AI has revolutionized the way many businesses operate. Firms in the financial sector are eager to take advantage of rapidly developing technologies but do not want to risk running afoul of relevant Securities and Exchange...more
9/16/2024
/ Artificial Intelligence ,
Broker-Dealer ,
Consumer Financial Products ,
Disclosure Requirements ,
Financial Services Industry ,
Investment Adviser ,
Machine Learning ,
Regulatory Agenda ,
Regulatory Reform ,
Regulatory Requirements ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Technology Sector
Across industries, companies are facing new and uncertain regulatory pressures and demands in areas including artificial intelligence, sustainability, algorithmic pricing and fintech-bank relations. In this issue of The...more
9/10/2024
/ Algorithms ,
Antitrust Division ,
Artificial Intelligence ,
Banking Sector ,
Board of Directors ,
Competition ,
Corporate Governance ,
Department of Justice (DOJ) ,
Disclosure Requirements ,
Enforcement Actions ,
EU ,
Financial Institutions ,
FinTech ,
Multinationals ,
Price-Fixing ,
Regulatory Agenda ,
Regulatory Requirements ,
Reporting Requirements ,
Risk Management ,
Sustainability ,
Technology Sector ,
UK
As AI systems become more complex, companies are increasingly exposed to reputational, financial and legal risk from developing and deploying AI systems that do not function as intended or that yield problematic outcomes. The...more
9/4/2024
/ Artificial Intelligence ,
Corporate Governance ,
Cybersecurity ,
Data Privacy ,
EU ,
Machine Learning ,
Privacy Laws ,
Regulatory Agenda ,
Regulatory Requirements ,
Risk Assessment ,
Risk Management ,
Technology Sector ,
UK
As implementation of the EU’s Digital Operational Resilience Act (DORA) approaches, financial market participants and their technology service providers (both in and out of Europe) face a critical compliance deadline. The new...more
7/19/2024
/ BaFin ,
Cybersecurity ,
Data Privacy ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Markets ,
Financial Regulatory Reform ,
Financial Services Industry ,
Regulatory Agenda ,
Technology Sector ,
UK
The accelerated development of artificial intelligence (AI) has shown the transformative potential of the technology across industries, making it an integral part of strategic planning for market participants, from technology...more
6/25/2024
/ Acquisitions ,
Artificial Intelligence ,
Data Protection ,
Due Diligence ,
Indemnity ,
Intellectual Property Protection ,
Material Adverse Effects ,
Merger Agreements ,
Mergers ,
Privacy Laws ,
Representations and Warranties ,
Technology Sector
Colorado has become the first state to enact a comprehensive law relating to the development and deployment of certain artificial intelligence (AI) systems. The Colorado Artificial Intelligence Act (CAIA), which will go into...more
6/24/2024
/ Artificial Intelligence ,
Colorado ,
Consumer Financial Products ,
Consumer Protection Laws ,
Cybersecurity ,
Data Privacy ,
Disclosure Requirements ,
FinTech ,
Machine Learning ,
New Legislation ,
Regulatory Reform ,
Regulatory Requirements ,
Risk Management
Rather than specifically regulating artificial intelligence (AI), the UK government has opted to rely on the existing web of laws and regulations applying to technology across a spectrum of sectors in its jurisdiction. But...more
5/13/2024
/ Artificial Intelligence ,
Cybersecurity ,
Data Privacy ,
Enforcement Actions ,
Financial Conduct Authority (FCA) ,
Information Commissioner's Office (ICO) ,
Popular ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Regulatory Requirements ,
UK
On April 2, 2024, the Enforcement Division of the California Privacy Protection Agency (CPPA) issued Enforcement Advisory No. 2024-01. This first-ever enforcement advisory focuses on promoting compliance with California...more
4/19/2024
/ Artificial Intelligence ,
California Consumer Privacy Act (CCPA) ,
California Privacy Protection Agency (CPPA) ,
Consumer Litigation ,
Cybersecurity ,
Data Collection ,
Data Privacy ,
Enforcement ,
Financial Institutions ,
FinTech ,
Intellectual Property Protection ,
Opt-Outs ,
Regulatory Requirements ,
Technology
Tennessee has enacted the Ensuring Likeness, Voice and Image Security (ELVIS) Act, which aims to protect individuals from the use of their persona in connection with “deepfakes” (i.e., fake content generated by artificial...more
4/3/2024
/ Artificial Intelligence ,
Fraud ,
Innovative Technology ,
Intellectual Property Protection ,
Legislative Agendas ,
Machine Learning ,
Music Industry ,
Name and Likeness ,
New Legislation ,
Private Right of Action ,
Regulatory Agenda ,
State and Local Government ,
Technology ,
Tennessee
The oversight obligations of boards continue to expand. Recent enforcement actions and new laws in areas such as cybersecurity, artificial intelligence and supply chains create new challenges for boards, as we explain in this...more
2/19/2024
/ Acquisitions ,
Activist ,
Artificial Intelligence ,
Board of Directors ,
Canada ,
China ,
Competition ,
Corporate Governance ,
Cyber Incident Reporting ,
Cybersecurity ,
Disclosure Requirements ,
EU ,
Executive Orders ,
Federal Contractors ,
Financial Services Industry ,
Forced Labor ,
Germany ,
International Labor Laws ,
Life Sciences ,
Machine Learning ,
Manufacturers ,
Mergers ,
NGOs ,
Political Campaigns ,
Political Contributions ,
Political Conventions ,
Publicly-Traded Companies ,
Risk Assessment ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Shareholder Activism ,
Shareholders ,
Technology Sector ,
UK ,
Uyghur Forced Labor Prevention Act (UFLPA)
Key Points -
- In the months since the Biden administration issued a sweeping executive order directing government departments to implement policies to address the opportunities and risks associated with artificial...more
2/14/2024
/ Artificial Intelligence ,
Biden Administration ,
Cybersecurity ,
Executive Orders ,
Innovative Technology ,
Legislative Agendas ,
Machine Learning ,
Regulatory Agenda ,
Regulatory Reform ,
Regulatory Requirements ,
Risk Management ,
Technology Sector
AI in 2024: Monitoring New Regulation and Staying in Compliance With Existing Laws Companies that develop or employ AI tools have to consider proposed AI-specific regulation as well as an array of existing IP, privacy,...more
12/22/2023
/ Acquisitions ,
Artificial Intelligence ,
CFIUS ,
China ,
Cybersecurity ,
Data Privacy ,
Energy Sector ,
EU ,
Intellectual Property Litigation ,
Intellectual Property Protection ,
International Litigation ,
Investment ,
IRS ,
Mergers ,
National Security ,
New Hires ,
New Legislation ,
New Regulations ,
Outer Space ,
Private Equity ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC) ,
Taxation ,
Technology Sector ,
Trade Relations ,
Trade Restrictions ,
UK
On October 10, 2023, California Gov. Gavin Newsom signed into law Senate Bill 362, also known as the Delete Act, allowing California residents to have their personal information deleted by all registered data brokers...more
12/15/2023
/ Audits ,
California ,
California Privacy Protection Agency (CPPA) ,
Compliance ,
Data Brokers ,
Data Deletion ,
Disclosure ,
Fair Credit Reporting Act (FCRA) ,
GLBA Privacy ,
Governor Newsom ,
Gramm-Leach-Blilely Act ,
Health Insurance Portability and Accountability Act (HIPAA) ,
New Legislation ,
Penalties ,
Regulatory Agenda
Key Points The rapid adoption of artificial intelligence (AI) technology across the economy has raised a number of novel legal issues. In this article, we discuss five key issues to track in 2024, including:...more
On September 28, 2023, the Cyberspace Administration of China (CAC) published the draft Provisions on Regulating and Promoting Cross-Border Data Transfers (Draft Provisions). If adopted into law in their current form, the...more
On October 30, the U.S. government released its long-awaited, sweeping executive order (the AI EO or Order) on artificial intelligence (AI). The Order directs various U.S. government departments and agencies to evaluate AI...more
11/6/2023
/ Artificial Intelligence ,
Biden Administration ,
Compliance ,
Copyright ,
Corporate Governance ,
Cybersecurity ,
Data Privacy ,
Data Security ,
Executive Orders ,
Healthcare ,
Innovative Technology ,
Intellectual Property Protection ,
Legislative Agendas ,
Life Sciences ,
Machine Learning ,
National Security ,
Popular ,
Regulatory Agenda ,
Regulatory Reform ,
Regulatory Requirements ,
Technology Sector
On September 20, 2023, the U.S. Department of Homeland Security released a report outlining the varied and sometimes conflicting reporting requirements that private entities face when they are victims of a cyber incident. The...more
10/17/2023
/ CIRC ,
Corporate Governance ,
Cyber Incident Reporting ,
Cybersecurity ,
Department of Homeland Security (DHS) ,
Legislative Agendas ,
Popular ,
Public-Private Entities ,
Regulatory Agenda ,
Reporting Requirements ,
Securities and Exchange Commission (SEC)
In this month’s Privacy & Cybersecurity Update, we examine Delaware’s new comprehensive data privacy law, a joint statement by 12 data protection authorities on data scraping and data protection, a district court ruling on a...more
10/3/2023
/ California Privacy Protection Agency (CPPA) ,
Cybersecurity ,
Data Privacy ,
Data Protection ,
Popular ,
Privacy Laws ,
Risk Assessment ,
Risk Management ,
State and Local Government ,
State Data Privacy Laws ,
State Privacy Laws ,
Web Scraping
In July, the Innovation, Cybersecurity and Technology Committee of the National Association of Insurance Commissioners (NAIC) released an exposure draft of its model bulletin titled “Use of Algorithms, Predictive Models, and...more
9/20/2023
/ Algorithms ,
Artificial Intelligence ,
Data Protection ,
Data Security ,
Insurance Industry ,
Internal Controls ,
Machine Learning ,
NAIC ,
Regulatory Agenda ,
Regulatory Oversight ,
Risk Management ,
Third-Party
In this month’s Privacy & Cybersecurity Update, we analyze the Biden administration’s proposed cybersecurity labeling program for smart devices, NIST’s extensive overhaul of its cybersecurity framework, and data privacy law...more
9/6/2023
/ Biden Administration ,
California ,
California Privacy Rights Act (CPRA) ,
Colorado ,
Compliance ,
Cybersecurity ,
Data Privacy ,
Data Protection ,
Labeling ,
NIST ,
Popular ,
Privacy Laws ,
Smart Devices ,
State Privacy Laws
Although enactment of federal legislation regulating the use of AI is likely not on the near-term horizon, a number of federal agencies, including the Federal Trade Commission (FTC), have been reminding the entities they...more
The passage of omnibus federal legislation on the use of artificial intelligence (AI) is unlikely in the short term, but individual federal agencies continue to address the implementation of AI within the areas they regulate....more
8/11/2023
/ Artificial Intelligence ,
Broker-Dealer ,
Comment Period ,
Conflicts of Interest ,
Financial Services Industry ,
Investment Adviser ,
Machine Learning ,
Proposed Rules ,
Regulatory Agenda ,
Regulatory Reform ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
Copyright Office Provides Guidance on the Registration of Works That Include AI-Generated Material -
During a June 2023 webinar, representatives of the Copyright Office provided much needed clarification and guidance on...more
8/3/2023
/ Artificial Intelligence ,
Copyright ,
Copyright Applications ,
Copyright Office ,
Copyright Registration ,
Innovative Technology ,
Intellectual Property Protection ,
Inventions ,
Inventors ,
Machine Learning ,
Technology Sector
In this month’s Privacy & Cybersecurity Update, we examine the newly established data privacy framework between the EU and U.S. and new consumer privacy laws in Oregon and Texas. We also review a court ruling that delayed...more
8/2/2023
/ Biometric Information Privacy Act ,
California ,
California Privacy Rights Act (CPRA) ,
Cyber Incident Reporting ,
Cybersecurity ,
Cybersecurity Framework ,
Data Privacy ,
Data Transfers ,
Disclosure ,
EU ,
European Commission ,
European Economic Area (EEA) ,
General Data Protection Regulation (GDPR) ,
NYDFS ,
Oregon ,
Popular ,
Privacy Laws ,
Proposed Amendments ,
Regulatory Requirements ,
Risk Management ,
Texas
In our June Privacy & Cybersecurity Update, we review new data privacy laws in Colorado, Connecticut, Florida and Montana; Verizon’s annual Data Breach Investigations Report; AM Best’s report on cyber insurance trends; and...more
7/6/2023
/ Biometric Information Privacy Act ,
Consumer Privacy Rights ,
Cyber Insurance ,
Cybersecurity ,
Data Breach ,
Data Collection ,
Data Processors ,
Data Protection ,
Employer Liability Issues ,
Employment Litigation ,
Enforcement ,
Investigations ,
Liability ,
Negligence ,
New Amendments ,
New Legislation ,
New Regulations ,
Opt-Outs ,
Popular ,
Privacy Laws ,
State and Local Government ,
State Privacy Laws ,
Technology Sector ,
Verizon