Date: 23 – 27 September 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 and corruption
- Brazil: On 25 September, the Comptroller General of the Union (CGU) released a proposal for improvements to increase the transparency and traceability of data on parliamentary amendments published on the Federal Government’s Transparency Portal.
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Artificial intelligence
- Argentina: On 27 September, the National Directorate for Personal Data Protection (AAIP) published the Guide for public and private entities on Transparency and Protection of Personal Data for responsible Artificial Intelligence.
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Consumer protection
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- Brazil: On 23 September, the National Telecommunications Agency (Anatel) determined a set of measures for telecommunications service providers that aim to prevent the use of telephone calls to commit scams and fraud.
- European Union: On 25 September, the European Council adopted its negotiating mandate on a package of measures to adapt the Alternative Dispute Resolution (ADR) framework to the challenges of the digital world.
- France: On 24 September, the Directorate-General for Competition Consumer Affairs and Fraud Control (CCA) issued Recommendation on for-profit sports club contracts
- India: On 25 September, the Telecom Regulatory Authority of India (TRAI) released a Consultation Paper on “Review of Telecom Commercial Communications Customer Preference regulation, 2018”.
- South Korea: On 24 September, the Ministry of Food and Drug Safety (MFDS) announced the notice of Legislation on Enforcement Rules for Establishing Exceptions to Cosmetics External Packaging Description and Labelling Matters.
- USA: On 25 September, the Financial Conduct Authority proposed new rules to better protect customers of payments firms.
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Cybersecurity
- China: On 27 September, the Cyberspace Administration of China (CAC) solicited public opinions on the Regulations on the Administration of Terminal Equipment Directly Connected to Satellite Services.
- Italy: On 25 September, the G7 Cyber Expert Group (CEG) published a statement to highlight the potential cybersecurity risks associated with quantum computing developments connected with quantum computing.
- USA: On 27 September, the National Cyber Security Centre (NCSC) and USA issued an alert over cyber actors working on behalf of the Iranian state.
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Data protection
- France: On 24 September, the French data protection authority (CNIL) published its opinion, as the authority published the final version of its recommendations on mobile applications.
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Employment
- European Union: On 26 September, the European Insurance and Occupational Pensions Authority (EIOPA) sought feedback on measures aimed at strengthening the supervision of occupational pension funds’ liquidity management. Earlier, on 24 September, published an updated technical documentation for calculating the risk-free interest rate term structures (RFR).
- Italy: On 27 September, the Ministry of Labour and Social Policies announced Legislative Decree which “Implements Directive (EU) 2022/431 of the European Parliament and of the Council of 9 March 2022 amending Directive 2004/37/EC on the protection of workers from the risks related to exposure to carcinogens or mutagens at work”. On the same day, the Ministry of Labor and Employment (MTE) extended the deadline for “union updating (SR)” until December 2024.
- Saudi Arabia: On 29 September, the Minister of Human Resources and Social Development issued a decision approving the regulatory rules for the non-governmental social facilities for persons with disabilities.
- USA: On 24 September, the Department of Labor (US DOL) announced the publication of the AI & Inclusive Hiring Framework, a new tool designed to support the inclusive use of artificial intelligence in employers’ hiring technology and increase benefits to disabled job seekers.
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Environment
- Japan: On 26 September, the Ministry of Environment published the “Basic principles regarding the use of the mass balance approach in plastic resource circulation“.
- USA: On 27 September, the Environmental Protection Agency (EPA) extended the public comment period for the proposed early cleanup action for the Newtown Creek Superfund Site, located in Brooklyn and Queens, New York City. Originally set to end on September 27, the new deadline for public comments is now October 28. On the same day, the EPA also released resource tools to help protect public health and local water bodies in communities that rely on lagoons for wastewater management. Earlier, on 24 September, the EPA announced the finalisation of national discharge standards to control the release of pollutants and invasive species from approximately 85,000 vessels operating in U.S. waters. On 23 September, the EPA announced a final rule to establish a new program to better manage, recycle, and reuse climate-damaging hydrofluorocarbons (HFCs) under the American Innovation and Manufacturing (AIM) Act.
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Financial services
- Australia: On 23 September, the Australian Prudential Regulation Authority (APRA) released its response to its July 2024 consultation on the remaking of Prudential Standard APS 117 Capital Adequacy: Interest Rate Risk in the Banking Book (Advanced ADIs), which is due to sunset on 1 April 2025.
- Canada: On 26 September, the Canadian Securities Administrators (CSA) provided a further update for Crypto Asset Trading Platforms (CTPs) that are registered, or that provided a pre-registration undertaking (PRU), about the application of terms and conditions in the CTPs’ registration and exemptive relief decisions or PRUs related to value-referenced crypto assets (VRCAs).
- China: On 28 September, the Financial Regulatory Administration interpreted the “Several Opinions on Strengthening Supervision, Preventing Risks and Promoting High-Quality Development of the Insurance Industry“.
- Germany: On 24 September, the Federal Financial Supervisory Authority (BaFin) informed that MiFID II/MiFIR review allows investment firms to apply for Designated Publishing Entity (DPE) status, affecting post-trade transparency for OTC securities transactions.
- Russia: On 27 September, the Bank of Russia (CBR) submitted to the State Duma an updated draft of the Main Directions of the Unified State Monetary Policy for 2025–2027. Earlier, on 23 September, CBR extended restrictions on transferring funds abroad for another 6 months. On the same day, the Committee on Standards for the Activities of Credit Institutions approved the Standard for the Protection of the Rights and Legitimate Interests of Mortgage Borrowers, agreed upon with the CBR .
- South Korea: On 27 September, the Financial Services Commission (FSC) announced the amendment to the Capital Market and Financial Investment Business Act, passed by the National Assembly plenary session. Earlier, on 25 September, the Financial Supervisory Service (FSS) provided investors with an integrated short selling guideline to proceed with the computerization of short selling without a hitch through a customised support system for each investor. On 24 September, the FSC announced Cabinet Meeting’s approval of the Revision to Enforcement Decree of the Act on Supporting the Financial Lifestyle of the Common People.
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Human rights
- United Kingdom: On 26 September, the Equality and Human Rights Commission (EHRC) published an updated workplace sexual harassment guidance ahead of change to law.
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Intellectual property
- Brazil: On 23 September, the National Institute of Industrial Property (INPI) announced new ordinances on patent procedures.
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