The German Federal Court of Justice recently clarified online platforms' liability for user-generated content, ruling platforms aren't directly liable without knowledge but must act swiftly upon notification, significantly impacting digital service providers across Europe.
Australia’s eSafety Commissioner ordered Telegram to pay AUD 1 million for ignoring transparency obligations. Officials requested details on terrorist and child sexual content steps, but Telegram delayed months, triggering enforcement under the Online Safety Act.
On 28 February 2025, Japan’s Cabinet announced significant plans to introduce a Bill to promote research, development, and practical application of artificial intelligence technologies. The legislation focuses on transparency, protection of rights, and international cooperation.
EU Commission Reaches Groundbreaking Agreement to Ease Data Sharing and Reporting
The EU has reached an agreement on new proposals to simplify data sharing and reduce reporting requirements for businesses in financial services, aiming to enhance efficiency, cut administrative costs, and support cross-border operations.
EU Strikes Agreement to Streamline Data Sharing and Reporting in Financial Services
The European Commission has announced a landmark agreement designed to simplify data sharing and reduce the reporting burden for businesses operating within the European Union.
The move is seen as a step toward a more seamless and business-friendly regulatory environment, benefitting enterprises of all sizes.
The agreement introduces proposals aimed at streamlining the sharing of data across borders within the EU. For years, businesses have faced challenges navigating fragmented rules that vary from one member state to another.
This inconsistency has not only slowed down operations but also hindered cross-border innovation and collaboration.
With this agreement, the EU hopes to create a more unified system that enables companies to share data effortlessly while ensuring compliance with essential privacy and security standards.
By establishing clearer and harmonised rules, the new proposals could significantly boost productivity and efficiency for businesses.
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Simplified Reporting for Businesses
One of the key elements of the agreement focuses on reducing the reporting burden for companies. Currently, businesses must navigate multiple reporting requirements to various national and EU authorities, often duplicating efforts and wasting valuable resources.
The new framework aims to consolidate these requirements, enabling companies to report information just once, with the data being securely shared across relevant authorities.
This "once-only principle" has been a long-sought objective for EU policymakers, and its implementation could save businesses billions of euros in administrative costs.
Balancing Innovation and Oversight
While the agreement prioritises making life easier for businesses, it does not compromise on oversight.
Provisions within the framework emphasise the importance of safeguarding sensitive data, particularly in sectors like finance and healthcare.
The proposals also encourage the use of technology to enhance transparency and accountability, further building trust in the data-sharing process.
A Win for SMEs
Small and medium-sized enterprises (SMEs), often burdened by disproportionately high compliance costs, stand to benefit significantly.
These proposals promise to level the playing field by removing unnecessary obstacles, allowing SMEs to compete more effectively in the EU’s single market.
The European Commission’s announcement has been met with optimism, as it represents a tangible step toward making EU regulations smarter, more efficient, and better suited to the needs of modern businesses.
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