Category: Regulatory News

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…

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…

Wells Fargo has agreed to pay $1 billion to settle a pension fund-led lawsuit that accused the bank of defrauding shareholders by misleading them over the progress it was making to rectify a slew of scandals. The Public Employees’ Retirement System of Mississippi, the Louisiana Sheriffs’ Pension & Relief Fund and the state of Rhode Island were among the lead plaintiffs in the lawsuit, filed in June 2020 in U.S. District Court for the Southern District of New York. The…

A series of investigative reports over the last few months has revealed that migrant children, mostly from Central America, are working in some of the most dangerous jobs in the U.S. New York Times investigative journalist Hannah Dreier has interviewed more than 100 migrant children working in violation of child labor laws across 20 states. “I talked to a 12-year-old girl in Alabama who was working overnight stamping auto parts. I talked to a 12-year-old in Florida who came to…

The European Union’s top court has handed down a couple of notable rulings today in the arena of data protection. One (Case C-300/21) deals with compensation for breaches of the bloc’s General Data Protection Regulation (GDPR); and the second (Case C-487/21) clarifies the nature of information that individuals exercising GDPR rights to obtain a copy of data held on them should expect to receive. Read on for a summary of the judgements and some potential implications. No automatic right to…

The U.S. Federal Trade Commission is alleging Facebook “repeatedly violated its privacy promises” and is proposing a “blanket prohibition” on parent company Meta’s monetization of data of users under 18. The company, meanwhile, called the move “a political stunt.” The FTC on Wednesday moved to expand its USD5 billion privacy order with then-Facebook from 2020, claiming the company failed to comply with the order and the Children’s Online Privacy Protection Act Rule, misrepresented access to private user data it provided…

The Financial Conduct Authority has said it will change its approach to whistleblowers after a survey revealed widespread dissatisfaction among those who alert the regulator to wrongdoing.

The organisation acknowledged problems including whistleblowers not “feeling heard”; a lack of dialogue with them, which prompts doubts about the chances of a proper investigation; and frustration over a shortage of updates, sometimes interpreted as delay and inaction.

The majority of those who raised concerns with the regulator said they were “extremely or somewhat dissatisfied” with how they had been listened to and how issues had been explored, while most were dissatisfied with the outcome of their reports, an FCA study found.

When asked to rate overall satisfaction with the authority’s handling of their whistleblowing report, 15 of the 21 respondents said they were “extremely or somewhat dissatisfied”. Only two expressed any satisfaction.

The regulator said it was “disappointed” with the findings. “Whistleblowers are key in our efforts and we greatly value their contribution,” it said.

It pledged to make reforms, including improving the use of whistleblowers’ information, better communication over what has been done with their reports and engagement with the government over a review of whistleblowing legislation.

A new law that seeks to give Canadian artists a leg up online has left many influencers and tech giants alike seeing red.

They took out subway ads, they posted TikToks, but in the end, the score was Silicon Valley-0, Ottawa-1.

After many twists and turns, and over two-and-a-half years of review, the Canadian government has passed a new law that makes tech giants like YouTube and TikTok support Canadian cultural content.

The law, dubbed Bill C-11, gives the Canadian Radio-television and Telecommunications Commission (CRTC) broad authority to regulate these platforms, much like they already do with radio and television.

The government says it is necessary to stop streaming giants from getting a free ride, and to promote local artists.

Although it’s still unclear what those final regulations will look like, the law has raised the ire of everyone from TikTokers to esteemed author Margaret Atwood.