Civil Law

Asia Regulators’ Responses to the ISSB Disclosure Standards

The inaugural International Sustainability Standards Board (“ISSB“) sustainability disclosure standards, namely IFRS S1 (General Requirements for Disclosure of Sustainability-related Financial Information) and IFRS S2 (Climate-related Disclosures) (the “ISSB Standards“), have received positive feedback from stakeholders across the globe since its issuance on 26 June 2023 (which we reported here). This includes endorsement by the International Organization of Securities Commissions (IOSCO) on 25 July 2023.

The long-awaited ISSB Standards are intended to serve as a global baseline … Read the rest

Civil Law

Federal Financial Regulators Tighten Timelines for Reporting Ransomware Attacks

As anticipated, the Office of the Comptroller of the Currency, the Federal Reserve Board, and the FDIC recently approved and released the Final Rule Requiring Computer-Security Incident Notification (“Final Rule”).  The Final Rule is designed to promote early awareness and stop computer security incidents before they become systemic.  It places new reporting requirements on both U.S. banking organizations, as well as bank service providers.  We have blogged repeatedly on the pernicious issue of ransomware.

The Final Rule applies to “banking organizations”

… Read the rest