The UK government has recently unveiled draft legislation to regulate providers of these influential metrics. The proposal, which would place ESG ratings firms under the oversight of the Financial Conduct Authority (FCA), reflects growing concerns about transparency and accountability in an industry that increasingly shapes global investment decisions.
In an era when cyber threats have become as routine as morning coffee, the latest breach targeting T-Mobile and other telecom giants is a stark reminder that some attacks still have the power to shake us. This wasn’t a random smash-and-grab operation; it was a meticulously orchestrated cyber-espionage campaign, reportedly tied to a group of elite hackers, that infiltrated the very backbone of communication networks.
Between May and October 2024, the Federal Reserve has been busy shaping the regulatory landscape for U.S. financial institutions, reinforcing its commitment to ensuring the safety, stability, and soundness of the banking system while protecting consumers in a rapidly changing environment. In its latest Supervision and Regulation Report, the Fed highlights several initiatives that reflect its ongoing efforts to keep pace with emerging risks and challenges in the financial sector.
The Consumer Financial Protection Bureau (CFPB) has hit Global Tel Link Corporation (GTL), now operating as ViaPath Technologies, with a $3 million fine for exploiting incarcerated individuals and their families. The company was found to have systematically frozen and drained payment accounts, leaving those behind bars without access to the money they rely on for basic essentials like food, medicine, and clothing.
The clock is ticking for Europe’s financial sector as the Digital Operational Resilience Act (DORA) prepares to go live on 17 January 2025. To pave the way, the European Supervisory Authorities (EBA, EIOPA, and ESMA—collectively, the ESAs) have announced how they’ll collect the vital information needed to designate Critical ICT Third-Party Providers (CTPPs). The message is clear: start preparing now, or risk falling behind.
Pharmaceutical company QOL Medical LLC (QOL) and its CEO, Frederick E. Cooper, have agreed to pay $47 million to resolve allegations of orchestrating an elaborate kickback scheme. The allegations, brought under the False Claims Act (FCA), paint a picture of aggressive marketing tactics that veered dangerously into unethical territory, all in the name of driving prescriptions for the company’s flagship drug, Sucraid.
Meta, the parent company of Facebook, is back in the regulatory hot seat—this time, for crossing the line in Europe. The European Commission has fined the tech giant a staggering €797.72 million for abusing its dominance to boost Facebook Marketplace at the expense of competitors. The penalty serves as a sharp reminder to Big Tech that the EU won’t tolerate market manipulation under its watch.