However, it was unclear if the supervisory authorities would use the full extent of their power when administering their fines. In fact, there was reassurance when in August 2017, The UK’s Information Commissioner Elizabeth Denham stated:
“The law is not about fines. It’s about putting the consumer and citizen first. The ICO’s commitment to guiding, advising and educating organisations about how to comply with the law will not change under the GDPR. We have always preferred the carrot to the stick.”
What we have learned since then is that fines for non-compliance with the GDPR can be significant and that some supervisory authorities may, in fact, be favouring the stick to the carrot.
Now that there has been a significant cohort of fines we have been able to conduct an analysis of the fines to obtain a better understanding of what articles of the GDPR have resulted in the most fines, where the fines are occurring, and what is the cost of non-compliance.
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Under EU Regulation 2023/1114, Markets in Crypto Assets Regulation (MiCAR) issuers of asset-reference tokens (ARTs) and electronic money tokens (EMTs) must create a redemption plan to ensure orderly token redemption if a competent authority determines the issuer may fail to meet payment obligations.
Nine years on from the Paris Climate Agreement at COP21 (which tried to limit global heating to 1.5C), COP 29 takes place in the hottest recorded year, when that safety limit has already been breached. COP29 runs between 11 - 24 November in Baku, Azerbaijan.
Forvis Mazars M&A team is delighted to have acted as corporate finance adviser on HC Financial’s sale to NFP. HC Financial is one of Ireland’s largest financial planning & advisory firms and the transaction marks a key step in NFP’s ongoing expansion in Ireland.
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