INTRODUCTION Contributed by: Rod Freeman, Cooley LLP
Another approach is to empower third parties to participate in the enforcement of product safety regulation; for example, by enabling consumers to bring claims for breaches of product safety regulation more effectively against companies, as seen in the EU with the introduction of the Representative Actions Directive. Online mar - ketplaces are also being given something of a quasi-regulatory role, with increasing obligations to report safety incidents and co-operate with regulators in certain jurisdictions. Sitting alongside this, emerging regimes are increasingly benefitting from increased co-oper - ation with more established regimes, significant - ly escalating the risk for companies operating in multiple jurisdictions. Resources for Managing Changing Risks The increasing complexity and risks of the prod - uct law world, and the rapid pace of change now upon us, are a significant source of new chal - lenges for product manufacturers and suppli - ers seeking to succeed in global markets. The costs of failing to understand, anticipate and manage the risks can be high, as many high- profile brands have discovered in recent years, and continue to do so.
On the other hand, it is also important to rec - ognise the opportunities and benefits. The development of rules and regulations, together with the emergence of more active enforcement agencies, can help to ensure a level playing field and stable markets for companies that have an interest in ensuring they comply with the rules. Companies with valuable brand names and rep - utations to protect, and who pride themselves on delivering good customer experience, can be especially exposed when marketing their products in markets that have few controls and where players take advantage of the lack of reg - ulation. Proportionate laws, fairly and effectively enforced, can help companies to fully realise the benefits of their investments and manage their risks. The key is for companies to find practical ways to keep abreast of the changes, understand their implications and develop future-proof systems. This guide, authored by experts in their field around the world, is part of the toolkit that com - panies can use to help them on that path.
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