Global Glimpses

In honor of Anti-Slavery Day (October 18), companies may want to familiarize themselves with a recent guide from the IEMA on complying with environmental and human rights laws.

The Bank of England (BoE) wants boards of financial services firms to take a stronger role in identifying and managing financial risks caused by climate change by making individual executives accountable and improving disclosure.

A Shell pensioner is threatening to take his own pension fund to the U.K.’s Pensions Ombudsman for maladministration—unless the company can prove it is managing its climate-related risk.

The Data Protection Authority of the German state of Lower Saxony recently began random examinations into how well companies are implementing the EU’s General Data Protection Regulations. Compliance officers of U.S. companies with operations in Germany should be on alert.

The U.K. Information Commissioner’s Office has taken formal enforcement action against 34 organizations that have failed to pay the new data protection fee.

The U.K. Serious Fraud Office said it has issued a claim for civil recovery in the High Court under Part 5 of the Proceeds of Crime Act 2002.

Canadian data analytics firm AggregateIQ Data Services has become the first company to face a formal enforcement action by the U.K. Information Commissioner’s Office for violations of the EU General Data Protection Regulation and the U.K. Data Protection Act.

A no-deal Brexit could have serious consequences for the corporate realm, but few companies appear armed for the challenges. In contrast is U.K. retailer Next, which has published a paper on its preparations that could help others face a no-deal Brexit possibility.

The World Bank Group debarred 78 firms and individuals during fiscal year 2018, according to its inaugural Sanctions System Annual Report, issued on Oct. 3.

Deutsche Bank has become the fourth bank in the past month to get into regulatory trouble for having lax anti-money laundering controls in place, joining Danske Bank, ING, and Credit Suisse.

Alun Milford, general counsel for the U.K. Serious Fraud Office, will be leaving the agency to join law firm Kingsley Napley as a partner.

The Swiss Financial Market Supervisory Authority FINMA has concluded two enforcement procedures against Credit Suisse. In the first procedure, FINMA identified deficiencies in the bank’s adherence to anti-money laundering due diligence obligations. The second procedure relates to a significant business relationship for the bank with a politically exposed person.

Parcel delivery firm Royal Mail is appealing a decision from U.K. communications regulator Ofcom, which determined the company sought to thwart wholesale customer Whistl from competing with its bulk mail delivery service.

New Zealand’s Financial Markets Authority, the government agency responsible for financial regulation, on Aug. 9 set out its work plan for the year ahead, as the conduct and culture of the country's financial services industry comes under increased scrutiny.  

In an as-yet unreleased—officially, at any rate—letter, the EU’s industry and climate commissioners Miguel Cañete and Elźbieta Bieńkowska outline evidence of widespread manipulation in the car industry of new emissions tests, known as the Worldwide Harmonised Light Vehicle Test Procedure (WLTP).

The European Commission on July 24 fined four consumer electronics makers for imposing fixed or minimum resale prices on their online retailers in breach of EU competition rules. The more than €111 million in fines were in all four cases significantly reduced due to the companies' cooperation with the Commission. 

The European Commission has fined Google €4.34 billion (U.S. $5.05 billion) for breaching EU antitrust rules.

The U.K. Serious Fraud Office announced that a warrant for the arrest of the CEO of Luxembourg-based Eurasian Resources Group has been issued over his failure to appear for questioning in an ongoing corruption investigation.

Nissan apologized Monday after uncovering—as part of a check of emissions and fuel economy tests within its final production process—it had falsified data at all but one of its Japanese vehicle production plants.

U.K. Independent Anti-Slavery Commissioner Kevin Hyland has issued an ultimatum to the government to get moving on setting up a central, state-owned registry for corporate modern slavery statements that he wants in place before he leaves office.

Several consumer advocacy groups in the United States are urging the U.S. Federal Trade Commission to investigate what they say are “misleading and manipulative tactics” by Google and Facebook in violation of the General Data Protection Regulation.

Harley-Davidson plans to shift production of its motorcycles for EU destinations out of the United States to its international facilities to avoid the EU’s retaliatory tariffs, providing a glimpse into the broader cost implications that the trade war is expected to have on global companies.

The European Commission adopted on June 20 a regulation putting in place the EU’s rebalancing measures in response to U.S. tariffs on steel and aluminum. The measures will immediately target a list of products worth €2.8 billion (U.S. $3.2 billion) and will come into effect on June 22.

German authorities on Wednesday fined Volkswagen a total of €1 billion (U.S. $1.2 billion) resulting from the company’s long-running emissions-cheating scandal.

Jeremy Wright, the Attorney General for England and Wales, on June 4 named Lisa Osofsky as the new director of the Serious Fraud Office.