Three news to start your week: November 11
SEC Needs to Prepare for More Regulatory Challenges, Agency Watchdog Says
(The Wall Street Journal)
According to a report from the agency's watchdog, the SEC must establish a robust administrative process to prepare for increased legal challenges to its rule-making.
The SEC Office of Inspector General, responsible for investigating and auditing the regulator's operations, revealed that the frequency of court challenges to the SEC's rules has risen in recent years. The agency can expect heightened judicial scrutiny following the Supreme Court's decision to limit federal regulatory power through the controversial Chevron deference.
"In all of our rule-making and other policy endeavors, the agency and its staff consistently seek to exercise the commission's authorities consistent with the laws Congress has passed and the courts' interpretations of those laws," stated an SEC spokeswoman.
The Inspector General's annual report highlighted that "the SEC has upheld a significant rule-making agenda" under its current leadership, proposing 55 rules and completing 43 since 2021.
Russia fines Google more money than there is in the entire world
(BBC)
A Russian court has fined Google two undecillion roubles—an incomprehensible figure represented by a two followed by 36 zeros—for limiting access to Russian state media channels on YouTube.
In US dollar terms, this amounts to an astronomical $20 septillion. This penalty far exceeds Google's valuation of $2 trillion and even eclipses the estimated global GDP of $110 trillion, as reported by the International Monetary Fund.
The severity of the fine continues to escalate, as highlighted by the state news agency Tass. Kremlin spokesman Dmitry Peskov candidly admitted the enormity of the sum, stating he "cannot even pronounce this number," yet he urged Google management to take the matter seriously.
Canada Shuts TikTok's Offices Over National Security Risks
(The New York Times)
The Canadian government ordered the popular video app TikTok, owned by a Chinese tech giant, to shutter its offices in the country due to national security concerns. However, Canadians can still access and use the app, as confirmed by François-Philippe Champagne, the innovation minister.
This decision, guided by the recommendations of Canada's security and intelligence agencies, aims to mitigate the risks associated with ByteDance, TikTok's parent company. Mr. Champagne emphasized that Canadian law ensures heightened scrutiny of foreign investments that might compromise national security.
"Shutting down TikTok's Canadian offices and destroying hundreds of well-paying local jobs is not in anyone's best interest, and today's shutdown order will do just that," the company said.
