Our roundup also includes a FINTRAC fine for Canaccord Genuity, EDPB proposes easing GDPR rules for small and medium businesses and FINMA consultation on risk diversification and liquidity rules.
United States
AI
An open letter from prominent authors has called on book publishers to pledge to limit their use of AI tools.
OpenAI criticized RobinHood’s OpenAI tokens, suggesting that they are not backed by equity in the company.
Perplexity has launched a $200 subscription plan for users of its AI services.
Referrals from ChatGPT to news publishers are growing, but not enough to counter the decline in clicks resulting from users obtaining their news from the service.
Crypto
The US is attempting (subscription) to put pressure on North Korea’s hackers, who have stolern billions of dollars over the last two decades, including $620m in a cryptocurrency hack in 2022.
Data/Cybersecurity
The FBI and cybersecurity firms have warned airlines and other transportation sector operators that the hacking group Scattered Spider has begun targeting the sector.
A data breach affecting a “stalkerware” app has revealed that it has been installed on thousands of android phones.
Healthcare
Reuters has reported that Novo Nordisk faced (subscription) internal warnings about Wegovy launch readiness in the US, but decided not to heed these, which has made its product vulnerable when competitors entered the market.
Technology
Energy usage at Google’s data centers has doubled in the last 4 years.
Australia
A cyber incident at a third party partner of the airline Qantas may have impacted up to 6 million customers. The airline expect the proportion of data stone to be “significant”.
Canada
FINTRAC has fined Canaccord Genity for its alleged failure to submit suspicious transaction reports, develop and apply adequate compliance policies and procedures and assess and document AML / TF risks.
EU
The EDPB has adopted a statement committing to make GDPR compliance easier for smaller businesses. It will also focus on ensuring consistency of application and enforcement of GDPR by local regulators.
ESMA selected London based Ediphy (fairCT) as a possible future consolidated tape provider for bonds. The company has been invited to apply for authorization by the regulator.
The EBA, EIOPA and ESMA have concluded a MoU with the EU’s new Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) outlining how their cooperation, including the exchange of information, will work in practice.
France
The AMF has published the results of its annual risk and market mapping exercise. It has noted an increase in market volatility and risk across all asset classes suggesting that this “could persist in the coming months”
Hong Kong
The HK SFC has reprimanded and fined Freeman Commodities Limited (now Arta Global Futures Limited) for alleged regulatory breaches including inadequate trade surveillance and AML systems.
India
Jane Street has been banned (subscription) from dealing securities in India with the Securities and Exchange Board alleging that the firm manipulated the country’s derivatives market.
International
The CEO of Hitachi Energy claimed (subscription) that surges in power demand by AI data centers are threatening to destabilize global electricity supply.
Switzerland
FINMA is consulting on risk diversification and liquidity rules applying to banks and securities firms.
UK
UK retailer M&S has still not fully recovered from a devastating cyber attack in April. The length of the outage should prompt others to review their back-up systems and preparedness for a potential breach.
Wood Group, a UK-listed engineering company, is being investigated by UK regulators.
