Claire Williams | January 22, 2020
In 2019, we saw several regulations and laws passed with major implications to consumers and businesses across the world. With the continued rapid digitization, we expect to see even more new regulations implemented in years to come. In our ‘Heard of It?’ blog series, we covered a range of regulations, from Brexit, AB5, LIBOR, CCPA, and more. In this post, we’ll provide you a quick update on the status of these regulations, as well as seven new regulation trends to keep your eye on in the new year!
So, let’s first quickly recap some of the regulations we covered that are starting to be implemented in 2020:
California Consumer Privacy Act (CCPA)
As of Jan. 1, 2020, Californians will have more control over their private data. Companies will now have to notify visitors to their website that they will be collecting their data or ‘cookies’. This data can then be sold to help gather more information on consumers and their habits. Consumers will then have the option to opt out of this and allow them to have more control over what information is collected from them. If you’re interested in learning more, check out our blog post: CCPA. Heard of it?
British Exit from the European Union (Brexit)
With all its ups and downs, there are still a lot of questions about the status of the United Kingdom leaving the EU. As of Jan. 8, 2020, the UK House of Commons approved the legislation needed to make the Brexit Deal a law. Which means the UK will officially be leaving the EU by Jan. 31, 2020. This will have major ramifications economically, with everything from currency rates, to trade/border polices, and legal regulations being affected. If you’re interested in learning more, check out our blog post: Brexit. Heard of it?
California Assembly Bill 5 (AB5)
This was implemented on Jan. 1, 2020. AB5 is focused on reassessing if independent contractors are employees or not. For the California ride-share market, this completely turned the tables for companies like Uber, Lyft, DoorDash, Amazon and more who rely on independent contractors for their business models. If you’re interested in learning more, check out our blog post: AB5. Heard of it?
London Inter-Bank Offered Rate (LIBOR)
While LIBOR will not be going away until 2021, many companies are beginning to look ahead to what they should be doing to prepare. LIBOR is a benchmark interest rate at which major global banks lend to one another in the international interbank market for loans. It is being retired due to scandals and abuse of the rate by banks. However, many countries now have their own alternative rates, so there is potential for some confusion between rates. Currently, there are $350 trillion worth of contracts that have interest rates tied to LIBOR. If you’re interested in learning more, check out our blog post: LIBOR. Heard of it?
New Regulation Trends in 2020:
All of these regulations will have global impacts across different industries. As the numbers of clients, employees, risks, services, and contracts grow, managing regulatory response compliance has become a competitive advantage to turn these obligations into opportunities. Want to learn how Heretik can help you stay ahead of these regulations? Click below to set up a demo.
Claire is a Marketing Coordinator at Heretik. She recently graduated from Miami University Ohio with a double major in Journalism and Mandarin Chinese. Prior to Heretik, Claire worked at Amdur Productions and for Miami University College of Arts and Science.