Global Regulatory Insights

Are you ready for the regulatory shifts of November 2024? From Australia’s bold ocean protection laws to the EU’s focus on platform workforce rights and financial reporting, global regulations are reshaping industries. Stay ahead with GRI’s Bill Tracker: ✔ Track bills from draft to approval. ✔ Get AI-powered summaries in real-time. ✔ Gain actionable insights tailored to your business. Don’t just comply — strategize. Discover GRI’s Bill Tracker today. https://lnkd.in/gZmkUPim #RegTech #GlobalRegulations #BillTracker #LegalUpdates

On November 27, the French Energy Regulatory Commission (CRE) launched a public consultation to seek stakeholder input on the approval and development of CARD models and the common CARD-I HTA model applicable in mainland metropolitan France. Scope of the Consultation: - Gathering feedback on the consultation procedure and the adoption terms for common CARD models. - Reviewing the approval process for models used by public electricity distribution network managers (GRDs). - Evaluating the content of the common CARD-I HTA model for Production Installations connected to medium-voltage (HTA) networks. Participation Deadline: Stakeholders are invited to submit their contributions via the platform established by the CRE by January 10, 2025. This initiative underscores the CRE’s commitment to inclusive policymaking and ensuring that the regulatory framework aligns with stakeholder expectations and technical requirements. Interested parties can access the technical note and participate through the consultation platform provided by the CRE. For further details, you can read the full article here - https://lnkd.in/gFjRQ-ST For more updates on energy regulations and policies, follow Global Regulatory Insights. #EnergyRegulation #France #Electricity #HTA #PublicConsultation

On November 27, the UK Medicines and Healthcare products Regulatory Agency (MHRA) approved flortaucipir (Tauvid), a radiopharmaceutical used in PET (Positron Emission Tomography) scans to help diagnose Alzheimer’s disease in adults with cognitive impairment. Key Highlights: - Advanced Diagnostic Support: Flortaucipir aids in detecting abnormal tau protein buildup in the brain, a hallmark of Alzheimer’s disease. PET scans using this agent, combined with clinical evaluations, enhance diagnostic accuracy for memory-related disorders. - Proven Efficacy: - Sensitivity: Flortaucipir PET scans identified 92% of patients with significant tau protein buildup. - Specificity: 76% of patients without tau buildup were correctly identified as negative. - In a separate study, sensitivity was 89% and specificity 77%. - How It Works: The agent is injected into a vein about 80 minutes before the PET scan, enabling visualization of tau protein clusters in the brain. Important Considerations: Flortaucipir PET scan results alone cannot confirm Alzheimer’s; they must be used alongside clinical evaluations and other diagnostic tools. The MHRA also encourages reporting side effects through the Yellow Card scheme. The approval of flortaucipir represents a significant step forward in diagnosing Alzheimer’s disease, offering patients and doctors a critical tool for better understanding memory-related challenges. For further details, you can read the full article here - https://lnkd.in/g9tf4m-z For more details, follow Global Regulatory Insights for updates on medical innovations. #MHRA #Alzheimers #Diagnostics #MedicalInnovation #Healthcare #GRI

On November 26, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) published a joint consultation proposing significant changes to the bonus structure for senior bankers. These reforms aim to streamline guidelines, reduce bureaucracy, and enhance the UK banking sector's competitiveness while maintaining financial stability. Key Proposals: 1. Shorter Deferral Periods: - For the most senior bankers, bonus deferrals will be reduced to five years (down from eight). - For less senior bankers, the deferral period will drop to four years. - Part-payment of bonuses will now be allowed from year one, rather than year three. 2. Simplified Pay Rules: - Removal of EU-originated rules, including restrictions on dividends or interest on deferred bonuses and one-year waiting periods for selling deferred shares. - Reduction in the number of employees subject to the pay rules, granting firms more discretion in identifying affected staff. 3. Accountability for Risk: - Bonuses will be tied more closely to both achievements and risk-management outcomes, ensuring adjustments for failures. - Alignment with the Senior Managers Regime, requiring firms to assess performance against supervisory priorities when determining payouts. By harmonizing UK practices with international standards, these proposals encourage flexibility in banker remuneration while ensuring stability in the financial system. For further details, you can read the full article here - https://lnkd.in/gNaFAEmd Follow Global Regulatory Insights for updates on financial reforms. #PRA #FCA #BankingReform #FinancialRegulation #UKBanking #Bonuses #GRI

On November 26, the Competition Bureau of Canada announced that it is advancing its investigation into Broadridge Software Limited and its affiliates under the merger and restrictive trade practices provisions of the Competition Act. Key Points: 1. Focus Areas: - Investigating whether Broadridge’s practices in Canada’s book of record platform market hinder competitors from providing complementary software to broker-dealers. - Reviewing Broadridge’s acquisition of Securities Industry Services (SIS) from Kyndryl Canada Limited, completed on November 1, 2024, to assess potential anti-competitive effects. 2. Call for Feedback: The Bureau is seeking input from market participants—platform users, competitors, and complementary software providers—on their experiences with Broadridge’s practices. Submissions can be emailed to [email protected], with confidentiality assured under certain conditions. 3. What’s at Stake: A book of record is a vital ledger tracking securities transactions and investment assets for banks and broker-dealers. Broadridge now controls four such platforms in Canada, including SIS, Dataphile, BPSC, and RPM. The investigation is ongoing, and no conclusions of wrongdoing have been reached. For further details, you can read the full article here. Follow Global Regulatory Insights for more updates on competition and antitrust developments. #CompetitionBureau #Antitrust #Broadridge #MergersAndAcquisitions #Canada #GRI

Today (November 28), the Federal Court ordered Sasha Hopkins to pay a $1.25 million penalty and banned him from operating for four years, following ASIC’s action against unlicensed property investment schemes. Key Points: - Illegal Operations: Hopkins and The A Team Property Group ran unregistered managed investment schemes, violating the Corporations Act by failing to hold an Australian Financial Services Licence (AFSL). - Investor Losses: Promised fixed returns of 25%–50% over 12–26 months via joint property ventures marketed on social media. Over 217 investors, many inexperienced, lost $27 million. - Court’s Historic Decision: This is the first penalty under section 601ED and the third-largest civil penalty against an individual in ASIC’s history. - ASIC’s Stand: Deputy Chair Sarah Court highlighted the risks of property schemes tied to SMSFs, stressing consumer protection as a top priority. This landmark ruling underscores the importance of compliance and investor safeguards. For further details, you can read the full article here. Follow Global Regulatory Insights for updates on financial enforcement. #ASIC #FinancialRegulation #InvestorProtection #RegulatoryAction #Australia #GRI

On November 27, the UK Financial Conduct Authority (FCA) launched a consultation to simplify its rulebook by transferring key requirements from the MiFID Organisational Regulation (MiFID Org Reg) into the FCA's own framework—without introducing policy changes. Key Highlights: - Continuity with Clarity: The FCA aims to maintain the regulatory obligations for investment firms, ensuring stability and compliance while enhancing usability. - Industry Collaboration: The consultation invites feedback from market participants, industry leaders, and trade bodies to identify opportunities for simplifying and improving the rules. - Economic Growth in Focus: By refining the regulatory landscape, the FCA seeks to reduce costs for firms, boost competitiveness, and support broader economic growth. This initiative marks a crucial step in aligning regulations with the UK’s evolving financial ecosystem, offering firms the clarity they need to thrive in a post-Brexit environment. The FCA's consultation represents an opportunity for stakeholders to shape the future of financial regulations in the UK. For further details, you can read the full article here. For further details, you can read the full article here - https://lnkd.in/g4qG6AHH For more updates on financial services, follow Global Regulatory Insights. #UKRegulation #FCA #FinancialServices #MiFID #RegulatoryUpdate #EconomicGrowth #GRI

On November 27, the Privacy Commissioner of Canada, Philippe Dufresne, alongside provincial and territorial privacy regulators, issued a groundbreaking resolution aimed at guiding responsible information-sharing in cases of intimate partner violence. Key Insights: - Rising Concerns: Intimate partner violence in Canada rose by 13% from 2018 to 2023, with over 123,000 victims reported in 2023—likely just the tip of the iceberg due to underreporting. - Balancing Privacy and Safety: Privacy laws in Canada allow for the disclosure of personal information to prevent serious harm. This resolution empowers organizations to assess risks and make informed decisions when safety is at stake. - Clear Action Points for Organizations: - Develop policies on when and how personal information can be disclosed. - Train staff on disclosure policies and procedures. - Embrace trauma-informed and culturally sensitive approaches, particularly for marginalized and Indigenous communities. - Notify individuals about potential disclosure scenarios in advance. - Prioritize privacy safeguards and adhere to data minimization principles. - Collaboration is Key: The resolution encourages governments to support organizations in implementing these measures effectively. This critical initiative was adopted during the annual meeting of Canada’s federal, provincial, and territorial privacy commissioners, hosted by the Information and Privacy Commissioner of Ontario. It serves as a call to action for balancing privacy rights with the urgent need to protect lives. For further details, you can read the full article here. Follow Global Regulatory Insights for more updates on data protection and beyond. #Privacy #DataProtection #PublicSafety #Canada #IntimatePartnerViolence #GRI

In healthcare, every second matters. Every decision saves lives. But compliance challenges — regulatory approvals, data privacy, pricing shifts — can slow you down. At GRI, we’ve made it our mission to ensure that doesn’t happen. Our AI-driven insights and 500+ regulatory body monitoring tools give you the power to: - Stay compliant with global drug approval and manufacturing standards. - Navigate complex medical device regulations with confidence. - Monitor post-market recalls before they escalate. Because your mission is to save lives. Our mission is to clear the path. Ready to innovate without limits? Discover GRI Today - https://lnkd.in/gZmkUPim #SimplifyCompliance #HealthcareExcellence #PharmaLeadership

On November 26, the UK Financial Conduct Authority (FCA) imposed a £13 million fine on Macquarie Bank Limited - London Branch (MBL) for serious control failures that allowed a trader to record over 400 fictitious trades. Key Highlights: 1. The Incident: - Between June 2020 and February 2022, trader Travis Klein concealed trading losses by entering over 400 fictitious trades in MBL’s internal systems. - Weaknesses in MBL’s internal controls enabled Klein to bypass three key safeguards for over 20 months. 2. Impact: - The fictitious trades cost MBL approximately $57.8 million (USD) to unwind. - No customers or market participants were affected, but timely action could have reduced or avoided these costs. 3. Regulatory Actions: - The FCA has banned Travis Klein from the financial services industry for acting dishonestly and without integrity. - Klein avoided a £72,000 fine due to financial hardship. FCA Statement: Steve Smart, joint executive director of enforcement, emphasized the importance of robust internal controls, stating: “Risk can come from within. You need the right systems to identify it so it can be tackled early.” This case underscores the critical need for financial institutions to maintain effective systems and promptly address known vulnerabilities. For further details, you can read the full article here - https://lnkd.in/gijEP_We For more updates on financial services regulation, follow Global Regulatory Insights. #FCA #MacquarieBank #FinancialRegulation #RiskManagement #Compliance #GRI