The U.S. government\u2019s proposed ban on connected vehicle technology from China and Russia marks a significant shift in the approach to national security and cybersecurity within the automotive sector.
\nOnce finalized, the proposed rule from the Department of Commerce would prohibit the import or sale of connected vehicles and related components that are designed, developed or manufactured by entities linked to China or Russia. This regulation specifically targets \u201cvehicle connectivity systems\u201d (VCS) like Bluetooth, satellite, cellular and Wi-Fi modules, as well as \u201cautomated driving systems\u201d (ADS) that allow vehicles to operate autonomously. The first part of the proposed ban would take effect with model year 2027, essentially Jan. 1, 2026.
\nIn a statement\u00a0released on Monday (Sept. 23), the White House highlighted the growing security risks posed by connected vehicles, which have the ability to collect sensitive driver data, monitor locations and gather information on critical infrastructure. The Biden administration warned that nations such as China and Russia could exploit these capabilities to pose threats to U.S. national security.
\n\u201cChinese automakers are seeking to dominate connected vehicle technologies in the United States and globally, posing new threats to our national security, including through our supply chains,\u201d the statement read. \u201cThe Biden-Harris Administration is committed to ensuring that our automotive supply chains are resilient and secure from foreign threats.\u201d
\nConnected vehicles provide many benefits, the statement said, \u201cfrom promoting vehicle safety to assisting drivers with navigation \u2014 but they also pose new and growing threats. These technologies include computer systems that control vehicle movement and collect sensitive driver and passenger data as well as cameras and sensors that enable automated driving systems and record detailed information about American infrastructure. Now more than ever, vehicles are directly connected into our country\u2019s digital networks.\u201d
\nThis initiative arises from growing concerns over potential espionage and cyber threats linked to foreign technology in American vehicles, reflecting a broader strategy to safeguard the automotive supply chain and protect consumer data as connected vehicles proliferate.
\nNational Security Adviser Jake Sullivan highlighted the urgency, noting: \u201cWe\u2019ve already seen ample evidence of [China] pre-positioning malware on critical infrastructure for the purpose of disruption and sabotage. And with potentially millions of vehicles on the road, each with 10- to 15-year life spans, the risk of disruption and sabotage increases dramatically,\u201d according to an NPR report.
\nSoftware fixes now account for more than 20% of all automotive recalls, according to a decade\u2019s worth of National Highway Traffic Safety Administration recall data, which was analyzed by the law firm DeMayo Law. While that\u2019s a sign of growing inconvenience for drivers, the silver lining is that a software patch is usually a much quicker fix than something requiring hardware replacement.
\n\u201cOur analysis suggests we\u2019re witnessing a shift in how automotive recalls are handled,\u201d according to a spokesperson for DeMayo Law, speaking to Ars Technica. \u201cThe growing number of software-related recalls, coupled with the ability to address issues remotely, could revolutionize the recall process for both manufacturers and vehicle owners.\u201d
\nChina\u2019s opposition to the U.S. proposal underscores the geopolitical tensions at play. A spokesperson from the Chinese Ministry of Commerce criticized the move, stating: \u201cthe U.S. practice has no factual basis, violates the principles of market economy and fair competition, and is a typical protectionist act,\u201d according to a Wednesday (Sept. 25) report from The Economic Times.
\nMeanwhile, Volkswagen of America partnered with Google Cloud to launch a generative AI-powered virtual assistant in its myVW mobile app, initially available for 2024 Atlas and Atlas Cross Sport owners, with plans to expand to most 2020 and newer models by 2025. The assistant provides tailored maintenance information, helps interpret vehicle indicator lights and allows users to identify lights using their smartphone cameras.
\nThe post US Moves to Secure Connected Car Economy by Banning Foreign Technologies appeared first on PYMNTS.com.
\n", "content_text": "The U.S. government\u2019s proposed ban on connected vehicle technology from China and Russia marks a significant shift in the approach to national security and cybersecurity within the automotive sector.\nOnce finalized, the proposed rule from the Department of Commerce would prohibit the import or sale of connected vehicles and related components that are designed, developed or manufactured by entities linked to China or Russia. This regulation specifically targets \u201cvehicle connectivity systems\u201d (VCS) like Bluetooth, satellite, cellular and Wi-Fi modules, as well as \u201cautomated driving systems\u201d (ADS) that allow vehicles to operate autonomously. The first part of the proposed ban would take effect with model year 2027, essentially Jan. 1, 2026.\nIn a statement\u00a0released on Monday (Sept. 23), the White House highlighted the growing security risks posed by connected vehicles, which have the ability to collect sensitive driver data, monitor locations and gather information on critical infrastructure. The Biden administration warned that nations such as China and Russia could exploit these capabilities to pose threats to U.S. national security.\n\u201cChinese automakers are seeking to dominate connected vehicle technologies in the United States and globally, posing new threats to our national security, including through our supply chains,\u201d the statement read. \u201cThe Biden-Harris Administration is committed to ensuring that our automotive supply chains are resilient and secure from foreign threats.\u201d\nConnected vehicles provide many benefits, the statement said, \u201cfrom promoting vehicle safety to assisting drivers with navigation \u2014 but they also pose new and growing threats. These technologies include computer systems that control vehicle movement and collect sensitive driver and passenger data as well as cameras and sensors that enable automated driving systems and record detailed information about American infrastructure. Now more than ever, vehicles are directly connected into our country\u2019s digital networks.\u201d\nThis initiative arises from growing concerns over potential espionage and cyber threats linked to foreign technology in American vehicles, reflecting a broader strategy to safeguard the automotive supply chain and protect consumer data as connected vehicles proliferate.\nNational Security Adviser Jake Sullivan highlighted the urgency, noting: \u201cWe\u2019ve already seen ample evidence of [China] pre-positioning malware on critical infrastructure for the purpose of disruption and sabotage. And with potentially millions of vehicles on the road, each with 10- to 15-year life spans, the risk of disruption and sabotage increases dramatically,\u201d according to an NPR report.\nSoftware fixes now account for more than 20% of all automotive recalls, according to a decade\u2019s worth of National Highway Traffic Safety Administration recall data, which was analyzed by the law firm DeMayo Law. While that\u2019s a sign of growing inconvenience for drivers, the silver lining is that a software patch is usually a much quicker fix than something requiring hardware replacement.\n\u201cOur analysis suggests we\u2019re witnessing a shift in how automotive recalls are handled,\u201d according to a spokesperson for DeMayo Law, speaking to Ars Technica. \u201cThe growing number of software-related recalls, coupled with the ability to address issues remotely, could revolutionize the recall process for both manufacturers and vehicle owners.\u201d\nChina\u2019s opposition to the U.S. proposal underscores the geopolitical tensions at play. A spokesperson from the Chinese Ministry of Commerce criticized the move, stating: \u201cthe U.S. practice has no factual basis, violates the principles of market economy and fair competition, and is a typical protectionist act,\u201d according to a Wednesday (Sept. 25) report from The Economic Times.\nMeanwhile, Volkswagen of America partnered with Google Cloud to launch a generative AI-powered virtual assistant in its myVW mobile app, initially available for 2024 Atlas and Atlas Cross Sport owners, with plans to expand to most 2020 and newer models by 2025. The assistant provides tailored maintenance information, helps interpret vehicle indicator lights and allows users to identify lights using their smartphone cameras.\nThe post US Moves to Secure Connected Car Economy by Banning Foreign Technologies appeared first on PYMNTS.com.", "date_published": "2024-09-25T18:10:17-04:00", "date_modified": "2024-09-25T18:10:17-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/connected-cars-US-Russia-China-technology.jpg", "tags": [ "automated cars", "china", "connected cars", "Connected Economy", "connected vehicles", "consumer protection", "Cybersecurity", "data protection", "digital transformation", "Legislation", "News", "PYMNTS News", "regulations", "Russia", "Security", "Self-Driving Cars", "Technology", "Regulation" ] }, { "id": "https://www.pymnts.com/?p=2105527", "url": "https://www.pymnts.com/news/regulation/2024/cfpbs-chopra-consumers-need-more-disclosure-on-nonbank-risks/", "title": "CFPB\u2019s Chopra: Consumers Need More Disclosure on Nonbank Risks", "content_html": "The Federal Deposit Insurance Corp.\u2019s (FDIC) recent proposal on recordkeeping for bank deposits received from third-party, nonbank companies is a step in the right direction. But work needs to be done in informing end users of the risks inherent in the relationships forged between banks and nonbanks.
\nIn comments delivered in the wake of the proposal earlier this month, Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra said, \u201cOver the past decade, we have seen a significant incursion into consumer deposit taking and payments activities by companies that aren\u2019t banks or credit unions \u2026 This trend poses significant risks.\u201d
\nBeyond the new mandates on recordkeeping \u2014 wherein FDIC-insured banks holding certain custodial accounts would ensure accurate records are kept determining the individual owner of the funds and to reconcile the account for each individual owner on a daily basis \u2014 consumers need more information.
\nPer Chopra\u2019s concerns: \u201cDisclosure requirements related to the intricacies of pass-through deposit insurance are woefully inadequate. Consumers should, at the very least, be told clearly and concisely that they could face delays or lose their money by banking with a nonbank.\u201d
\nPYMNTS Intelligence reported in past coverage that 36% of U.S. consumers used these nonbank financial institutions (FIs), outpaced by millennials \u2014 where 44% of this demographic used non-bank FIs, while 43% of bridge millennials did so. And we found that 31% of consumers earning less than $50,000 annually used a non-bank FI in 2023 compared to 37% of those earning more than $100,000 annually.
\nChopra warned that \u201cwe must continue to take enforcement actions against nonbanks that make misrepresentations about deposit insurance or misuse the FDIC name or logo.\u201d
\nOn this last point, we note, at the end of last year, the FDIC amended and updated those regulations, where regulations address instances \u201cregarding misrepresentations of deposit insurance coverage \u2026 where a person, including a non-bank entity, provides information to consumers that may be misleading, confuse consumers as to whether they are doing business with a bank, and whether their funds are protected by deposit insurance.\u201d
\nAmong those regulations: FDIC terms of images may not be used in marketing or advertising materials to \u201cinaccurately imply or represent that any uninsured financial product or nonbank entity is insured or guaranteed by the FDIC.\u201d The rules took effect in April of this year and the full compliance date looms soon \u2014 Jan. 1, 2025.
\nIn examples of enforcement actions focused on the logos and the signage and the representations of deposit insurance: In March,\u00a0the FDIC issued\u00a0a cease and desist letter to PrizePool Inc., stating that returns to customers on the company\u2019s \u201cStacked\u201d savings account \u2014 marketed at 4.5% to 6.5% \u2014 were stated as being \u201crisk free\u201d and that deposits were FDIC insured up to $500,000. Other cease and desist demands, issued by the FDIC to AmeriStar and HighLine, focus on claims that certain high-yield accounts were \u201cinsured by the FDIC\u201d and used the latter\u2019s name and logo.
\nThe post CFPB\u2019s Chopra: Consumers Need More Disclosure on Nonbank Risks appeared first on PYMNTS.com.
\n", "content_text": "The Federal Deposit Insurance Corp.\u2019s (FDIC) recent proposal on recordkeeping for bank deposits received from third-party, nonbank companies is a step in the right direction. But work needs to be done in informing end users of the risks inherent in the relationships forged between banks and nonbanks.\nIn comments delivered in the wake of the proposal earlier this month, Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra said, \u201cOver the past decade, we have seen a significant incursion into consumer deposit taking and payments activities by companies that aren\u2019t banks or credit unions \u2026 This trend poses significant risks.\u201d\nBeyond the new mandates on recordkeeping \u2014 wherein FDIC-insured banks holding certain custodial accounts would ensure accurate records are kept determining the individual owner of the funds and to reconcile the account for each individual owner on a daily basis \u2014 consumers need more information.\nPer Chopra\u2019s concerns: \u201cDisclosure requirements related to the intricacies of pass-through deposit insurance are woefully inadequate. Consumers should, at the very least, be told clearly and concisely that they could face delays or lose their money by banking with a nonbank.\u201d\nPYMNTS Intelligence reported in past coverage that 36% of U.S. consumers used these nonbank financial institutions (FIs), outpaced by millennials \u2014 where 44% of this demographic used non-bank FIs, while 43% of bridge millennials did so. And we found that 31% of consumers earning less than $50,000 annually used a non-bank FI in 2023 compared to 37% of those earning more than $100,000 annually.\nMisuse of the Logos \nChopra warned that \u201cwe must continue to take enforcement actions against nonbanks that make misrepresentations about deposit insurance or misuse the FDIC name or logo.\u201d\nOn this last point, we note, at the end of last year, the FDIC amended and updated those regulations, where regulations address instances \u201cregarding misrepresentations of deposit insurance coverage \u2026 where a person, including a non-bank entity, provides information to consumers that may be misleading, confuse consumers as to whether they are doing business with a bank, and whether their funds are protected by deposit insurance.\u201d\nAmong those regulations: FDIC terms of images may not be used in marketing or advertising materials to \u201cinaccurately imply or represent that any uninsured financial product or nonbank entity is insured or guaranteed by the FDIC.\u201d The rules took effect in April of this year and the full compliance date looms soon \u2014 Jan. 1, 2025.\nIn examples of enforcement actions focused on the logos and the signage and the representations of deposit insurance: In March,\u00a0the FDIC issued\u00a0a cease and desist letter to PrizePool Inc., stating that returns to customers on the company\u2019s \u201cStacked\u201d savings account \u2014 marketed at 4.5% to 6.5% \u2014 were stated as being \u201crisk free\u201d and that deposits were FDIC insured up to $500,000. Other cease and desist demands, issued by the FDIC to AmeriStar and HighLine, focus on claims that certain high-yield accounts were \u201cinsured by the FDIC\u201d and used the latter\u2019s name and logo.\nThe post CFPB\u2019s Chopra: Consumers Need More Disclosure on Nonbank Risks appeared first on PYMNTS.com.", "date_published": "2024-09-25T11:12:04-04:00", "date_modified": "2024-09-25T22:51:10-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/11/CFPB.jpg", "tags": [ "bank regulation", "banking", "CFPB", "Consumer Financial Protection Bureau", "consumer protection", "FDIC", "FinTech", "News", "nonbanks", "PYMNTS News", "regulations", "Rohit Chopra", "Regulation" ] }, { "id": "https://www.pymnts.com/?p=2105696", "url": "https://www.pymnts.com/news/regulation/2024/united-kingdom-financial-conduct-authority-proposes-payments-firms-client-assets-be-held-trust/", "title": "UK\u2019s FCA Proposes That Payments Firms\u2019 Client Assets Be Held on Trust", "content_html": "The United Kingdom\u2019s Financial Conduct Authority (FCA) proposed requiring payments and eMoney firms to participate in a client assets (CASS) system in which funds and assets are held on trust for consumers.
\nCurrently, these firms must safeguard funds, which means their customers can lose money or face delays in accessing their funds if the firm fails, the FCA said in a Wednesday (Sept. 25) press release.
\nFirms can respond to the proposal until Dec. 17, according to the release.
\n\u201cWe\u2019re consulting on proposals to make safeguarding rules stronger and clearer for payment and eMoney firms so customers get as much of their money back as quickly as possible if the firm goes out of business,\u201d Matthew Long, director of payments and digital assets at the FCA, said in the release.
\nIn addition to the proposal, the FCA will publish stronger interim safeguarding rules for firms by the middle of next year, according to the release.
\nThe current proposal aims to minimize shortfalls in safeguarded relevant funds, ensure these funds are returned as cost-effectively and quickly as possible, and strengthen the FCA\u2019s ability to identify and intervene in firms that do not meet its safeguarding expectations, according to the consultation paper.
\nThe proposed rules would apply to authorized payment institutions, eMoney institutions, small eMoney institutions, and credit unions that issue eMoney in the U.K. under the Payment Services Regulations (PSRs) and Electronic Money Regulations (EMRs), per the consultation paper.
\nThe proposal comes at a time when the use of payments firms has been growing and the FCA has seen poor safeguarding practices from firms, according to the press release.
\nThe regulator wrote to CEOs of payments and eMoney firms in March 2023, asking about their safeguarding and wind-down arrangements, per the release.
\nIn the letter, the FCA said payments firms should ensure their customers\u2019 money is safe, that their firm does not compromise the integrity of the financial system and that they meet their customers\u2019 needs.
\n\u201cWe welcome the competition and innovation we have seen in the payments sector and the improved choice, convenience and value this can provide for customers,\u201d the FCA said in the letter. \u201cHowever, we remain concerned that many payments firms do not have sufficiently robust controls and that as a result some firms present an unacceptable risk of harm to their customers and to financial system integrity.\u201d
\nThe post UK\u2019s FCA Proposes That Payments Firms\u2019 Client Assets Be Held on Trust appeared first on PYMNTS.com.
\n", "content_text": "The United Kingdom\u2019s Financial Conduct Authority (FCA) proposed requiring payments and eMoney firms to participate in a client assets (CASS) system in which funds and assets are held on trust for consumers.\nCurrently, these firms must safeguard funds, which means their customers can lose money or face delays in accessing their funds if the firm fails, the FCA said in a Wednesday (Sept. 25) press release.\nFirms can respond to the proposal until Dec. 17, according to the release.\n\u201cWe\u2019re consulting on proposals to make safeguarding rules stronger and clearer for payment and eMoney firms so customers get as much of their money back as quickly as possible if the firm goes out of business,\u201d Matthew Long, director of payments and digital assets at the FCA, said in the release.\nIn addition to the proposal, the FCA will publish stronger interim safeguarding rules for firms by the middle of next year, according to the release.\nThe current proposal aims to minimize shortfalls in safeguarded relevant funds, ensure these funds are returned as cost-effectively and quickly as possible, and strengthen the FCA\u2019s ability to identify and intervene in firms that do not meet its safeguarding expectations, according to the consultation paper.\nThe proposed rules would apply to authorized payment institutions, eMoney institutions, small eMoney institutions, and credit unions that issue eMoney in the U.K. under the Payment Services Regulations (PSRs) and Electronic Money Regulations (EMRs), per the consultation paper.\nThe proposal comes at a time when the use of payments firms has been growing and the FCA has seen poor safeguarding practices from firms, according to the press release.\nThe regulator wrote to CEOs of payments and eMoney firms in March 2023, asking about their safeguarding and wind-down arrangements, per the release.\nIn the letter, the FCA said payments firms should ensure their customers\u2019 money is safe, that their firm does not compromise the integrity of the financial system and that they meet their customers\u2019 needs.\n\u201cWe welcome the competition and innovation we have seen in the payments sector and the improved choice, convenience and value this can provide for customers,\u201d the FCA said in the letter. \u201cHowever, we remain concerned that many payments firms do not have sufficiently robust controls and that as a result some firms present an unacceptable risk of harm to their customers and to financial system integrity.\u201d\nThe post UK\u2019s FCA Proposes That Payments Firms\u2019 Client Assets Be Held on Trust appeared first on PYMNTS.com.", "date_published": "2024-09-25T11:01:08-04:00", "date_modified": "2024-09-25T11:01:08-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/01/financial-conduct-authority.jpg", "tags": [ "FCA", "Financial Conduct Authority", "international", "News", "PYMNTS News", "regulations", "uk", "What's Hot", "Regulation" ] }, { "id": "https://www.pymnts.com/?p=2104981", "url": "https://www.pymnts.com/news/regulation/2024/newsom-vetoes-california-privacy-bill-that-upped-consumer-data-control/", "title": "Newsom Vetoes California Privacy Bill That Upped Consumer Data Control", "content_html": "In a pivotal moment for data privacy and child protection, California Gov. Gavin Newsom recently made two contrasting decisions that highlight the complexities and competing interests in the realm of digital regulation.
\nWhile he vetoed a privacy bill aimed at empowering consumers, he approved legislation designed to curb social media addiction among minors. These actions reflect the current landscape of privacy rights and underscore the ongoing struggle between consumer protection and corporate interests in California\u2019s tech-heavy economy.
\nNewsom vetoed a bill that sought to simplify how consumers manage their data privacy online. This legislation would have mandated that internet browsers and mobile operating systems implement an \u201copt-out preference signal,\u201d enabling users to easily send legally binding requests to opt out of data sharing under the California Consumer Privacy Act (CCPA).
\nIn his veto letter, Newsom expressed concerns about imposing such mandates on operating system developers, arguing that no major mobile platform currently supports an opt-out signal. He emphasized the importance of allowing developers to make design decisions rather than placing regulatory burdens on them.
\n\u201cLast year, I signed SB 362 (Becker), which requires the California Privacy Protection Agency to establish an accessible deletion mechanism allowing consumers to request that data brokers delete all of their personal information,\u201d Newsom wrote in the letter. \u201cI am concerned, however, about placing a mandate on operating system (OS) developers at this time. No major mobile OS incorporates an option for an opt out signal. By contrast, most internet browsers either include such an option or, if users choose, they can download a plug-in with the same functionality. To ensure the ongoing usability of mobile devices, it\u2019s best if design questions are first addressed by developers, rather than by regulators.\u201d
\nThe vetoed bill was a priority for the California Privacy Protection Agency and would have affected major tech companies like Google, Microsoft and Apple, all of which lobbied against it.
\n\u201cIt\u2019s disappointing that this marks the end of the road for this landmark privacy legislation during this session,\u201d said Matt Schwartz, policy analyst at Consumer Reports, in a statement. \u201cUltimately, industry worked overtime to squash this bill, as it empowered Californians to better protect their privacy, undermining the commercial surveillance business model of these tech companies. We strongly disagree with the idea expressed in the Governor\u2019s veto statement that it should be left to operating systems to provide privacy choices for consumers. They\u2019ve shown time and again they won\u2019t meaningfully do so until forced.\u201d
\nMeanwhile, Newsom signed a law aimed at mitigating the impact of social media on minors. This legislation prohibits social media platforms from knowingly offering addictive feeds to users under 18 without parental consent, set to take effect in 2027. It reflects a growing recognition of the negative effects of social media on young people, including increased isolation, anxiety and unhealthy consumption patterns.
\nCritics of the legislation argued it may unintentionally restrict adults\u2019 access to content due to age verification issues and could compromise online privacy by necessitating greater data collection from users, the Orange County Register said in a report.
\nThe law defines an \u201caddictive feed\u201d as any platform where multiple user-generated media pieces are recommended or prioritized for display based on user information or device association, with certain exceptions.
\nThis new legislation comes on the heels of a recent New York law that allows parents to block algorithm-driven content for their kids. Utah has also passed laws last year aimed at restricting children\u2019s access to social media.
\nCalifornia\u2019s new law will take effect in a state home to many of the largest tech firms in the world. Previous attempts to implement similar regulations failed, but Gov. Newsom had already made strides in 2022 with a pioneering law that prevents online platforms from misusing personal data\u00a0in ways that could endanger children. This initiative is part of a growing movement across the country focused on mitigating the effects of social media on young people\u2019s wellbeing.
\n\u201cEvery parent knows the harm social media addiction can inflict on their children \u2014 isolation from human contact, stress and anxiety, and endless hours wasted late into the night,\u201d Newsom said in a Friday (Sept. 20) statement. \u201cWith this bill, California is helping protect children and teenagers from purposely designed features that feed these destructive habits.\u201d
\nUnder the new law, social media platforms are prohibited from sending notifications to minors from midnight to 6 a.m. and from 8 a.m. to 3 p.m. on weekdays during the school year. All accounts for minors must be set to private by default.
\nThe post Newsom Vetoes California Privacy Bill That Upped Consumer Data Control appeared first on PYMNTS.com.
\n", "content_text": "In a pivotal moment for data privacy and child protection, California Gov. Gavin Newsom recently made two contrasting decisions that highlight the complexities and competing interests in the realm of digital regulation.\nWhile he vetoed a privacy bill aimed at empowering consumers, he approved legislation designed to curb social media addiction among minors. These actions reflect the current landscape of privacy rights and underscore the ongoing struggle between consumer protection and corporate interests in California\u2019s tech-heavy economy.\nNewsom vetoed a bill that sought to simplify how consumers manage their data privacy online. This legislation would have mandated that internet browsers and mobile operating systems implement an \u201copt-out preference signal,\u201d enabling users to easily send legally binding requests to opt out of data sharing under the California Consumer Privacy Act (CCPA).\nIn his veto letter, Newsom expressed concerns about imposing such mandates on operating system developers, arguing that no major mobile platform currently supports an opt-out signal. He emphasized the importance of allowing developers to make design decisions rather than placing regulatory burdens on them.\n\u201cLast year, I signed SB 362 (Becker), which requires the California Privacy Protection Agency to establish an accessible deletion mechanism allowing consumers to request that data brokers delete all of their personal information,\u201d Newsom wrote in the letter. \u201cI am concerned, however, about placing a mandate on operating system (OS) developers at this time. No major mobile OS incorporates an option for an opt out signal. By contrast, most internet browsers either include such an option or, if users choose, they can download a plug-in with the same functionality. To ensure the ongoing usability of mobile devices, it\u2019s best if design questions are first addressed by developers, rather than by regulators.\u201d\nThe vetoed bill was a priority for the California Privacy Protection Agency and would have affected major tech companies like Google, Microsoft and Apple, all of which lobbied against it.\n\u201cIt\u2019s disappointing that this marks the end of the road for this landmark privacy legislation during this session,\u201d said Matt Schwartz, policy analyst at Consumer Reports, in a statement. \u201cUltimately, industry worked overtime to squash this bill, as it empowered Californians to better protect their privacy, undermining the commercial surveillance business model of these tech companies. We strongly disagree with the idea expressed in the Governor\u2019s veto statement that it should be left to operating systems to provide privacy choices for consumers. They\u2019ve shown time and again they won\u2019t meaningfully do so until forced.\u201d\nMeanwhile, Newsom signed a law aimed at mitigating the impact of social media on minors. This legislation prohibits social media platforms from knowingly offering addictive feeds to users under 18 without parental consent, set to take effect in 2027. It reflects a growing recognition of the negative effects of social media on young people, including increased isolation, anxiety and unhealthy consumption patterns.\nCritics of the legislation argued it may unintentionally restrict adults\u2019 access to content due to age verification issues and could compromise online privacy by necessitating greater data collection from users, the Orange County Register said in a report.\nThe law defines an \u201caddictive feed\u201d as any platform where multiple user-generated media pieces are recommended or prioritized for display based on user information or device association, with certain exceptions.\nThis new legislation comes on the heels of a recent New York law that allows parents to block algorithm-driven content for their kids. Utah has also passed laws last year aimed at restricting children\u2019s access to social media.\nCalifornia\u2019s new law will take effect in a state home to many of the largest tech firms in the world. Previous attempts to implement similar regulations failed, but Gov. Newsom had already made strides in 2022 with a pioneering law that prevents online platforms from misusing personal data\u00a0in ways that could endanger children. This initiative is part of a growing movement across the country focused on mitigating the effects of social media on young people\u2019s wellbeing.\n\u201cEvery parent knows the harm social media addiction can inflict on their children \u2014 isolation from human contact, stress and anxiety, and endless hours wasted late into the night,\u201d Newsom said in a Friday (Sept. 20) statement. \u201cWith this bill, California is helping protect children and teenagers from purposely designed features that feed these destructive habits.\u201d\nUnder the new law, social media platforms are prohibited from sending notifications to minors from midnight to 6 a.m. and from 8 a.m. to 3 p.m. on weekdays during the school year. All accounts for minors must be set to private by default.\nThe post Newsom Vetoes California Privacy Bill That Upped Consumer Data Control appeared first on PYMNTS.com.", "date_published": "2024-09-24T13:58:25-04:00", "date_modified": "2024-09-24T13:58:25-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/California-Gavin-Newsom.jpg", "tags": [ "Apple", "Big Tech", "California", "consumer protection", "data privacy", "data protection", "Gavin Newsom", "Google", "Microsoft", "Minors", "News", "PYMNTS News", "regulation", "Social Media", "TechREG", "Regulation" ] }, { "id": "https://www.pymnts.com/?p=2104938", "url": "https://www.pymnts.com/news/regulation/2024/lawmakers-probe-whether-sec-guidance-digital-assets-undermined-banking-regulators/", "title": "Lawmakers Probe Whether SEC Guidance on Digital Assets \u2018Undermined\u2019 Banking Regulators", "content_html": "Four lawmakers sent letters to the heads of financial regulators, asking for information about the development of the Securities and Exchange Commission\u2019s (SEC) Staff Accounting Bulletin (SAB) No. 121.
\nThe lawmakers want to assess whether the SEC \u201cundermined banking regulators\u201d by issuing SAB 121, which \u201cupends bank custody rules for digital assets,\u201d according to a Tuesday (Sept. 24) press release issued by the House Financial Services Committee (HFSC).
\nThe letters were sent by Rep. Patrick McHenry of North Carolina, Rep. Bill Huizenga of Michigan, Rep. French Hill of Arkansas and Rep. Andy Barr of Kentucky. They were addressed to the heads of the Federal Reserve Board, the Federal Deposit Insurance Corp. (FDIC), the Office of the Comptroller of the Currency (OCC) and the SEC, according to the release.
\nIn the letter to SEC Chair Gary Gensler, the lawmakers considered whether the SEC\u2019s publication of SAB 121 disrupted an effort by other agencies to create an Interagency Statement on Crypto-Asset Custody Services and a related request for information (RFI) about crypto-asset custody ancillary activities, per the release.
\n\u201cShortly after SAB 121\u2019s publication, emails between agencies\u2019 employees suggest that the document contained \u2018various ambiguities\u2019 and left open questions regarding its scope,\u201d the letter said. \u201cIt is unclear if any communications occurred between the SEC and any of the prudential regulators to discuss the regulatory treatment of digital asset custodial services prior to SAB 121\u2019s publication. It also remains unclear what impact SAB 121\u2019s publication had on the interagency workstream, which was intended to include both an Interagency Statement as well as an RFI. Ultimately, neither document was published despite the considerable time and resources dedicated to the initiative.\u201d
\nIt was reported in September 2022 that the accounting guidance from the SEC was holding many banks back from offering their clients cryptocurrency products and services.
\nThe accounting guidance requires that public companies holding crypto assets for clients count them as liabilities on the balance sheets, making it uneconomical for banks to offer that service.
\nThe SEC said in its advisory that this practice is necessary because crypto has \u201ctechnological, legal and regulatory risks.\u201d
\nIn June, President Joe Biden vetoed a congressional resolution that challenged SAB 121 and aimed to overturn the SEC\u2019s current stance on banks and crypto.
\n\u201cSAB 121 reflects considered technical SEC staff views regarding the accounting obligations of certain firms that safeguard crypto assets,\u201d Biden said at the time in a statement.
\nThe post Lawmakers Probe Whether SEC Guidance on Digital Assets \u2018Undermined\u2019 Banking Regulators appeared first on PYMNTS.com.
\n", "content_text": "Four lawmakers sent letters to the heads of financial regulators, asking for information about the development of the Securities and Exchange Commission\u2019s (SEC) Staff Accounting Bulletin (SAB) No. 121.\nThe lawmakers want to assess whether the SEC \u201cundermined banking regulators\u201d by issuing SAB 121, which \u201cupends bank custody rules for digital assets,\u201d according to a Tuesday (Sept. 24) press release issued by the House Financial Services Committee (HFSC).\nThe letters were sent by Rep. Patrick McHenry of North Carolina, Rep. Bill Huizenga of Michigan, Rep. French Hill of Arkansas and Rep. Andy Barr of Kentucky. They were addressed to the heads of the Federal Reserve Board, the Federal Deposit Insurance Corp. (FDIC), the Office of the Comptroller of the Currency (OCC) and the SEC, according to the release.\nIn the letter to SEC Chair Gary Gensler, the lawmakers considered whether the SEC\u2019s publication of SAB 121 disrupted an effort by other agencies to create an Interagency Statement on Crypto-Asset Custody Services and a related request for information (RFI) about crypto-asset custody ancillary activities, per the release.\n\u201cShortly after SAB 121\u2019s publication, emails between agencies\u2019 employees suggest that the document contained \u2018various ambiguities\u2019 and left open questions regarding its scope,\u201d the letter said. \u201cIt is unclear if any communications occurred between the SEC and any of the prudential regulators to discuss the regulatory treatment of digital asset custodial services prior to SAB 121\u2019s publication. It also remains unclear what impact SAB 121\u2019s publication had on the interagency workstream, which was intended to include both an Interagency Statement as well as an RFI. Ultimately, neither document was published despite the considerable time and resources dedicated to the initiative.\u201d\nIt was reported in September 2022 that the accounting guidance from the SEC was holding many banks back from offering their clients cryptocurrency products and services.\nThe accounting guidance requires that public companies holding crypto assets for clients count them as liabilities on the balance sheets, making it uneconomical for banks to offer that service.\nThe SEC said in its advisory that this practice is necessary because crypto has \u201ctechnological, legal and regulatory risks.\u201d\nIn June, President Joe Biden vetoed a congressional resolution that challenged SAB 121 and aimed to overturn the SEC\u2019s current stance on banks and crypto.\n\u201cSAB 121 reflects considered technical SEC staff views regarding the accounting obligations of certain firms that safeguard crypto assets,\u201d Biden said at the time in a statement.\nThe post Lawmakers Probe Whether SEC Guidance on Digital Assets \u2018Undermined\u2019 Banking Regulators appeared first on PYMNTS.com.", "date_published": "2024-09-24T13:01:02-04:00", "date_modified": "2024-09-24T13:01:02-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/Securities-and-Exchange-Commission-SEC.jpg", "tags": [ "banking", "Banks", "Government", "News", "PYMNTS News", "regulations", "SEC", "Securities and Exchange Commission", "What's Hot", "Regulation" ] }, { "id": "https://www.pymnts.com/?p=2103687", "url": "https://www.pymnts.com/news/regulation/2024/big-tech-awaits-changing-of-eu-regulatory-guard/", "title": "Big Tech Awaits Changing of EU Regulatory Guard", "content_html": "Two of the European Union\u2019s top regulators are stepping down from their posts.
\nAnd as Wired reported Saturday (Sept. 22), experts say it\u2019s too soon to tell what their replacements may bring.
\nLast week brought the resignation of EU Commissioner Thierry Breton, a longtime, outspoken foe of Big Tech companies.\u00a0
\n\u201cI\u2019m sure [the tech giants are] happy Mr. Breton will go, because he understood you have to hit shareholders\u2019 pockets when it comes to fines,\u201d Umberto Gambini, a former adviser at the EU Parliament and now a partner at consultancy Forward Global, told Wired.
\nBreton\u2019s replacement will be Finland\u2019s Henna Virkkunen, from the center-right EPP Group, who has worked on the EU\u2019s Digital Services Act (DSA).
\n\u201cHer style will surely be less brutal and maybe less visible on X than Breton,\u201d said Gambini. \u201cIt could be an opportunity to restart and reboot the relations.\u201d
\nAlso leaving her regulatory role is Margrethe Vestager, who has spent 10 years as Europe\u2019s top competition watchdog. She went out on a high note, with a court requiring Apple to pay a $14.4 billion tax bill in Ireland.
\nThe report noted that while political priorities might be changing, the new rules introduced in the last five years still need to be enforced.
\nThere\u2019s still a legal fight over Google\u2019s $1.7 billion antitrust fine, and that company is under investigation \u2014 along with Apple and Meta \u2014 for violating the Digital Markets Act. And companies like TikTok, Meta and X are also subject to DSA investigations.
\n\u201cIt is too soon for Elon Musk to breathe a sigh of relief,\u201d says J. Scott Marcus, senior fellow at think tank Bruegel, who argued that Musk\u2019s alleged practices as his social media platform would likely draw scrutiny no matter who was in charge of EU competition.
\n\u201cThe tone of the confrontation might become a bit more civil, but the issues are unlikely to go away,\u201d Marcus said.
\nIn other big tech news, PYMNTS wrote last week about new research that suggests tech giants could gain an edge in generative artificial intelligence (AI), raising questions about the competitive future of the sector, a trend that has many in the industry worried.
\n\u201cWe are likely to see decreasing prices for smaller models and continued differentiation across large models,\u201d Alex Mashrabov, CEO of Higgsfield AI, told PYMNTS.\u00a0
\nObservers say that a lack of competition in the generative AI industry could bring about higher prices and fewer choices for businesses hoping to integrate AI tools into their operations. This concentration of power might also hinder innovation, potentially slowing\u00a0the development of new AI applications.
\nThe post Big Tech Awaits Changing of EU Regulatory Guard appeared first on PYMNTS.com.
\n", "content_text": "Two of the European Union\u2019s top regulators are stepping down from their posts.\nAnd as Wired reported Saturday (Sept. 22), experts say it\u2019s too soon to tell what their replacements may bring.\nLast week brought the resignation of EU Commissioner Thierry Breton, a longtime, outspoken foe of Big Tech companies.\u00a0\n\u201cI\u2019m sure [the tech giants are] happy Mr. Breton will go, because he understood you have to hit shareholders\u2019 pockets when it comes to fines,\u201d Umberto Gambini, a former adviser at the EU Parliament and now a partner at consultancy Forward Global, told Wired.\nBreton\u2019s replacement will be Finland\u2019s Henna Virkkunen, from the center-right EPP Group, who has worked on the EU\u2019s Digital Services Act (DSA).\n\u201cHer style will surely be less brutal and maybe less visible on X than Breton,\u201d said Gambini. \u201cIt could be an opportunity to restart and reboot the relations.\u201d\nAlso leaving her regulatory role is Margrethe Vestager, who has spent 10 years as Europe\u2019s top competition watchdog. She went out on a high note, with a court requiring Apple to pay a $14.4 billion tax bill in Ireland.\nThe report noted that while political priorities might be changing, the new rules introduced in the last five years still need to be enforced.\nThere\u2019s still a legal fight over Google\u2019s $1.7 billion antitrust fine, and that company is under investigation \u2014 along with Apple and Meta \u2014 for violating the Digital Markets Act. And companies like TikTok, Meta and X are also subject to DSA investigations.\n\u201cIt is too soon for Elon Musk to breathe a sigh of relief,\u201d says J. Scott Marcus, senior fellow at think tank Bruegel, who argued that Musk\u2019s alleged practices as his social media platform would likely draw scrutiny no matter who was in charge of EU competition.\n\u201cThe tone of the confrontation might become a bit more civil, but the issues are unlikely to go away,\u201d Marcus said.\nIn other big tech news, PYMNTS wrote last week about new research that suggests tech giants could gain an edge in generative artificial intelligence (AI), raising questions about the competitive future of the sector, a trend that has many in the industry worried.\n\u201cWe are likely to see decreasing prices for smaller models and continued differentiation across large models,\u201d Alex Mashrabov, CEO of Higgsfield AI, told PYMNTS.\u00a0\nObservers say that a lack of competition in the generative AI industry could bring about higher prices and fewer choices for businesses hoping to integrate AI tools into their operations. This concentration of power might also hinder innovation, potentially slowing\u00a0the development of new AI applications.\nThe post Big Tech Awaits Changing of EU Regulatory Guard appeared first on PYMNTS.com.", "date_published": "2024-09-22T19:09:19-04:00", "date_modified": "2024-09-22T19:10:56-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/european-commission-EU-regulators.jpg", "tags": [ "Antitrust", "Big Tech", "Competition", "Digital Markets Act", "Digital Services Act", "DMA", "DSA", "EC", "EU", "EU Regulation", "European Commission", "European Union", "Henna Virkkunen", "Margrethe Vestager", "News", "PYMNTS News", "regulation", "tech regulation", "Thierry Breton", "What's Hot", "Regulation" ] }, { "id": "https://www.pymnts.com/?p=2102583", "url": "https://www.pymnts.com/news/regulation/2024/macquarie-pay-nearly-80-million-dollars-settle-sec-fraud-charges/", "title": "Macquarie to Pay $79.8 Million to Settle SEC Fraud Charges", "content_html": "The Securities and Exchange Commission (SEC) said Macquarie Investment Management Business Trust (MIMBT) will pay $79.8 million to settle fraud charges.
\nThe regulator charged the registered investment adviser with overvaluing about 4,900 largely illiquid collateralized mortgage obligations (CMOs) and executing hundreds of cross-trades between advisory clients that favored certain clients over others, according to a Thursday (Sept. 19) press release.
\nMacquarie Asset Management, the parent company of MIMBT, said in a statement issued Thursday that the product that was the focus of the SEC\u2019s investigation was discontinued in April 2021, and the firm agreed to settle the investigation without admitting to or denying the SEC\u2019s findings.
\n\u201cOur business is built on the principles of integrity and accountability,\u201d the firm said in the statement. \u201cThis legacy matter is not consistent with how we do business. We have already undertaken and are focused on completing additional remedial steps to address the issues identified in the investigation, with clients the priority. We also continue to invest in our risk culture to ensure we discharge our fiduciary duties to the highest standard.\u201d
\nThe SEC alleged that MIMBT valued thousands of smaller-sized, \u201codd lot\u201d CMOs using prices obtained from a third-party pricing service that were intended for larger-sized, institutional lots only, according to the regulator\u2019s press release. The odd lot CMOs traded at a discount to institutional positions.
\nThe regulator alleged that MIMBT then marked thousands of odd lot CMO positions at inflated prices and overstated the performance of client accounts holding the overvalued CMOs, the release said.
\nThe SEC also alleged MIMBT, rather than selling the overvalued CMOs into the market, arranged cross-trades with affiliated accounts to minimize losses to redeeming investors, per the release. These trades resulted in the retail mutual funds absorbing losses that otherwise would have been borne by the selling account when sold into the market, the release said.
\n\u201cIt is alarming that a fiduciary took advantage of retail mutual funds it advised and executed unlawful cross-trades to mitigate its overvaluation of fund assets,\u201d Eric I. Bustillo, director of the SEC\u2019s Miami Regional Office, said in the release. \u201cUtilizing a third-party pricing service does not negate an investment adviser\u2019s obligation to value assets accurately.\u201d
\nMIMBT agreed to a censure and to pay a $70 million penalty and an additional $9.8 million in disgorgement and prejudgment interest.
\nThe post Macquarie to Pay $79.8 Million to Settle SEC Fraud Charges appeared first on PYMNTS.com.
\n", "content_text": "The Securities and Exchange Commission (SEC) said Macquarie Investment Management Business Trust (MIMBT) will pay $79.8 million to settle fraud charges.\nThe regulator charged the registered investment adviser with overvaluing about 4,900 largely illiquid collateralized mortgage obligations (CMOs) and executing hundreds of cross-trades between advisory clients that favored certain clients over others, according to a Thursday (Sept. 19) press release.\nMacquarie Asset Management, the parent company of MIMBT, said in a statement issued Thursday that the product that was the focus of the SEC\u2019s investigation was discontinued in April 2021, and the firm agreed to settle the investigation without admitting to or denying the SEC\u2019s findings.\n\u201cOur business is built on the principles of integrity and accountability,\u201d the firm said in the statement. \u201cThis legacy matter is not consistent with how we do business. We have already undertaken and are focused on completing additional remedial steps to address the issues identified in the investigation, with clients the priority. We also continue to invest in our risk culture to ensure we discharge our fiduciary duties to the highest standard.\u201d\nThe SEC alleged that MIMBT valued thousands of smaller-sized, \u201codd lot\u201d CMOs using prices obtained from a third-party pricing service that were intended for larger-sized, institutional lots only, according to the regulator\u2019s press release. The odd lot CMOs traded at a discount to institutional positions.\nThe regulator alleged that MIMBT then marked thousands of odd lot CMO positions at inflated prices and overstated the performance of client accounts holding the overvalued CMOs, the release said.\nThe SEC also alleged MIMBT, rather than selling the overvalued CMOs into the market, arranged cross-trades with affiliated accounts to minimize losses to redeeming investors, per the release. These trades resulted in the retail mutual funds absorbing losses that otherwise would have been borne by the selling account when sold into the market, the release said.\n\u201cIt is alarming that a fiduciary took advantage of retail mutual funds it advised and executed unlawful cross-trades to mitigate its overvaluation of fund assets,\u201d Eric I. Bustillo, director of the SEC\u2019s Miami Regional Office, said in the release. \u201cUtilizing a third-party pricing service does not negate an investment adviser\u2019s obligation to value assets accurately.\u201d\nMIMBT agreed to a censure and to pay a $70 million penalty and an additional $9.8 million in disgorgement and prejudgment interest.\nThe post Macquarie to Pay $79.8 Million to Settle SEC Fraud Charges appeared first on PYMNTS.com.", "date_published": "2024-09-19T16:00:57-04:00", "date_modified": "2024-09-19T16:00:57-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/Macquarie.jpg", "tags": [ "fraud", "macquarie", "News", "PYMNTS News", "regulations", "SEC", "Securities and Exchange Commission", "What's Hot", "Regulation" ] }, { "id": "https://www.pymnts.com/?p=2102117", "url": "https://www.pymnts.com/news/regulation/2024/european-union-wants-apple-give-third-parties-operating-system-access/", "title": "EU Wants Apple to Give Third Parties Operating System Access", "content_html": "European regulators want Apple to open its operating system to third-party developers.
\nThe European Commission began a pair of \u201cspecification proceedings\u201d to ensure the tech giant is meeting the interoperability standards of Europe\u2019s Digital Markets Act (DMA), according to a Thursday (Sept. 19) press release.
\n\u201cUnder the DMA, Apple must provide free and effective interoperability to third-party developers and businesses with hardware and software features controlled by Apple\u2019s operating systems iOS and iPadOS, designated under the DMA,\u201d the release said.
\nThe first proceeding centers on several iOS connectivity features and functionalities, mainly used for and by connected devices such as smartwatches, headphones and virtual reality headsets.
\n\u201cCompanies offering these products depend on effective interoperability with smartphones and their operating systems, such as iOS,\u201d the release said. \u201cThe commission intends to specify how Apple will provide effective interoperability with functionalities such as notifications, device pairing and connectivity.\u201d
\nThe second proceeding will examine whether Apple\u2019s process for addressing interoperability requests from developers and third parties for its operating system is transparent, fair and timely, the release added.
\n\u201cToday is the first time we use specification proceedings under the DMA to guide Apple toward effective compliance with its interoperability obligations through constructive dialogue,\u201d Margrethe Vestager, the commission\u2019s head of competition policy, said in the release. \u201cWe are focused on ensuring fair and open digital markets. Effective interoperability, for example with smartphones and their operating systems, plays an important role in this.\u201d
\nThe DMA, designed to increase competition in the digital economy, caused Big Tech companies to scramble to comply with the new set of regulations when they went live in March.
\nLast month, Apple announced a series of operating system changes for European users designed to comply with the law. For example, Apple will now provide more information about browsers to users who view the choice screen, an update shown to all EU users who have Apple\u2019s Safari browser set as their default browser.
\nThe company also plans to introduce new default settings for dialing phone numbers, sending messages, translating text, navigation, managing passwords, keyboards and call spam filters, while also giving EU users the ability to delete five of its apps: the App Store, Messages, Photos, Camera and Safari.
\nThe post EU Wants Apple to Give Third Parties Operating System Access appeared first on PYMNTS.com.
\n", "content_text": "European regulators want Apple to open its operating system to third-party developers.\nThe European Commission began a pair of \u201cspecification proceedings\u201d to ensure the tech giant is meeting the interoperability standards of Europe\u2019s Digital Markets Act (DMA), according to a Thursday (Sept. 19) press release.\n\u201cUnder the DMA, Apple must provide free and effective interoperability to third-party developers and businesses with hardware and software features controlled by Apple\u2019s operating systems iOS and iPadOS, designated under the DMA,\u201d the release said.\nThe first proceeding centers on several iOS connectivity features and functionalities, mainly used for and by connected devices such as smartwatches, headphones and virtual reality headsets.\n\u201cCompanies offering these products depend on effective interoperability with smartphones and their operating systems, such as iOS,\u201d the release said. \u201cThe commission intends to specify how Apple will provide effective interoperability with functionalities such as notifications, device pairing and connectivity.\u201d\nThe second proceeding will examine whether Apple\u2019s process for addressing interoperability requests from developers and third parties for its operating system is transparent, fair and timely, the release added.\n\u201cToday is the first time we use specification proceedings under the DMA to guide Apple toward effective compliance with its interoperability obligations through constructive dialogue,\u201d Margrethe Vestager, the commission\u2019s head of competition policy, said in the release. \u201cWe are focused on ensuring fair and open digital markets. Effective interoperability, for example with smartphones and their operating systems, plays an important role in this.\u201d\nThe DMA, designed to increase competition in the digital economy, caused Big Tech companies to scramble to comply with the new set of regulations when they went live in March.\nLast month, Apple announced a series of operating system changes for European users designed to comply with the law. For example, Apple will now provide more information about browsers to users who view the choice screen, an update shown to all EU users who have Apple\u2019s Safari browser set as their default browser.\nThe company also plans to introduce new default settings for dialing phone numbers, sending messages, translating text, navigation, managing passwords, keyboards and call spam filters, while also giving EU users the ability to delete five of its apps: the App Store, Messages, Photos, Camera and Safari.\nThe post EU Wants Apple to Give Third Parties Operating System Access appeared first on PYMNTS.com.", "date_published": "2024-09-19T09:38:23-04:00", "date_modified": "2024-09-19T09:38:23-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/11/Apple.jpg", "tags": [ "Apple", "Connected Economy", "EU", "European Commission", "international", "News", "PYMNTS News", "regulations", "Smartphones", "smartwatches", "Wearables", "What's Hot", "Regulation" ] }, { "id": "https://www.pymnts.com/?p=2101165", "url": "https://www.pymnts.com/news/regulation/2024/brazil-to-bar-use-of-credit-cards-in-online-gambling/", "title": "Brazil to Bar Use of Credit Cards in Online Gambling", "content_html": "Online gambling companies reportedly will be prevented from operating in Brazil if they haven\u2019t requested authorization to do so.
\nThe potential suspensions announced by Brazil\u2019s Finance Ministry will begin Oct. 1 as part of the country\u2019s tightening of online gambling rules, Bloomberg\u00a0reported Tuesday (Sept. 17).
\nThe Finance Ministry also plans to bar companies from offering credit to gamble on their websites and prohibit consumers from using credit cards to place bets, according to the report.
\nGambling-related financial problems have become an \u201cepidemic\u201d in Brazil, demanding government action, Finance Minister Fernando Haddad told reporters in Brasilia, per the report.
\n\u201cIt\u2019s becoming a serious social problem, and we have to face it,\u201d Haddad said, according to the report.
\nBrazil legalized online gambling in 2018, the report said. Today, about 52 million Brazilians participate in online betting, including 25 million who started doing so within the past six months.
\nThis rapid expansion \u2014 which has made the country one of the world\u2019s fast-growing gaming markets \u2014 has drawn the attention of the country\u2019s authorities, per the report.
\nOnline gambling firms that want to operate in Brazil will have to pay a fee of 30 million reais ($5.5 million), the report said. To date, 108 companies have requested the required authorization.
\nIt was reported in April that some of the sports betting world\u2019s biggest players have turned their sights on Brazil and explored entry into the country\u2019s new, regulated\u00a0online gambling market.
\nAt that time, more than 130 companies had pre-registered interest in a Brazilian license, expecting that the market could be set for further growth thanks to a 2023 law establishing the regulatory framework to allow fixed-odds sports betting and virtual online gaming services.
\nTuesday\u2019s report of Brazil\u2019s tightening of online gambling rules on the heels of an effort in the United States that aims to require states that allow\u00a0sports betting to meet minimum federal standards covering advertising, affordability and artificial intelligence.
\nThe lawmakers who introduced the U.S. bill Thursday (Sept. 12) said they want to address the public health impact of sports betting and create a \u201csafer, less addictive product.\u201d
\nOne of the proposed bill\u2019s requirements would prohibit operators from accepting deposits via credit card.
\nThe post Brazil to Bar Use of Credit Cards in Online Gambling appeared first on PYMNTS.com.
\n", "content_text": "Online gambling companies reportedly will be prevented from operating in Brazil if they haven\u2019t requested authorization to do so.\nThe potential suspensions announced by Brazil\u2019s Finance Ministry will begin Oct. 1 as part of the country\u2019s tightening of online gambling rules, Bloomberg\u00a0reported Tuesday (Sept. 17).\nThe Finance Ministry also plans to bar companies from offering credit to gamble on their websites and prohibit consumers from using credit cards to place bets, according to the report.\nGambling-related financial problems have become an \u201cepidemic\u201d in Brazil, demanding government action, Finance Minister Fernando Haddad told reporters in Brasilia, per the report.\n\u201cIt\u2019s becoming a serious social problem, and we have to face it,\u201d Haddad said, according to the report.\nBrazil legalized online gambling in 2018, the report said. Today, about 52 million Brazilians participate in online betting, including 25 million who started doing so within the past six months.\nThis rapid expansion \u2014 which has made the country one of the world\u2019s fast-growing gaming markets \u2014 has drawn the attention of the country\u2019s authorities, per the report.\nOnline gambling firms that want to operate in Brazil will have to pay a fee of 30 million reais ($5.5 million), the report said. To date, 108 companies have requested the required authorization.\nIt was reported in April that some of the sports betting world\u2019s biggest players have turned their sights on Brazil and explored entry into the country\u2019s new, regulated\u00a0online gambling market.\nAt that time, more than 130 companies had pre-registered interest in a Brazilian license, expecting that the market could be set for further growth thanks to a 2023 law establishing the regulatory framework to allow fixed-odds sports betting and virtual online gaming services.\nTuesday\u2019s report of Brazil\u2019s tightening of online gambling rules on the heels of an effort in the United States that aims to require states that allow\u00a0sports betting to meet minimum federal standards covering advertising, affordability and artificial intelligence.\nThe lawmakers who introduced the U.S. bill Thursday (Sept. 12) said they want to address the public health impact of sports betting and create a \u201csafer, less addictive product.\u201d\nOne of the proposed bill\u2019s requirements would prohibit operators from accepting deposits via credit card.\nThe post Brazil to Bar Use of Credit Cards in Online Gambling appeared first on PYMNTS.com.", "date_published": "2024-09-17T19:34:48-04:00", "date_modified": "2024-09-17T19:34:48-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/Brazil-online-gambling-regulation.jpg", "tags": [ "brazil", "gambling", "international", "LatAm", "Latin America", "News", "Online gambling", "PYMNTS News", "regulation", "Sports betting", "What's Hot", "Regulation" ] }, { "id": "https://www.pymnts.com/?p=2101101", "url": "https://www.pymnts.com/news/regulation/2024/att-to-pay-13-million-and-add-safeguards-after-2023-data-breach/", "title": "AT&T to Pay $13 Million and Add Safeguards After 2023 Data Breach", "content_html": "The Federal Communications Commission (FCC) has reached a settlement with AT&T that resolves the agency\u2019s investigation into a January 2023 hack in which AT&T customer information was taken from a vendor\u2019s cloud environment.
\nA consent decree resolving this investigation requires AT&T to pay $13 million and to strengthen its data governance practices, the FCC said in a Tuesday (Sept. 17) press release.
\n\u201cThe Communications Act makes clear that carriers have a duty to protect the privacy and security of consumer data, and that responsibility takes on new meaning for digital age data breaches,\u201d FCC Chairwoman Jessica Rosenworcel said in the release. \u201cCarriers must take additional precautions given their access to sensitive information, and we will remain vigilant in ensuring that\u2019s the case no matter which provider a customer chooses.\u201d
\nReached by PYMNTS, an AT&T spokesperson provided a statement saying that the company began notifying customers of the incident in March 2023, consistent with FCC regulations, and that the data included information like the number of lines on an account \u2014 it did not include sensitive personal information.
\n\u201cProtecting our customers\u2019 data remains one of our top priorities,\u201d the AT&T statement said. \u201cA vendor we previously used experienced a security incident last year that exposed data pertaining to some of our wireless customers. Though our systems were not compromised in this incident, we\u2019re making enhancements to how we manage customer information internally, as well as implementing new requirements on our vendors\u2019 data management practices.\u201d
\nThe FCC investigation found that AT&T used a vendor to host customer information; that the vendor should have destroyed or returned that information when it was no longer needed to fulfill contractual obligations, years before the breach occurred; and that AT&T failed to ensure the vendor adequately protected the information and returned or destroyed it as required by the contract, according to the agency\u2019s press release.
\nLarge businesses are attractive targets for cybercriminals, PYMNTS reported in August. The combination of valuable data, complex systems and the potential for significant ransom payments makes them particularly vulnerable.
\nUnderstanding the methods used by attackers and implementing a multi-layered approach to security can help businesses prevent a disruption from escalating into a disaster.
\nThe post AT&T to Pay $13 Million and Add Safeguards After 2023 Data Breach appeared first on PYMNTS.com.
\n", "content_text": "The Federal Communications Commission (FCC) has reached a settlement with AT&T that resolves the agency\u2019s investigation into a January 2023 hack in which AT&T customer information was taken from a vendor\u2019s cloud environment.\nA consent decree resolving this investigation requires AT&T to pay $13 million and to strengthen its data governance practices, the FCC said in a Tuesday (Sept. 17) press release.\n\u201cThe Communications Act makes clear that carriers have a duty to protect the privacy and security of consumer data, and that responsibility takes on new meaning for digital age data breaches,\u201d FCC Chairwoman Jessica Rosenworcel said in the release. \u201cCarriers must take additional precautions given their access to sensitive information, and we will remain vigilant in ensuring that\u2019s the case no matter which provider a customer chooses.\u201d\nReached by PYMNTS, an AT&T spokesperson provided a statement saying that the company began notifying customers of the incident in March 2023, consistent with FCC regulations, and that the data included information like the number of lines on an account \u2014 it did not include sensitive personal information.\n\u201cProtecting our customers\u2019 data remains one of our top priorities,\u201d the AT&T statement said. \u201cA vendor we previously used experienced a security incident last year that exposed data pertaining to some of our wireless customers. Though our systems were not compromised in this incident, we\u2019re making enhancements to how we manage customer information internally, as well as implementing new requirements on our vendors\u2019 data management practices.\u201d\nThe FCC investigation found that AT&T used a vendor to host customer information; that the vendor should have destroyed or returned that information when it was no longer needed to fulfill contractual obligations, years before the breach occurred; and that AT&T failed to ensure the vendor adequately protected the information and returned or destroyed it as required by the contract, according to the agency\u2019s press release.\nLarge businesses are attractive targets for cybercriminals, PYMNTS reported in August. The combination of valuable data, complex systems and the potential for significant ransom payments makes them particularly vulnerable.\nUnderstanding the methods used by attackers and implementing a multi-layered approach to security can help businesses prevent a disruption from escalating into a disaster.\nThe post AT&T to Pay $13 Million and Add Safeguards After 2023 Data Breach appeared first on PYMNTS.com.", "date_published": "2024-09-17T17:00:29-04:00", "date_modified": "2024-09-17T17:00:29-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/03/ATT-1.jpg", "tags": [ "AT&T", "Data Breaches", "FCC", "Federal Communications Commission", "Hackers", "investigations", "News", "PYMNTS News", "regulations", "What's Hot", "Regulation" ] } ] }