Date: 19 – 23 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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Anti-money laundering
- Argentina: On 19 August, the Financial Information Unit (FIU) published the UIF Resolution 129/2024 in the Official Gazette, establishing an abbreviated procedure that can be extended to those cases in which the application for the abbreviated procedure approved in UIF Resolution 90/2024 has already been requested.
- Japan: On 22 August, the National Police Agency (NPA) announced call for comments on the “Draft Order Partially Amending the Order Partially Amending the Enforcement Regulations of the Act on Prevention of Transfer of Criminal Proceeds and the Enforcement Regulations of the Act on Prevention of Transfer of Criminal Proceeds and the Regulations on the Use of Information and Communications Technology in Reporting of Suspicious Transactions”.
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Competition
- United Kingdom: On 23 August, the Competition and Markets Authority (CMA) invited interested parties to provide insights on the funerals market to enable the CMA to consider next steps, including whether or not to consult on a market investigation reference. Earlier, on 22 August, the CMA carried out an in-depth Phase 2 inquiry into Lindab International AB’s (Lindab) purchase of HAS-Vent Holdings Limited (HAS-Vent) after identifying competition concerns during its initial Phase 1 inquiry.
- USA: On 23 August, the Federal Trade Commission (FTC) sought public comment on a petition by a Puerto Rican cooperative of independent pharmacy owners, Cooperativa De Farmacias Puertorriqueñas, requesting that the FTC reopen and modify a final consent order issued in 2012 given changes in the law as well as the increasing dominance of pharmacy benefit managers (PBMs). On 20 August, the FTC submitted a comment supporting the Food and Drug Administration’s (FDA) draft guidance regarding interchangeable biosimilar drugs that can be substituted for brand-name biologic products, stating that the FDA’s guidance would increase patient access to lower-cost prescription medications.
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Consumer protection
- Japan: On 23 August, the Consumer Affairs Agency (CAA) announced the partial revision of the Food Labelling Standards and the establishment of a public notice prescribing the method of notification prescribed by the Prime Minister pursuant to the provisions of Item 5 of Schedule 26 of the Food Labelling Standards. Earlier, on 20 August, the CAA updated the notice to amend the Textile Product Quality Labeling Regulations.
- South Korea: On 22 August, the Ministry of Food and Drug Safety revised the ‘Advanced Biopharmaceutical Long-term Follow-up Investigation Management Standards’.
- Turkey: On 23 August, the Ministry of Commerce announced amendments to the “Regulation on Contracts Established Outside the Workplace” issued based on the Law No. 6502 on Consumer Protection were published in the Official Gazette entered into force.
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Cybersecurity
- China: On 21 August, the Cyberspace Administration of China (CAC), published One Chart to explain the “National Key Cities IPv6 Traffic Enhancement Special Action Plan“.
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Data protection
- Brazil: On 23 August, the National Data Protection Authority (ANPD) announced Resolution No. 19/2024, which established the International Data Transfer Regulation, was published in the Official Gazette of the Union.
- United Kingdom: On 20 August, the Information Commissioner’s Office launched a new, quick and easy-to-use tool to help small organisations and sole traders create a bespoke privacy notice and protect people’s information rights.
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Employment
- Australia: On 23 August, the Fair Work Commission’s (FWC) full Bench finalised the right to disconnect modern award terms. Earlier, on 19 August, FWC published changes to functions as a result of the Fair Work Legislation Amendment (Closing Loopholes No. 2) Act 2024.
- Brazil: On 21 August, the Minister of Labor and Employment, approved a proposal that expands the capillarity of the Sine system, enabling its execution by civil society entities, such as trade unions, unions and organisations.
- European Union: On 19 August, the European Insurance and Occupational Pensions Authority (EIOPA) provided initial information to policyholders affected by FWU AG’s insolvency.
- Japan: On 20 August, the Ministry of Health, Labour and Welfare ensured measures against unfair discrimination based on genomic information (measures in the labour sector).
- USA: On 21 August, the US Department of Labour sought input from South Carolina Highway Construction Industry for a wage survey to establish prevailing wage rates.
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Environment
- Japan: On 22 August, the Ministry of the Environment issued “Guidelines for Promoting Recycling of Solar Power Generation Equipment (Third Edition)”.
- USA: On 19 August, the Environmental Protection Agency (EPA) invited public input on proposed changes to its cleanup approach for the Welsbach & General Gas Mantle Superfund Site, also known as Camden Radiation.
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ESG (Environmental, Social, and Governance)
- China: On 24 August, the Secretariat of the Central Cyberspace Affairs Commission (CAC) and ten other departments (General Office) jointly issued the “Implementation Guidelines for Digital Greening Collaborative Transformation and Development“.
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Financial services
- Argentina: On 23 August, the National Securities Commission (CNV) and the Central Bank of the Argentine Republic (BCRA) clarified that there are no restrictions for making immediate transfers from special bank regularisation accounts. Earlier, on 21 August, the National Securities Commission (CNV) reported that new instruments were added as options to regularise assets in the capital market, free of charge.
- Australia: On 22 August, the Australian Prudential Regulation Authority (APRA) finalised the new cross-industry Prudential Standard CPS 001 Defined terms (CPS 001).
- Brazil: On 22 August, the Association of Financial and Capital Market Entities (ANBIMA) proposed a rule to standardise the way in which institutions, such as distributors and banks, must define and disclose the remuneration received for the commercialization of investment services and products.
- Canada: On 22 August, the Office of the Superintendent of Financial Institutions (OSFI) launched its inaugural pilot of quarterly release of guidance. The guidance released address critical risks identified in the Annual Risk Outlook:
- European Union: On 21 August, the European Securities and Markets Authority (ESMA), published the translations in all official EU languages of its Guidelines on funds’ names using ESG or sustainability-related terms.
- India: On 19 August, the Reserve Bank of India issued the Framework for recognition of SROs in Financial Markets.
- Russia: On 21 August, the Bank of Russia (CBR) clarified the requirements for models used by banks to assess borrowers’ incomes.
- South Korea: On 23 August, the Financial Services Commission (FSC) announced the implementation of the “Safe Blocking of Credit Transactions” service to prevent damage from voice phishing. Earlier on 22 August, the Financial Supervisory Service (FSS) published Guidance on major illegal acts and sanctions cases for establishing GA business order. On 19 August, the FSC announced the revision of the “Enforcement Decree of the Telecommunication Fraud Damage Refund Act” passed by the State Council.
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Intellectual Property
- China: On 21 August, the National Institute of Industrial Property (INPI) updated the Trademark Manual.
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