At a glance.
- EU enforcement of anti-monopoly law will continue during pandemic.
- US FCC gives four Chinese telecom companies a month to show why they should retain their license to operate in the US.
- New York financial regulators issue guidelines for considering cyber risk arising in connection with COVID-19.
No relaxation of EU enforcement of anti-monopoly law during pandemic.
Margrethe Vestager, European Commission Executive Vice President, told the Telegraph that companies who consider taking advantage of economic distressed induced by the COVID-19 pandemic should think twice before pursuing anti-competitive strategies to buy up weakened rivals or expand market share against those rivals. The EU doesn't anticipate any relaxation in enforcement of anti-monopoly law during the emergency. She particularly singled out American corporations in her warning.
US Federal Communications Commission gives four Chinese firms thirty days to show why they should retain their licenses.
The FCC on Friday gave China Unicom Americas, China Telecom Americas, ComNet, and Pacific Networks show-cause orders with a thirty-day deadline to explain "why the FCC should not initiate proceedings to revoke their authorizations" that enable them to operate in the United States. The companies must demonstrate that they're not subject to the influence or control of the Chinese government, and that they "continue to be qualified to hold domestic and international section 214 authorizations and International Signaling Point Codes, and that public convenience and necessity is served by their retention of the authorizations and assignments." The companies are also expected to answer each point in the Executive Branch's recommendation that their licenses be revoked.
New York State financial regulators advise companies to take due notice of COVID-19-related cyber risks.
JDSupra sums up guidance just issued by the New York Department of Financial Services (DFS): "It is clear that the NYDFS views COVID-19 related cyber risks as a direct call to action to regulated entities."
The Department of Financial Services wrote in a letter dated April 13th of this year that it "has identified several areas of heightened cybersecurity risk as a result of this crisis. As called for by DFS’s cybersecurity regulation, 23 NYCRR Part 500, regulated entities should assess the risks described below and address them appropriately." The pandemic has increased risk, DFS says, in three areas:
- Remote Working
- Increased Phishing and Fraud
- Third-Party Risk
"We also remind all regulated entities that, under 23 NYCRR Section 500.17(a), covered Cybersecurity Events must be reported to DFS as promptly as possible and within 72 hours at the latest. Prompt reporting will enable DFS to respond quickly to new threats as DFS works to protect consumers and the financial services industry in these difficult times."