Date: 10 – 14 June 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 & Corruption
- European Union: On 10 June, the European Council adopted its position on EU law for combating corruption. This law sets minimum standards for defining and sanctioning corruption offenses, implementing preventive measures, and establishing rules for more effective investigation and prosecution.
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Artificial Intelligence
- France: On 10 June, the National Commission on Informatics and Liberty (CNIL) launched a public consultation on the development of AI systems. These new tools aim to help professionals reconcile innovation with respect for people’s rights. The consultation will end on 1 September 2024.
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Competition
- Japan: On 12 June, the Japan Fair Trade Commission (JFTC) enacted the “Act on Promotion of Competition Concerning Specified Software Used in Smartphones”, to develop a competitive environment where software necessary for using smartphones can be strengthened by diverse entities through competition.
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Cybersecurity
- China: On 14 June, the Cyberspace Administration of China and four other departments announced the “Regulations on the Governance of Online Violence Information”, which will come into effect on 1 August 2024.
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Data protection
- Canada: On 10 June, the Office of the Privacy Commissioner of Canada (OPC) launched exploratory consultations on the privacy implications of age-assurance systems. The feedback received through this consultation will help inform the OPC’s direction to protect children and their privacy. Feedback can be submitted by 10 September 2024.
- France: On 13 June, the CNIL published the steps to be taken regarding changes to data processing subject to formalities. Earlier, on 12 June, CNIL published recommendations on opening and reusing personal data on the Internet.
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Employment
- European Union: On 13 June, the European Council agreed its position on a proposal for an EU Talent Pool. The aim is to facilitate the recruitment of talent from third countries who live outside the EU, making the EU labor market more competitive and addressing shortages in the European labor market. Separately, on 11 June, the European Agency for Safety and Health at Work launched Online interactive Risk Assessment (OiRA) tools.
- Germany: On 13 June, Germany ratified ILO Convention No. 184 on occupational safety and health in agriculture.
- Saudi Arabia: On 10 June, the Ministry of Human Resources and Social Development in collaboration with the National Council for Occupational Safety and Health, announced a new regulation banning outdoor work under the sun. Effective from 15 June 2024 (9 Dhu al-Hijjah 1445 AH), until 15 September 2024 (12 Rabi’ al-Awwal 1446 AH), private sector establishments in Saudi Arabia must adhere to this ban from 12 noon to 3 pm daily.
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Environment
- Brazil: On 10 June, the Federal Government announced that it will receive proposals for the Construction of the Climate Plan until 5 August 2024.
- Canada: On 13 June, Environment and Climate Change Canada announced the release of Canada’s 2030 Nature Strategy and introduced an Act respecting transparency and accountability in relation to certain commitments Canada has made under the Convention on Biological Diversity (the Nature Accountability Bill).
- European Union: On 14 June, the European Council adopted a mandate for forthcoming negotiations with the European Parliament on the so-called ‘one substance one assessment’ (OSOA) package. The aim is to protect human health and the environment through the development and use of safe and sustainable chemicals.
- Japan: On 14 June, the Ministry of Environment released the results of its public consultation on the “Procedure for Cleaning Electrical Equipment Containing Trace PCBs (Dechlorination Decomposition and Cleaning Method) (Draft)”.
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ESG (Environmental, Social, and Governance)
- France: On 11 June, the French Competition Authority issued its opinion on the competitive functioning of electric vehicle charging infrastructure (EVCI).
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Financial services
- Argentina: On 12 June, the National Securities Commission approved the authorization of the operation of index option contracts. The initiative responds to the need to update current regulations on derivative instruments and achieve a modern and transparent framework that contributes to the development of the capital market and the country’s economy.
- Australia: On 13 June, the Australian Prudential Regulation Authority released its finalised prudential practice guide to help banks, insurers and superannuation trustees strengthen their management of operational risk and improve business continuity planning.
- European Union: On 12 June, the European Council agreed on its position on the Retail Investment Package. The package aims to support individual consumers who wish to invest on the EU’s capital markets, by better protecting their investments, providing them with clearer information about investment products and ensuring more transparency and disclosure.
- Germany: On 13 June, the International Working Group on Privacy in Technology (IWGDPT), also known as “Berlin Group”, adopted a working paper on digital central bank money. The paper describes important data protection-related risk factors and offers practical recommendations on how these risks can be managed.
- Japan: On 14 June, the Financial Services Agency published the finalised “Comprehensive Guidelines for Supervision of Financial Instruments Business Operators” after public consultation.
- Russia: On 14 June, the Bank of Russia launched a consultation on the new Conflict of Interest Rules for Non-State Pension Funds that will be applicable starting January 1, 2025. Comments and suggestions on the draft directive can be sent to the Bank of Russia until 28 June 2024 inclusive.
- South Africa: On 14 June, the Financial Intelligence Centre published Guidance on Beneficial Ownership.
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Human rights
- European Union: On 13 June, the European Council welcomed the proposal to extend the temporary protection for the more than 4 million Ukrainians fleeing from Russia’s war of aggression until 4 March 2026. The Council will formally adopt the decision to extend the temporary protection once the legal scrubbing and translation into all EU languages has taken place.
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Intellectual property
- France: On 13 June, the National Institute of Industrial Property (INPI) launched two public inquiries with a view to approving the geographical indications “pierre de Mareuil” and “pierre de Paussac/Paussac-et-Saint-Vivien”. These surveys are open to everyone until 14 August 2024.
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