Date: 26 – 30 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-bribery and corruption
- Brazil: On 30 August, the Comptroller General of the Union (CGU) published two new deliberations of the Internal Control Coordination Committee (CCCI) in the Official Gazette. The first ordinance addresses competency management in government internal auditing activities and the second deals with internal and external quality assessments. Earlier on 28 August, the CGU together with the Ministries of Finance, Planning and Budget, Management and Innovation in Public Services, and the Secretariat of Institutional Relations of the Presidency of the Republic, signed Joint Ordinance No. 111, which defines the procedures that Federal Public Administration bodies must follow to certify the execution of works initiated and in progress, in addition to actions to respond to public calamities, financed by mandatory parliamentary amendments. On 26 August, the CGU launched a Public Consultation to gather contributions for the proposal for Internal Regulations of the National Network for Transparency and Access to Information (RedeLAI).
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Anti-money laundering
- Argentina: On 19 August, the Financial Information Unit (FIU) published the UIF Resolution 132/2024 in the Official Gazette, which modifies UIF Resolution 67/2017, in order to adapt the tasks of the Independent External Auditor (REI) to the new regulatory framework for the prevention of ML/FT/FP.
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Competition
- Mexico: On 28 August, the Federal Economic Competition Commission (Cofece or Commission) began the public consultation of its draft amendments to the Technical Criteria of the Federal Economic Competition Commission for the Request and Issuance of Preliminary Measures, as well as for the Setting of Bonds. The consultation will be open until October 10, 2024.
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Consumer protection
- Argentina: On 28 August, the National Securities Commission (CNV) called for a new public consultation, through RG No. 1015, to regulate customer referencing, advertising of services (through third parties) and channelling of orders between ALYCs, PSPs and MiPyME Platforms.
- Brazil: On 28 August, the National Telecommunications Agency’s (Anatel) Board of Directors deliberated on requests for extensions for the effective date of provisions of Resolution No. 765, which approved the General Regulation of Consumer Rights for Telecommunications Services (RGC).
- India: On 27 August, the Food Safety and Standards Authority of India (FSSAI) launched consultation on the Draft Notification of Food Safety and Standards (Food Products Standards and Food Additives) Amendment Regulations, 2024.
- Japan: On 30 August, the Consumer Affairs Agency (CAA) published the consultation results of the “Draft Standards for the Manufacturing or Processing of Foods with Functional Claims, such as Tablets and Capsules, that Use Natural Extracts as Raw Materials”. On the same day, the CAA published the establishment of standards for the manufacture or processing of tablets, capsules, and other foods that use natural extracts as raw materials among functional foods, and partial revision of food labelling standards.
- USA: On 27 August, the Federal Trade Commission (FTC) announced an update to the fees telemarketers must pay to access phone numbers on the National Do Not Call (DNC) Registry in FY 2025, which starts on October 1, 2024.
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Data protection
- France: On 27 August, the National Commission on Informatics and Liberty (CNIL) published a monitoring tool for Binding Corporate Rules (BCR).
- Turkey: On 26 August, the Personal Data Protection Authority (KVKK) announced the “Personal Data Processing Activities Carried Out by Research Companies Using the Random Dial Telephone Interview Method” for the purpose of conducting statistical research.
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Employment
- Australia: On 26 August, Fair Work Commission (FWC) announced the significant changes to their functions as a result of amendments to the Fair Work Act 2009 made by the Fair Work Legislation Amendment (Closing Loopholes No. 2) Act 2024.
- Canada: On 26 August, the Employment and Social Development Canada announced further action to weed out TFW Program misuse and fraud, given current labour market conditions, and to further reduce the reliance of Canadian employers on the Program. In response to the current employment environment, the announced changes will be implemented, effective by September 26, 2024.
- Germany: On 28 August, the Federal Cabinet approved the draft Accident Insurance Development Act.
- United Kingdom: On 29 August, the Equality and Human Rights Commission (EHRC), together with the Independent Society of Musicians (ISM), published a toolkit which will support orchestra managers and those with HR responsibilities to prevent sexual harassment in the industry.
- USA: On 30 August, the U.S. Department of Labor announced the opening of the public comment period for its proposed rule intended to protect millions of workers from the significant health risks of extreme heat and its publication in the Federal Register.
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Environment
- Japan: On 30 August, the Ministry of the Environment published the procedures for cleaning electrical equipment containing trace amounts of PCB (dechlorination decomposition and cleaning method).
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ESG (Environmental, Social, and Governance)
- Italy: On 29 August, the Ministry of the Environment and Energy Security adopted the MASE Guidelines for the sustainable construction and management of Data Centres.
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Financial services
- Australia: On 28 August, the Australian Prudential Regulation Authority (APRA) published its latest Corporate Plan outlining how it will maintain the strength and stability of Australia’s banks, insurers and superannuation trustees over the next four years. On the same day, APRA announced some changes to its internal structure designed to ensure it remains equipped to deal with emerging and future challenges.
- Brazil: On 27 August, the Brazilian Securities and Exchange Commission (CVM), established the rules and procedures for investment portability, standardised the process by defining deadlines and responsibilities for each participant in the distribution chain. Earlier, on 26 August, the Superintendence of Private Insurance (SUSEP) opened the Public Opinion Survey on the 2024 Open Data Plan and on the same day the Brazilian Association of Financial and Capital Market Entities (ANBIMA) launched the second edition of the Diversity and Inclusion in the Capital Markets survey.
- European Union: On 29 August, the European Banking Authority (EBA) published an Opinion following the notification by the Dutch Central Bank (De Nederlandsche Bank – DNB) of its intention to extend a measure originally introduced in 2022 for a further two years until 2026.
- India: On 28 August, the Securities and Exchange Board of India (SEBI) published an Advisory regarding investment in securities of the Companies listed on the SME Segment of Stock Exchanges.
- South Korea: On 1 September, the Financial Supervisory Service (FSS) improved consumer rights by reorganising business practices and procedures related to automatic transfer repayment of bank debt. Earlier, on 29 August, FSS announced extension of Guidelines for non-cleared over-the-counter derivatives trading margin exchange system (draft).
- USA: On 29 August, the Federal Financial Institutions Examination Council (FFIEC) issued a new booklet to help examiners assess information technology practices. Earlier on 28 August, the Federal Reserve Board (FRB) announced final individual capital requirements for all large banks, effective on October 1.
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Human rights
- Turkey: On 28 August, the Turkish Human Rights and Equality Institution (TİHEK) published the guide “Monitoring of Administrative Detention Places of Migrants“.
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Intellectual Property
- Brazil: On 28 August, the National Institute of Industrial Property (INPI) released the technical examination procedure for patent applications at the appeal stage.
- United Kingdom: On 30 August, the Intellectual Property Office (IPO) updated the Trade Marks Rules 2008 and Trade Marks (Fees) Rules 2008.
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