CSRC Announces New Insider Trading Measures
Reuters reports that the China Securities Regulatory Commission (CSRC) will require listed companies to keep records that identify individuals within their organisation who may have access to inside information. The CSRC reportedly stated that “[m]anaging inside information from the source is … vitally important”. The new requirements will also reportedly require companies to keep progress logs of “activities that could impact [their] share price, such as major restructuring, mergers and acquisitions, spin-offs and share buy-backs”. The new rules will reportedly commence on 25 November 2011.
Reuters: China to set up database to combat insider trading (27 October 2011)
Purported Acne-Curing Phone App Banned
The US Federal Trade Commission (FTC) has finalised settlement orders which bar the marketers of AcneApp and Acne Pwner from falsely claiming that their smart phone applications (apps) treat acne.
FTC’s media release (25 October 2011)
Google Exec’s Post Inadvertantly Goes Viral
Google engineer Steve Yegge wrote a lengthy critique of Google’s social media platform, Google+, and posted the critique on his personal Google+ account. Yegge had intended to only make his post available to fellow Google employees but he accidently posted his message to the general public and it quickly went viral. In addition to his criticism of Google, Yegge’s post also included disparaging remarks regarding his previous employer, Amazon. After discovering his mistake, Yegge quickly removed the post, though it remains accessible from some of his followers’ pages.
PC Magazine: Google Engineer Slams Amazon, Google+ in Epic Post (12 October 2011)
(Source: PC Magazine)
Best Practice Guidelines Released for Smartphone App Privacy
MediaPost: Mobile Marketing Assn. Issues App Privacy Guidelines (17 October 2011)
(Source: MediaPost News)
Senate Urged to Pass Bill
The Manila Times reports that the Philippines House of Representatives deputy majority leader Roman Romulo has urged his Senate counterparts to pass Senate Bill No. 2965: Data Privacy Act of 2011, in the wake of concerns that Stradcom Corporation (Stradcom) misused electronic files from the Land Transportation Office (LTO). Stradcom is reportedly alleged to have granted third parties access to the LTO database of all driver’s licences and vehicle registrations, without the consent of citizens or the government. Whilst the government is reportedly investigating whether Stradcom has breached contractual terms, the Bill would aim to prevent similar breaches by protecting all personal data held in information systems.
The Manila Times: Solon cites Stradcom debacle, asks Senate to pass data privacy bill (19 October 2011)
(Source: The Manila Times; Senate of the Philippines)