Date: 12 – 16 August 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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Artificial intelligence
- Brazil: On 12 August, Anatel launched a new module for the Electronic Information System (SEI), which incorporates advanced Artificial Intelligence (AI) resources, including Generative AI, to support and optimise the activities of the Agency’s servers.
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Competition
- Mexico: On 9 August, the Federal Economic Competition Commission (COFECE) issued the Guidelines of the Institutional Archive System of the Federal Economic Competition Commission Publication.
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Consumer protection
- USA: On 14 August, the Federal Trade Commission (FTC) announced a final rule that will combat fake reviews and testimonials by prohibiting their sale or purchase and allow the agency to seek civil penalties against knowing violators. Earlier on 13 August, the Consumer Financial Protection Bureau (CFPB) released an advisory opinion and research report on a form of home seller financing that is often referred to as contract for deed.
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Data protection
- Argentina: On 16 August, National Directorate for Personal Data Protection (AAIP), published recommendations for adults to help children and adolescents protect their personal data and privacy when using social networks or browsing websites.
- Indonesia: On 13 August, the Ministry of Communication and Information facilitated a public consultation to discuss the Revision of Law Number 14 of 2008 concerning Openness of Public Information.
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Employment
- Australia: On 13 August, the European Agency for Safety and Health at Work published 20 Online Interactive Risk Assessment (OiRA) tools to ensure safety in mining and quarrying.
- Canada: On 13 August, the Employment and Social Development Canada sought input on strengthening the Canadian workforce. Feedback can be provided by responding to an online questionnaire, available until September 30, 2024.
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Environment
- Italy: On 12 August, the Ministry of the Environment and Energy Security published a decree promoting the construction of innovative renewable energy plants or those with high operating costs.
- Japan: On 16 August, the Ministry of Health, Labor and Welfare announced a request for comments on the draft technical guidelines on measures to be taken to prevent environmental pollution caused by Class II specified chemical substances in the handling of NPEs or products containing NPEs as specified in Article 9 of the Enforcement Order of the Law on the Examination and Regulation of Manufacture of Chemical Substances.
- USA: On 12 August, the Environmental Protection Agency (EPA) sought public comment on a proposal to limit vessel wastewater discharges within the Indian River-Vero Beach Aquatic Preserve to Fort Pierce.
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Financial services
- Argentina: On 14 August, the National Securities Commission (CNV) ordered, through RG No. 1013, that Multilateral Credit Organizations may act as guarantors of capital market instruments.
- European Union: On 14 August, the European Central Bank (ECB) published harmonised rules and arrangements for the mobilisation and management of collateral in Eurosystem credit operations marking a step towards further financial integration in the euro area and the capital markets union. Earlier on 13 August, the European Banking Authority (EBA) published final amendments to its Regulatory Technical Standards (RTS) on the fundamental review of the trading book (FRTB).
- Russia: On 12 August, the Bank of Russia (CBR) published clarifications on the peculiarities of regulation of individual investment accounts and the requirements for foreign currency loans that can be refinanced in the Bank of Russia.
- South Korea: On 14 August, the Financial Services Commission (FSC) established and provisioned five best practices for internal standards that financial companies must establish by October 17th under the Personal Debtor Protection Act. Earlier on 13 August, the FSC announced the implementation of the Capital Market Act to regulate unsound business practices by quasi-investment advisors .
- USA: On 12 August, the EBA responded to the European Commission’s Delegated Act postponing the application of the market risk framework in the EU.
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