Recent Amendments to the Regulation on Renting Residential Properties for Tourism Purposes:

Recent amendments to the Regulation on Renting Residential Properties for Tourism Purposes impose stricter requirements for time-share properties, mandating that these rentals meet "high-quality residence" standards and be managed by an authorized company. These changes aim to enhance the governance and transparency of short-term rentals, aligning with Türkiye’s broader tourism and legal compliance standards.

ESG COMPLIANCE PROCESS: A LEGAL PERSPECTIVE FOR COMPANIES:

ESG (Environmental, Social, and Governance), encompassing detailed practices to regulate companies' ethical and sustainable activities, has become a critical concept for companies to adapt to, driven by growing concerns about climate change and the promotion of the circular economy. Turkey has also introduced its own regulations by adopting ESG principles and has taken legal steps to stimulate sustainability in the business world.

LEGISLATIVE CHANGES IN TURKIYE’S TRANSPORTATION: Detailed Insights:

This alert is intended to provide our clients with a detailed overview of the amendments that have been introduced.

Comprehensive Legislative Changes in Turkiye’s Transportation:

The “Law on the Amendments to the Turkish Civil Aviation Law, Certain Laws and the Presidential Decree No. 655” came into force on 9th of July. This Law introduces numerous new regulations in the field of transportation.

Raising The Bar: EU Expands Sanctions on Russian Maritime and Energy Operations :

EU Council enacted Regulation (EU) 2024/1745, introducing stricter sanctions targeting Russia's transport, maritime and energy sectors. The stringent new measures aim to prevent the circumvention of existing sanctions and to increase economic and financial pressure on Russia amid the ongoing conflict in Ukraine.

NEW DIRECTIVE FOR SAFER PILOTAGE SERVICES:

The Directorate General for Maritime Affairs has recently announced a Directive Regarding the Safety of Pilotage Services, which will come into force on 1 July 2024.

THE LEGISLATOR INTRODUCES A MORE EFFICIENT AND FLEXIBLE CORPORATE GOVERNANCE IN TURKIYE:

As a result of the Turkish legislators' efforts to adapt the regulations to the current needs of companies, a new law.

TURKEY INCREASES THE STATUTORY ANNUAL LEGAL INTEREST RATE FROM 9% TO 24%:

Pursuant to the Presidential Decree published in the Official Gazette on 21 May 2024, the legal interest rate received a big hike from 9% to 24% effective from 1 June 2024.

THE 2012 LIABILITY LIMITS ARE REAFFIRMED BY THE ADMIRALTY COURT:

In a very recent judgement, the Istanbul 17th Commercial Court (established as the Admiralty Court in Istanbul) with jurisdiction to hear maritime disputes, ruled that the 2012 liability limits in the amendment to the 1996 Protocol to the 1976 Convention on Limitation of Liability in Maritime Claims are in force in Turkey.

Pufferfish Menace: Ministry Takes Action!:

Measures are being taken to address the threat posed by pufferfish, those quirky yet troublesome sea creatures. Recognizing the significant damage inflicted by these invasive creatures on the fishing industry and the marine life, the Ministry of Agriculture and Forestry (“Ministry”) has introduced a new communique to tackle the pufferfish problem under which fishermen are incentivized to hunt for pufferfish.