Date: 15 – 19 July 2024
Welcome to this week’s regulatory update, where we bring you the latest changes and trends in regulatory policies across the G-20 nations. Stay ahead with the latest updates, their impacts, and actionable tips for your business.
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Anti-bribery and corruption
- China: On 17 July, the Central Commission for Discipline Inspection (CCDI) explained the law on analysis on the nature of the behaviour of the transferor in bribery of the transfer type through cases.
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Anti-money laundering
- Argentina: On 19 July, the Financial Information Unit (FIU) published the UIF Resolution 110/24, in the Official Gazette, establishing a special mechanism for reporting suspicious transactions. On 18 July, the National Securities Commission (NSC) regulated, through the issuance of General Resolution No. 1010, the Asset Regularization Regime established by Law No. 27,743.
- USA: On 19 July, the National Credit Union Administration (NCUA) along with three federal financial institution regulatory agencies requested comments on Anti-Money Laundering/Countering the Financing of Terrorism Proposed Rule.
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Artificial Intelligence
- European Union: On 16 July, the European Data Protection Board (EDPB) adopted a statement in which data protection authorities specify the role they wish to play in the application of the European AI Regulation (RIA), published in the Official Journal of the European Union.
- France: On 18 July, the National Commission for Information Technology and Civil Liberties (CNIL) published the initial responses for a responsible deployment of Generative AI that respects data protection.
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Competition
- USA: On 19 July, the Justice Department’s Antitrust Division and the Federal Trade Commission (FTC) extended the deadline for the public to comment on serial acquisitions and roll-up strategies that harm competition by 60 days.
- United Kingdom: On 18 July, the Competition and Markets Authority (CMA) published the consultation outcome of the approach proposed by the Subsidy Advice Unit (SAU) for its monitoring function.
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Cybersecurity
- European Union: On 17 July, the three European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) established the EU Systemic Cyber Incident Coordination Framework (EU-SCICF), in the context of the Digital Operational Resilience Act (DORA), that will facilitate an effective financial sector response to a cyber incident that poses a risk to financial stability, by strengthening the coordination among financial authorities and other relevant bodies in the European Union, as well as with key actors at international level.
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Data protection
- France: On 17 July, the National Data Protection Authority (ANPD) published the Regulation on the Role of the Data Protection Officer.
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Employment
- Australia: On 19 July, the Fair Work Commission (FWC) launched consultation on several changes to the Fair Work Act 2009 amended according to the Fair Work Amendment (Closing Loopholes No.2) Act 2024.
- European Union: On 15 July, the European Agency for Safety and Health at Work published 20 Online Interactive Risk Assessment (OiRA) tools that improve the well-being of workers in the hairdressing and beauty industry.
- Germany: On 16 July, the Federal Ministry of Labour and Social Affairs (BMAS) published the new funding guideline “Civic Innovation – Funding of AI projects for the common good in the spectrum of the working world” as part of the Civic Innovation Platform (CIP).
- Italy: On 16 July, the Ministry of Labor and Social Policies published the Note no. 12607, which summarises the main useful indications in the management of activities addressed to beneficiaries of the Inclusion Allowance, in order to ensure widespread information on some new provisions and functions made available for the purposes of implementing the measure. Earlier, on 15 July, “Urgent provisions for agricultural, fishing and aquaculture businesses, as well as for businesses of national strategic interest”, was published in the Official Journal.
- United Kingdom: On 18 July, the Department for Work and Pensions updated the impact assessment of Public Sector Equality Duty assessment for Data Protection and Digital Information (No.2) Bill.
- USA: On 18 July, the Consumer Financial Protection Bureau (CFPB) proposed an interpretive rule explaining that many paycheck advance products, sometimes marketed as “earned wage” products, are consumer loans subject to the Truth in Lending Act. Earlier, on 15 July, the U.S. Department of Labor announced a final rule updating eligibility requirements for current and former nuclear weapons workers seeking to file benefits claims related to beryllium sensitivity and making benefits available to people once deemed ineligible.
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Environment
- Canada: On 15 July, the Government of Canada published an updated Draft State of Per- and Polyfluoroalkyl Substances (PFAS) Report and revised Risk Management Scope.
- Brazil: On 18 July, the Ministry of Environment and Climate Change (MMA) signed a law that guarantees attention to climate change, the protection of biodiversity and vulnerabilities to socio-environmental disasters in the National Environmental Education Policy (PNEA).
- Japan: On 19 July, the Ministry of the Environment published the Harmonized Guidelines for Monitoring Marine Litter Using Remote Sensing Technology.
- USA: On 15 July, the Environmental Protection Agency (EPA) announced new, earlier protections for people from pesticide spray drift.
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Financial services
- Australia: On 17 July, the Australian Prudential Regulation Authority (APRA) released a response to consultation on proposed minor amendments to the prudential framework for authorised deposit-taking institutions (ADIs) and general, life and private health insurers. On the same day, APRA released its response to the consultation on proposed enhancements to the content and presentation of its suite of quarterly insurance statistical publications.
- European Union: On 19 July, the European Banking Authority (EBA) launched a public consultation on the draft Handbook on independent valuers for resolution purposes. Earlier on 17 July, EBA welcomed the entry into force of the new European Banking Package, which implements the final Basel III framework into EU regulation. On the same day, the three European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) published the second batch of policy products under the Digital Operational Resilience Act (DORA). Earlier on 16 July, the EBA published a consultation paper amending the Implementing Regulation on the joint decision process for internal model authorisation under the Capital Requirements Regulation (CRR). On the same day, the European Securities and Markets Authority (ESMA) launched a consultation on draft technical standards specifying the criteria for how investment firms establish and assess the effectiveness of their order execution policies. On 15 July, EBA launched a consultation on draft Guidelines on reporting requirements to assist competent authorities and the EBA in performing their duties under the Markets in Crypto-assets Regulation (MiCAR).
- France: On 15 July, the National Commission for Information Technology and Civil Liberties (CNIL) published a document whose purpose is to enable all professionals to understand and prevent the risks of data breaches in the banking sector during summer.
- Italy: On 18 July, the Italian Securities Commission (CONSOB) authorised synthetic STS securitizations for Italian banks, easing regulatory obstacles and unlocking financial resources for the real economy.
- Russia: On 18 July, the Bank of Russia (CBR) is yet to approve the Standard for the Protection of the Rights and Legitimate Interests of Mortgage Borrowers which the Committee on Standards for the Activities of Credit Institutions has approved. Earlier on 16 July, the CBR approved the procedure for excluding information about individuals and organisations from the database “On cases and attempts to transfer funds without the voluntary consent of the client”.
- South Korea: On 17 July, the Financial Supervisory Services (FSS) announced the “Virtual Asset User Protection Act”, effective from 19 July. Earlier, on 16 July, the FSS shared and disseminated Guidance on major illegal cases of GA and future inspection and sanction directions.
- Turkey: On 17 July, the Capital Markets Board announced amendments to the Communiqué on Principles Regarding Real Estate Investment Funds.
- USA: On 18 July, the National Credit Union Administration (NCUA) and four other federal regulatory agencies issued final guidance addressing Reconsiderations of Value (ROVs) for residential real estate transactions. On the same day, the NCUA Board approved a proposed rule on incentive-based compensation and a revised proposed rule on succession planning. On 17 July, the Consumer Financial Protection Board (CFPB) along with five federal regulatory agencies issued a final rule, pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, designed to help ensure the credibility and integrity of models used in valuations for certain mortgages secured by a consumer’s principal dwelling.
- United Kingdom: On 15 July, the Payments Systems Regulator (PSR) and Financial Conduct Authority (FCA) sought views on the benefits and risks digital wallets bring to people and businesses.
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Human rights
- United Kingdom: On 16 July, the Equality and Human Rights Commission, updated its Guidance for those placing or publishing advertisements, to help them ensure such adverts are lawful and do not discriminate.
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Intellectual property
- United Kingdom: On 16 July, the Intellectual Property Office (IPO) published Guidance explaining how to get involved in the pilot of new digital patents service for a small number of customers.
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