Insights

In a significant development for Turkey's business environment, the Public Oversight, Accounting, and Auditing Standards Authority has issued a crucial decision concerning Turkish Sustainability Reporting Standards (TSRS). This decision elucidates the conditions that determine which companies fall under the purview of TSRS. Serving as a cornerstone, the decision provides clarity for companies as they incorporate environmental, social, and governance aspects into their sustainability reports.

In a transformative development for European ESG regulations, the Corporate Sustainability Due Diligence Directive mandates extensive due diligence by large companies, specifically targeting adverse environmental and human rights impacts across their value chain. This directive introduces civil liability and penalties, reshaping business practices. Once formally adopted by the European Parliament and the Council, the directive's holistic approach will extend globally, demanding proactive compliance from businesses to meet heightened ESG standards.

The European Parliament and Council have struck a historic deal on the Artificial Intelligence Act, prioritizing safety, EU values, and innovation. The legislation outlines regulations for high-risk AI, prohibits certain practices, and introduces a governance framework. Emphasizing transparency and fundamental rights, the EU's AI Act has the potential to become a global standard for AI regulation.

The new regulations, scheduled to take effect on January 1, 2024, establish general principles, permissions, and administrative penalties concerning the short-term tourism-oriented rental of residences, limited to durations of fewer than one hundred days. Obtaining permission from the Ministry of Culture and Tourism is now mandatory for engaging in tourism-related rental activities and is subject to specific conditions. Additionally, the law outlines significant administrative fines and penalties, including the potential cancellation of the permission document, in the event of non-compliance.

1 Ocak 2024 tarihinde yürürlüğe girecek olan yeni düzenleme ile konutların tek seferde yüz günden kısa süreyle turizm amaçlı olarak kiralanmasına dair genel esaslar, izinler ve idari yaptırımlar belirlenmiştir. Turizm amaçlı kiralama faaliyetinde bulunabilmek için Kültür ve Turizm Bakanlığı'ndan izin alınması zorunlu hale getirilmiş ve bu izin belirli şartlara bağlanmıştır. Ayrıca, kanunun ihlal edilmesi durumunda yüksek miktarda idari para cezaları ve izin belgesinin iptali gibi yaptırımlar öngörülmüştür.

European Commission Designates Gatekeepers Under Digital Markets Act