Regulatory Monitoring Research Articles

Politics maybe… visual pollution: No!

Visual pollution is an underexamined form of environmental degradation that affects both aesthetic and ecological aspects of natural and anthropogenic landscapes. This discussion paper provides a comprehensive analysis of visual pollution, with a focus on its exacerbation by political advertising in coastal cities in the Caribbean region of Colombia. Despite existing regulations, such as Colombia's Law 140 of 1994, ineffective enforcement has led to an escalation of the issue. The study proposes a multipronged mitigation strategy that includes regulatory measures, technological solutions, stakeholder collaboration, sustainable campaigning, and monitoring and evaluation. The findings have broader implications for addressing visual pollution globally, emphasizing the need for cross-disciplinary research and stringent policy enforcement.

UAV-based remote sensing of turbidity in coastal environment for regulatory monitoring and assessment

The adoption of Unmanned Aerial Vehicle (UAV) remote sensing for the regulatory monitoring of turbidity plumes induced by land reclamation operations remains a difficult task. Compared to UAV remote sensing on ambient turbidity in estuaries and rivers, such monitoring of construction-induced turbidity plumes requires significantly higher spatial resolutions and accuracy as well as wider turbidity ranges with nonlinear reflectance. In this study, a pilot-scale deployment of UAV-based hyperspectral sensing is carried out for this objective, with specific new elements developed to overcome the challenges and minimise the uncertainties involved. In particular, Machine learning (ML) models for the turbidity determination were trained by the large dataset collected to better capture the non-linearity of the relationship between the water leaving reflectance and turbidity level. The models achieve a good accuracy with a R2 score of 0.75 that is deemed acceptable in view of the uncertainties associated with construction and land reclamation work.

Introduction to the programme guidance for the use of iodised salt in processed foods and its pilot implementation, strengthening strategies to improve iodine status.

Efforts to achieve optimal iodine intake through salt iodisation have focussed primarily on iodisation of household salt. However, there is strong evidence that in most regions of the world, industrially processed foods and condiments are an increasingly important source of dietary salt. In this context The Iodine Global Network (IGN) and partners developed programme guidance to help national programme managers assess the potential contribution of widely consumed industrially processed foods and condiments to iodine intake. The programme guidance additionally aimed to facilitate better understanding of iodised salt use by the processed food industry, review existing salt iodisation legislation for inclusion of food industry salt, and investigate how regulatory monitoring of food industry practices could be strengthened if needed. To evaluate the utility of the guidance in practice and identify areas where it could be improved, the IGN requested expressions of interest to pilot test implementation. Five pilots were implemented in Kenya, North Macedonia, The Republic of Moldova, Sri Lanka and Thailand, with remote technical support from IGN. The pilots demonstrated how evidence from implementation could be used to strengthen existing salt iodisation initiatives. In particular, how modelling existing processed food intake data enhanced understanding of potential or actual iodised salt intake and provided an evidence base for strategic change, as well as encouraging alignment with salt reduction programmes. In summary, the guidance provided a useful framework for national teams to conduct a relatively rapid assessment of the existing programme for achieving optimal iodine nutrition and opportunities to strengthen it. National teams involved with the pilot implementation were highly engaged and motivated by the outcomes. The pilot implementation process resulted in the development of strategic recommendations nationally and provided invaluable feedback to IGN on the utility of the guidance, facilitating development of an improved version.

Seasonally optimized calibrations improve low-cost sensor performance: long-term field evaluation of PurpleAir sensors in urban and rural India

Abstract. Lower-cost air pollution sensors can fill critical air quality data gaps in India, which experiences very high fine particulate matter (PM2.5) air pollution but has sparse regulatory air monitoring. Challenges for low-cost PM2.5 sensors in India include high-aerosol mass concentrations and pronounced regional and seasonal gradients in aerosol composition. Here, we report on a detailed long-time performance evaluation of a popular sensor, the Purple Air PA-II, at multiple sites in India. We established three distinct sites in India across land use categories and population density extremes (in urban Delhi and rural Hamirpur in north India and urban Bengaluru in south India), where we collocated the PA-II model with reference beta attenuation monitors. We evaluated the performance of uncalibrated sensor data, and then developed, optimized, and evaluated calibration models using a comprehensive feature selection process with a view to reproducibility in the Indian context. We assessed the seasonal and spatial transferability of sensor calibration schemes, which is especially important in India because of the paucity of reference instrumentation. Without calibration, the PA-II was moderately correlated with the reference signal (R2 = 0.55–0.74) but was inaccurate (NRMSE ≥ 40 %). Relative to uncalibrated data, parsimonious annual calibration models improved the PurpleAir (PA) model performance at all sites (cross-validated NRMSE 20 %–30 %; R2 = 0.82–0.95), and greatly reduced seasonal and diurnal biases. Because aerosol properties and meteorology vary regionally, the form of these long-term models differed among our sites, suggesting that local calibrations are desirable when possible. Using a moving-window calibration, we found that using seasonally specific information improves performance relative to a static annual calibration model, while a short-term calibration model generally does not transfer reliably to other seasons. Overall, we find that the PA-II model can provide reliable PM2.5 data with better than ±25 % precision and accuracy when paired with a rigorous calibration scheme that accounts for seasonality and local aerosol composition.

SCADA Master Planning for Water and Wastewater Utilities

Key TakeawaysSupervisory control and data acquisition (SCADA) provides water utilities with data for regulatory compliance, monitoring and alarm management of life safety systems, and protecting public health.Utilities often make the mistake of taking a passive approach to managing a SCADA system, not giving it the special attention and detailed planning it requires to stay current.A SCADA master plan can fit any organization's size, complexity, and budget.

Generating high spatial resolution exposure estimates from sparse regulatory monitoring data

Random Forest algorithms have extensively been used to estimate ambient air pollutant concentrations. However, the accuracy of model-predicted estimates can suffer from extrapolation problems associated with limited measurement data to train the machine learning algorithms. In this study, we developed and evaluated two approaches, incorporating low-cost sensor data, that enhanced the extrapolating ability of random-forest models in areas with sparse monitoring data. Rochester, NY is the area of a pregnancy-cohort study. Daily PM2.5 concentrations from the NAMS/SLAMS sites were obtained and used as the response variable in the model, with satellite data, meteorological, and land-use variables included as predictors. To improve the base random-forest models, we used PM2.5 measurements from a pre-existing low-cost sensors network, and then conducted a two-step backward selection to gradually eliminate variables with potential emission heterogeneity from the base models. We then introduced the regression-enhanced random forest method into the model development. Finally, contemporaneous urinary 1-hydroxypyrene was used to evaluate the PM2.5 predictions generated from the two approaches. The two-step approach increased the average external validation R2 from 0.49 to 0.65, and decreased the RMSE from 3.56 μg/m3 to 2.96 μg/m3. For the regression-enhanced random forest models, the average R2 of the external validation was 0.54, and the RMSE was 3.40 μg/m3. We also observed significant and comparable relationships between urinary 1-hydroxypyrene levels and PM2.5 predictions from both improved models. This PM2.5 model estimation strategy could improve the extrapolating ability of random forest models in areas with sparse monitoring data.

Evaluation of Quality Parameters of Light Sensitive Drugs Marketed in Nepal.

Photosensitivity is the response of drug or drug product to the exposure of solar, UV and visible light in the solid, semisolid, or liquid state that leads to a physical or chemical change. Exposure to light is a concern with numerous medications due to the potential for photo degradation or other chemical reactions that affect drug stability. Out of all the registered brands in Department of Drug Administration, 9 brands of Rabeprazole tablets, 5 brands of Promethazine tablets and 5 brands of methylcobalamin tablets were selected and were subjected for testing and analysis for various quality parameters as per pharmacopoeia. The labels of the collected medicine were analyzed. The obtained data were entered and analyzed in Microsoft office excel 2019. Eleven products did not comply with the existing regulatory requirement on labeling system of medicine as per Regulation of Standard of drugs. There was no uniformity in mentioning the self-life. Similarly, large variation was seen on price of same generic drugs. Information regarding storage conditions, direction for use and category of the drug were lacking in the label of some brands of medicines.Upon Laboratory analysis, two brands of promethazine tablets and three brands of Rabeprazole tablets were found substandard. Drug content of all the brands of Methylcobalamin was found to contain overage. The result of this study indicates that substandard medicines are abundant in Nepalese market. There is weak regulation monitoring which have resulted in no uniformity in similar pharmaceutical products too. Hence, stringent regulatory monitoring is required to assessthe quality of pharmaceutical products in the Nepalese market.

Prenatal ambient air pollution exposure and child weight trajectories from the 3rd trimester of pregnancy to 2 years of age: a cohort study

BackgroundPrenatal air pollution exposure may increase risk for childhood obesity. However, few studies have evaluated in utero growth measures and infant weight trajectories. This study will evaluate the associations of prenatal exposure to ambient air pollutants with weight trajectories from the 3rd trimester through age 2 years.MethodsWe studied 490 pregnant women who were recruited from the Maternal and Development Risks from Environmental and Social Stressors (MADRES) cohort, which comprises a low-income, primarily Hispanic population in Los Angeles, California. Nitrogen dioxide (NO2), particulate matter < 10 µm (PM10), particulate matter < 2.5 µm (PM2.5), and ozone (O3) concentrations during pregnancy were estimated from regulatory air monitoring stations. Fetal weight was estimated from maternal ultrasound records. Infant/child weight measurements were extracted from medical records or measured during follow-up visits. Piecewise spline models were used to assess the effect of air pollutants on weight, overall growth, and growth during each period.ResultsThe mean (SD) prenatal exposure concentrations for NO2, PM2.5, PM10, and O3 were 16.4 (2.9) ppb, 12.0 (1.1) μg/m3, 28.5 (4.7) μg/m3, and 26.2 (2.9) ppb, respectively. Comparing an increase in prenatal average air pollutants from the 10th to the 90th percentile, the growth rate from the 3rd trimester to age 3 months was significantly increased (1.55% [95%CI 1.20%, 1.99%] for PM2.5 and 1.64% [95%CI 1.27%, 2.13%] for NO2), the growth rate from age 6 months to age 2 years was significantly decreased (0.90% [95%CI 0.82%, 1.00%] for NO2), and the attained weight at age 2 years was significantly lower (− 7.50% [95% CI − 13.57%, − 1.02%] for PM10 and − 7.00% [95% CI − 11.86%, − 1.88%] for NO2).ConclusionsPrenatal ambient air pollution was associated with variable changes in growth rate and attained weight from the 3rd trimester to age 2 years. These results suggest continued public health benefits of reducing ambient air pollution levels, particularly in marginalized populations.

Transnational economic activism and private regulatory power

ABSTRACT Private bodies involved in global regulatory governance shape and monitor economic behaviour. Their regulatory power has greatly increased over the last several decades. Thanks to an impressive apparatus of standard-setting, they have transformed economic activity. The dominance of private bodies in standard-setting has continued despite crises to which they themselves have contributed. Existing literature suggests that the State ‘orchestrates’ private regulatory activity, thereby retaining a high level of control. Yet, this article shows that the opposite has occurred: crises, broadly defined as disruptive events, make private bodies more resilient or generate new transnational ones. The lack of State control has ushered in a new era of private authority. Private bodies use crises as opportunities to reorganize and become more assertive in norm-creation, overriding and substituting State powers. Free from organizational hierarchies, formal accountability structures, scrutiny, pressure, and obligations, private bodies expand their regulatory domain, enhance their collective memory and identity, and grow stronger through crises. Future empirical work on the interaction between public regulatory and supervisory authorities and private rule-makers can make a difference in ensuring that private rule-making serves the public interest.

Evaluating five primer pairs for environmental DNA metabarcoding of Central European fish species based on mock communities

Environmental DNA (eDNA) metabarcoding has become a powerful tool for examining fish communities. Prior to the introduction of eDNA-based assessments into regulatory monitoring contexts (e.g., EU Water Framework Directive), there is a demand for methodological standardization. To ensure methodical accuracy and to meet regulatory standards, various sampling, laboratory and bioinformatic workflows have been established. However, a crucial prerequisite for comprehensive fish monitoring is the choice of suitable primer pairs to accurately identify the fishes present in a given water body. Various fish-specific primer pairs targeting different genetic marker regions were published over the past decade. However, a dedicated study to evaluate the performance of frequently applied fish primer pairs to assess Central European fish species has not yet been conducted. Therefore, we created an artificial 'mock' community composed of DNA from 45 Central European fish species and examined the detection ability and reproducibility of five primer pairs. Our study highlights the effect of primer choice and bioinformatic filtering on the outcome of eDNA metabarcoding results. From the five primer pairs evaluated in our study the tele02 (12S gene) primer pair was the best choice for eDNA metabarcoding of Central European freshwater fish. Also, the MiFish-U (12S) and SeaDNA-mid (COI) primer pairs displayed good detection ability and reproducibility. However, less specific primer pairs (i.e., targeting vertebrates) were found to be less reliable and generated high numbers of false-positive and false-negative detections. Our study illustrates how the careful selection of primer pairs and bioinformatic pipelines can make eDNA metabarcoding a more reliable tool for fish monitoring.

Data-Driven Placement of PM2.5 Air Quality Sensors in the United States: An Approach to Target Urban Environmental Injustice.

In the United States, citizens and policymakers heavily rely upon Environmental Protection Agency mandated regulatory networks to monitor air pollution; increasingly they also depend on low-cost sensor networks to supplement spatial gaps in regulatory monitor networks coverage. Although these regulatory and low-cost networks in tandem provide enhanced spatiotemporal coverage in urban areas, low-cost sensors are located often in higher income, predominantly White areas. Such disparity in coverage may exacerbate existing inequalities and impact the ability of different communities to respond to the threat of air pollution. Here we present a study using cost-constrained multiresolution dynamic mode decomposition (mrDMDcc) to identify the optimal and equitable placement of fine particulate matter (PM2.5) sensors in four U.S. cities with histories of racial or income segregation: St. Louis, Houston, Boston, and Buffalo. This novel approach incorporates the variation of PM2.5 on timescales ranging from 1day to over a decade to capture air pollution variability. We also introduce a cost function into the sensor placement optimization that represents the balance between our objectives of capturing PM2.5 extremes and increasing pollution monitoring in low-income and nonwhite areas. We find that the mrDMDcc algorithm places a greater number of sensors in historically low-income and nonwhite neighborhoods with known environmental pollution problems compared to networks using PM2.5 information alone. Our work provides a roadmap for the creation of equitable sensor networks in U.S. cities and offers a guide for democratizing air pollution data through increasing spatial coverage of low-cost sensors in less privileged communities.

Assessment of natural radioactivity and associated radiological risks from soils of Hakim Gara quarry sites in Ethiopia

One of the ways of minimizing radiation risks to workers and the public is assessing potential sites that are suspected of producing radiation. Among such locations, quarry sites stand out because areas of granite and other rocks, especially those of uranium family potentially have high concentrations of radiation. This study was aimed to assess one such quarry sites (Hakim Gara site), located near Harar town, Harari region-Ethiopia. To assess the radiological impact of natural radioactivity of quarry activities in the study area, activity concentrations of natural radionuclides 238U, 232Th, 226Ra and 40K in the soil samples were investigated by collecting twenty composite soil samples from different sites of the area. Measurements were carried out using high purity germanium (HPGe) Gamma Spectrometry detecting system for acquisition of data and making analysis using Genie 2000 software. From the result, mean Activity concentration of 238U, 232Th and 40K obtained were 51.9 ± 15 Bq/kg, 68.32 ± 9.75 Bq/kg and 220.0 ± 2.0 Bq/kg, respectively. Average Activity concentration of the 226Ra was 32.71 ± 2.02 Bq/kg. These values were used to calculate and estimate the radiological risks due to environmental radiation exposure contributed from the quarrying activities. The average external and internal hazard indices were 0.45 ± 0.09 mSv/y and 0.49 ± 0.23 mSv/y both of which were below the permissible limit of unity. The results obtained for 238U and 232Th were higher and significant from the world average which need further regulatory monitoring. The level of 40K was below the world average. Hence, this research provided a foundation for future studies on subsequent investigations and to aid realistic regulatory and policy decisions.

Environmental impacts of landfills: perspectives on bio-monitoring

Environmental regulations on landfills contain detailed instructions for monitoring the impacts of pollution from leachate on water, air and soil. However, references to the impact of landfills on the landscape and the need to monitor the surrounding vegetation are described only in general terms. Studies have indicated that near-surface pollution events, which are not necessarily captured by existing regulatory monitoring schemes, have affected the vegetation in the vicinity of landfills. Indications for the effects of pollution emanating from landfills include the retreat of sensitive and native plant species, the abundance of halophytes or nitrophilous plants and the prevalence of other invasive plant species, which can spread to adjacent ecosystems. To the best of the authors’ knowledge, a comprehensive synthesis of landfill plant-based biomonitoring results has not yet been reported. The advantage of biomonitoring lies in its ability to assess the quality of the environment as perceived by living organisms. This would facilitate the determination of the response of plants to departures from natural conditions, detection of trends occurring in ecosystems and adoption of management practices to prevent or mitigate degradation of the environment. Thus, to detect such effects on the flora surrounding a landfill, this paper recommends that biomonitoring be utilised in environmental regulations to complement existing monitoring techniques.

Development and validation of a multianalyte method for quantification of isoxazolines in animal-derived matrix samples using SPE-HPLC–MS/MS

Isoxazoline drugs, including afoxolaner, fluralaner, lotilaner, and sarolaner, are widely used in veterinary medicine. However, the lack of available analytical methods has made regulatory monitoring of these drugs difficult. Therefore, in this study, we developed an optimized solid phase extraction process using hydrophilic–lipophilic cartridges, and subsequently analyzed the extracts using liquid chromatography–tandem mass spectrometry under optimized conditions. The detection limits for the four isoxazolines were 5.0 μg/kg, while the recoveries in six animal-derived matrices were 71.1–109.2 %, with intra-day and inter-day relative standard deviations below 11.9 % and 11.7 % respectively. Furthermore, an inter-laboratory comparison demonstrated that this method had good recovery (60.3–112.9 %) and acceptable precision (< 11.3 %). Additionally, the developed method exhibited excellent linearity, accuracy, precision, sensitivity, measurement uncertainty and robustness for isoxazoline residue determination in animal-derived samples. It was also successfully applied to determine incurred isoxazoline residues in medicated hens.

Characterizing the effects of structural fires on fine particulate matter with a dense sensing network

Short-term increases in air pollution levels are linked to large adverse effects on health and productivity. However, existing regulatory monitoring systems lack the spatial or temporal resolution needed to capture localized events. This study uses a dense network of over 100 sensors, deployed across the city of Chicago, Illinois, to capture the spread of smoke from short-term structural fire events. Examining all large structural fires that occurred in the city over a year (N = 21), we characterize differences in PM_{2.5} concentrations downwind versus upwind of the fires. On average, we observed increases of up to 10.7 upmug/m^{3} (95% CI 5.7–15.7) for sensors within 2 km and up to 7.7 upmug/m^{3} (95% CI 3.4–12.0) for sensors 2–5 km downwind of fires. Statistically significant elevated concentrations were evident as far as 5 km downwind of the location of the fire and persisted over approximately 2 h on average. This work shows how low-cost sensors can provide insight on local and short-term pollution events, enabling regulators to provide timely warnings to vulnerable populations.

Changes in ambient air pollutants in New York State from 2005 to 2019: Effects of policy implementations and economic and technological changes

Over the past 20 years, a number of regulatory efforts have been applied to improve air quality in the United States and specifically in New York State. These measures generally focused on mobile emissions through emissions controls and improved fuel quality, and controls on electricity generation to reduce emissions from older, uncontrolled electricity generation units (EGUs). In addition, economic drivers such as the major recession in 2007–2009 and the change in the relative costs of natural gas and coal also drove changes in the mixture of EGU technologies. To assess the effects of these changes and to define the baseline for future changes as the economy further decarbonizes through renewable electricity generation and electric vehicles, the concentrations of all pollutants measured at all regulatory monitoring sites in New York State were assessed for their trends. Trends were examined using seasonal-trend decomposition with local regression smoothing (STL), Mann-Kendall trend analysis with the Theil-Sen nonparametric slope estimation, and piecewise regression analysis to identify breakpoints in the slopes of the time series data. The concentrations of primary gaseous pollutants, CO, NO2, and SO2 have decreased substantially in step with the declining emissions. PM2.5 has substantially declined largely due to the reductions in particulate sulfate. However, in recent years, the rate of decline has diminished due to relatively constant or increasing particulate nitrate and secondary organic aerosol. O3 has also generally increased at the urban sites likely as a result of reduced NOx emissions, while it declined or remained constant at the rural sites. Thus, the promulgated regulations assisted by the economic drivers have improved air quality, but additional actions will be needed to further reduce urban O3 and PM2.5.

Strengthening the strategy to sustain optimal iodine status in the Republic of Moldova: Assessing the use of iodized salt in industrially processed foods.

Although national legislation in the Republic of Moldova includes the use of iodized salt in processed food industry as well as household (cooking and table) salt, little is known of the actual use of iodized salt in the food industry and its contribution to the overall iodine intake of the population. This study has helped to address the gap in understanding about how much iodized salt is used in the production of different foods and to identify where more information is still required in order to more fully characterize the contribution of food industry salt to population iodine intake. Using the available food consumption and production data, the assessment introduces a novel modelling technique, based on the methodology of the IGN Programme Guidance to assess the use of iodized salt in industrially produced foods (IPF). The method included the identification of key salt containing IPF and modelling of the salt and potential iodine intake in two groups of the population, non-pregnant adults and pregnant women. The findings were synthetized to develop a list of recommendations for adjustment or strengthening the existing salt iodization strategy. In RM, the salt used for industrially produced bread and household use provide almost 80% of all salt intake for adults. The intake from iodized salt at household level and the 8 key salt- containing IPF is estimated to currently meet 89% and 53% of the recommended nutrient for adults and pregnant women, respectively. If all salt used at household level and industrial bread baking would be iodized, then, potentially, it could ensure 181% and 109%, respectively, of the required iodine intake. Use of iodized salt in the processed food industry is of growing significance and universal use of iodized salt at household level and in bread production could result in a desirable increase in iodine intake. The national salt iodization strategy should include strengthened regulatory monitoring of iodized salt use in the bread baking industry.

Developing high-resolution PM2.5 exposure models by integrating low-cost sensors, automated machine learning, and big human mobility data

Introduction: Traditional methods to estimate exposure to PM2.5 (particulate matter with less than 2.5 µm in diameter) have typically relied on limited regulatory monitors and do not consider human mobility and travel. However, the limited spatial coverage of regulatory monitors and the lack of consideration of mobility limit the ability to capture actual air pollution exposure.Methods: This study aims to improve traditional exposure assessment methods for PM2.5 by incorporating the measurements from a low-cost sensor network (PurpleAir) and regulatory monitors, an automated machine learning modeling framework, and big human mobility data. We develop a monthly-aggregated hourly land use regression (LUR) model based on automated machine learning (AutoML) and assess the model performance across eight metropolitan areas within the US.Results: Our results show that integrating low-cost sensor with regulatory monitor measurements generally improves the AutoML-LUR model accuracy and produces higher spatial variation in PM2.5 concentration maps compared to using regulatory monitor measurements alone. Feature importance analysis shows factors highly correlated with PM2.5 concentrations, including satellite aerosol optical depth, meteorological variables, vegetation, and land use. In addition, we incorporate human mobility data on exposure estimates regarding where people visit to identify spatiotemporal hotspots of places with higher risks of exposure, emphasizing the need to consider both visitor numbers and PM2.5 concentrations when developing exposure reduction strategies.Discussion: This research provides important insights for further public health studies on air pollution by comprehensively assessing the performance of AutoML-LUR models and incorporating human mobility into considering human exposure to air pollution.

Laws on regulatory technology (RegTech) in Saudi Arabia: are they adequate?

PurposeThe Regulatory Technology (RegTech) is said to be the use of information technology for regulatory monitoring, reporting and compliance. It is used to solve regulatory and compliance issues more effectively and efficiently. Regulators with the digitization of regulation and datafication of processes would get empowered to manage volumes of data. RegTech would assist them in understanding innovative products, transactions, risks, reporting and any market manipulation activities in real time. For successful use of RegTech, the regulatory framework of a country should be comprehensive to address issues that may arise in the use of RegTech. Thus, the purpose of this article is to analyze the adequacy of the Saudi Arabian legal framework to address RegTech adoption.Design/methodology/approachThe researcher using logical analysis method analyzed the available laws and interpreted the law to see the applicability and the adequacy of laws to regulate the use of RegTech in Saudi Arabia. The content analysis was also used in this research to analyze the literature. This analysis helped to explain the available literature on the research topic and its relevancy and the gap in literature.FindingsThe analysis using the logical and content methodologies shows that Saudi Arabia has general law to address some of the issues that might arise in the adoption of RegTech. Nonetheless, amending some of the existing laws or introducing guidelines could help better uplift of RegTech and similar technologies in Saudi Arabia.Originality/valueAs businesses and regulatory authorities embrace technology for better and efficient delivery of services and products in Saudi Arabia, the research is timely to analyze the adequacy of the laws in Saudi Arabia for adoption of RegTech. In the use of RegTech, issues related to privacy, due diligence, accountability and transparency could arise, however, there is a dearth of literature in these areas relating to technology adoption.

Direct Lending Shadow Banking Risk: Consequences of Commercial Banks Retreatment from European Middle Market

The regional bank consolidation in the 1990 and the global financial crisis 2008-2009 reshaped the global credit market broadly. This paper analyzes potential direct lending risks based on the commercial banks retreatment from the European middle market loan segment. Fundamental characteristics of the private debt market development, like the intensified competition for deals, yield compression and deterioration of creditor protections and the potential shadow banking risks are analyzed. Furthermore, the lack of market information, delayed valuations and varying investment volumes are discussed in the context of challenging monitoring. In the conclusion the paper explains the importance for the European regulators to prepare for a drawdown of the private debt market, via three lines of defense to take care of the underwriting process, monitoring loans and restructuring expertise. Finally, the paper recommends conducting research on the European private debt deal structure and underlying investments for a regulatory monitoring.