The U.S. government’s 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. Once finalized, the proposed rule from the Department of Commerce would prohibit the import or sale...
The Federal Deposit Insurance Corp.’s (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...
The United Kingdom’s 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. Currently, these firms must safeguard funds, which means their customers can lose money...
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. While he vetoed a privacy bill aimed at empowering consumers, he approved legislation...
Four lawmakers sent letters to the heads of financial regulators, asking for information about the development of the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin (SAB) No. 121. The lawmakers want to assess whether the SEC “undermined banking regulators” by issuing SAB 121, which...
Two of the European Union’s top regulators are stepping down from their posts. And as Wired reported Saturday (Sept. 22), experts say it’s too soon to tell what their replacements may bring. Last week brought the resignation of EU Commissioner Thierry Breton, a longtime, outspoken...
The Securities and Exchange Commission (SEC) said Macquarie Investment Management Business Trust (MIMBT) will pay $79.8 million to settle fraud charges. The 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...
European regulators want Apple to open its operating system to third-party developers. The European Commission began a pair of “specification proceedings” to ensure the tech giant is meeting the interoperability standards of Europe’s Digital Markets Act (DMA), according to a Thursday (Sept. 19) press release....
Online gambling companies reportedly will be prevented from operating in Brazil if they haven’t requested authorization to do so. The potential suspensions announced by Brazil’s Finance Ministry will begin Oct. 1 as part of the country’s tightening of online gambling rules, Bloomberg reported Tuesday (Sept. 17)....
