Could Congress pass comprehensive federal data privacy legislation in 2023? If not, could another government agency step into the breach?
Experts believe there are several possibilities.
At the federal level, the regulation most likely to be enacted in 2023 with an impact on data privacy won’t come from Congress or the Federal Trade Commission (FTC) but could instead be contained within a cybersecurity rule under consideration by the Securities and Exchange Commission (SEC), said Vivek Mohan, partner at Gibson Dunn and former senior global privacy law and policy attorney at Apple.
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If companies haven’t started the process of coming into compliance with the California’s sweeping new privacy law, they need to begin now.
Iowa became the sixth U.S. state to pass comprehensive data protection legislation allowing residents control over how their personal information is accessed and shared.
Expect big developments for the compliance profession in 2022 to continue to take center stage in the year ahead, including CCO certifications, climate-related disclosures, and more.
The Financial Crimes Enforcement Network announced a notice of proposed rulemaking to extend the deadline for companies created or registered in 2024 to file their initial beneficial ownership information reports.
The Securities and Exchange Commission adopted amendments to its rule covering fund names to ensure the regulation is appropriate to address new investment drivers, namely environmental, social, and governance matters.
The actions of companies like Amazon and new legislation passed in California prove it’s no longer a question of if companies will be required to disclose their greenhouse gas emissions—it’s a question of when, experts told attendees at CW’s virtual ESG Summit.
