Tag:Journal of Regulatory Compliance
Relax, After GDPR’s Schrems II, Some Companies Transferring Personal Data from the EU to the US May Actually Have Less Challenges Than You Thought
On December 12, 2020, the European Commission (the “EC”) issued a highly anticipated draft of newly revised standard contractual clauses (“new SCCs”) that may be used by European Union-based companies to safeguard data transfers of personal data to third countries, such as the US, in compliance with GDPR Art. 46(1). The release comes at a decidedly inopportune time as it follows on the heels of the Court of Justice of the European Union’s (CJEU) Data Protection Commissioner v. Facebook Ireland Limited and Maximillian Schrems (“Schrems II”) decision which casts serious doubt on the adequacy of SCCs alone to safeguard against the “high-risks” involved in EU to US data transfers. And for many data protection experts, the language of the revised SCCs only adds to the confusion, raising even more questions. But one question in particular seems to be prominent among others—for transfers to importers, directly subject to GDPR, are SCCs really necessary?
Understanding the Executive Order on Rebuilding and Enhancing Programs to Resettle Refugees and Planning for the Impact of Climate Change on Migration
Climate change directly and indirectly impacts a range of human rights including the basic rights to life, food, water and housing. Along with all developed countries, the United States has an affirmative obligation to take measures to prevent and address climate change impacts thereby not only mitigating its dire effects, but ensuring that all displaced persons have, at a minimum, their basic needs met. These displaced persons are more often than not those who have contributed the least to climate change and are now disproportionately suffering from its harm.
Uh Oh Venmo…The CFPB is Cracking Down under the Biden Administration
Chandler Wright Associate Editor Loyola University Chicago School of Law, JD 2022 “Can I Venmo you?” is a phrase that many of us find ourselves saying on a weekly basis. Venmo has become not just a money-transfer application, but also a verb. In some ways, Venmo has also become a social media platform among friend …
Read more
Complex Data, Creating Complex Risks for Sports Entities
Advanced data driven infrastructure is now essential for sports entities to remain competitive, yet few structures are in place to manage the risks inherent in the collection of this sometimes, highly personal information. Data is utilized for virtually every aspect involved in the game, including; to enhance player performance, improve player health, deepen fan engagement, and increase betting predictions. These developments do not come about without risks to the rights of those who the data is extracted from.
Robinhood Fined $65 Million for Misleading Customers
On December 17, 2020, the Securities and Exchange Commission (“SEC”) charged Robinhood Financial, LLC (“Robinhood”) with material misrepresentation and misleading its users about its revenue sources, specifically Robinhood’s receipt of payments from certain principal trading firms for routing its customer orders to them. The SEC charges against Robinhood also relate to certain statements about the execution quality Robinhood achieved for its customers’ orders and Robinhood’s failure to satisfy its duty of best execution. Robinhood agreed to pay $65 million to settle the charges.
Final Rule and Updates to Non-discrimination Regulations of the ACA
The Department of Health and Human Services (“HHS”) finalized revised regulations that implemented Section 1557 of the Affordable Care Act (“ACA”) in June of 2020. This section prohibits discrimination within health programs and activities receiving federal financial assistance based on race, color, sex, age, disability, and national origin. In comparison to the Obama-era regulations issued in 2016, the new final rule does away with gender identity and sexual orientation nondiscrimination protections not only under Section 1557, but under ten other federal regulations as well. This also includes a roll back of certain health insurance coverage protections for transgender individuals.
Cargo Congestion at America’s Container Ports
Container ports from coast to coast are inundated with empty cargo containers. The Federal Maritime Commission has commenced an investigation into America’s import and export flows, as many ports are overcrowded with empty containers that have yet to be collected or transported back to their point of origin. Carriers that fail to remove empty containers from the port run the risk of incurring fines or penalties, but there is widespread inconsistency with regard to port authorities and their enforcement practices. In addition, the global pandemic has exacerbated container congestion, as shipping flows reached an all-time high in 2020 and citizens around the world have become increasingly reliant on online retailers to deliver household goods.
Market Regulation Issues Raised by the Gamestop Buying Frenzy
The regulation of hedge funds has largely been unchecked allowing big Wall Street players to manipulate the market for the benefit and at the detriment of other investors. But forced by an unprecedented movement of retail investors, Wall Street is being forced to reckon with the hypocrisy of their practices.
How a Failing Video Game Store Exposed the Fragility of the Market
Failing video game company, Gamestop has broken the internet this week, but not for anything that they intended to do. Their stock has been the center of controversy after a group of internet investors banded together to outsmart hedge funds at their own game. By causing a hedge fund to short squeeze their investment in Gamestop offerings, they have brought to light the possible need for regulation in the market.
The Lack of Support the Payment Protection Program Has Given to Restaurants
We are now in the heart of winter, and many restaurants have not made it since Covid first shut-down Chicago in March 2020. When dining resumed in June, it came back as outdoor only. However the fear was, what would happen once it cooled down and outdoor dining wasn’t feasible? Chicago, like many other cities, has had to be creative and many restaurants have made it work. From dining igloos and greenhouses, to shutting down streets for more patio space, Chicago has been very creative. For the restaurants that have managed to survive, it has not been an easy path. The restaurant industry has been hit especially hard compared to other businesses, and they are not receiving the same protections and support as other industries. The Paycheck Protection Program (“PPP”) was designed to support small businesses, however restaurants have not been protected as they should have been.