Summary -
Allstate filed suit against two former insurance agents and another insurance agency for trade secret misappropriation under the federal Defend Trade Secrets Act (DTSA) and Massachusetts law. Allstate claimed...more
Dozens of senators kicked off a series of closed-door sessions, known as the A.I. Insight Forum, to hear from key industry stakeholders and discuss AI regulation. Will they be able to reach consensus on the scope of future...more
The SEC cracks down on potential conflicts of interest for broker-dealers and investment advisors using predictive data analytics, the “No Robot Bosses Act of 2023” is introduced in the Senate to regulate employers’ use of...more
On July 26, the Securities and Exchange Commission (“SEC”) finalized a much anticipated rule addressing cybersecurity risk management, strategy, governance, and incident disclosure. Public companies registered with the SEC...more
8/8/2023
/ Compliance ,
Corporate Governance ,
Cyber Incident Reporting ,
Cybersecurity ,
Data Security ,
Disclosure Requirements ,
New Rules ,
Popular ,
Publicly-Traded Companies ,
Reporting Requirements ,
Required Forms ,
Risk Management ,
Securities and Exchange Commission (SEC)
The NAIC issues a 10-page bulletin laying out regulatory guidance regarding the use of algorithms, AI and predictive models; Connecticut lawmakers address the state’s use of AI; and leading AI companies meet at the White...more
Background -
Last week, during its 56th annual commission session in Vienna, the United Nations Committee on International Trade Law (UNCITRAL) adopted several legal texts to reform ISDS procedures. As the principal legal...more
Recent enforcement actions and announcements show that state and federal regulators are continuing to focus intensely on cybersecurity and data protection. Notably, the New York Department of Financial Services (“NYDFS”)...more
7/18/2023
/ Consent Order ,
Cybersecurity ,
Data Privacy ,
Data Protection ,
Enforcement ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
New York ,
NYDFS ,
Popular ,
Settlement ,
State and Local Government ,
State Data Privacy Laws
The European Parliament approves a revised draft of the EU AI Act, Senate Majority Leader Chuck Schumer lays out plans for groundbreaking AI legislation in the U.S., and the FTC issues a warning that companies who ignore...more
A recent consent order between the New York State Department of Financial Services (“NYDFS”) and cryptocurrency trading platform, bitFlyer USA (“bitFlyer”), shows that the NYDFS continues to utilize an aggressive enforcement...more
6/21/2023
/ Civil Monetary Penalty ,
Consent Order ,
Cryptocurrency ,
Cyber Attacks ,
Cybersecurity ,
Enforcement Actions ,
Financial Services Industry ,
Information Technology ,
New York ,
NYDFS ,
Regulatory Requirements ,
Regulatory Violations ,
Technology
Background On May 19, 2023, the First Circuit Court of Appeals ruled in Green Enterprises, LLC v. Hiscox Syndicates Ltd. at Lloyd’s of London that the New York Convention on the Recognition and Enforcement of Foreign Arbitral...more
The Illinois Biometric Information Privacy Act (BIPA) is not the only law that governs private entities’ collection, use and storage of biometric data — there are biometric-specific laws in Washington State and Texas;...more