In the weeks following a defective software update that disrupted several industries globally, including financial services, aviation, retail, and emergency services, remediation efforts remain ongoing while organizations...more
The European Securities and Markets Authority (ESMA) recently published its first formal guidance on the use of artificial intelligence (AI) in the provision of retail investment services. The guidance outlines AI’s potential...more
In our latest blog post on preparing for the EU’s Digital Operational Resilience Act (DORA), entering into force on January 17, 2025, we take a look at second-level requirements under DORA covering the classification and...more
The European Union’s new AI Act (the Act) went into efect on 1 August 2024. The Act is the first-ever comprehensive law focused on artifcial intelligence and machine learning (collectively, AI). The Act impacts many...more
Beginning January 17, 2025, financial entities based in the European Union must have in place processes and policies, and mandatory contract provisions with their third-party technology vendors, that comply with the EU...more
As the United Kingdom prepares for the upcoming general election on July 4, 2024, attention turns to if there will be a potential change in government. This transition may not only bring changes in fiscal governance, but also...more
In this blog post we explore build-operate-transfer (BOT) models in relation to businesses setting up offshore delivery centers, commonly becoming known as Global Capability Centers (GCCs). Morgan Lewis is seeing a rise in...more
Starting January 17, 2025, financial entities based in the European Union must have in place processes and policies, as well as mandatory contract provisions with their third-party technology vendors, that comply with the...more
A significant number of legacy software solutions are now incorporating generative artificial intelligence (GenAI), and most new software solutions have some form of GenAI capabilities. This is true across the majority of, if...more
The Dutch Data Protection Authority—the Autoriteit Persoonsgegevens (AP)—recently announced that it will in many cases regard scraping of personal data by private sector organizations as an infringement of the EU General Data...more
As part of our Technology Marathon webinar series, partners Kristin Lee, Mike Pierides, and Steven Stone recently discussed the increasing regulatory focus by financial regulators on artificial intelligence (AI). Here are...more
Beginning January 17, 2025, the European Union’s Digital Operational Resilience Act (DORA) will require financial entities to maintain and submit to EU regulators a comprehensive register of their contractual arrangements...more
The UK Competition and Markets Authority (CMA) recently published an update paper outlining its concerns with AI foundation models (FMs). The CMA’s September 2023 initial Report on FMs set out its early views on how FMs...more
It’s no surprise that AI is dominating the news cycle. One would be hard pressed to find another trend that has so quickly woven itself into the fabric of legal documents. We are seeing service agreement riders, diligence...more
New ICT incident reporting requirements under Circular 24/847 (Circular) of the Commission de Surveillance du Secteur Financier (CSSF), Luxembourg’s financial regulator, will come into effect on April 1. This introduces a new...more
The European Central Bank (ECB) has published data showing that banks are increasingly using third-party providers to support their critical functions. However, more than 10% of outsourcing contracts covering critical...more
A recent decision by the Court of Justice of the European Union will extend the EU General Data Protection Regulation’s automated decision-making restrictions to many present and future use cases of such technologies. While...more
Industry analysts are predicting significant increases in information technology (IT) and outsourcing spending in 2024, with some predictions being in the double digits. Surges in artificial intelligence (AI) use case...more
Post-pandemic tourism is clearly back, with the air transport industry returning to profitability in 2023. The International Air Transport Association (IATA) reported that the demand for passenger and cargo air transport is...more
After lengthy negotiations, representatives of the EU Council, European Parliament, and European Commission have reached a compromise in principle on rules for the use of artificial intelligence (AI), ushering in new...more
On October 25, the Morgan Lewis technology transactions, outsourcing, and commercial contracts team filled a room in New York with representatives from various industries who were looking to engage in interactive discussions...more
The United Kingdom’s Information Commissioner’s Office and data protection authorities from Canada, Australia, Hong Kong, Mexico, Switzerland, Norway, New Zealand, Colombia, Jersey, Morocco, and Argentina have released a...more
In recent years, the gambling industry has seen significant growth, with online betting and gaming platforms becoming increasingly popular. However, this rapid expansion has also raised concerns about the potential for money...more
Although the advent of readily accessible social media platforms has allowed for the proliferation of user content worldwide, there is increasing pressure on social media platforms and related companies to moderate the...more
The UK government has released updates to its Digital, Data, and Technology (DDaT) Playbook, outlining guidance and relevant considerations for entities dealing with DDaT projects in this fast-changing sector. The DDaT...more