GRC Report Staff

Global data protection authorities have issued a follow-up joint statement highlighting new measures for social media companies to enhance protections for personal information, as mass data scraping continues to pose risks, particularly in the age of artificial intelligence. This latest statement reflects insights from recent discussions between 17 data protection authorities and some of the largest social media platforms, deepening the collaboration initially sparked by a joint statement on data scraping in 2023.

In a world where sustainability is no longer just a buzzword, asset managers find themselves facing complex, often thorny challenges around environmental, social, and governance (ESG) data. The Dutch Authority for the Financial Markets (AFM) recently put this into focus with an in-depth study, pulling back the curtain on the hurdles asset managers face in risk management and compliance tied to ESG.

In a strong message to UK organizations, Information Commissioner John Edwards has emphasized the critical need to prioritize data protection and privacy in order to mitigate the devastating ripple effects of data breaches.

Alibaba Group Holding Ltd. has agreed to pay $433.5 million to settle a securities fraud class action lawsuit in Manhattan federal court. This settlement, once approved by the court, will rank among the 50 largest securities class action settlements in U.S. history since the Private Securities Litigation Reform Act of 1995.

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator, has released its European Common Enforcement Priorities (ECEP) for 2024 corporate reporting. This annual guidance aims to harmonize supervision across the EU and outlines areas that ESMA, alongside European national enforcers, will focus on as they review corporate reports in 2025.

Acting Comptroller of the Currency Michael J. Hsu warned financial institutions against falling into compliance tunnel vision, citing historical examples where regulatory focus on specific risks inadvertently created new vulnerabilities in the financial system.

This week, FINRA ramped up its enforcement efforts, penalizing two brokerage firms—Fenix Securities, LLC and Interactive Brokers LLC—for serious compliance violations. The fines and censures handed down highlight the regulator’s ongoing commitment to enforcing rules that safeguard market integrity and protect investors.