The European Union (EU) Artificial Intelligence Act (AI Act), Regulation (EU) 2024/1689 of the European Parliament and of the Council of 13 June 2024 laying down harmonised rules on artificial intelligence and amending...more
8/12/2024
/ Amended Regulation ,
Artificial Intelligence ,
Broker-Dealer ,
Brokers ,
Compliance Dates ,
Effective Date ,
EIOPA ,
EU ,
EU Directive ,
European Banking Authority (EBA) ,
European Commission ,
European Supervisory Authorities (ESAs) ,
Extraterritoriality Rules ,
Financial Services Industry ,
Insurance Brokers ,
International Harmonization ,
Investment Adviser ,
Lenders ,
Member State ,
Nonbank Firms ,
Retail Investors ,
Third-Party Service Provider
The EU Artificial Intelligence (AI) Act is set to become the world’s first comprehensive regulation on AI. After extensive negotiations, the European Parliament, Commission, and Council reached a political agreement on the AI...more
7/19/2024
/ Artificial Intelligence ,
Compliance ,
Educational Institutions ,
Effective Date ,
EU ,
European Commission ,
European Council ,
European Parliament ,
Immigration Procedures ,
Infrastructure ,
Member State ,
New Legislation ,
Public Servants ,
Risk Mitigation
The new EU Artificial Intelligence Act (“AI Act”) is a risk-based framework, ranging from outright prohibitions on certain types of systems to light regulation of others. The AI Act sets out to define AI systems, their levels...more
In our previous alert AI and Machine Learning in UK financial services, we discussed the response in FS 2/23 of the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) to its discussion paper on...more
Yesterday, March 13, 2024, the European Parliament approved the EU Artificial Intelligence Act (“AI Act”), a sweeping AI governance framework which presents the first comprehensive law in the world aimed at ensuring AI...more
3/15/2024
/ Artificial Intelligence ,
Compliance ,
Compliance Dates ,
Digital Services ,
EU ,
European Commission ,
European Parliament ,
Exceptions ,
General Data Protection Regulation (GDPR) ,
Machine Learning ,
Member State ,
Multinationals ,
Penalties ,
Regulatory Authority ,
Risk-Based Approaches ,
Technology
The EU Parliament’s committees for internal market and civil liberties overwhelmingly adopted the final text of the Artificial Intelligence Act (AI Act). The European Parliament will now vote on the AI Act in a formality that...more
Generative AI (GenAI) surged to the forefront of corporate agendas and public policy debates last year, promising to boost productivity and innovation. What’s in store for AI in 2024?...more
1/17/2024
/ Artificial Intelligence ,
Authors ,
Authorship ,
Copyright ,
Copyright Infringement ,
Data Privacy ,
EU ,
General Data Protection Regulation (GDPR) ,
Innovative Technology ,
Inventors ,
Investors ,
IP License ,
Machine Learning ,
Patents ,
Pharmaceutical Industry ,
Popular ,
Privacy Concerns ,
Regulatory Oversight ,
Software ,
Technology Sector
On 7 December 2023, the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) published a joint consultation paper titled ”CP26/23 - Operational resilience: Critical third parties to the UK financial...more
On October 30, 2023, President Biden issued an Executive Order (EO) on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence. The EO establishes sweeping directives and priorities for federal...more
11/1/2023
/ Artificial Intelligence ,
Biden Administration ,
Civil Rights Act ,
Cybersecurity ,
Department of Health and Human Services (HHS) ,
Executive Orders ,
Federal Procurement Systems ,
Intellectual Property Protection ,
Legislative Agendas ,
National Security ,
NIST ,
Popular ,
Proposed Legislation ,
Public Agencies ,
Regulatory Agenda ,
Semiconductors ,
Technology Sector
In our previous alert, we discussed the emerging trends for regulating artificial intelligence (AI) in financial services and mentioned a joint paper published by the Prudential Regulation Authority (PRA) and Financial...more
In our previous alert, we noted the speech made by Nikhil Rathi, CEO of the UK Financial Conduct Authority (FCA), which built on the points made in a joint paper published by the Bank of England (BoE) and FCA on artificial...more
10/12/2023
/ Artificial Intelligence ,
Bank of England ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Information Reports ,
Joint Statements ,
Machine Learning ,
Prudential Regulation Authority (PRA) ,
Risk Assessment ,
Risk Management ,
UK
On 25 August 2023, the EU’s Digital Services Act (“DSA”) came into effect for very large online platforms and very large online search engines. The DSA becomes fully applicable to other entities within its scope on 17...more
The European Union Artificial Intelligence Act, or EU AI Act, is expected to pass this year. It will come into force about two years after it is approved, potentially at the end of 2025 or early 2026....more
In a recent speech, Nikhil Rathi, CEO of the UK Financial Conduct Authority (FCA), set out the FCA’s latest views on the role of artificial intelligence (AI) in financial services. The speech highlights many benefits but also...more
7/28/2023
/ Artificial Intelligence ,
Competition ,
Consumer Privacy Rights ,
Cyber Attacks ,
Cyber Crimes ,
Deep Fake ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Identity Theft ,
Machine Learning ,
Privacy Laws ,
Regulatory Agenda ,
Risk Assessment ,
Scams ,
SMCR ,
UK
On July 10, 2023, the European Commission adopted an adequacy decision for the new EU-US Data Privacy Framework (“DPF”), the revamped transatlantic framework designed to support transfers of personal data from the EU to...more
7/19/2023
/ Adequacy Requirement ,
Binding Corporate Rules ,
Certification Requirements ,
Data Privacy ,
EU ,
Executive Orders ,
Framework Agreement ,
International Data Transfers ,
Personal Data ,
Privacy Framework ,
Standard Contractual Clauses ,
Switzerland ,
UK
Generative AI models access vast pools of information from a wide variety of sources, including information users add in prompts. This can include private or sensitive information, which may be used without consent and may be...more
The Digital Markets, Competition, and Consumers Bill (the DMCC) was introduced in the House of Commons on 25 April 2023, and the second reading was held on 17 May. The DMCC aims to cover two main topics: (a) digital markets...more
On 11 May 2023, the European Union’s landmark AI Act took a giant leap forward as the EU Parliament's Internal Market Committee and the Civil Liberties Committee (EU Parliament) approved their compromise text. The draft AI...more
The Department for Science, Innovation and Technology published a white paper on 29 March 2023 titled "AI Regulation: A Pro-Innovation Approach", which sets out the UK Government’s proposals to regulate artificial...more
On March 10, 2023, the US Federal Deposit Insurance Corporation took control of the assets of Silicon Valley Bank (SVB). In light of SVB’s closure, many venture firms and emerging companies are establishing new accounts with...more
Last year, the European Union passed a number of important EU legislative acts relating to the regulation of technology. Further legislative acts and proposals affecting technology are on the agenda for 2023, including the...more
2/7/2023
/ Artificial Intelligence ,
Corporate Counsel ,
Cybersecurity ,
Digital Markets Strategy ,
Digital Services ,
Electronic Devices ,
EU ,
Internet of Things ,
Popular ,
Regulatory Oversight ,
Regulatory Requirements ,
Smart Devices ,
Technology ,
Technology Sector
On June 4, 2021, the European Commission (the “EC”) abolished the old Standard Contractual Clauses (the “Old SCCs”) and published a new more flexible set of clauses (the “New SCCs”) for companies that wish to export personal...more
Outbound IP -
We often see early-stage companies entering into contracts that contain ambiguous or vague intellectual property (“IP”) licensing or ownership language. As an early-stage tech or life sciences company, it is...more
On 25 March 2022, President Biden and the President of the European Commission (“EC”) von der Leyen announced that the U.S. and EU reached an agreement in principle on a new Trans-Atlantic Data Privacy framework for...more
3/30/2022
/ Court of Justice of the European Union (CJEU) ,
Data Protection ,
EU ,
EU-US Privacy Shield ,
European Commission ,
European Court of Justice (ECJ) ,
European Data Protection Board (EDPB) ,
International Data Transfers ,
Personal Data ,
Schrems I & Schrems II ,
Standard Contractual Clauses
The European Securities and Markets Authority (“ESMA”) Final Report Guidelines on outsourcing to cloud service providers (“the Guidelines”) came into force on 31 July 2021 and apply to all cloud outsourcing arrangements...more
1/19/2022
/ Audits ,
Cloud Service Providers (CSPs) ,
EU ,
European Securities and Markets Authority (ESMA) ,
Exit Strategies ,
Financial Services Industry ,
Information Security ,
Investment Firms ,
Outsourcing ,
Termination ,
UK