Compliance Compass: Weekly Regulatory Roundup (19 – 23 August 2024)

Here is a summary of the regulatory update for the week of 19-23 August 2024:

Anti-money laundering: Argentina's Financial Information Unit (FIU) published an abbreviated procedure for specific cases, while Japan's National Police Agency (NPA) announced a call for comments on draft amendments to its regulations on suspicious transactions.

Competition: The UK's Competition and Markets Authority (CMA) invited submissions on the funeral market and concluded its Phase 2 inquiry into Lindab International's acquisition of HAS-Vent Holdings. The US Federal Trade Commission (FTC) called for public comment on a petition to modify a consent order and submitted a comment in support of FDA guidance on interchangeable biosimilar drugs.

Consumer protection: Japan's Consumer Affairs Agency (CAA) revised food labeling standards and updated textile product labeling regulations. South Korea's Ministry of Food and Drug Safety revised biopharmaceutical follow-up investigation management standards. Turkey's Ministry of Commerce amended regulations on contracts outside the workplace.

Cybersecurity: China's Cyberspace Administration (CAC) published a chart explaining its IPv6 traffic enhancement plan.

Data protection: Brazil's National Data Protection Authority (ANPD) established international data transfer regulations. The UK's Information Commissioner's Office launched a tool to help small organizations create privacy notices.

Employment: Australia's Fair Work Commission finalized modern award terms on the right to disconnect. Brazil approved a proposal to expand the Sine system. The European Insurance and Occupational Pensions Authority (EIOPA) informed policyholders affected by FWU AG's insolvency.

Environment: Japan's Ministry of the Environment issued guidelines on recycling solar power generation equipment. The US Environmental Protection Agency (EPA) sought public input on its cleanup approach for the Welsbach & General Gas Mantle Superfund Site.

ESG (Environmental, Social, and Governance): China's Central Cyberspace Affairs Commission and other departments issued guidelines for digital greening collaborative transformation and development.

Financial services: Argentina's National Securities Commission and Central Bank clarified restrictions on transferring funds from special bank regularisation accounts. Australia's Australian Prudential Regulation Authority (APRA) finalized a new cross-industry prudential standard. Brazil's Association of Financial and Capital Market Entities proposed a rule for standardizing the definition and disclosure of remuneration received for commercializing investment services.

Intellectual Property: China's National Institute of Industrial Property (INPI) updated the Trademark Manual.