Global Regulatory Insights: Monthly Spotlight | North America – June 2024

Summary of Key Regulatory Updates for June 2024 in North America, Mexico, and the United States

Canada:

The Employment and Social Development Canada launched a public consultation on the proposed regulations for the Canada Disability Benefit, affecting over 600,000 low-income Canadians with disabilities.
The Ministry of Labour welcomed royal assent of legislative changes to support federally regulated employees, enhancing benefits and protections for work-life balance and health-related needs.
The Ministry of Environment and Climate Change welcomed the Royal Assent of Bill C-226, establishing a national strategy to combat environmental racism and promote environmental justice.
Other updates include changes to the Competition Act, the ban on replacement workers during strikes, and the facilitation of capital-raising efforts for businesses.

Compliance Tips:

Federally Regulated Employee Protections: Update company policies and employee handbooks to reflect new legislative changes.
Environmental Racism and Justice Strategy: Integrate environmental justice principles into corporate social responsibility initiatives.
Replacement Workers Legislation: Review and revise labor relations and strike contingency plans.

Important Dates:

September 23, 2024: Comments due on the draft regulations for the Canada Disability Benefit.
September 10, 2024: Comments due on OPC's exploratory consultation on age assurance.

Mexico:

The Federal Economic Competition Commission (COFECE) modified its internal structure and operational guidelines, potentially improving its efficiency and effectiveness in regulating economic competition.
Compliance Tips: Review changes to the Organic Statute, adjust compliance practices, and monitor regulatory updates.
Important Dates: None specified.

United States:

The Federal Trade Commision (FTC) announced the final Eyeglass Rule, enhancing consumer access to eyeglass prescriptions.
The Consumer Financial Protection Bureau (CFPB) extended compliance dates for the Small Business Lending Rule.
Other updates include changes to the Fredwire Funds Service and National Settlement Service, cybersecurity guidance for small and medium-sized businesses, promotion of fair competition, and enhanced safety measures against toxic exposure.

Compliance Tips:

FTC Eyeglass Rule: Update practices to ensure patient signatures are obtained and retained for three years.
CFPB Small Business Lending Rule: Adjust compliance timelines to meet extended deadlines.
Federal Reserve Payment Services: Be prepared to provide detailed information about acquisition practices.

Important Dates:

June 6, 2024: Comments due on the proposal by Federal Reserve Payment Services.
July 29, 2024: Comments due on EPA's consultation to implement new safety measures for handling N-Methylpyrrolidone.