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Data Protection: France’s DPA Fines Facebook – Italy’s Antitrust Body Fines WhatsApp

France’s Data Protection Authority, the CNIL, has issued a fine of 150,000 euros on Facebook Inc and Facebook Ireland in an enforcement programme coordinated with four other Data Protection Authorities. The regulator says the company is in breach of the Data Protection Act due to ‘a massive compilation of personal data of Internet users in order to display targeted advertising.’ ... Read More »

B20 Germany: Financial Inclusion for Women-owned SMEs

Shaping an Inclusive Business Environment in a Globalized World: Strengthening Women-owned SMEs With holding the recent very successful B20 Summit and W20 Summit in Berlin and handing over our respective recommendations to the G20, we could once more emphasize the importance to jointly build a sustainable economy. In our processes and meetings we, as the G20 engagement group, often find ... Read More »

US and China Announces a New Trade Agreement to Include Payment Services, Credit Rating Services and Bond Underwriting

The US Department of Commerce announced a new trade agreement with China. The biggest points in the 10-point plan are aimed at the LNG sector, American agriculture and financial sectors, which are being promised greater access in a range of areas. In addition to beef, China agreed to accelerate the process for approving U.S. biotechnology products. Beyond electronic payments, Beijing ... Read More »

China Increases Restrictions on Internet News Outlets

Under the rules, every online media platform’s editorial staff must be party-approved. The Chinese government has been ramping up tighter control of its internet in the past year. The latest set of new restrictions released by the Cyberspace Administration of China (CAC) adds more limitations on what news can be created and distributed by online platforms. But the biggest new rule: Every ... Read More »

FTC Charges Companies With Violating Asia Data Privacy Agreements

The Federal Trade Commission announced recently that it charged Sentinel Labs, SpyChatter, and Vir2us with violating privacy agreements with countries in Asia. The three companies told consumers that they adhered to the Asia-Pacific Economic Cooperation (APEC) Cross-Border Privacy Rules (CBPR) system, which facilitates privacy-respecting data transfers between countries. This agreement is similar to the EU-U.S. and Swiss-U.S. Privacy Shield, which ... Read More »

Comprehensive Credit Reporting in Australia

Banks Are Quiet on Progress of Move to Comprehensive Credit Reporting If the talk is right, the major banks are picking up the pace on voluntary adoption of comprehensive credit reporting, amid the threat of legislation for mandatory reporting if they continue to drag their feet.  The fintech industry, which will be one of CCR’s main beneficiaries, would say an ... Read More »

Transparency: Russian Banking Groups are Required to Disclose Interim Financial Statements

Parent Organizations of Banking Groups are Required to Disclose Consolidated Interim Financial Statements according to New Requirements According to the Directive of the Bank of Russia of 16.01.2017 №4265-U «On Amendment to the Directive of the Central Bank of Russia of December 3, 2012 №2923-U «On Disclosure and Presentation of consolidated financial statements by the Parent credit organizations of the ... Read More »

Kreditech Russia Achieves Microfinance Company Status

Kreditech Group’s subsidiary, LLC MFC “Kreditech Rus”, received the status of a Microfinance Company (MFC) on March 27, 2017 from the Central Bank of Russia. A new federal law in Russia aims to make the microfinance market transparent and understandable. It therefore requires the MFC status for all alternative lending companies operating in the country. As a Microfinance Company, Kreditech Russia ... Read More »

Collection & Recovery: Three Top Regulatory Themes Emerge from Debt Collection Panel

An observation provided by Daniel Nestel of FICO Daniel Nestel recently moderated a regulatory panel discussion before a group of nearly 100 collections and recovery (C&R) professionals at the FICO® Debt Manager™ User Group Forum. The esteemed panel consisted of a mix of veteran policy and business leaders, including: Maria Wolvin, Vice President and Senior Counsel of Regulatory Affairs at ACA ... Read More »

B20 SME Policy Paper

BIIA participated in the B20 SME Taskforce which concluded its work last year under the leadership of the B20 China.  The B20 leadership transferred to Germany last year and decided to continue to work on SME issues under a new banner called SME Cross-Thematic Group in which BIIA also participated. The B20 Cross-Thematic Group has published the B20 SMEs policy ... Read More »

Proposals to Introduce Transparency to Overseas-owned UK Property Published

The UK would be the first country to have a public register showing the beneficial owners of property controlled by overseas companies New proposals would deliver the world’s first public register of the beneficial owners of overseas companies and other legal entities who own UK property National Crime Agency: “Greater transparency will assist investigators track down and recover proceeds of crime” ... Read More »

Data Quality Issues are Impacting Consumer Trust and Perception

Data has transformed the way the world conducts business, but a new global business survey, commissioned by Experian, has found that many companies are still struggling to keep pace with customer expectations and increased scrutiny. Seven in 10 (72%) of companies said that data quality issues had affected trust and perception by their customers, who are increasingly aware of the ... Read More »

UK Department for International Trade selects Encompass Corporation for RegTech Trade Mission

Glasgow based Encompass Corporations has been chosen by the Department for International Trade to join its first RegTech mission to the United States. The mission will last from 24th to 28th April and will take shape through a range of workshops, seminars networking and events. As well as networking with US counterparts, the mission will give the opportunity for UK ... Read More »