![]() Also read, What are CoCos and why are Credit Suisse’s now worth zero? The news of the writedown delivered a shock to investors of the $275 billion AT1 bond market, triggering a sell-off of other European bank debt earlier this week. Those instruments publicly issued by big banks are mostly held by institutional investors due to their risk and large denominations, it added. FINMA explained that AT1 instruments in Switzerland are designed to be written off or converted into Common Equity Tier 1 capital before the equity of the bank in question is completely used up or written off. That is now the case,” said FINMA Director Urban Angehrn. In this context, it is important that CS’s banking business continues to function smoothly and without interruption. “On Sunday, a solution was found to protect customers, the financial center and the markets. ![]() As the bank was granted assistance loans backed by a federal default guarantee on March 19, the regulator instructed the bank to write down the 16 biillion francs ($17.2 billion) worth of those bonds to zero, it said. “The AT1 instruments issued by Credit Suisse provide contractually that they are written off in full in the event of a trigger event (viability event), in particular when extraordinary government support is granted,” the regulator said in a statement. Swiss regulator FINMA on Thursday defended the decision for Credit Suisse AG.’s CSCH:CSGN additional Tier 1 bonds (AT1), or contingent convertible bonds or CoCos, to be written down as part of the investment bank’s merger with UBS AG UBSCH:UBSG. At a time when there’s a growing need to respect data privacy - and enforcement is becoming more strict - understanding the short- and long-term benefits of compliance and heeding the best practices outlined above is imperative.Swiss regulator says full writedown of Credit Suisse AT1 bonds due to ‘viability event’ And as a business continues to evolve, so should it's data privacy practices - entry into a new business market, for instance, could expose an organization to privacy regulations that may not have affected it previously. No matter where an organization operates, being aware of ever-changing data privacy regulations and how they specifically apply to a business is crucial. Outside of the U.S., Ireland's data privacy board determined earlier in 2023 that Facebook and Instagram owner Meta had violated GDPR because of the company’s advertising and data handling practices. The fines for violating the children’s privacy law were reported to be the largest penalty to date for violating one of the FTC’s rules. More recently, in December 2022, the FTC announced that video game maker Epic Games would have to pay $275 million in fines for violating the COPPA - and $245 million for tricking users into making unwanted purchases. In addition, Sephora did not resolve their CCPA violations within the required 30-day time period. Sephora failed to disclose that it was selling customers’ personal data and the company also neglected to process requests from users opting out of the sale of their data. For example, the California Attorney General’s office announced in August 2022 that well-known retailer Sephora would have to pay $1.2 million in fines due to violations of the California Consumer Privacy Act (CCPA). Government entities and regulatory bodies are taking a closer look at how organizations handle their data. It’s important to note that state regulations may include special data privacy requirements for minors, such as the California Age-Appropriate Design Code Act. Specifically, under the COPPA, these operators must receive verifiable parental consent before personal information is collected, used or disclosed from those under 13 years old. ![]() Federal Trade Commission (FTC) imposes certain requirements on “operators” of websites or other online services that relate to the activities of children under the age of 13. ![]() The Children’s Online Privacy Protection Act (COPPA) from the U.S. According to Cisco’s 2020 Consumer Privacy Survey, one-third of consumers are “privacy actives,” meaning they have stopped conducting business with an organization due to data privacy concerns.Ĭhildren's privacy is another area that is also getting more attention. With consumers taking their personal privacy more seriously, reviewing an organization's privacy policy shows that this is also top of mind for the organization. One aspect that is often overlooked when updating a privacy policy is that it’s a consumer-friendly business practice. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |