United States
Cybersecurity
Senior members of the National Security Council, including Michael Waltz used personal Gmail accounts to conduct sensitive government business.
Data
A federal judge has rejected efforts to dismiss a lawsuit claiming that the US Office of Personnel Management illegally disclosed highly personal records of millions of Americans to DOGE agents.
Microsoft has decided to pause (subscription) its efforts to build AI data centers globally in a sign of caution around the expansion of cloud computing infrastructure.
Enforcement
Federal judge dismisses bribery case against former Cognizant executives, after Acting US Attorney Alina Habba argued the case could not continue after Trump’s executive order pausing FCPA enforcement.
Meta CEO Mark Zuckerberg lobbies Trump to avoid looming antitrust lawsuit.
ESG
Seminole Tribe won a $832M verdict against Wells Fargo for fiduciary duty violations by its predecessor Wachovia Bank, including charging $7m in unauthorized fees.
Trump’s anti-DEI policies have led to a 34% drop in pro-ESG investor proposals, Bloomberg reports (subscription).
Regulation
FTC Chairman Andrew Ferguson emphasized the regulator’s expectations that the privacy promises made by 23andMe in relation to users’ sensitive genetic data would be adhered to in any bankruptcy related sale or transfer.
In a letter, Democrats question Treasury Secretary Bessent’s decision to suspend enforcement of the Corporate transparency act (CTA), ostensibly prompted by a single Elon Musk X post.
CFTC clarified that Japanese nonbank swap dealers only need to submit relevant sections of their Annual Business Report, reducing administrative burdens.
Appointments
Trump will nominate three individuals to critical appointments at the DoJ: John Eisenberg to the National Security Division, Brett Shumate to the Civil Division, and Patrick Davis to the Office of Legislative Affairs.
Australia
Hackers have breached the systems of AustralianSuper, one of the country’s larger pension funds, stealing savings from some accounts.
China
China has retaliated (subscription) to American tariffs putting in place additional tariffs of 34% on US goods, adding US entities to an export control list and classifying others as “unreliable”.
EU
ESMA has published a consultation on MiFIR regulatory technical standards including those covering transparency requirements for derivatives.
EU parliament suspends sustainability reporting and due diligence laws.
India
The Indian pharmaceutical sector has been exempted from US tariffs. The exemption underlines the importance of India as a global generic pharmaceuticals powerhouse.
International
IOSCO has published a final report on the implementation of its regulator principles 6 and 7 that address systemic risk and the perimeter of regulation. The report has found a high level of implementation, but puts forward goo practices and areas where there is room for improvement.
The IFRS Foundation has published its 2024 annual report, which shows declining contributions and rising costs. The standard-setters trustees initiate an organizational review.
Singapore
The MAS has published an information paper on its supervisory expectations for advisory and sales processes for long-term accident and health policies.
Switzerland
FINMA is reorganizing its operational structure. A new cross-divisional “Integrated Risk Expertise” division is being created and the “Markets” and “Asset Management” divisions are being merged. Marianne Bourgoz Gorgé will lead the former while Léonard Bôle will lead the latter function.
UK
BP has shut down its business unit responsible for developing electric, hydrogen and other low-emission solutions for vehicles as it continues its pivot back to oil and gas. It’s chair since 2019 will step down (subscription).
The UK Government has agreed to review (subscription) the NHS drug pricing scheme as a result of higher than expected charges to drugmakers.
