critical Raw Materials Act ("CRMA"), proposed by the European Commission on March 16, 2023, aims to ensure a diverse, secure, and sustainable supply of critical raw materials for European Union ("EU") industries and came into force on May 23, 2024. As part of a broader "Green Industry Plan" and aligned with the "Net-Zero Industry Act"
EU Ecodesing Framework
On May 27, 2024, the Council of Europe announced that member states have approved new regulations for an "Ecodesign" framework that sets sustainability requirements for almost all products across the European Union, and introduced a new ban on the destruction of unsold textiles and footwear. The Council of Europe's announcement marks the final major step towards
EU Forced Labour Regulation
On April 23, 2024, the European Parliament approved the EU Forced Labour Regulation, which contains rules banning the import, sale, and export of products produced by forced labour in the European Union ("EU") market. The Regulation stipulates the prohibition of the sale, import, and export in the EU market of all products produced by forced labour
Expansion of the United Kingdom Emissions Trading Scheme
The UK Emissions Trading Scheme (UK ETS) Authority of the UK government announced the launch of a new consultation package on May 23, 2024. This package proposes to extend the UK ETS to new sectors, including waste-to-energy and waste incineration, and to integrate carbon removal activities into the ETS. The United Kingdom has had its own
Implementation of EU Emissions Trading System for Shipping Companies
As of January 2024, a European Union (“EU”) decision has assigned administering authorities to shipping companies, marking one of the final stages in the implementation of the Emissions Trading System (“ETS”) within the Union. This decision establishes a system for trading greenhouse gas emission allowances. In a collaborative effort to enhance environmental sustainability and mitigate carbon
ESMA Rules on ESG Funds
The European Securities and Markets Authority (ESMA), the European Union's markets regulator, announced on May 14, 2024, the publication of its final guidelines (the "Guidelines") on the use of ESG and sustainability-related terms in investment fund names. The Guidelines include required investment thresholds for sustainable investment funds and the creation of a transition category for investments