SHENZHEN, China—China’s highest decisionmaking body has approved a special plan for the 12th Five-Year Plan period (2011–2015) to develop seven strategic industries, including technology for energy efficiency and water resource protection, alternative energy, and innovative vehicles.
MOSCOW—Ukrainian authorities moved to enact a new Customs Code, which takes effect June 1, aimed at simplifying customs procedures, Ukraine’s State Customs Service said in an announcement issued May 31.
MUMBAI—Faced with a trade deficit, a sluggish economy, and a sliding rupee, India on June 5 announced a slew of measures to boost exports.
The steps include prolonging an interest subsidy, or subvention, of 2 percent on handlooms, handicrafts, carpets, and products of small- and medium-sized enterprises until March 31, 2013, and extending the subsidy to labor-intensive sectors such as toys, sporting goods, processed agricultural products, and ready-made garments.
LONDON—The release by the U.K. Information Commissioner’s Office of written guidance, a video, video transcript, and a blog on compliance with U.K. cookies rules underscore that it prefers negotiation, or even ordering firms to follow certain security measures, rather than slapping them with monetary penalties.
PARIS—The French data protection regulator (CNIL) May 28 published new guidance that spells out data breach notification requirements, which were appended by the government to the country’s 1978 data protection act in 2011 but did not take effect until April 1.
BRUSSELS—The European Commission proposed May 30 that the euro zone should evolve into a “banking union” with joint supervision and a common deposit guarantee.
China’s securities regulator pledged during May 2012 to further ease restrictions on a 10-year-old program that allows foreign investors to tap China’s domestic stock market.
On August 1, 2011, the Securities and Exchange Board of India (“SEBI”) introduced the draft SEBI (Alternative Investment Funds) Regulations, 2011 (“Draft Regulations”), a comprehensive regulatory framework for regulating private pools of capital, i.e., alternative investment funds (“AIFs”). The Draft Regulations, which contained provisions proposing to drastically alter the mechanics for the Indian funds industry, came as a total surprise to the industry.