Tag:Journal of Regulatory Compliance
SEC Proposes Changes to Adviser Custody Rule
On February 15, 2023, the Securities and Exchange Commission (SEC) proposed an enhanced safeguarding rule for registered investment advisers (RIAs) under the Investment Advisers Act of 1940. The proposal would require RIAs to implement certain additional measures to protect their clients’ assets from theft or misuse. Additionally, to combat the growing concerns around cryptocurrency and to modernize the Advisers Act, the SEC proposal would expand protection to all assets, not just funds or securities.
Ninth Increase in Banking Interest Rates
Taelor Thornton Associate Editor Loyola University Chicago School of Law, JD 2024 During this long battle with inflation, the Federal Reserve (the Fed) has now raised the interest rates by a quarter for the ninth time in a year. In February 2023, the Fed increased the rates by a quarter from 4.75% to 5%. Rates …
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Senate Enjoys Rare Bipartisan Moment, Seeks to Punish Silicon Valley Bank Executives
n March 17, 2023, following the second-largest bank collapse in U.S. history, President Biden released a statement urging Congress to allow financial regulators to impose tougher penalties on the executives of failed banks. Encouragingly, on March 29–just twelve days later–the Senate proposed bipartisan legislation, dubbed the Failed Bank Executives Clawback Act (FBECA), which would grant the Federal Deposit Insurance Corporation (FDIC) clawback authority to confiscate all or part of the compensation received by bank executives in the five years leading up a bank’s failure.
TikTok’s Time is Ticking
TikTok is making American headlines once again. Calls to ban the app have been revived by groups of bipartisan legislators. President Biden has threatened to ban TikTok from American digital markets over concerns for how the social media app handles domestic data. Former President Donald Trump attempted to ban the app in the US in 2020, but the ban was ultimately unsuccessful. However, pundits continue to debate whether regulators, legislators, or the President have the power to enforce a TikTok ban
Equitable Offerings: Patient Access to Electronic Health Information
In 2014, the Centers for Medicare and Medicaid Services and the Electronic Health Record Incentive Programs set guidelines requiring all eligible and participating hospitals and providers to offer certified technology that would give patients access to their electronic health information (EHI). By 2020, 57% of the population reported being offered access to their EHI via portal by their healthcare provider, which constitutes a 24% increase since it was first required. However, recent studies have found that there are disparities in who is being offered access to the EHI, specifically in the Black and Hispanic communities. These disparities must be addressed to promote improved health for the general population and health equity.
The FDA Steps in to Stop Unlawful Tranquilizer Imports
The FDA has taken action to stop the unlawful importation of a drug called xylazine by announcing on February 28 that they have issued an Import Alert for drug products or ingredients that have xylazine active products within them. Xylazine is a drug used in the veterinary field and is contained in drugs that sedate animals such as horses and deer (animal tranquilizers). It has increasingly been found within drugs in the illegal drug trade and has been linked to overdose deaths all over the country including California and Pennsylvania. The FDA’s action is part of its initiative to protect public health and stop the presence of xylazine in the nation’s illicit drugs.
The First Federal Regulation of “Forever Chemicals” in Drinking Water
On March 14, 2023, the Biden-Harris Administration and the EPA announced a proposed rule for regulating public drinking water called the PFAS National Primary Drinking Water Regulation (NPDWR). If finalized, this rule would be the “first-ever national drinking water standard” by regulating chemicals in drinking water. Although many supporters praise the proposed rule, critics wonder whether the federal government is providing public water systems and municipal utilities with enough resources to implement the rule and succeed.
The Committee on Foreign Investment of the U.S. Cracks Down on Tiktok: Is a Potential Ban on the Horizon?
Since 2019, TikTok and ByteDance, its parent company, officials have been negotiating with the Committee on Foreign Investment of the United States (CFIUS) regarding required technical safeguards they will need to adopt to be in compliance with US national security concerns. The popular social media app, which gained traction during the beginning of 2020 amidst the Covid-19 pandemic, has been scrutinized by many officials regarding concerns for user privacy. Currently, the Biden administration has been working to encourage TikTok’s Chinese owners to sell their investment in the app or face a potential national ban in the U.S.. However, Tiktok representatives argue this will not alleviate concerns about user data privacy.
Off the Rails: the Norfolk Southern Train Derailment and its Aftermath
On February 3, 2023, Ohio was suddenly and unexpectedly rocked by an accident whose long-term consequences are still unfolding. A Norfolk Southern-operated freight train carrying toxic chemicals derailed in the village of East Palestine. This accident, which poses severe threats to the environment and safety of the local community, has raised significant concerns about the environmental implications of train accidents and the safety of transporting hazardous materials through residential areas.
HIPAA Violations Hurting Americans
Taelor Thornton Associate Editor Loyola University Chicago School of Law, JD 2024 The Health Information Portability and Accountability Act (HIPAA) complaints and breaches increased from 2017 to 2021, yet the Department of Health and Human Services Office for Civil Rights (HHS OCR) stated that they did not perform any audits due to financial resources in …
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