Publication
Government Investigations in Singapore 2025
We have contributed the Singapore chapter of Getting the Deal Through, Government Investigations 2025.
Authors:
Türkiye | Publication | April 2022
On 21 March 2022, the US Securities and Exchange Commission ("SEC") published Proposed Rules that, if enacted, will require certain companies to make climate-related disclosures in their registration statements and annual reports. The Proposed Rules are open to public comment until at least 20 May 2022.
The SEC has broad authority to issue rules requiring US publicly traded companies to disclose significant financial and other information so that investors can make informed investments decisions. The Proposed Rules reflect the SEC's view that climate risks can be significant, and that companies should therefore be providing investors with more information about climate-related risks pursuant to a uniform framework.
The Proposed Rules impact not only US issuers, but they extend to foreign private issuers. Thus, the Proposed Rules, if enacted, will impact certain Turkish companies.
The Proposed Rules define climate-related risks quite broadly. Specifically, those risks include the actual or potential negative impacts of climate-related conditions and events on a registrant's consolidated financial statements, business operations, or value chains (upstream and downstream activities related to a registrant's operations), as a whole.
Some of the Proposed Rules' more significant disclosure requirements are:
Disclosures required by the Proposed Rules would need to be set forth in registration statements and annual reports under a separate section named, "Climate-Related Disclosure." In addition, the climate-related financial statement metrics and related disclosures would need to be included in the audited financial statements.
Companies would have to begin making the Proposed Rules' climate-related disclosures, including Scope 1 and Scope 2 GHG emissions metrics, for the first full fiscal year following the Proposed Rules becoming effective. Recognizing that the reporting of Scope 3 emissions can be particularly challenging, the Proposed Rules provide an additional one-year phase-in for companies subject to those requirements, although there would be an exemption for smaller companies.
The Proposed Rules contain several rather burdensome requirements. As a result, companies will need to implement and carefully monitor, test, and periodically enhance their compliance framework, including their disclosure controls, with respect to the assessment of climate-related risks. This includes ensuring that individuals performing relevant functions have sufficient expertise and the company has deployed effective technology.
Publication
We have contributed the Singapore chapter of Getting the Deal Through, Government Investigations 2025.
Publication
The private credit market and direct lending have grown and diversified immensely in the past decade, offering alternative sources and terms of debt compared to those historically provided by the syndicated leveraged loan and public issuance markets. Consequently, they are fast becoming pivotal components in the capital ecosystem, so much so that the Bank of England consider that the private credit market is currently responsible for approximately $1.8 trillion of debt issuance, which is four times its size in 2015. This growth has been particularly pronounced in Europe and the US but there has also been significant activity in Asia.
Publication
The EU’s Artificial Intelligence Regulation, commonly referred to as the AI Act, is expected to come into force during the summer of 2024 (the AI Act). The AI Act will be the first comprehensive legal framework for the use and development of artificial intelligence (AI), and is intended to ensure that AI systems developed and used in the EU are safe, transparent, traceable, non-discriminatory and environmentally friendly.
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