United States
Cybersecurity
An presidential executive order has instructed the Department of Homeland Security and the US attorney general to launch an investigation of Chris Krebs, the former head of the US cybersecurity agency CISA.
Data
A whistleblower has testified before Congress accusing Facebook of working directly with the Chinese Communist Party in order to build censorship tools.
Enforcement
The CEO of Nate, a purported AI shopping app, has been charged with making false claims about the company’s use of the technology.
The US will retain (subscription) monitors at Balfour Beatty Communities and TD Bank after ending Glencore’s early.
California stated that it will continue to enforce its version of the Foreign Corrupt Practices Act.
ESG
Yahoo is the latest company to remove references to DEI on its website.
Regulation
Paul Atkins is confirmed as SEC chair.
The FCC’s initial comment period on “quiet hours” for marketing text messages has closed.
Senate Democrats questioned Federal Reserve Governor Bowman over independence and rulemaking.
Treasury takes action to “eliminate 15 rules and guidance materials.”
Speeches
SEC Commissioner Hester Peirce addressed the agency’s annual Small Business Forum, where she raised questions about Reg A, Reg Crowdfunding, the accredited investor definition, and exemptive frameworks.
China
The tit for tat tariff match between the US and China continued (subscription). It remains to be seen what impact this pivot in terms of global trade will have on the global economy as well as individual countries, companies and consumers.
EU
ESMA has published a number of documents including:
- A consultation on clearing thresholds under EMIR 3;
- The outcome of a common supervisory action (CSA) on simplified ESG rules for benchmark administrators;
- Final rules in the form of three draft RTSs covering single volume cap, Systematic Internalisers and circuit breakers; and
- A draft RTS representing final rules covering order execution policies under MiFID II.
The EU expects to add (subscription) record renewable energy capacity this year, bolstering the its transition away from fossil fuels and energy independence.
EU announces it is exploring the possibility of scaling back its AI and data regulations.
International
The IFRS and Taskforce on Nature-related Financial Disclosures (TNFD) have signed an MOU to deepen the collaborations between the two organizations.
Singapore
A joint statement of the 12th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting voiced strong support for sustainable and inclusive finance and growth as well as being supportive of financial innovation and resilience in the region.
Switzerland
Marlene Amstad, Chair of FINMA’s Board of Directors gave an important speech at the FINMA Annual Media Conference calling for early intervention and more robust powers for the regulator. Stefan Walter, FINMA’s CEO echoed her comments while also giving a summary of FINMA’s activities in the previous year.
Novartis intends to bolster (subscription) its US manufacturing operations in order to reduce the potential impact of tariffs on its products.
UK
In a positive development the ONS has said that it will release the “transformed” labour force survey earlier than expected later this year.
State Street has purchased (subscription) an office block in the City of London and will depart Canary Wharf after the deal completes in 2026.
The BoE has dropped the sale of long dated bonds in response to market turmoil caused by trade tariffs.
