“DORA”, or the Digital Operational Resilience Act, means Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience for the financial sector. Its impacts on the financial services sector are wide ranging. In this article, we focus on its regulation of third party ICT contracting and the specific requirements it imposes in this regard. Entry Into force in January 2025 Since our previous update the final text of DORA has been published....

On July 14, the U.S. Senate advanced legislation that puts all businesses at risk of defending antitrust lawsuits across different jurisdictions simultaneously. Senate Bill 1787 (S. 1787) — the Antitrust Enforcement Venue Act of 2021 — prevents defendants from transferring state antitrust lawsuits to more favorable venues. This regulatory action is part of a broader legislative scheme that seeks to target giant tech monopolies and streamline litigation for state prosecutors. If enacted, S. 1787 would allow states to pursue...

On 22 March, the European Commission proposed two new legislative files to enhance consumer protection and guarantee sustainability on the market. The first one is to promote the repair of goods, encouraging consumers to repair rather than replace products that are technically repairable. It puts forward a new “right to repair” for consumers within and beyond the legal guarantee, with producers required to inform consumers about products they must repair themselves. Secondly, a directive to mitigate the risks of greenwashing is proposed. The regulation on the...

A reboot to an old program means new opportunities for immigrant investors in Canada, as the country puts out an “entrepreneurs wanted” sign and turbocharges the entry lane. Canada’s business startup visa program got off to something of a rocky start. In its first three years as a pilot program, the startup visa program only received 113 applications — a far cry from the 6,000 it had hoped to attract. But the program was lauded by the government for its low-cost...

The Financial Crimes Enforcement Network (FinCEN) has issued a Notice of Proposed Rulemaking to implement provisions of the Corporate Transparency Act (CTA) that govern the access to beneficial ownership information (BOI). The regs kick in Jan. 1 next year. A rule issued last fall requires most corporations, LLCs and similar entities created in or registered to do business in the U.S. to report information about their beneficial owners to FinCEN. (“Beneficial owner” is generally an individual with at least 25% of...

In this week’s Roar: the future of globalization, perspectives on digital transformation, ecommerce trends, growing U.S. truck tonnage, and an opportunity for supply chain leaders to step up. A new study shows that despite talk of the end of globalization as the result of many things, like Covid, the U.S./ China trade war, the war in Ukraine, and the UK leaving the European Union, globalization continues to expand. The report indicates that the average distance covered by trade, people, and...

The Irish Data Protection Commission (DPC) published its Annual Report on 7 March 2023. We examine the headlines and key points organisations should know from the DPC’s round-up of last year’s activities. Headlines The DPC issued fines in excess of €1 billion in 2022. This significant sum amounted to two-thirds of the data protection fines issued across Europe last year. The DPC collected €17,639,500 on behalf of the Irish exchequer in 2022. The (relatively) low collection rate is a result...

The EU continues to make significant progress in the establishment of the European Digital Identity (eID). The eID will provide the legal framework to establish national digital wallets that will be interoperable across the EU. Important documentation like travel documents and personal certificates will be made available in an electronic wallet, to allow more convenient navigation for business and citizens across EU borders. On 16 March, the European Parliament adopted its position on the file, allowing inter-institutional negotiations to commence....