Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 93

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 4
Chunk 93
---
 implementation of the Turkish Sustainability Reporting Standards (“TSRS”) was published on December 29, 2023 and entered into force as of January 1, 2024. The Decision regulates the scope of the implementation of TSRS 1 “General Provisions on Disclosure of Sustainability Related Financial Information” and TSRS 2 “Climate Related Disclosures” standards that organizations, institutions and entities in Turkey must consider when preparing their sustainability reports. The aim of the TSRS is to enhance access to green financing for enterprises established in Turkey and they were determined by the POA by considering the International Sustainability Reporting Standards.
The Decision of the POA dated December 16, 2024, for accounting periods beginning on or after January 1, 2024, introduced amendments regarding the institutions, organizations and enterprises that will apply TSRS in the preparation of sustainability reports and the scope of reporting. In particular, the phrase “joint stock companies whose capital market instruments are traded on a stock exchange or other organized markets, or which have a prospectus or issuance document with a validity period approved by the Capital Markets Board(“CMB”) for the purpose of trading” has been amended to “corporations traded on the stock exchange markets, except for corporations whose shares are traded on the Close Monitoring Market of Borsa Istanbul A.Ş. and on the Venture Capital Market for sale to qualified investors”.
 Further, joint stock companies that are not traded on a stock exchange or other organized markets, but issue capital market instruments other than shares without a public offering, or have a valid issuance certificate approved by the Capital Markets Board for this purpose, will be excluded from the scope of the mandatory application of the TSRS. 
Substantial amendments were introduced to the Regulation on Payment Services and Electronic Money Issuance and Payment Service Providers and to the Communiqué on Information Systems of Payment and Electronic Money Institutions and Data Sharing Services of Payment Service Providers in Payment Services Area on September 30, 2024. The amendments include regulation on digital wallet services, including the requirement to obtain an operating license by April 7, 2025.
In December 2023, the Tax Procedure Law was amended with respect to the inflation-adjustment calculations with the aim of eliminating the effects of high inflation on financial statements and mitigating the adverse effects of inflation in taxation (as inflation results in tax revenue losses for the government). According to this amendment (which was subsequently revised, as indicated further below), banks (including Garanti BBVA), companies within the scope of the Financial