GDPRhub’s Post

New measures aim to 'break the spell' of financial fraudsters by giving payment providers more time, according to draft legislation published by the government. Contact Sage today - or read our article - https://ow.ly/ktnT50RanBm #FinancialFraudsters #PaymentProviders #DraftLegislation #GovernmentPolicy #FinancialSecurity #FraudPrevention #SageToday #FinancialNews #BusinessProtection #SecurePayments

I have written an article on the Conduct of Financial Institutions (CoFI) law and the Financial Markets Authority’s draft “Fair outcomes for consumers and markets” guide. https://lnkd.in/grC998Gh In the article I argue that the CoFI law and the Guide reflect a rejection of the market-led approach to market regulation that has prevailed since the 1980s. The result is that the State will take an increasingly significant role in regulating the market including the types of financial products and services provided, their core terms and their price. The reforms have some positive elements. However I consider that, overall, there’s a real risk that they won’t achieve all of their stated objectives and won’t be cost-effective. My proposals for change include a greater reliance on market mechanisms and acknowledgement of the important market role others play including consumers, financial advisers and industry associations. #marketregulation #financialservices #consumerprotection

🔎Enforcement measures are an important tool to combat late payments. The Late Payments Directive allows creditors to claim interest and recovery costs when facing delayed payments. 🚨However, most of them do not exercise those rights. As a result, most late payments in the EU go unpunished and companies delay their payments without fearing any consequences. Our latest report by Fredrik Andersson, Damir G., Agustina Korenblit, and Beatriz Pozo Pérez compares the ways in which Member States have implemented and enforced the Late Payment Directive. READ IT HERE 👉  https://lnkd.in/e-j8KbcT 

How and when can a bill be defined as a money Bill? Why do money Bills have a special procedure for approval? What is the way forward? THE GIST The Constitution defines certain categories of bills that deal with financial matters as money Bills and financial Bills. Article 110(1)(a) to (f) defines a money Bill as a bill that contains ‘only’ provisions dealing with one or more of six specific matters. Certification of a Bill as a ‘money Bill’ by the Speaker came under judicial review during the scrutiny of the Aadhaar Act passed in 2016. A seven-judge Bench should be constituted for an authoritative judgment on the definition of money Bills.

🗞 Check out the new commentary by Karel Lannoo! Calling for the next Commission's need to slow down the pace of rulemaking in finance. 🔍 Read the full publication here: https://lnkd.in/d4TURKB5

📅 Adoption of the Regulation on Late Payments by the Parliament During its last plenary session of the legislature on April 23, the Parliament adopted its position on the revised rules aimed at combating late payments. Here are the main points of the regulation: 1. **Payment Deadlines:** A maximum payment deadline of 30 days is established for business-to-business (B2B) transactions and transactions with administrations (G2B). However, Members of Parliament have provided flexibility by allowing payment deadlines of 60 calendar days in B2B transactions, when agreed upon in the contract. In certain industries such as retail, payment deadlines of up to 120 days are allowed. 2. **Compensation Fees:** The debtor will have to pay between 50 and 150 euros for each transaction (depending on the value) to compensate the creditor's collection costs for late payments. 3. **Recourse Mechanisms:** The regulation introduces new enforcement, recourse, and awareness-raising measures, encouraging the use of electronic tools to shorten deadlines. Contracting authorities will have to submit annual reports on their payment practices, and a European observatory on late payments will be established. Next Steps: This report will constitute the Parliament's position in the first reading. The file will be followed up by the new Parliament after the European elections from June 6th to 9th. For more details, please refer to the regulation: [Regulation on Late Payments](https://lnkd.in/ehz3Spnp) #CorporateLaw #LatePayments #EuropeanParliament 💼💰

Court of Justice: The European Commission must pay interest on fines it has unduly imposed in competition matters and which it has provisionally collected. In the event of annulment or reduction with retroactive effect, by a Court of the European Union, of a fine imposed by the Commission for infringement of the competition rules, that institution must repay all or part of the fine provisionally paid, together with interest for the period from the date of provisional payment of that fine to the date of its repayment. The Court, moreover, points out that the obligation to repay sums of money received in breach of EU law, plus interest, applies not only to the institutions, bodies, offices and agencies of the Union, but also to the authorities of the Member States. That obligation continues even where the financial returns on the investment by the Commission of the amount of the fine during that period were zero, or even negative. In fact, this is not an issue of default interest. The interest is rather intended to compensate the undertaking at a standard rate for loss of enjoyment of the amount at issue. Furthermore, pursuant to the Court, the General Court was right to hold that the rate applicable to the interest which the Commission is required to pay to Deutsche Telekom is at the European Central Bank (ECB) refinancing rate increased by 3.5 percentage by analogy with Article 83(2)(b) of Commission Delegated Regulation No 1268/2012. (Judgment of the Court in Case C-221/22 P | Commission v Deutsche Telekom)

We are at VITA can help you to do your health check using our solution which provide you the full complInce and relaxation of fine See the page of VITA - Xpro

🚨 Exciting News from ZATCA! 🚨 ZATCA has just announced the extension of the Cancellation of Fines and Exemption of Financial Penalties Initiative until the end of 2024. This is a golden opportunity for businesses and individuals to: ✅ Utilize the amnesty scheme benefits. ✅ Waive existing penalties . ✅ Amend or correct any previously filed incorrect returns. Don't miss out on this chance to set things right and ensure compliance without the burden of penalties. For more information and personalized assistance, feel free to contact our offices in Saudi Arabia. Our team of experts is ready to help you navigate this initiative and make the most of this opportunity. Tass & Hamjit #ZATCA #Finance #AmnestyScheme #TaxRelief #SaudiArabia #Compliance #TaxAmnesty

The Commerce and Consumer Affairs Minister, Andrew Bayly, has announced at a Financial Services Council conference today that the Government will reform financial services regulations to reduce bureaucracy for both institutions and Kiwis – in order to get the economy back on track. To simplify the regulatory model, the RBNZ will be the prudential regulator, and the FMA will be the single conduct regulator. Read more here. #newzealandbusiness #government #financialservices