On 11 March 2024, Minister of Interior Decree No. 16/2024 (III. 11) on the issuance of the list of strategic medicinal products (“Decree”) was published. The Decree introduces a new stockpiling obligation on medicinal product wholesale license holders.
On 7 March 2024 at the American Bar Association’s 39th National Institute on White Collar Crime, Deputy Attorney General Lisa Monaco announced several new initiatives the Department of Justice is implementing to address concerns around the use of AI in federal criminal activity along with potential corporate compliance failures that might facilitate the misuse of AI.
On 25 March 2024, the National Securities Commission (CNV) issued General Resolution No. 994/2024, which regulates the Registry of Virtual Asset Service Providers in line with the provisions of Section 38 of the recently amended Law No. 25246 (“Law”). This Law had incorporated virtual asset service providers (VASPs) as AML/FT-regulated entities.
On 26 March 2024, Directive (EU) 2024/927 amending the Alternative Investment Fund Managers Directive and the Undertaking for Collective Investment in Transferable Securities Directive relating to delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services and loan origination by alternative investment funds (AIFMD II or “Directive”) was published in the Official Journal of the European Union.
AIFMD II will enter into force on 15 April 2024.
Greenwashing refers to the practice of making exaggerated, misleading or unsubstantiated claims in relation to the sustainability credentials of financial products and services. The risk of greenwashing claims has risen significantly in recent years, in tandem with investor demand for more sustainable investment products. This has been evidenced not only by well-publicized enforcement action both in Europe and the UK, but also by a flurry of recent claims by NGOs against financial institutions.
The Competition and Consumer Commission of Singapore commenced an investigation under the Consumer Protection (Fair Trading) Act 2003 (CPFTA) against a water filtration system supplier (“Supplier”) for unfair practices between September 2021 and November 2023.
The Supplier was found to be making false claims about its sales kit, misleading promotion listings, and misleading claims on the health benefits of alkaline or filtered water, from its website and social media pages.
Our popular Annual Compliance Conference, which attracts over 4,000 in-house senior legal and compliance professionals every year from across the world, will be taking place from 30 April – 6 June. We will be delivering our cutting-edge insights and guidance virtually on key global compliance, investigations and ethics trends.
On 14 March, the amendments to the Law on the Prevention of Money Laundering and Financing of Terrorism (Law 27,739) were approved. They implement changes and updates to adjust local regulations to international standards and the recommendations of the Financial Action Task Force (GAFI).
Argentina is currently undergoing a GAFI/GAFILAT review and evaluation process. In that sense, Law 27,739 was promoted by the Financial Information Unit (UIF) to introduce more tools to combat organized crime, promote compliance with obligations of the private sector and address key aspects that emerged from the GAFI/GAFILAT mutual evaluation.
By means of Resolution No. 87/2024, the Secretariat of Commerce established that businesses that operate with purchase, debit or credit cards must make the electronic payment terminal available to consumers. This is to ensure that they do not lose control of their card during the transaction.
The Health Sciences Authority is conducting a public consultation from 1 to 31 March 2024 on the proposed amendments to the Health Products (Therapeutic Products) Regulations 2016 on patent declaration.
The proposed amendments are intended to provide clarity to stakeholders on the types of patents that must be considered when making an application for registration of a therapeutic product, and for which the patent declaration regulations apply; and to minimize potential indiscriminate use of the patent declaration mechanism.