Tag:compliance
Major Regulatory Rollbacks Expected from Trump’s New SEC
With the return of the Trump Administration looming large, rumors of possible regulatory appointments are already swirling. One federal agency that will undoubtedly see major changes with the transition of power is the Securities and Exchange Commission (SEC), the authority responsible for regulating the securities market and protecting investors. With the shift in presidential administration coupled with significant GOP gains in the House and Senate, analysts have begun to speculate on how agency leadership and staffing changes will impact securities policy and rulemaking, and what the rest of the country can expect from the markets over the next four years.
Chicago’s One System Initiative: Merging the Homelessness and Forced Migration Response Services
Since August 2022, Chicago has seen a record influx of new arrivals, with nearly 47,000 individuals seeking asylum in Illinois from the southern U.S. border. In response to this surge of new Chicagoans, the city and state launched the One System Initiative, an ambitious effort to integrate the systems serving Chicagoans experiencing homelessness and new arrivals. By aligning resources and streamlining services, the initiative aims to enhance the city’s overall homeless response system. Such integration must also comply with various federal, state, and local regulations concerning eligibility requirements, funding restrictions, and documentation demands.
Tackling Concussions – How the NFL is Addressing Player Safety
On Thursday, September 12th, Miami Dolphins quarterback Tua Tagovailoa sustained his third career concussion during a game against the Buffalo Bills. Following his previous concussions, the NFL and the NFL Players Association (NFLPA) worked diligently to implement new protocols aimed at enhancing player safety and reducing the risk of traumatic brain injuries (TBIs). However, this latest incident has reignited online debate about player safety, TBIs, and the NFL’s implementation of Guardian Caps at training camps and practices.
Breaching the Last Bastion of the Human Psyche: Neural Data as Biometrics
Earlier this year, the New York Times reported on the proposed Colorado Privacy Act and the impact it would have on neurotechnology which uses “neural data” and already has noteworthy support within programming communities. What the Colorado Privacy Act aims to address are not the labs and medical studies conducted within clinics, but how it may be used within a consumer context. The Colorado Privacy Act does more than Illinois’ pioneer Biometric Information Protection Act (BIPA).
Generative AI- The Next Frontier in Fighting Financial Crime
Artificial intelligence (AI) is the latest tool in a financial institution’s arsenal to restrict the flow of money being channeled to fund illegal activities worldwide. As criminals get more innovative and sophisticated in using the latest technology to evade detection of their financial crimes, financial institutions must follow suit and utilize similar technology to root out these crimes or risk facing regulatory sanctions. Money laundering generally refers to financial transactions in which criminals, including terrorist organizations, attempt to disguise the proceeds of their illicit activities by making the funds appear to have come from a legitimate source. However, this is not a new phenomenon. Congress passed the Bank Secrecy Act (BSA) in 1970 to ensure financial institutions follow a set of guidelines known as KYC (Know Your Customer/Client) to detect and prevent money laundering through their systems.
Shein’s IPO: Stitching Profits with Controversy
In late 2023, fast-fashion retailer Shein filed to go public in the U.S. markets, which has been delayed because of tensions between the U.S. and China. On June 3, 2024, , which was predicted due to the delay in the U.S. markets. Although the company is well known its clothing prices and its value reported at $66 billion in 2023, the company faces controversy due to its ties to China, negative environmental impact, and alleged forced labor practices.
Streamlining Regulatory Compliance in Chicago’s Real Estate Development
In December 2023, Chicago Mayor Brandon Johnson took a significant step toward revolutionizing the city’s real estate development process by signing Executive Order No. 2023-21. This directive tasked 14 city departments with identifying the key barriers that complicate housing and commercial development that subsequently lead to delays, increased costs, and uncertainty. The goal was to find solutions to accelerate the approval processes, reduce regulatory redundancies, and streamline compliance with city, state, and federal regulations, ultimately making Chicago’s real estate development process more efficient and predictable.
Whatever happens in Vegas, will not stay in Vegas – Casino Cyberattacks
On September 11th, 2023, a cyberattack flooded the front pages of publications around the world- MGM Resorts and Caesars Entertainment were the victims of a costly incident. Patrons looking to enter their hotel rooms, go for another spin on the slot machines, or use casino rewards, were appalled at the persistent error messages that kept disrupting them from doing so. The breach had lasted over a week without a concise and strong end to the damage, leaving travelers vulnerable. It is customary that companies seek to find the culprit of the breach, deplete its ability to do more damage, and inform patrons of their safety being returned, and this proactiveness was missing.
A Fresh Perspective: How FSMA Compliance is Revolutionizing Large Food Distribution Corporations
As the world becomes increasingly concerned with food safety, large food distribution corporations find themselves grappling with a novel challenge: the Food Safety Modernization Act (FSMA). Mandated by the FDA, the FSMA aims to prevent foodborne illnesses through stringent regulations, thus compelling food corporations to adapt or face penalties. This writing will delve deeper into how the FSMA will reshape the food distribution landscape by influencing operational strategies, implementing accountability measures, and fostering an environment ripe for innovation.
The Attack on Gender Affirming Care: How Should Providers in Sanctuary States React?
The political debate surrounding Gender Affirming Care (GAC) is gaining momentum nationwide as 22 states have already enacted laws that restrict medical professionals from offering hormonal and/or surgical treatments to transgender minors. Despite endorsement and approval of this treatment by various medical organizations, such as the AMA, efforts to limit access for minors continues to press forward. Aside from the ongoing battle between politicians and medical providers, the constitutional implications of such legislation remain uncertain.