Learn More Accept. Herguner Bilgen Ozeke Attorney Partnership. To print this article, all you need is to be registered or login on Mondaq. The ESG framework in Luxembourg comprises a number of EU regulations, EU legislative measures amending existing regulatory frameworks, national legislation and regulatory guidance, including In a year of new challenges, exiting a business arguably remains one of the biggest challenges for business owners. Guernsey and Jersey along with the Isle of Man have published joint guidance on the application of economic substance requirements to partnerships the "Partnership Guidance" which can be found here.
The European regulator, ESMA, issued a public statement in October defining the enforcement priorities that European national regulators will have during their review of listed companies' Given the markets' increased focus on ESG considerations, legislators and regulators alike have started legislating with a view to primarily increasing ESG-related disclosures. Increasingly becoming the flavour of the month in business circles and topping the agenda at most conferences, ESG is quite often misrepresented as a synonym for Corporate Social Responsibility CSR Sign Up for our free News Alerts - All the latest articles on your chosen topics condensed into a free bi-weekly email.
Register For News Alerts. Article Tags. More Tags. JAN More Webinars. Artificial Intelligence. Aviation Finance. Banking Regulation. Commercial-Code-English-Version Download. Share this:. Like this: Like Loading Related Posts Legislation. November 2, November 2, Abrham Yohannes. Documents must be submitted in the original language with a translation into Turkish. Control certificates must be presented to customs authorities along with other required documents upon import.
Products requiring after-sales service such as motor vehicles, household electrical goods, office equipment and computers, cash registers, TV and video equipment, heaters, gas-fired burners, industrial machinery, automobiles, and wireless equipment require an import permit from the Ministry of Trade. The number of maintenance facilities required throughout the country depends on the type of product. For vehicles, the existing import regime instructs an importer to provide services and to maintain necessary parts for at least 10 years following the importation of the last vehicle.
Type-approval is no longer needed for imported telecommunications equipment. Under the framework of the EU Customs Union, telecommunications equipment that meets certain conditions such as harmonized frequencies in Turkey can be imported without the approval of the Telecommunications Regulatory Authority.
Importers are required to obtain a control certificate from the Ministry of the Environment for materials considered detrimental to the environment. Such materials include hard coal, lignite, pet coke, petroleum, arsenic, mercury, lead sulfides and carbonates, fluorocarbons, other chemicals, and scrap metals. The Ministry of Trade launched a Risk-Based Control System TAREKS in to carry out safety checks except for agricultural products, which are the responsibility of the Ministry of Agriculture and Forestry and quality checks including certain agricultural products on exported and imported goods, electronically and on a risk-based basis.
TAREKS encompasses goods like toys, medical devices, telecommunication products, personal protective equipment, machinery, electrical equipment, gas appliances, some industrial raw materials and quality standards of certain agricultural products.
Turkey - Country Commercial Guide. Import Requirements and Documentation. Last published date: Although TCC allows that BoD authority may be selectively transferred to the scope of the General Assembly GA through means of stipulations included in the Articles of Association; the exceptions of this rule are the nontransferable and compulsory duties of BoD set out in the article of TCC.
Nontransferable and compulsory duties according to the TCC are as follows:. In conclusion, as soon as BoD members perform their duties with diligence and to protect the interests of the company within the framework of the principal of good faith , they would not be liable from the damages which occur because of their commercial decision. The TCC and other applicable laws are designed on the knowledge that making loss is as normal as making profit in business world.
BoD members who have authority to represent the company can have limitations placed on their powers determined by a BoD resolution on delegation on representation rights.
In order to be valid, this resolution shall be registered at the Trade Registry Office and announced at Turkish Trade Registry Gazette. By registering such a delegation of representation authority document, it is possible to restrict some of the BoD member's representation rights and delegate some of the duties to other employees of the Company, such as daily transactions of company with small amounts.
In this case, all the employees and BoD members who represent the company will be responsible from their own acts. In other words, BoD Members are personally liable for public debts tax, social security payments and other debts without considering whether they have fault or not.
Pursuant to Article 10 of the TPC and repetitive Article 35 of the Law On The Procedure For The Collection Of Public Receivables numbered the "Law" , which constitute provisions governing the personal liability of statutory representatives for tax liability of Joint Stock Companies, if public receivables may not be fully or partially collected, or if such receivables appear to be uncollectible from the assets of the legal entity, they shall be collected from the personal assets of the BoD members of the legal entity.
Considering the aforementioned information, BoD members are not responsible from their business decisions such as determination of the price of the contract, bidding to a tender unless the loss occurs a result of obvious fault of them. However, it should be kept in mind that the BoD members are personally liable for the public debts of the Company if the government cannot collect the public debts from the company itself.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances. All Rights Reserved. Password Passwords are Case Sensitive. Forgot your password?
0コメント