Members of European Parliament pushed forward last week with sweeping reforms to the European Union’s data protection rules, which would strengthen privacy protections and impose stiff penalties for companies running afoul of the new rules. The EU Data Protection Regulation, initially proposed last year, consists of a general regulation for personal data processing in the […]
Europe
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Poll Shows Most Believe EU, Not Member States, Should Regulate Banks
More than half of European Union citizens believe banks should be regulated on the EU level rather than on a national level, according to a recent poll released by European Parliament. The Eurobarometer poll, published Oct. 18, showed that 54 percent of those polled believed banking supervision would be more effective at the EU level […]
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EU Telecom Reform Package Rankles Industry Executives
An ambitious package to overhaul telecom regulations in the European Union is running into static from industry executives. Telecom executives asked the European Commission last week to think twice before moving forward with an ambitious reform package intended to overhaul the telecom sector, especially provisions to end roaming fees and place a cap on the […]
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Effort to Boost Ranks of Women on Boards Moves Forward
Members of European Parliament this week backed a European Commission proposal for gender quotas on company boards. The commission’s proposal calls on listed companies to ensure that at least 40 percent of their non-executive board members are women by 2018 or 2020. The earlier deadline would apply to listed companies owned in whole or part […]
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New EU Privacy Rules Detailed at Compliance Week Europe
As early as this spring, European Union officials will update privacy regulations with changes that will affect not just member nations, but anyone who does business there. Delivering the keynote address to kick off the inaugural Compliance Week Europe conference, Peter Hustinx, head of the European Union’s Data Protection Supervisor, discussed trends and changes afoot […]
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European Commission Eyeing Whether Crowdfunding Should Be Regulated
The European Commission is weighing whether a common framework is needed to regulate crowdfunding, the growing trend of raising small amounts of capital from a large number of individuals typically via the Internet. The commission opened a consultation last week to get opinions regarding the potential benefits and risks of crowdfunding, and how to design […]
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Most Nations Do Little to Control Foreign Business Corruption, Report Says
More than half of the largest exporting nations are doing little to nothing to prevent multinational companies from using bribery to gain access to overseas markets, according to a study released this week. Anti-corruption watchdog Transparency International surveyed the 40 nations signed onto the Organisation for Economic Cooperation and Development’s Anti-Bribery Convention. The convention, signed […]
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Sources Say New Charges Looming in Libor Scandal
More charges in the Libor benchmark rigging scandal may be in the offing later this month. Lawyers familiar with the Serious Fraud Office’s investigation told Bloomberg the agency is likely to file additional charges against traders and brokers involved in the scandal when investigators go to court later this month for hearings involving three defendants […]
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Germany Picks Up Allies in CO2 Emissions Battle
Opponents to new vehicle emissions standards in the European Union are picking up additional support from the auto industry. Germany, led by Chancellor Angela Merkel and luxury car makers BMW and Daimler, has been leading the opposition to the emissions caps on passenger vehicles. Now their efforts are being backed by French car makers Renault […]
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Watchdog Survey Shows Defense Sector Vulnerable to Corruption
A new report by anti-corruption watchdog Transparency International revealed that two-thirds of parliaments and legislatures fail to properly police their defense sectors. The survey, released last week, was conducted by the group’s U.K.-based Defence and Security Programme. Linked to TI’s Government Defence Anti-Corruption Index 2013, the survey covered 82 countries and looked at seven different […]