There are a lot of new legal requirements your business needs to be aware of if you’re operating in Europe or worldwide.
These regulations can be daunting, but it’s important to understand them in as much detail as possible so that you can stay compliant and avoid any costly fines. In this blog post, we will discuss some of the most important regulatory changes that have taken place recently, and how your business can comply with them.
New Transatlantic Data Flow Laws and GDPR
If you’re a business owner operating in Europe, you’re likely already away of General Data Protection Regulations (GDPR) and what you need to do to remain compliant.
In March of this year, some significant changes were made for those doing business with companies in America. America and the EU have now agreed on new rules for transatlantic data flow between continents. It’s important that you read up on these new laws in detail, and ensure you follow them if they affect your business in any way.
One key way you should be working towards meeting GDPR compliance already is through what’s known as KYC or “Know Your Customer”. If you need to read up on the KYC meaning or how you can apply it, make sure you do so now alongside learning about these new GDPR laws.
New UK Legislations Unveiled in the Queen’s Speech
On May 10th earlier this year, Prince Charles delivered the annual Queen’s Speech to parliament for the very first time. This year’s speech was particularly noteworthy as it unveiled a number of new pieces of legislation that businesses will need to be aware of.
If you manage a business in the UK and you missed this year’s speech, you can read the full transcript on the gov.uk website right now.
Some of the main areas you should focus on as a business owner include the new Economic Crime Bill to protect people against financial theft. You should also read up on the new rules regarding the Modern Slavery Bill if your business is particularly profitable.
In particular, you must also keep the Online Safety Bill in mind if you operate online. This last one is particularly important, as your business could be fined up to 10% of your global turnover if you don’t comply.
Additional New Legal Requirements for EU Businesses Regarding Sustainability
If you’re operating in Europe, you must keep in mind new changes regarding sustainability goals. In February of this year, the EU set about its plan to target corporate sustainability due diligence, which impacts the majority of countries in Europe today.
Companies operating in the EU will need to maintain specific corporate policies on due diligence once these laws come into effect.
They’ll also need to conduct this due diligence, report on it where required, and create a substantial complaints procedure should anyone have an issue with the way they currently operate.
This is the first of many changes to sustainability laws that businesses must keep in mind for the near future.
