Türkiye Moves Ahead with KKDIK Implementation: Draft Circular to Address Key Industry Concerns

The Turkish Ministry of Environment, Urbanization, and Climate Change, and the Union of Chambers and Commodity Exchange (TOBB) have met with the key companies from the industry to discuss the future of KKDIK and the implementation of the updates that were published in December 2023. The outcome of the privately held meeting is reportedly a draft of the long-awaited circular on procedures and principles.

Draft Circular in the Works

According to the draft, new deadlines for late pre-registrations (LPRs) may be proposed, and new rules would be set for the election of the lead registrant (LR) as well data sharing, two issues on which the Ministry has already received considerable feedback from the industry in public meetings. New rules are expected to set clear boundaries and steps for the election mechanism as well as joint submission.

Work Groups to Improve Support

It is also proposed that new work groups will be formed to put into practise the collaboration between TOBB and the Ministry, as proposed in the 2023 regulation updates. These work groups will be expected to resolve ongoing disputes as well as answer questions to help registrants, something that was difficult for the Ministry to find the time and capacity to do over the past years. leading to much criticism of the Ministry.

The discussion is expected to continue throughout the month of November with a view to finalize the draft and eventually publish the circular before the end of the year.