When growth slows, governments often cut rules to attract investment, as the U.K. has in its financial services sector, which contributes 8.8% of GDP, but easing the “compliance burden” raises concerns about oversight, governance, and prioritizing profits over safety.
Regulatory Policy
Posted inEthics & Culture
Compliance teams urged to prepare as U.K. Employment Rights Bill nears passage
The U.K. Employment Rights Bill is expected to pass into law this year and will affect millions of workers. Compliance managers are advised to hone their understanding of HR and equality issues in preparation.
Posted inRegulatory Policy
EPA follows through on Trump threat and proposes killing air pollution rule
The U.S. Environmental Protection Agency has placed a decades-old rule that limits air pollution from cars and trucks on the chopping block, potentially endangering the Clean Air Act.
Posted inTechnology
Cadence Design Systems pleads guilty to unlawfully exporting chip design tools to China, will pay $140M
Chip design software and hardware maker Cadence Design Systems agreed to plead guilty to unlawfully exporting semiconductor design tools to a restricted Chinese military university, the Department of Justice said in a statement. The California firm will pay over $140 million in criminal and civil pines and forfeitures, marking the latest effort by U.S. officials to restrict the flow of chip designs.
Posted inRegulatory Policy
U.K. shake up of immigration rules for skilled worker visas should prompt compliance review
As of July 22, U.K. companies hiring foreign nationals on skilled worker visas face higher salary and qualification requirements. Over 100 jobs were also removed from the list of roles eligible for overseas recruitment. Compliance managers should ensure policies are updated to reflect the changes.
Posted inTechnology
U.K. regulator urges auditors to explain AI use in audits
Plans to push audit firms to disclose how they use AI in audits have been broadly welcomed, but concerns remain over how corporate data is used, secured, retained, and potentially exposed.
Posted inFinancial Services
SEC dodges commitment on climate rule enforcement
The SEC refused to say whether it would enforce its landmark Climate-Related Disclosure Rules in a status report filed Wednesday, deepening uncertainty as the regulation faces legal challenges.
Posted inRegulatory Policy
PCAOB faces uncertain future as SEC Chair solicits new candidates
SEC Chair Paul Atkins is soliciting candidates for all five seats on the Public Company Accounting Oversight Board, he announced Wednesday.
Posted inRegulatory Policy
Compliance managers should review sustainability data as U.K. consults on new reporting standards
The U.K. government promised to introduce Sustainability Reporting Standards in its manifesto. Almost a year after it came to power, it launched a consultation on June 25 on draft plans for these standards, which are largely based on those of the ISSB.
Posted inRegulatory Policy
Florida law makes it easier for employers to sue employees who signed noncompete agreements
Companies in Florida may want to revise noncompete agreements made with highly compensated employees to take advantage of provisions in Florida’s new noncompete law, which took effect July 1.