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DRY FORK and DANVILLE, Va. — Tunstall High FFA chapter members of Dry Fork were recognized for participation in the Danville Community College (DCC) Barkhouser Free Enterprise Small Business Idea
Surveys and Reports
Regulatory Developments
United Kingdom: Financial Services Act 2021 becomes law
On 29 April 2021, the Financial Services Bill 2019-21 received Royal Assent. In a press release, HM Treasury described the Financial Services Act 2021 (the Act) as a ‘major milestone in shaping a regulatory framework for UK financial services outside of the EU.’ The Act makes significant amendments to key legislation, including the Financial Services and Markets Act 2000 (FSMA) and onshored EU financial services regulation.
Sections of particular relevance include the following:
Section 29 requires the FCA to consult on whether it should make rules providing that authorised persons owe a duty of care to consumers. The consultation was launched on 14 May 2021 (see the separate item below). The FCA must publish the results of its analysis before 1 January 2022 and make final rules by 1 August 2022;
Ecuador makes quick shift to diversify its shrimp export strategy
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Last year, in the midst of the COVID-19 pandemic, the outlook for Ecuador’s USD 3.6 billion (EUR 3 billion) shrimp export market was bleak. Besides dealing with a severe health crisis at home, China – a market to which about three-quarters of Ecuador’s shrimp was being sent – began restricting imports from the South American country over fears that the novel coronavirus could be transmitted on frozen seafood packaging. However, judging from the latest export numbers from Ecuador’s National Chamber of Aquaculture (CNA), it appears Ecuador has been able to pivot, diversify, and strengthen its shrimp export business.
SGS AG: China Releases Standards for Cosmetic Efficacy Claim Evaluation
SAFEGUARDS | Cosmetics, Personal Care & HouseholdNO. 062/21
China s National Medical Products Administration, NMPA, issued Notice No. 50, a Standard of Cosmetic Claim Evaluation, providing instructions on accepted scientific ways of claim substantiation. Cosmetic products with efficacy claims shall be supported by an efficacy evaluation. A summary of efficacy evaluation results shall be made available to the public via an online platform specified by the NMPA. Here are the highlights on this Standard:
Cosmetic notifiers or registrants shall submit a summary of efficacy evaluation to the online platform specified by the NMPA during the notification and registration process