Publication
Regulation Around the World: Open Finance
In this issue of Regulation Around the World we look at how regulators are developing their proposals for Open Finance.
Global | Publication | June 2016
Added Sugars are in. Calories From Fat are out. And would the typical American eat the package of food in one sitting? If so, those Americans will now know from the label what they will consume in that sitting.
On May 20, 2016, the FDA finalized a new Nutrition Facts label for packaged foods that incorporates recent scientific information with the aim of helping consumers make better informed food choices. It is based upon the proposed updates to the Nutrition Facts label that were recommended in 2014 by First Lady Michelle Obama and then-FDA Commissioner Margaret Hamburg. These labelling changes are part of the First Lady’s Let’s Move campaign.
The FDA has made clear that it based its changes to the Nutrition Facts label on new scientific information, updated nutrition and public health research, recent dietary recommendations from expert groups, and public input. Critics argue, however, that the changes are not based on science and will cause companies to incur unnecessary costs.
The rule affects domestic food manufacturers and imported food manufacturers. Manufacturers have two years to comply with the final requirements. Manufacturers with less than $10 million in annual food sales will have an additional year to make changes to their Nutrition Facts labels. Food manufacturers should begin preparing to make the required changes to their food packaging to avoid any non-compliance with the rule. Key changes to the Nutrition Facts label include:
In addition to the substantive changes noted above, there are formatting changes that will be required for the labels such as larger size font for the total calories and serving size sections.
Publication
In this issue of Regulation Around the World we look at how regulators are developing their proposals for Open Finance.
Publication
The Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) is now half way through its first phase of compliance, while the supporting regulatory frameworks constituting the building blocks for the CORSIA and Article 6 markets are incrementally being cemented in place and the market is developing fair mechanisms for managing key gap risks.
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