Category: Regulatory News

International travelers wait to have their passports checked at O’Hare International Airport in Chicago, 2014. The new agreement to allow visa-free U.S. entry to Israeli tourists and businesspeople requires Israel to end bans and restrictions on Palestinian Americans and other Arab Americans traveling to Israel. TEL AVIV, Israel — The State Department says it will allow Israeli tourists and businesspeople to enter the U.S. without visas, as part of an agreement that requires Israel to end bans and restrictions on…

The US Department of Homeland Security (DHS) has introduced new recommendations to streamline the reporting of cyber incidents across the Department of Defense and 32 other federal agencies. The guide is expected to further protect the country’s vital infrastructure, reduce the burden on cybersecurity partners, and decrease the downtime of associated operations in each sector covered. The recommendations will also enhance the prevention, response, and recovery from cyber attacks and aid organizations in improving malicious cyber threat identification. ‘Clear, Consistent…

The two founders behind Tornado Cash, a Russian cryptocurrency mixing service, have been charged by the U.S. Attorney’s Office for the Southern District of New York, according to a statement on Wednesday. Roman Storm and Roman Semenov were officially charged with conspiracy to commit money laundering, conspiracy to commit sanctions violations and conspiracy to operate an unlicensed money transmitting business, according to a newly unsealed indictment. Storm was arrested in Washington on Wednesday but Semenov still remains at large, the…

from the pick-a-lane,-guys dept This is just so painfully obnoxious. The legacy news media, spurred on by a welfare system that pretend free market supporter Rupert Murdoch dreamed up and convinced governments to implement, whereby the government would force internet companies, which had innovated and created new business models that worked, to suddenly be required to pay for sending traffic to legacy news media organizations which failed to innovate. It’s extreme corporate welfare, egged on by a guy who pretends…

WASHINGTON (AP) — The generic drug maker Teva Pharmaceuticals agreed Monday to pay $225 million to settle price-fixing charges related to sales of a major cholesterol-lowering drug. The U.S. Department of Justice said the agreement also requires Teva to divest its business making and selling the drug, pravastatin, a generic version of the brand-name medicine Pravachol. Another generic drug maker, Glenmark Pharmaceuticals, agreed to pay a $30 million criminal penalty and to divest its pravastatin business as well. In a…

Shares of Sage Therapeutics fell more than 50% Monday after the Food and Drug Administration approved the biotech company’s oral drug zuranolone for postpartum depression, but not for major depressive disorder, a bigger potential market. Shares of Biogen, which jointly developed the treatment with Sage, were up modestly. Who is Sage Therapeutics? Biogen Inc owns more than 10% of Sage Therapeutics, while FMR LLC owns almost 10%. Fidelity Management & Research Co. LLC  owns almost 12% and Wellington Management Co….

Italy has dealt a surprise blow to its banks and sent shock waves across the sector in Europe by setting a one-off 40 percent tax on profits reaped from higher interest rates, after reprimanding lenders for failing to reward deposits. Sharply higher official interest rates have yielded record profits for banks, as the cost of loans has soared while lenders have held off paying more on deposits. Countries such as Spain and Hungary have already imposed windfall taxes on the…

SINGAPORE – Cryptocurrency firm Blockchain.com has been granted a licence in its South-east Asian headquarters of Singapore that will allow it to expand its services to global institutional and accredited investors. The company was granted a major payment institution licence from the Monetary Authority of Singapore (MAS) on Aug 1. This comes less than a year after Blockchain.com, a pioneer of key infrastructure for the Bitcoin community, received in-principle approval from MAS, which is relatively quicker than the usual time…

The U.S. Securities and Exchange Commission has adopted new rules requiring publicly traded companies to disclose cyberattacks within four business days after determining they’re material incidents. According to the Wall Street watchdog, material incidents are those that a public company’s shareholders would consider important. The SEC also adopted new regulations mandating foreign private issuers to provide equivalent disclosures following cybersecurity breaches. “Whether a company loses a factory in a fire — or millions of files in a cybersecurity incident —…

Nearly 70 IT security and privacy academics have added to the clamour of alarm over the damage the UK’s Online Safety Bill could wreak to, er, online safety unless it’s amended to ensure it does not undermine strong encryption. Writing in an open letter, 68 UK-affiliated security and privacy researchers have warned the draft legislation poses a stark risk to essential security technologies that are routinely used to keep digital communications safe. “As independent information security and cryptography researchers, we…

The Swedish Authority for Privacy Protection (Integritetsskyddsmyndigheten – IMY) has fined two companies with 12.3 million SEK (€1 million/$1.1 million) for using Google Analytics and warned two others about the same practice. In a decision published yesterday, the agency explains that by using Google Analytics to generate web statistics the firms were breaching European Union’s General Data Protection Regulation (GDPR). Specifically, the companies were in violation of the GDPR Article 46(1), which forbids the transfer of personal data to countries or…

The Australian Prudential Regulation Authority has slapped BNK Banking Corporation with a $247,500 fine for failing to meet its data reporting requirements to the APRA.  In a statement, the prudential regulator said BNK was 32 days late in filing statistical reports for the month ending Feb. 23 under the Economic and Financial Statistics program. This failure to report data by required deadlines was in breach of the requirements of the Financial Sector (Collection of Data) Act 2001 (FSCODA). Therese McCarthy…

Sweden’s data protection watchdog has issued a couple of fines in relation to exports of European users’ data via Google Analytics which it found breach the bloc’s privacy rulebook owing to risks posed by US government surveillance. It has also warned other companies against use of Google’s tool. The fines — just over $1.1 million for Swedish telco Tele2 and less than $30k for local online retailer CDON — are notable as they are the first such fines following a…

Treasury officials have been accused of being asleep at the wheel on breaches of confidential government information. Officials were grilled on their knowledge of potential breaches of confidential Treasury data by former PwC partner Peter Collins, who has been referred to federal police to investigate the allegations. Greens senator Barbara Pocock hit out at Treasury’s decision to sign new confidentiality agreements with Mr Collins after they became aware of a possible breach. While Treasury officials told the committee they had…

“On Saturday, June 3, 2023, the President signed into law … H.R. 3746, the ‘Fiscal Responsibility Act of 2023,’ which suspends the public debt limit through January 1, 2025, and increases the limit on January 2, 2025, to accommodate the obligations issued during the suspension period,” it said. The bill also rescinds certain unobligated balances, expands work requirements for a number of federal programs, modifies environmental review processes, and terminates the suspension of federal student loan payments. Earlier, Biden said…

CorruptionLedger commentary in red.   Twitter has pulled out of the European Union’s voluntary code to fight disinformation, the EU has said. Thierry Breton, who is the EU’s internal market commissioner, announced the news on Twitter – but warned the firm new laws would force compliance. “Obligations remain. You can run but you can’t hide,” he said. Twitter will be legally required to fight disinformation in the EU from 25 August, he said, adding: “Our teams will be ready for…