Global Regulatory Insights

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On December 18, the European Data Protection Board (EDPB) has taken a significant step in the realm of AI governance by adopting an opinion on the use of personal data for developing and deploying AI models. This opinion, requested by the Irish Data Protection Authority (DPA), aims to harmonize regulatory approaches across Europe in light of the rapid advancements in AI technology. Key Highlights: - The opinion addresses when AI models can be deemed anonymous, emphasizing a case-by-case evaluation by Data Protection Authorities (DPAs). - It explores the use of legitimate interest as a legal basis for processing personal data in AI development. - The EDPB provides a three-step test for assessing legitimate interest, with examples including conversational agents and cybersecurity improvements. - Key criteria are outlined for DPAs to determine if individuals might expect certain uses of their data. - The impact of unlawfully processed personal data on AI model deployment is also examined, highlighting the importance of proper anonymization. - A comprehensive approach is aimed at guiding DPAs through the complexities of diverse and evolving AI models. For more updates on data protection and AI regulations, follow Global Regulatory Insights. #DataProtection #AIRegulations #EDPB #GDPR #Privacy #ArtificialIntelligence

On December 18, Somerset Bridge Group Limited was found to have breached Part 2 of the regulatory Order concerning No Claims Bonus Protection by the Competition and Markets Authority (CMA). This oversight has significant implications for approximately 225,000 customers over the past five years. Key Highlights: - The company failed to provide accurate pricing for No Claims Bonus Protection. - Important information mandated by the regulatory Order was not communicated to customers. - The breach raises concerns about customer trust and regulatory compliance in the insurance sector. For more updates on financial services, follow Global Regulatory Insights. #RegulatoryCompliance #CustomerProtection #InsuranceNews #NoClaimsBonus #SomersetBridge #FinancialServices

On December 18, the European Securities and Markets Authority (ESMA) launched a consultation on draft Technical Standards (RTS) aimed at establishing an EU code of conduct (EU CoC) for issuer-sponsored research. This initiative seeks to bolster trust and ensure objectivity within financial markets. Key Highlights: - The EU CoC will enforce standards of independence and objectivity for research providers. - Agreements between issuers and research providers must have a minimum initial term of two years, with at least 50% of annual remuneration paid upfront. - Research providers are required to implement a robust conflict of interest (COI) policy. - Issuer-funded research must be made public immediately upon completion. - Investment firms must ensure compliance with the EU CoC for all issuer-sponsored research they distribute to clients. ESMA will review feedback from this consultation by March 18, 2025, and aims to submit the final draft RTS to the European Commission by December 5, 2025. For more updates on financial services, follow Global Regulatory Insights. #FinancialServices #ESMA #IssuerResearch #RegulatoryUpdate #EUCoC

On December 19, significant changes to property tax regulations were announced, providing new benefits for various organizations starting in 2025. These updates are part of federal laws enacted this year, bringing long-term implications for businesses across Russia. Key Highlights: - The ability for regional laws to set preferential property tax rates of up to 1.6% for railway infrastructure has been made permanent (Federal Law No. 259-FZ). - Organizations focused on renewable energy production will be exempt from property tax on assets associated with solar power plants starting in 2025 (Federal Law No. 362-FZ). - The provision reducing the tax base by the amount of completed capital investments for waterway and airport infrastructure has been extended until 2030. - New exemptions will apply to organizations managing the national electric grid and other key electricity entities for various electrical infrastructure (Federal Law No. 416-FZ). For more updates on tax compliance, follow Global Regulatory Insights. #PropertyTax #RegulatoryUpdates #RenewableEnergy #FinancialServices #Russia

On December 19, the European Banking Authority (EBA) released its final technical package for version 4.0 of the reporting framework, set to take effect in the first half of 2025. This pivotal update introduces the new Data Point Model (DPM) semantic glossary and enhances the capabilities of the DPM 2.0 model. Key Highlights: - Standard specifications for validation rules, DPM, and XBRL taxonomies to support reporting obligations for asset-referenced tokens (ARTs) and electronic money tokens (EMTs). - New Implementing Technical Standards (ITS) amending COREP templates to reflect changes from the EU Banking Package (CRR3 and CRDVI). - Minor adjustments to reporting for class 2 investment firms in line with CRR3/CRDVI updates. - Updated requirements under the Digital Operational Resilience Act (DORA) following the EU Commission's regulation on standard templates. - Availability of a data dictionary in both DPM 1.0 and DPM 2.0 formats, along with an updated DPM Query Tool. This development follows last year's announcement about migrating to the DPM 2.0 methodology, with comprehensive documentation and FAQs now available for further guidance. For more updates on financial services, follow Global Regulatory Insights. #EBA #FinancialReporting #DPM2 #FinancialServices #EURegulations #DigitalOperationalResilience #BankingRegulations

On December 19, the Financial Conduct Authority (FCA) announced its plans to simplify the information provided to investors, aiming to enhance confidence and encourage investment. The current regulations, inherited from the EU, have proven to be complex and sometimes unclear, deterring potential investors. The FCA is now proposing a tailored, flexible system designed specifically for the UK market. Key Highlights: - The new framework aims to replace standardized documents with clearer, more accessible information. - Firms will have the flexibility to determine how and when they communicate with customers. - Detailed requirements will ensure consistency and comparability across the market, aiding consumer understanding. - Interim Executive Director Simon Walls emphasized the need for high-quality product information to empower consumers and stimulate economic growth. - Stakeholders are invited to share their feedback by March 20, 2025, as the FCA seeks to design an outcomes-focused regulation that meets the needs of the future. For more updates on financial services, follow Global Regulatory Insights. #FCA #Investment #FinancialServices #ConsumerConfidence #RegulatoryUpdates #UKFinance

On December 18, the European Commission (EC) has officially adopted a Regulation establishing a Flight Emissions Label (FEL) aimed at enhancing transparency in air travel emissions. This initiative seeks to empower travelers to make more informed and sustainable choices. Key Highlights: - The Flight Emissions Label offers a reliable methodology for calculating flight emissions. - The European Union Aviation Safety Agency (EASA) will estimate these emissions, adhering to the highest international standards. - This regulation serves as a pivotal step towards responsible travel and environmental sustainability. - Travelers are encouraged to subscribe to the FEL newsletter for the latest updates. For more updates on financial services, follow Global Regulatory Insights. #SustainableTravel #FlightEmissions #EuropeanCommission #EASA #AviationStandards #EcoFriendlyTravel

On December 18, Somerset Bridge Group Limited was found to have breached Part 2 of the regulatory Order concerning No Claims Bonus Protection by the Competition and Markets Authority (CMA). This oversight has significant implications for approximately 225,000 customers over the past five years. Key Highlights: - The company failed to provide accurate pricing for No Claims Bonus Protection. - Important information mandated by the regulatory Order was not communicated to customers. - The breach raises concerns about customer trust and regulatory compliance in the insurance sector. For more updates on financial services, follow Global Regulatory Insights. #RegulatoryCompliance #CustomerProtection #InsuranceNews #NoClaimsBonus #SomersetBridge #FinancialServices

On December 19, the Autorité de la concurrence announced significant penalties in the household appliances sector. A total of €611 million has been levied against 12 companies involved in vertical price agreements aimed at maintaining inflated sales prices. Key Highlights: - The fines target agreements spanning from February 2007 to December 2014. - Manufacturers and distributors included are BSH, Candy Hoover, Eberhardt, Electrolux, Whirlpool (successor to Indesit), LG, Miele, SEB, Smeg, Boulanger, and Darty. - The agreements were primarily designed to counter the competition from emerging online distributors. For more updates on anti-competition , follow Global Regulatory Insights. #RegulatoryNews #PriceFixing #HouseholdAppliances #CompetitionLaw #GlobalRegulatoryInsights