The U.K. Financial Conduct Authority put the nail in the coffin of LIBOR, confirming the widely used benchmark interest rate will cease to be available in most forms at the end of this year.
Europe
Posted inEurope
Google ad change a boon for privacy; red flags apparent in Greensill downfall
Aaron Nicodemus acknowledges Google’s decision to stop selling ads based on user browsing history as a good first step, while Kyle Brasseur laments apparent red flags ignored in the seemingly impending collapse of Greensill Capital. For more Nailed It or Failed It, click here.
Posted inEurope
Ireland GDPR report: Big fines coming soon for Big Tech?
Ireland’s data regulator has 27 ongoing cross-border inquiries into Big Tech firms, according to its latest annual report. It expects several cases to be resolved in the coming year.
Posted inAccounting & Auditing
EY Germany changes leadership in wake of Wirecard scandal
Hubert Barth, head of EY’s Germany practice for the past five years, will step down and take on a “new role at the European level” as the firm seeks to restore its tarnished reputation following its missteps leading up to the collapse of Wirecard.
Posted inEurope
HSBC promotes group compliance chief to executive role
HSBC announced the promotion of Group Chief Compliance Officer Colin Bell to CEO of HSBC Europe and HSBC Bank amid a flurry of senior management changes.
Posted inEurope
EDPS opinion puts targeted advertising in crosshairs
The EU’s chief data regulator says planned regulations to oversee the tech sector should be tightened further to ban targeted advertising based on tracking online activity—an opinion that could prompt Big Tech and adtech firms to lobby hard against the changes.
Posted inEthics & Culture
Northern Ireland turns up heat on modern slavery transparency
Northern Ireland Justice Minister Naomi Long has launched two consultation documents on measures to eradicate modern slavery from the supply chains of public- and commercial-sector organizations.
Posted inEurope
Facebook fined $8.4M for data collection practices in Italy
Facebook has been fined €7 million (U.S. $8.4 million) by Italy’s antitrust regulator for failing to address issues related to its personal data collection practices.
Posted inEurope
TikTok faces more backlash, now from EU consumer group
TikTok has come under the scrutiny of European consumer advocacy organization BEUC, which is urging authorities to put an end to the video sharing platform’s abuse of EU users’ rights—especially those of children.
Posted inAccounting & Auditing
KPMG UK chair resigns over controversial pandemic remarks
KPMG UK Chairman Bill Michael has resigned after controversial remarks he made about the coronavirus pandemic during a virtual town hall meeting offended several employees and were subsequently made public.
