The European Union’s Packaging and Packaging Waste Regulation, known as the PPWR, began to apply across the bloc on Aug. 12, bringing with it restrictions on per- and polyfluoroalkyl substances in food-contact packaging. Packaging containing PFAS above limits set by the regulation can no longer be placed on the EU market.
NewRez LLC has agreed to a $15.5 million multistate settlement after regulators found the mortgage servicer charged more than 4,200 borrowers for force-placed insurance even though they already had active homeowners policies.
South Korea’s Personal Information Protection Commission has imposed a $37.4 million (KRW 53.979 billion) administrative fine on KT after concluding that failures in the telecom company’s security controls allowed attackers to reach its internal network and expose the personal information of 16,647 subscribers. The regulator also ordered KT to correct the deficiencies and publish the results of the sanctions, while recommending broader improvements to its privacy program.
An Australian investment manager has been ordered to pay approximately $5.2 million (AUD $7.3 million) after a court found that it failed to properly oversee an ESG fund while making claims about the fund’s ethical and socially responsible investment approach that it did not have reasonable grounds to make.
Low rivers and unusually warm water are beginning to take electricity generation off the table in parts of Europe, just as summer heat is putting the power system under pressure. Yet for all the strain showing at its edges, the continent’s grid is holding. That is what the Electricity Coordination Group said, which convened an ad hoc meeting as heatwaves and drought continued to affect parts of Europe. Experts from the European Commission, EU countries, Ukraine, Moldova, the Energy Community Secretariat and the European Network of Transmission System Operators for Electricity, or ENTSO-E, found no short-term adequacy risks to electricity supply.
The CFTC filed a civil complaint against Goliath Ventures and its CEO, Christopher Delgado, in the U.S. District Court for the Middle District of Florida on Aug. 11, alleging that the company participated in a Ponzi scheme in which customer funds were misappropriated rather than invested as represented. The Securities and Exchange Commission filed a separate civil action against Goliath and Delgado the same day, according to the CFTC.
The Monetary Authority of Singapore is urging financial institutions to look beyond control deficiencies when serious risk events recur, warning that remediation may not hold if the behavioral patterns and cultural conditions behind those failures remain unchanged.