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Rishi Sunak's plans for the City may be better for hedge funds than tech start-ups


Rishi Sunak’s speech announcing the Budget yesterday contained only a brief mention of the Chancellor’s plan to make the City of London a more competitive financial centre. The “high-growth firms” that Sunak hopes will drive Britain’s economic recovery “need access to capital”, he said, and this will be achieved by “unlock[ing] billions of pounds from pension funds into innovative new ventures” and “changing rules to encourage more companies to invest here”.
More detailed proposals for a shake-up of the stock market’s rules were published by the Treasury yesterday morning in the form of the UK Listings Review, which recommends allowing new share structures, reducing the amount of shares a company needs to sell to be listed, and relaxing rules around special purpose acquisition companies, or SPACs. ....

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Facebook to Avoid EU Privacy Laws By Moving UK Users to US Agreements


Facebook to Avoid EU Privacy Laws By Moving UK Users to US Agreements
Social media giant Facebook says in a statement that it will shift all of its UK users to US agreements, putting them out of reach of Europe s privacy laws that could potentially fine the company billions of dollars.
Facebook has had to make changes to respond to Brexit and will be transferring legal responsibilities and obligations for UK users from Facebook Ireland to Facebook Inc, Facebook exclusively told Reuters.
However, Facebook did confirm that there will be no change to the privacy controls over its UK customers. Agreements with Facebook s Irish unit currently shield the giant tech company, and the change will undergo anytime soon next year. During the first half of 2021, Facebook will notify users about the small change in its terms and conditions agreements. ....

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Twitter fined half a million dollars for late data breach reporting


Twitter fined half a million dollars for late data breach reporting
Better late than never? Not under GDPR.
Image: Jakub Porzycki / NurPhoto via Getty Images
Twitter has been issued a big fine for late reporting of a data breach under GDPR rules.
Ireland’s Data Protection Commission slapped a fine of €450,000 ($547,000) on the social media company for failing to report an issue — which saw protected tweets become unprotected for some Android users — within the legally required timeframe per Europe s General Data Protection Regulation.
The DPC made its final decision on Tuesday after an investigation that commenced in Jan. 2019. Following a data breach in the 2018 holiday period, Twitter did notify the DPC, but the commission found that the company had reported it outside the 72-hour statutory notice period required under GDPR, and in doing so, infringed Article 33(1) and 33(5) of the GDPR in terms of a failure to notify the breach on time ....

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