On July 18, 2024, U.S. District Judge Paul A. Engelmayer of the Southern District of New York dismissed most of the charges that the Securities and Exchange Commission brought against SolarWinds and its chief information...more
In this midyear update, we cover a number of significant corporate governance developments that have taken place over the first half of the year and since our Corporate Governance 2023 Year-End Review....more
On May 21, 2024, the director of the SEC’s Division of Corporation Finance, Erik Gerding, issued a statement regarding the new requirement to disclose material cybersecurity incidents on Form 8-K. The SEC’s latest...more
On May 16, 2024, the Securities and Exchange Commission (SEC) adopted final amendments to Regulation S-P, one year after issuing the proposed amendments (discussed here). Regulation S-P is a set of privacy rules that govern...more
Since the rise of ChatGPT in late 2022, state lawmakers have tried various strategies to regulate artificial intelligence (AI), with mixed outcomes. At least 25 states, Puerto Rico and the District of Columbia introduced AI...more
On April 7, 2024, Sen. Maria Cantwell, chair of the Senate Commerce Committee, and Rep. Cathy McMorris Rodgers, chair of the House Energy and Commerce Committee, advanced a new federal privacy bill to the House floor titled...more
On March 18, the Securities and Exchange Commission (SEC) announced that it settled charges against two investment advisers, Delphia (USA) Inc. and Global Predictions Inc., for making false and misleading statements about...more
On Wednesday, March 13, the European Parliament approved the regulation harmonizing rules on artificial intelligence (AI) (the AI Act). Stakeholders must comply with the AI Act due to its global reach, when it takes effect...more
On Feb. 21, 2024, California’s Attorney General (AG) announced the second public settlement of an enforcement action under the California Consumer Privacy Act (CCPA). This settlement requires DoorDash to pay a $375,000 civil...more
The year 2023 saw continued expansion of public interest in privacy rights, data security and related legislation. Comprehensive privacy laws took effect in five states, while 12 more states enacted similar laws that will...more
Keeping abreast of the latest artificial intelligence (AI) developments in this rapidly changing area of law is critical. This newsletter highlights recent updates in AI regulation, covering major AI developments in the...more
Since the release of ChatGPT in late 2022, popular use of artificial intelligence (AI) has exploded. One survey reported that over 56% of employees already use AI at work, with 1 in 10 using it daily. However, only 26% of...more
The New York State Department of Financial Services (NYDFS) adopted comprehensive amendments to its cybersecurity regulations (known as Part 500) on Nov. 1. The draft amendments were first published in July 2022 and finalized...more
Gov. Gavin Newsom signed the Delete Act (the Act) on Oct. 11, making it easier for California consumers to instruct data brokers to delete their personal information or refrain from selling or sharing it. Consumers already...more
President Biden signed an Executive Order on Oct. 30 for AI. The order establishes safety and security standards for AI, seeks to protect privacy and civil rights, and calls on multiple federal agencies to complete an...more
California Gov. Gavin Newsom signed an Executive Order (Order) on Sept. 6 aimed at preparing the state for the use and regulation of generative artificial intelligence (AI). Calling California the world leader in AI...more
By a 3-2 vote on July 26, the U.S. Securities and Exchange Commission (SEC) adopted final rules enhancing disclosure requirements regarding public companies’ cybersecurity risk management, strategy, governance and incident...more
On July 10, the European Union and the United States finalized the EU-U.S. Data Privacy Framework (DPF), an agreement that allows for the transfer of personal data from residents of the EU to certified companies in the U.S....more
7/26/2023
/ Cybersecurity ,
Data Privacy ,
Data Protection ,
EU ,
EU-US Privacy Shield ,
International Data Transfers ,
Personal Data ,
Regulatory Reform ,
Schrems I & Schrems II ,
Standard Contractual Clauses ,
U.S. Commerce Department
The public and private focus on corporate governance continued apace in the first half of 2023. In recent months, there were notable developments in jurisprudence potentially impacting corporate diversity initiatives and in...more
7/12/2023
/ 10b5-1 Plans ,
Civil Rights Act ,
Corporate Governance ,
Cybersecurity ,
Data Breach ,
Department of Justice (DOJ) ,
Export Administration Regulations (EAR) ,
Fourteenth Amendment ,
Popular ,
Sanction Violations ,
Section 11 ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Title VI ,
Wells Fargo
Two bills are scheduled to be introduced at the New York City (NYC) council meeting on April 27th that would amend NYC’s administrative code to more heavily regulate the collection and storage of biometric data by businesses...more
Recently, Iowa became the sixth state to enact a comprehensive privacy law to protect personal data, joining California, Virginia, Colorado, Utah and Connecticut. Although privacy laws have existed in the U.S. for decades,...more
On March 15, 2023, the Securities and Exchange Commission (SEC) proposed three rule changes that demonstrate its continued focus on cybersecurity. One of these proposals, and the only one to be unanimously approved (the...more
On March 9, software company Blackbaud agreed to pay $3 million to the SEC as a result of alleged misleading disclosures arising out of a 2020 data breach that involved customer bank account information and Social Security...more
In an era of increasing cyberattacks by varying threat actors, the board's oversight of cybersecurity risks remains a key responsibility. In two recent cases, the Delaware Court of Chancery (Chancery Court) dismissed Caremark...more
The year 2022 saw a groundswell of interest in privacy rights and related legislation. Five states enacted new laws or regulations aimed at protecting a general right to privacy, while the U.S. government came closer than...more
1/24/2023
/ Corporate Counsel ,
Cybersecurity ,
Data Privacy ,
Data Protection ,
Data Security ,
Federal Trade Commission (FTC) ,
FinCEN ,
NYDFS ,
Popular ,
Risk Management ,
Russia ,
Securities and Exchange Commission (SEC)