GRC Report Staff

In an era marked by geopolitical tensions, technological disruptions, and an increasing focus on sustainable finance, the Joint Committee of the European Supervisory Authorities (ESAs) has released its 2023 Annual Report, highlighting a year of significant cross-sectoral collaboration. The report, issued by the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA), and the European Securities and Markets Authority (ESMA), underscores their joint efforts in safeguarding the stability and integrity of the European financial sector.

The French Data Protection Authority (CNIL) has published its inaugural set of recommendations for the development of artificial intelligence (AI) systems. The guidelines, released following an extensive public consultation, aim to help professionals navigate the complex landscape of AI development while ensuring compliance with the General Data Protection Regulation (GDPR) and fostering public trust.

In a speech delivered at the Investment Association Annual Conference 2024, Nikhil Rathi, Chief Executive of the UK's Financial Conduct Authority (FCA), outlined key international regulatory developments affecting the investment management sector. The UK, as the second-largest asset management centre globally, is at the forefront of these initiatives.

Acting Comptroller of the Currency Michael J. Hsu issued a sharp warning about the systemic risks posed by artificial intelligence to the financial sector and called for a new "shared responsibility" governance model in a major policy speech on Wednesday.

The U.S. Equal Employment Opportunity Commission (EEOC) has appointed Sivaram Ghorakavi to the senior leadership positions of Deputy Chief Information Officer and Chief Artificial Intelligence Officer, effective immediately.

The U.S. Securities and Exchange Commission (SEC) has kicked off its biennial effort to collect self-assessments on diversity policies and practices from regulated entities.

A Federal Court in Australia has ruled that Active Super, a $13.5 billion (AUD) superannuation fund, made misleading representations about its environmental, social, and governance (ESG) credentials and investments.