The UK’s Financial Reporting Council set out a revised approach to regulation Thursday that places greater emphasis on economic growth, proportionate oversight and earlier engagement with firms, as the regulator looks to make its supervision more responsive without loosening standards across audit, corporate reporting and governance.
Poland’s competition and consumer protection authority is examining whether some of the world’s largest consumer-goods manufacturers are doing enough to tell shoppers when that happens. The President of UOKiK has opened preliminary investigations involving Danone, Mondelez, Nestlé and Unilever, focusing on products whose weight, volume or quantity has been reduced while the packaging around them may give little indication that anything is different.
South Korea’s Personal Information Protection Commission has imposed an approximately $9.47 million (KRW 12.836 billion) administrative monetary penalty on GS Retail, finding that the company failed to put adequate protections in place against cyberattacks and, after discovering the first breach, failed to respond adequately enough to prevent what followed.
The Basel Committee on Banking Supervision is turning its attention to the technology failures that can disrupt banks without a cyberattack ever taking place, highlighting weaknesses in change management, system testing and third-party dependencies as persistent sources of operational risk.
Australia’s Federal Court has now ordered Venture 5 Group, which trades as CashnGo, to pay about $2.5 million (AUD 3.5 million) over unfair terms that enabled those practices in its small amount credit contracts. The penalty follows proceedings brought by the Australian Securities and Investments Commission, or ASIC. CashnGo admitted the terms were unfair and consented to the orders sought by the regulator, including the penalty.
Honeywell Aerospace has agreed to pay more than $2 million to settle allegations that a business unit failed to meet cybersecurity requirements attached to a U.S. Department of Defense contract, turning what might otherwise have remained a problem of technical compliance into a False Claims Act case.
The Federal Trade Commission and a bipartisan coalition of 22 states have sued Amazon, accusing the company of secretly manipulating the auctions that determine advertising prices on its marketplace and extracting more than $20 billion from businesses that believed they were competing under a different set of rules.