Compliance Compass: Weekly Regulatory Roundup (15 – 19 July 2024)

Summary:

This week's regulatory update covered significant developments in various areas from July 15-19, 2024. Key highlights include:

Anti-Bribery and Corruption: The Central Commission for Discipline Inspection in China explained the law on analyzing the nature of bribery behavior through cases.

Anti-Money Laundering: The Financial Information Unit in Argentina published a special mechanism for reporting suspicious transactions, while the National Credit Union Administration in the USA requested comments on a proposed anti-money laundering rule.

Artificial Intelligence: The European Data Protection Board adopted a statement on the role of data protection authorities in the application of the European Artificial Intelligence Regulation, and the National Commission for Information Technology and Civil Liberties in France published initial responses for a responsible deployment of Generative AI.

Competition: The Justice Department's Antitrust Division and the Federal Trade Commission in the USA extended the deadline for public comments on serial acquisitions and roll-up strategies that harm competition, while the Competition and Markets Authority in the UK published a consultation outcome on its monitoring function.

Cybersecurity: The three European Supervisory Authorities established the EU Systemic Cyber Incident Coordination Framework to facilitate an effective financial sector response to cyber incidents.

Data Protection: The National Data Protection Authority in France published a regulation on the role of the Data Protection Officer.

Employment: The Fair Work Commission in Australia launched consultation on several changes to the Fair Work Act, while the European Agency for Safety and Health at Work published online interactive risk assessment tools for the hairdressing and beauty industry.

Environmental and Sustainability: The Government of Canada published an updated draft report on per- and polyfluoroalkyl substances, while the Environmental Protection Agency in the USA announced new protections for people from pesticide spray drift.

Financial Services: The Australian Prudential Regulation Authority released responses to consultations on prudential frameworks and insurance statistical publications, while the European Banking Authority launched a public consultation on a draft handbook for independent valuers.

Human Rights: The Equality and Human Rights Commission in the UK updated guidance for advertisers to ensure ads are lawful and do not discriminate.

Intellectual Property: The Intellectual Property Office in the UK published guidance on a pilot digital patents service for a small number of customers.

This summary aims to provide a concise overview of the key regulatory developments across various sectors from July 15-19, 2024.