The International Accounting Standards Board (IASB) has announced two significant proposals aimed at improving financial reporting standards, particularly in relation to climate-related disclosures and reporting requirements for subsidiaries.
The U.S. Consumer Product Safety Commission (CPSC) has ruled that Amazon.com, Inc. is legally responsible as a "distributor" for hazardous products sold by third-party sellers on its platform. This ruling, issued on July 30, 2024, sends a clear message to e-commerce platforms about their accountability for third-party risk management and product safety compliance.
Western International Securities, Inc., a Pasadena-based broker-dealer, has agreed to a settlement with the Financial Industry Regulatory Authority (FINRA) to resolve allegations of multiple rule violations. The settlement, known as a Letter of Acceptance, Waiver, and Consent (AWC), ensures that FINRA will not pursue further action against Western for the issues detailed in the agreement.
The Prudential Regulation Authority (PRA) has unveiled its annual report for 2023/24, offering a comprehensive overview of a year marked by significant regulatory developments and enhanced financial sector resilience. Published on July 30, 2024, the report covers the period from March 1, 2023, to February 29, 2024, detailing the PRA's extensive activities in safeguarding the UK's banking and insurance sectors.
RTX, formerly known as Raytheon Technologies, has announced a significant financial provision of $1.24 billion to resolve multiple government investigations into its business practices, according to a report from the Wall Street Journal. The aerospace and defense giant disclosed this information in its quarterly update to investors on July 25, 2024.
The European Supervisory Authorities (ESAs) - comprising the European Banking Authority, the European Insurance and Occupational Pensions Authority, and the European Securities and Markets Authority - have unveiled their second batch of policy products under the Digital Operational Resilience Act (DORA) on July 26, 2024. This extensive package, aimed at bolstering the digital operational resilience of the EU's financial sector, includes four final draft Regulatory Technical Standards (RTS), one set of Implementing Technical Standards (ITS), and two guidelines.
The U.S. Securities and Exchange Commission (SEC) has awarded over $37 million to a whistleblower whose information led to a successful enforcement action. The announcement, made on July 26, 2024, underscores the SEC's commitment to encouraging individuals to report potential securities law violations.