United States
Cybersecurity
Google has fixed a security flaw that was used to break into the computers of users, including journalists.
Crypto
Fidelity Investments is planning the launch of a stablecoin and is in the advanced stages of testing its token.
Democrats warn of “extraordinary” conflict of interest in regulating Trump’s cryptocurrency.
Enforcement
IMC Pro International, a shipping and logistics company, has settled (subscription) a DEA / DOJ case against it for alleged violations of the Controlled Substances Act in connection with the shipment of fentanyl-making chemicals from China to the United States. The settlement does not include an admission of guilt.
ESG
SEC votes to end its defenses of legal challenges to the climate disclosure rules.
Greenpeace has been held liable for defamation in North Dakota and is facing having to pay more than $660m in damages. It is likely to appeal the decision and has already counter-sued in the Netherlands.
UnitedHealth Group is the latest company to remove most of the diversity, equity, and inclusion (DEI) content from its website.
EPA offers rule exemption pathway over email.
Regulation
The FDA has approved the first new antibiotic in almost 30 years.
Virginia’s governor Glenn Youngkin vetoes state AI bill citing adverse industry impact, several months after California’s governor Gavin Newsom did the same.
DOJ establishes task force to go after “anticompetitive” regulations and laws.
Speeches
Alluding to the poetry of Robert Frost, SEC Commissioner Peirce urges reflection and urgency in creating a cross-agency crypto regulatory framework.
SEC Commissioner Crenshaw cautions against “deregulation by guidance,” without notice, comment or vote, and criticizes current trends undermining the strength and image of the SEC.
Australia
A data breach has led to the exposure of the personal details of 16,000 newspaper subscribers.
China
The Hong Kong Securities and Futures Commission (HKSFC) has reprimanded and fined Enlighten Securities Limited for deficiencies in the firm’s securities margin financing risk management controls and practices.
A database leaked from China suggests its government may be using AI to censor its citizens online.
EU
ESMA has published a report on supervisory approaches to simple, transparent and standardised (STS) securitization transactions.
The European Medicins Agency has refused to grant marketing authorization for Kisunla, Eli Lilly’s drug intended for the treatment of early Alzheimer’s diseases. The benefits of the medicine were not considered large enough to outweight the risks, including “potentially fatal events”.
Germany
Christian Sewing wins (subscription) a third term as CEO of Deutsche Bank, but CFO and head of legal are departing as the bank is “rethinking strategy”.
India
A plan put forward by the National Institute of Health and Family Welfare (NIHFW) suggests that India intends to share its expertise in drug regulations with some nations in Africa and South-East Asia.
International
The IFRS Foundation has published a document it calls a “roadmap development tool” intended to help jurisdictions with the preparation and planning for the adoption of ISSB standards.
Singapore
The MAS has proposed a new regulatory framework to enable retail investors to access private market investments such as private equity, private credit and infrastructure.
Switzerland
UBS has put forward proposals (subscription) to limit the size of its investment bank in order to ward off the imposition of higher capital requirements by Swiss regulators.
UK
Sewage spills in England at a record high in 2023. Industry regulators are being investigated by the Office for Environmental Protection underlining the extent of regulatory failure.
NatWest has settled (subscription) a long-running dispute with Nigel Farage over his “debanking” apologizing to the politician and paying an undisclosed sum.
Just Stop Oil, a climate activist group, will no longer organize disruptive protests.
FCA to retire more than 100 pages of outdated guidance.