Latvijas Banka Expands Guidelines on Money Laundering Prevention and Sanctions Risk Management
On 7 November 2024, Latvijas Banka announced updates to its Guidelines on the Establishment of the Internal Control System for Anti-Money Laundering and Countering Terrorism and Proliferation Financing and Sanctions Risk Management, and on Customer Due Diligence, aiming to enhance compliance and understanding of financial crime prevention across Latvia’s financial sector.
- The updated guidelines address financial crime risks, offering detailed guidance on identifying and managing risks in cooperation with other financial entities, including best practices for maintaining correspondent banking relationships.
- Specific instructions for foreign exchange companies have been added, helping align their customer due diligence processes with unique business models to strengthen compliance.
- A new subsection provides advice on assessing and managing risks related to crypto-asset transactions, recognising the growing use of digital currencies and their associated vulnerabilities.
- Sanctions-related procedures have been clarified to reflect changes in competent authorities, including practical examples and recommendations for adhering to sanctions regimes effectively.
- The guidelines are intended as a practical resource for credit and financial institutions, focusing on strengthening internal controls, enhancing customer due diligence, and fostering a risk-based approach to combat financial crime.
- The updated guidelines are available on Latvijas Banka’s official website, underscoring the institution’s commitment to maintaining compliance and enhancing the sector’s integrity.
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FINMA Announces Strategic Goals for 2025-2028 to Strengthen Swiss Financial Market
On 13 November 2024, the Swiss Financial Market Supervisory Authority (FINMA) announced its strategic goals for 2025-2028, focusing on supervision, resilience, framework conditions, and organisational development to enhance its effectiveness as a supervisory authority. The Federal Council approved these goals, aligning them with FINMA’s mandate to protect depositors, insured persons, and clients while ensuring market integrity.
- FINMA will prioritise preventive supervision, refining instruments and analyses to quickly identify and address irregularities, and strengthening oversight of governance, risk management, and compliance with anti-money laundering and terrorist financing regulations.
- Enhanced focus will be placed on financial and operational resilience, requiring institutions to maintain sufficient capital and liquidity buffers, address risks tied to outsourcing, and improve preparedness for systemic crises.
- The framework for effective supervision will be developed further, supporting technological advancements in the financial sector while maintaining a balance between innovation and risk management through technology-neutral regulation.
- Organisational efficiency will be improved by increasing direct supervision activities, fostering internal synergies, advancing digital transformation, optimising resource allocation, and ensuring transparency through active reporting.
- These goals reflect FINMA’s commitment to fostering trust, ensuring market stability, and maintaining Switzerland’s reputation as a global leader in financial regulation while addressing challenges in an evolving financial landscape.
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India’s Digital Revolution: Unlocking Growth Potential Through Technology and Innovation
On 13 November 2024, Michael Debabrata Patra, Deputy Governor of the Reserve Bank of India, delivered a keynote address at the DEPR Conference in Jaipur, highlighting the transformative impact of digitalisation, artificial intelligence, and virtual digital currencies on India’s economy and productivity.
- Digital technologies currently contribute 10% of India’s GDP, projected to grow to 20% by 2026, positioning India as a leader in the global digital revolution.
- Generative artificial intelligence could add between $359 billion and $438 billion to India’s GDP by 2029-30, with 25% of Indian firms adopting AI in production, up from 8% in 2023.
- Challenges include the resource-intensive nature of AI, ethical concerns, and risks of cyber threats and data breaches, necessitating responsible governance and robust policies.
- The Reserve Bank of India is piloting Central Bank Digital Currencies to enhance transparency, reduce costs, and promote financial inclusion, especially for underserved populations.
- Global collaborations like Project Nexus and mBridge aim to integrate digital finance infrastructures across nations, emphasising the global importance of these innovations.
- While digitalisation drives technological advances, its measurable impact on global productivity remains limited, reflecting challenges in integrating technology into existing economic systems.
- India’s digital public infrastructure, including Aadhaar, the Unified Payments Interface, and Direct Benefit Transfers, has transformed financial inclusion and public service delivery, saving the government an estimated ₹35 Billion INR.
- Initiatives like the Open Network for Digital Commerce and the Trade Receivables Discounting System address credit gaps for micro, small, and medium enterprises, enhancing equitable growth.
- Risks such as cyber threats, data breaches, and labour market disruptions require robust legislation, ethical frameworks, and policies focused on workforce upskilling and efficient resource allocation.
- The Reserve Bank of India aligns its digital strategy with goals of financial inclusion, cybersecurity, sustainable finance, and customer protection.
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International Platform on Sustainable Finance Launches Multi-Jurisdiction Common Ground Taxonomy
On 14 November 2024, the International Platform on Sustainable Finance (IPSF), in collaboration with the People’s Bank of China, the European Commission, and the Monetary Authority of Singapore (MAS), launched the Multi-Jurisdiction Common Ground Taxonomy (M-CGT). The taxonomy aims to harmonise sustainable finance definitions across China, the European Union (EU), and Singapore, enhancing interoperability and supporting global green financial flows.
- The M-CGT expands on the 2020 EU-China Common Ground Taxonomy by integrating the Singapore-Asia Taxonomy, broadening its scope to three major jurisdictions.
- Covers 110 activities across eight focus sectors, addressing climate change mitigation and enhancing cross-border green investment frameworks.
- Aligns green finance instruments across jurisdictions, enabling seamless capital mobilisation for sustainable projects.
- Serves as a reference for jurisdictions developing green taxonomies and accommodates future inclusion of additional regions.
- Methodology identifies commonalities and divergences in taxonomy criteria across China, EU, and Singapore:
- 60% of activities share stringent criteria, including manufacturing, transportation, and waste management.
- 5% show full convergence in electricity generation and construction.
- 33% involve non-comparable criteria due to local regulations in sectors like agriculture and forestry.
- Sets the most stringent threshold for activities with interoperable metrics, enhancing credibility of green finance instruments.
- Facilitates green capital flows by reducing barriers to cross-border investments, particularly in developing economies.
- Dr Ma Jun, Chairman of the Green Finance Committee, elaborated on the M-CGT’s ability to reduce transaction costs and boost green investments.
- Marcel Haag, European Commission, stated the M-CGT aligns with G20 sustainable finance principles and enhances global comparability.
- Gillian Tan, MAS, discussed its role in ensuring consistent criteria for green activities across participating markets.
- The M-CGT establishes a harmonised sustainable finance framework, advancing global efforts to mobilise capital for climate goals while setting a precedent for broader international cooperation.
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Australian Financial Regulator Announces 2025 Enforcement Priorities to Protect Vulnerable Consumers
On 14 November 2024, the Australian Securities and Investments Commission (ASIC) announced its enforcement priorities for 2025, aiming to address financial misconduct, protect consumers from harm amid increasing cost-of-living pressures, and uphold market integrity.
- The priorities include tackling misconduct in superannuation savings, predatory lending practices, unscrupulous property investment schemes, and failures by insurers to act fairly.
- ASIC is committed to strengthening investigations into insider trading, prosecuting unlawful debt management activities, and targeting greenwashing and misleading environmental, social, and governance claims.
- The regulator aims to ensure service fairness in the superannuation sector and protect vulnerable consumers, especially in areas such as used car finance.
- Efforts will focus on business models designed to avoid consumer credit protections, addressing unethical practices that exploit consumers or circumvent regulations.
- ASIC has intensified its scrutiny of cybersecurity failures within licensed organisations to protect consumers from fraud and breaches.
- Enforcement will prioritise addressing misconduct that impacts small businesses, ensuring creditors are treated fairly and pursuing cases of market manipulation and governance failures.
- ASIC seeks to deter unethical practices, especially those that disadvantage financially vulnerable individuals and First Nations communities.
- A specialised team will strengthen efforts to investigate and prosecute insider trading, reflecting the regulator’s focus on upholding market integrity.
- Sarah Court, ASIC Deputy Chair, highlighted the urgency of protecting financially vulnerable individuals and stressed the importance of fostering trust and compliance within the financial system.
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Asia Pacific Financial Regulators and Cloud Service Providers Conduct First Crisis Management Exercise
On 15 November 2024, the Monetary Authority of Singapore updated on a landmark crisis management exercise conducted on 6 November 2024 by Asia Pacific financial regulators and global cloud service providers. Organised under the Financial Sector Cloud Resilience Forum, the initiative simulated a severe public cloud incident impacting multiple financial sectors across the region. This first-of-its-kind exercise aimed to strengthen operational resilience in the increasingly cloud-dependent financial sector.
- The simulation fostered collaboration between financial regulators and cloud service providers to refine incident response mechanisms, focusing on communication, situational awareness, and coordinated recovery efforts.
- Senior representatives from key financial authorities, including the Monetary Authority of Singapore, Australian Prudential Regulation Authority, Hong Kong Monetary Authority, and others, participated in the exercise.
- Global cloud service providers such as Amazon Web Services, Google Cloud, and Microsoft Azure joined the initiative, reflecting their critical role in supporting financial institutions.
- The exercise assessed supervisory interventions and measures to mitigate the impact of public cloud disruptions, underscoring the importance of unified decision-making and operational risk management.
- Vincent Loy, Assistant Managing Director for Technology at the Monetary Authority of Singapore, highlighted the need for enhanced collaboration to maintain public confidence in the financial sector amidst growing cloud adoption.
- The Financial Sector Cloud Resilience Forum, established in April 2023, provides a platform for sharing insights and developing best practices to manage public cloud risks in the financial sector.
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US CFTC Issues Advisory on Clearing of Options for Spot Commodity ETFs: Likely to Fall Outside US CFTC’s Jurisdiction
On 15 November 2024, the United States Commodity Futures Trading Commission Division of Clearing and Risk issued an advisory clarifying its position on the clearing of options for spot commodity-based Exchange Traded Funds (ETFs). The advisory concludes that such ETF shares are likely classified as securities under the United States Securities and Exchange Commission framework, placing them outside the jurisdiction of the US CFTC.
- Shares of spot commodity ETFs, including those based on cryptocurrencies such as bitcoin and ethereum, are structured as securities providing exposure to the underlying asset’s performance rather than engaging directly in commodity interests.
- Clearing and settlement of options on these ETFs will continue to be managed by the Options Clearing Corporation (OCC) under US SEC regulation, reflecting the ETFs’ status as securities.
- The advisory excludes commodity pool ETFs, which are directly tied to commodity futures or swaps, and remain under the jurisdiction of the US CFTC.
- Spot commodity ETFs have gained prominence since their introduction in 2004, with SEC-approved bitcoin and ethereum ETFs being listed on securities exchanges in 2024, further driving demand for derivative products like options.
- Judicial precedents, such as SEC v. W.J. Howey Co. (1946) and Reves v. Ernst & Young (1990), reinforce the classification of ETF shares as securities, underpinning the US SEC’s oversight of options on these products.
- The advisory highlights the regulatory clarity provided by the US SEC and US CFTC, ensuring market participants a stable framework for trading and clearing options tied to digital and traditional asset ETFs.
- Spot commodity ETFs, holding physical commodities or digital assets, are distinct from commodity pool ETFs due to their redemption features and structure, which align them with securities regulation rather than commodities futures oversight.
- This guidance provides legal certainty to investors and market participants that options on spot commodity ETFs will fall under the exclusive regulatory domain of the SEC.
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Singapore Announces Enhanced Contribution to Strengthen International Monetary Fund Resources
On 15 November 2024, the Monetary Authority of Singapore announced adjustments to Singapore’s contributions to the International Monetary Fund to bolster its resource capacity and support global economic and financial stability.
- The IMF has restructured its funding framework, increasing permanent member quotas by US$238.6 billion Special Drawing Rights (SDR) (approximately US$322.8 billion) while reducing reliance on temporary borrowed resources.
- Singapore has committed to its allocated quota increase of US$1.95 billion SDR (US$2.63 billion) and will reduce loan commitments to the IMF by US$1.41 billion SDR (US$1.91 billion), ensuring no net impact on Singapore’s Official Foreign Reserves.
- Adjustments to Singapore’s commitments include:
- New Arrangements to Borrow: Loan commitments will decrease from US$1.30 billion SDR (US$1.86 billion) to a maximum of US$1.09 billion SDR (US$1.47 billion) upon quota increase implementation.
- Bilateral Borrowing Agreement: The agreement will be renewed until 31 December 2027, maintaining a maximum commitment of US$1.20 billion SDR (US$1.72 billion). These agreements will phase out after the quota increases.
- Singapore has been a long-standing IMF contributor, participating in the New Arrangements to Borrow since 1998 and contributing to Bilateral Borrowing Agreements since 2012.
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MAS Updates on FATF High-Risk Jurisdictions as on 25 October 2024 and Urges Vigilance from Financial Institutions
On 18 November 2024, the Monetary Authority of Singapore (MAS) issued a statement on the Financial Action Task Force (FATF)’s October 2024 statement, regarding high-risk jurisdictions. The FATF identified the Democratic People’s Republic of Korea (DPRK) and Iran as jurisdictions requiring enhanced countermeasures due to significant deficiencies in their anti-money laundering (AML) and combating the financing of terrorism (CFT) frameworks. Myanmar remains under close monitoring, though it has not yet been subjected to the same level of countermeasures.
- The Democratic People’s Republic of Korea continues to pose a high risk due to non-compliance with AML, CFT, and proliferation financing standards, and its growing integration into the international financial system exacerbates risks.
- Financial institutions in Singapore are required to apply enhanced due diligence measures when dealing with DPRK-related entities and comply with the Financial Services and Markets (Sanctions and Freezing of Assets of Persons – DPRK) Regulation 2023.
- Iran has failed to address key deficiencies, including ratifying international conventions such as the Palermo and Terrorist Financing Conventions, leading to the full reinstatement of countermeasures in 2020.
- Financial institutions in Singapore must treat Iran as a high-risk jurisdiction, applying stringent due diligence and adhering to the Financial Services and Markets (Sanctions and Freezing of Assets of Persons – Iran) Regulations 2023.
- Myanmar remains under increased monitoring, with some progress made on its action plan but overall slow advancement. Enhanced due diligence is required for transactions and customer relationships linked to Myanmar.
- Financial institutions must ensure legitimate financial flows, including humanitarian remittances, are not disrupted while managing risks linked to Myanmar.
- MAS emphasises the need for a risk-based approach to address vulnerabilities posed by these jurisdictions, ensuring strict compliance with Singapore’s regulatory requirements, including sanctions and asset-freezing measures.
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Cryptocurrency Mining Company BIT Mining Ltd. Charged for Bribery & Accountability by US SEC
On 18 November 2024, the United States Securities and Exchange Commission initiated cease-and-desist proceedings against BIT Mining Ltd., formerly known as 500.com Limited. The company faced charges related to bribery, fraudulent financial practices, and failures in maintaining internal accounting controls, stemming from violations of the United States Foreign Corrupt Practices Act (FCPA).
- BIT Mining Ltd., previously operating as 500.com Limited, engaged in a bribery scheme between 2017 and 2019 to influence Japanese government officials to support its bid for casino licensing under Japan’s Integrated Resort Promotion Act.
- Approximately US $2.5 million in illicit payments were made through sham consulting contracts, cash bribes, and extravagant trips for officials.
- The misconduct was uncovered in late 2019, resulting in charges against consultants and implicated officials, prompting BIT Mining Ltd. to exit the lottery business and adopt anti-bribery reforms in 2021.
- The United States SEC found violations of Section 30A of the United States Exchange Act, which prohibits corrupt payments to foreign officials, and Sections 13(b)(2)(A) and 13(b)(2)(B), relating to inaccurate financial recordkeeping and insufficient internal accounting controls.
- Payments were misclassified under legitimate expense categories, such as management fees and travel reimbursements, and consultants were engaged without proper due diligence or documentation.
- BIT Mining Ltd. was ordered to pay a US $3 million civil penalty and to cease further violations of the Exchange Act. The US SEC acknowledged the company’s cooperation, including enhanced compliance measures and dismissal of executives responsible for the misconduct.
- The United States Department of Justice announced a related deferred prosecution agreement requiring a US $10 million criminal fine, US $4 million of which will be credited toward the US SEC-imposed civil penalty.
- The investigation was conducted by the United States SEC’s Foreign Corrupt Practices Act Unit, led by Denise Hansberry and Maria F. Boodoo, under the supervision of Tracy L. Price.
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Patlian Johnson Appointed as Commissioner of the British Virgin Islands Financial Services Commission
On 18 November 2024, Ms. Patlian Johnson was announced as a Commissioner of the British Virgin Islands Financial Services Commission, effective from 1 August 2024. Her extensive professional background and prior connection to the BVI FSC are expected to significantly contribute to the Commission’s strategic direction.
- Ms. Johnson previously served as Senior Policy, Research, and Statistics Officer at the FSC from 2004 to 2007.
- She has over two decades of experience in public finance, policy development, economic analysis, and programme implementation.
- As Deputy Financial Secretary for Economic and Fiscal Affairs, she led public financial management reforms and contributed to the British Virgin Islands’ Recovery Plan following hurricanes Irma and Maria.
- She played a pivotal role in developing the National Sustainable Development Plan and advancing blue and digital economy initiatives as National Coordinator for the UNDP British Virgin Islands Project Office.
- Most recently, she served as Director of Planning and Institutional Effectiveness at H Lavity Stoutt Community College.
- Her academic credentials include a Master of Science in Economics and Finance and undergraduate qualifications in Economics and Accounting.
- The BVI FSC’s Managing Director and CEO, Mr. Kenneth Baker, expressed enthusiasm for her appointment, highlighting her leadership experience, policy expertise, and historical connection to the FSC as valuable assets.
- The British Virgin Islands Financial Services Commission oversees the regulation, supervision, and enforcement of compliance across sectors such as banking, insurance, mutual funds, trust companies, virtual asset service providers, and corporate service providers, ensuring the integrity and stability of the jurisdiction’s financial services industry.
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IMF Managing Director Kristalina Georgieva Addresses G20 Leaders’ Summit in Rio de Janeiro
On 18 November 2024, Kristalina Georgieva, Managing Director of the International Monetary Fund, addressed the G20 Leaders’ Summit in Rio de Janeiro. She expressed gratitude to global leaders for their trust and support while highlighting the IMF’s role in enhancing global economic resilience and addressing pressing challenges faced by its member countries.
- Kristalina Georgieva acknowledged the IMF’s provision of over US $1 trillion in liquidity and reserves to its members, supported by a 50% increase in quota resources and exceeding the G20 goal of lending US $100 billion in Special Drawing Rights (SDRs) to low-income and vulnerable middle-income countries.
- Kristalina Georgieva discussed the creation of the Resilience and Sustainability Trust, a concessional lending instrument for long-term challenges, and reforms to lower borrowing costs for member countries.
- Kristalina Georgieva emphasised the doubling of lending capacity for low-income countries through strategic deployment of IMF income.
- She addressed global economic challenges, including high debt levels, geopolitical tensions, regional conflicts, and protectionist policies threatening growth.
- She elaborated on ongoing collaboration with the World Bank on the G20 Common Framework and Global Sovereign Debt Roundtable to address global debt challenges.
- Also announced governance reforms, including adding a third chair for Sub-Saharan Africa on 1 November 2024, to enhance regional representation.
- Kristalina Georgieva discussed the expansion of IMF training centers and regional offices to strengthen global support.
- She appreciated the efforts to increase diversity in IMF staff and management and realign quota allocations with the evolving global economy. A revised formula for quota realignment is expected by June 2025 as part of the 17th General Review of Quotas.
- Kristalina Georgieva concluded by urging G20 leaders to support IMF governance reforms to ensure inclusivity, representation, and effectiveness in addressing global economic and geopolitical uncertainties, reaffirming the institution’s role in fostering stability and resilience.
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United Kingdom Financial Conduct Authority Revamps Market Cleanliness Statistic to Strengthen Transparency and Market Integrity
On 19 November 2024, the United Kingdom Financial Conduct Authority published a Research Note detailing revisions to its Market Cleanliness Statistic methodology. This measure evaluates abnormal price movements before major corporate events, such as takeover announcements, serving as an indicator of potential insider trading and market manipulation. The revisions aim to address prior methodological limitations and enhance the robustness of this key transparency and fairness metric in the UK’s equity markets.
- The previous methodology excluded intraday trading activity on the day of announcements made during market hours, underestimating potential insider trading.
- Firms with multiple takeover announcements within a single estimation period were excluded, limiting the dataset and reducing reliability.
- Periods of heightened market volatility, such as during the COVID-19 pandemic or geopolitical shocks, were not sufficiently accounted for, potentially distorting the results.
- The revised methodology includes:
- Intraday Trading Data: Abnormal price movements are now analyzed at five-minute intervals, capturing pre-announcement trading activity during market hours for a more comprehensive assessment.
- Shortened Estimation Window: The estimation period has been reduced from 240 to 60 trading days, increasing eligible events while maintaining statistical integrity.
- Market-Wide Volatility Adjustment: A cross-sectional market comparison test distinguishes firm-specific price movements from broader market trends, reducing false positives and negatives.
- The revised approach results in a higher Market Cleanliness Statistic, reflecting improved detection capabilities rather than a decline in market cleanliness.
- Analysis using data from 285 takeover announcements (2020-2023) highlights the enhanced sensitivity of the revised methodology to detect abnormal pre-announcement price movements.
- Limitations include the short timeframe for intraday data analysis and the statistic’s inability to directly confirm insider trading, as legitimate trading activities can also result in abnormal price movements.
- The UK FCA will implement the revised methodology in its 2024 annual reporting. Feedback is encouraged from stakeholders on the changes, including the use of intraday data and market volatility adjustments, as the UK FCA seeks to align with international best practices and uphold the UK’s position as a leader in financial regulation.
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Reserve Bank of India Warns Public Against Deepfake Videos Featuring Governor: A Call for Vigilance
On 19 November 2024, the Reserve Bank of India issued a press release cautioning the public about deepfake videos fraudulently featuring the RBI Governor. These videos falsely claim financial advice and investment endorsements, posing risks to public trust and security.
- The Reserve Bank of India clarified it is not involved in or supportive of any such investment schemes or financial advice attributed to its leadership.
- The deceptive videos, created using artificial intelligence tools, aim to lure individuals into fraudulent schemes by falsely claiming RBI endorsements.
- The RBI urged the public to disregard such videos, verify financial advice through official channels, and avoid decisions based on unverified content.
- India’s legal framework lacks specific provisions against deepfake misuse. Current laws, such as the Indian Information Technology Act, 2000, need updates to include artificial intelligence-specific penalties.
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New York Stock Exchange Implements Rule Changes to Enhance Transparency and Simplify Regulation
On 20 November 2024, the New York Stock Exchange (NYSE) announced the adoption of rule changes aimed at enhancing market transparency, simplifying regulatory processes, and improving clarity for market participants.
- References to the “Department of Member Regulation” are replaced with the broader term “Exchange” across key rules, including those related to tape recording requirements, disciplinary procedures, and eligibility proceedings for statutory disqualifications.
- These changes eliminate outdated terminology and align the NYSE rulebook with current operational standards, ensuring consistency and relevance.
- The revisions reduce regulatory complexity, remove redundant provisions, and enhance the accessibility of rules for stakeholders, promoting long-term efficiency and adaptability.
- Updates to eligibility proceedings and supervisory plans aim to ensure consistency and strengthen procedural clarity, supporting fair application and reinforcing investor protections.
- The rule changes reflect the NYSE’s commitment to upholding market integrity, fairness, and operational efficiency, aligning with the objectives of the United States Securities and Exchange Commission.
- The US SEC has invited public comments on the amendments, underscoring the role of stakeholder engagement in shaping effective regulatory practices.
- By prioritising transparency, clarity, and adaptability, the NYSE aims to foster trust and confidence in the market while addressing the challenges of a dynamic financial environment.
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United States Officials to Address Blockchain Innovation at North American Blockchain Summit
On 21 November 2024, Commissioner Summer K. Mersinger and Chairman Rostin Behnam of the United States Commodity Futures Trading Commission will participate in separate fireside chats at prominent events discussing blockchain innovation and the future of the internet.
- Commissioner Summer K. Mersinger will speak at the North American Blockchain Summit at the George W. Bush Presidential Library in Dallas, Texas, from 10:00 to 10:30 a.m. CST (11:00 to 11:30 a.m. EST).
- Her session will focus on the evolving regulatory frameworks under the US CFTC and blockchain’s transformative potential in financial systems.
- The North American Blockchain Summit is a leading forum for discussing opportunities and challenges in blockchain technology, attracting global experts, policymakers, and industry leaders.
- Chairman Rostin Behnam will deliver a fireside chat at Georgetown University’s Summit on the Future of the Internet in Washington, D.C., at the McCourt School of Public Policy, from 4:20 to 4:35 p.m. EST.
- His discussion will address cybersecurity, data privacy, and fostering innovation within the digital ecosystem, highlighting the US CFTC’s role in creating a policy environment that balances security with progress.
- The Summit on the Future of the Internet convenes policymakers, academics, and industry leaders to tackle challenges posed by advancing internet technologies.
- Both events emphasise the importance of regulatory collaboration in ensuring a secure, equitable, and innovative digital future.
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