Global Regulatory Insights

Today (July 16), Davie Clothing Pty Ltd, the supplier of the popular loungewear brand ‘Oodie’, paid $101,280 in penalties for allegedly failing to comply with mandatory product safety standards. The Australian Competition and Consumer Commission (ACCC) issued six infringement notices after Davie Clothing failed to include high fire danger warning labels on six different styles of the Kids Beach Oodie. Key Points: - Safety Standard Violation: Davie Clothing did not comply with the Consumer Goods (Children’s Nightwear and Limited Daywear and Paper Patterns for Children’s Nightwear) Safety Standard 2017. - ACCC Investigation: Prompted by a consumer complaint, the investigation revealed over 2,400 affected garments sold without the required fire labels from September 2022 to July 2023. - Consumer Safety: ACCC Deputy Chair Catriona Lowe emphasized the importance of fire hazard warning labels in preventing serious burns in children and urged suppliers to meet safety standards. Davie Clothing has also agreed to a court-enforceable undertaking, committing to publish a corrective notice on its website and establish an ACL Compliance Program. Stay updated with the latest compliance and enforcement news with Global Regulatory Insights! #ProductSafety #Compliance #ACCC #Oodie #ConsumerProtection #RegulatoryUpdate #GRI

On Monday (July 15), the Securities and Exchange Board of India (SEBI) imposed a fine of Rs. 25 lakh on Monetary Solutions for violating regulatory rules. This action follows an inspection conducted in September 2022, focusing on compliance with PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) and IA (Investment Advisers) regulations. Key Findings: - Fake Testimonials: Monetary Solutions advertised fake testimonials and past performance on its website to lure investors by falsely demonstrating the accuracy of its tips. - Fraudulent Actions: SEBI's Adjudicating Officer, Barnali Mukherjee, noted that these actions were fraudulent, intending to deceive clients into taking advice from Monetary Solutions. - Regulatory Violations: Monetary Solutions failed to disclose the investor charter on its website and did not provide a link to lodge complaints on SCORES, further violating IA rules. SEBI's stringent action highlights its commitment to maintaining transparency and integrity in the capital markets. Stay informed with the latest regulatory updates from Global Regulatory Insights! #SEBI #MarketRegulation #InvestmentAdvisers #Compliance #FinancialRegulation #RegulatoryUpdate #GRI

On July 10, 2024, Abu Dhabi Global Market (ADGM) announced the publication of its new whistleblowing framework, underscoring its commitment to transparency, accountability, and market integrity. This initiative aligns with ADGM's progressive business environment and enhances its existing regulatory frameworks. Key Features of the Framework: - Protected Disclosures: Dedicated regulations to recognize and protect good faith reporting. - Reporting Channels: Internal and external channels for reporting suspected breaches of ADGM legislation or financial crime. - Anonymous Reporting: Protections for anonymous reporting of suspected misconduct in good faith. - Non-Retaliation: Integrated non-retaliation protections in employment regulations to safeguard employees. - Good Governance: Requirements for all ADGM entities to support whistleblowing. - Written Policies: Mandatory written policies and procedures for firms licensed by FSRA, DNFBPs, and large ADGM entities. Entities within ADGM must implement proportionate arrangements to support effective whistleblowing by May 31, 2025. These measures reflect ADGM's dedication to upholding the highest international business standards. Read the FSRA Rules (Whistleblowing) - https://lnkd.in/gwBSz5yq Read the Amendments to Legislation (Whistleblowing) - https://lnkd.in/gjwBm6Nw Stay updated with the latest regulatory frameworks with Global Regulatory Insights! #Whistleblowing #Transparency #ADGM #MarketIntegrity #FinancialRegulation #RegulatoryUpdate #GRI

Last Thursday (July 11), the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) released new information to help insurers and superannuation trustees prepare for the Financial Accountability Regime (FAR). Already applicable to the banking industry, FAR will take effect for the insurance and superannuation industries starting March 15, 2025. Key Highlights: - Strengthened Accountability: FAR enhances responsibility and accountability frameworks to improve risk governance cultures for APRA-regulated entities. - New Guidance: Includes an amendment to Regulator rules, updated information papers, accountability statement guides, and reporting form instructions. - Consultation Feedback: Joint ASIC and APRA letter summarizing key issues raised during consultation and their responses. This comprehensive package ensures entities and accountable persons understand and comply with their obligations under FAR. It reflects final rules and key functions necessary for effective implementation. Stay ahead with the latest regulatory updates from Global Regulatory Insights! #FinancialRegulation #FAR #APRA #ASIC #Insurance #Superannuation #RiskGovernance #RegulatoryUpdate #GRI

On July 15, 2024, the American Bankers Association, the Bank Policy Institute and the Consumer Bankers Association asked the FDIC to extend the compliance deadline for its new rule on the use of the FDIC's name and logo by financial institutions. The current deadline of January 1, 2025, is seen as insufficient due to multiple aspects of the rule requiring clarification. Key Points: - Requested Extension: Proposing a new compliance deadline of January 1, 2026. - Need for Clarity: Significant ambiguity in the rule has delayed implementation efforts. - Collaborative Effort: Associations urge the FDIC to provide detailed guidance, such as FAQs, to assist banks in understanding and implementing the rule. The associations emphasized that clear responses to numerous questions raised by the final rule are essential before banks can proceed with implementation effectively. “We appreciate the FDIC's willingness to engage with the industry to answer questions and provide additional guidance,” the associations stated in their letter. Read the letter here - https://lnkd.in/gFqbydf5 Stay updated on banking regulations with Global Regulatory Insights! #Banking #FDIC #Compliance #BankingRegulation #FinancialInstitutions #RegulatoryUpdate #GRI

Yesterday (July 15), the American Fintech Council (AFC) submitted its response to the Consumer Financial Protection Bureau (CFPB) regarding the proposed Interpretive Rule on the Use of Digital User Accounts to Access Buy Now, Pay Later (BNPL) Loans. The AFC, representing responsible fintech companies and innovative banks, aims to ensure consumer protection and transparency in financial services. Key Points: - Consumer Protection: AFC emphasizes the importance of regulatory clarity and consistent standards to protect consumers using BNPL services. - Industry Standards: AFC has adopted policy standards classifying BNPL products as loans, ensuring transparent terms, underwriting transactions at the point of sale, and providing Truth in Lending Act (TILA) disclosures. - CFPB Engagement: AFC commends the CFPB for their ongoing engagement with industry leaders and their efforts to align nonbank financial companies with credit card lending rules. Phil Goldfeder, CEO of AFC, stated, "We welcome the opportunity to provide feedback to ensure the interpretive guidance increases consumer protection without limiting competition or innovations." AFC's response letter applauds the CFPB's work and requests additional time and clarity for BNPL providers to comply with new regulations. Read the Full Letter here - https://lnkd.in/gHqXM4g2 Stay informed with Global Regulatory Insights for the latest in fintech and consumer protection. #Fintech #BNPL #ConsumerProtection #AFC #CFPB #RegulatoryUpdate #GRI

Last Friday (July 12), China's Secretariat of the Cyber Security Standardization Committee announced the release of the draft national standard "Requirements for Compliance Audit of Data Security Technology Personal Information Protection." This draft has been developed after extensive efforts by the standard drafting units. Key Details: - Public Consultation: The Secretariat is seeking feedback from relevant units and experts to ensure the quality of the standard. - Feedback Deadline: Comments should be submitted by September 11, 2024. Read the full-text of the Standard here - https://lnkd.in/gacevchv Stay updated with the latest in data security standards with Global Regulatory Insights! #DataSecurity #PersonalInformationProtection #CyberSecurity #RegulatoryUpdate #ComplianceAudit #GRI

On July 15, 2024, the U.S. Department of Labor announced a final rule updating eligibility requirements for current and former nuclear weapons workers seeking benefits for beryllium sensitivity. This update, effective starting today (July 16), expands compensation and medical benefits to more affected workers under the Energy Employees Occupational Illness Compensation Program Act (EEOICPA). Key Updates: - New Eligibility Criteria: Beryllium sensitivity can now be established with three borderline beryllium lymphocyte proliferation tests of blood cells within a three-year period, in addition to the existing requirement of one abnormal test. - Retroactive Benefits: The Division of Energy Employees Occupational Illness Compensation will review previously denied claims and reopen cases that meet the new criteria, awarding benefits retroactively to the original filing date. - Outreach Efforts: The division has been actively informing stakeholders through events, webinars, emails, and updates via DEEOIC Resource Centers. Rachel Pond, Director of the Division of Energy Employees Occupational Illness Compensation, encourages affected workers or their survivors to contact Resource Centers for assistance with claims. Since 2001, the EEOICPA has provided over $26 billion in compensation and medical benefits to workers whose illnesses resulted from employment in the nuclear weapons industry. Stay updated with the latest regulatory changes and benefits programs with Global Regulatory Insights! #LaborLaw #EEOICPA #BerylliumSensitivity #NuclearWorkers #RegulatoryUpdate #EmployeeBenefits #GRI

Yesterday (July 15), the European Banking Authority (EBA) published a comprehensive report on the stacking orders of capital, leverage, and MREL/TLAC requirements, along with insights into management buffers practices across EU institutions. This report aims to enhance understanding of regulatory stacks and their interaction, providing clarity for institutions in managing capital buffers. Key Highlights: - Regulatory Stacks: Detailed analysis of regulatory stacks relevant for understanding an institution’s capital headroom. - Management Buffers: Insights into institutions’ practices, revealing that most set management buffer targets based on the risk-based CET1 ratio, with an average buffer of 2.4 percentage points above Pillar 2 Guidance (P2G). - Comparative Frameworks: Overview of EU, UK, and US frameworks, highlighting differences and practices. The report underscores the importance of clear management buffer definitions and the factors influencing buffer determination, including internal risk management and external regulatory expectations. Next Steps: EBA’s Regulatory Products: The findings will inform future EBA regulatory products and updates to the supervisory review and evaluation process (SREP) Guidelines following the EU Banking Package (CRR3 and CRD6) implementation. The EBA’s ongoing work aims to ensure a comprehensive evaluation of the macroprudential framework and its impact on financial institutions. Read the Full Report here - https://lnkd.in/gm8kCReU Stay ahead of banking regulations with Global Regulatory Insights! #BankingRegulation #EBA #CapitalBuffers #FinancialStability #RegulatoryUpdate #GRI

Starting July 15, 2024, British Columbia has implemented new regulations as part of the CleanBC Plastics Action Plan to reduce single-use plastic waste and protect the environment. These changes mark a significant step towards a cleaner, more sustainable future for all residents. Key Changes: - Plastic Shopping Bags: No longer offered at stores. - Oxo-Degradable Plastics: Banned, including packaging and single-use products that break down into harmful microplastics. - Single-Use Plastics: Phase-out of utensils, food-service accessories, and packaging materials. Phasing out single-use items is part of the broader effort to transition to durable and reusable products, reducing the estimated 340,000 tonnes of plastic waste disposed of in B.C. in 2019. Upcoming Bans: - July 1, 2028: PVC film wrap. - July 1, 2030: Polystyrene foam trays. These regulations are designed to support B.C.’s efforts to prevent plastic waste, keep harmful plastics out of landfills, and extend the life of consumer products. Follow Global Regulatory Insights for updates on environmental policies and practices. #Sustainability #PlasticWaste #CleanBC #EnvironmentalProtection #RegulatoryUpdate #GRI