Have you amended a contract recently? The UK Supreme Court in Cobalt v HMRC has said that whether a contract has been varied, or replaced, depends on the parties’ common intention, objectively ascertained. So if you are...more
Standard Chartered issued preference shares to Guaranty to satisfy certain regulatory capital requirements. Guaranty was the sole registered shareholder as nominee for a depository which issued American depository shares. It...more
This is the final note in a three-part series on the regulation of artificial intelligence in the financial services sector in the United States, the European Union and the United Kingdom. Our first note, we provided a...more
10/21/2024
/ Artificial Intelligence ,
Consumer Protection Laws ,
Data Protection ,
Enforcement Actions ,
EU ,
Financial Services Industry ,
General Data Protection Regulation (GDPR) ,
Information Commissioner's Office (ICO) ,
Legislative Agendas ,
Liability ,
Privacy Laws ,
Regulatory Agenda ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC) ,
UK ,
United States
Rapid and accelerating developments in artificial intelligence have prompted governments around the world to consider how AI should be regulated and used responsibly by businesses, without stifling innovation.
This is...more
10/17/2024
/ Artificial Intelligence ,
Capital Markets ,
Data Protection ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
General Data Protection Regulation (GDPR) ,
Innovative Technology ,
Intellectual Property Protection ,
Machine Learning ,
Privacy Laws ,
Regulatory Agenda ,
Technology Sector ,
UK ,
White Collar Crimes
Many governments are grappling with the question of how to regulate artificial intelligence to ensure it is adopted safely and used responsibly without hampering innovation. Governments have generally indicated similar...more
10/8/2024
/ Artificial Intelligence ,
Bank of England ,
Bergdorf Goodman ,
Data Collection ,
Data Processors ,
Data Selling ,
Documentation ,
EU ,
European Banking Authority (EBA) ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Services Industry ,
Information Governance ,
Machine Learning ,
MiFID II ,
Personal Data ,
Popular ,
Privacy Laws ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Regulatory Standards ,
Risk Management ,
Third-Party ,
Training ,
Transparency ,
UK
With AI we face a combination of accelerating technological development and, depending on the jurisdiction, a greater or lesser degree of legislative intervention.
Artificial intelligence burst into our collective...more
10/4/2023
/ Advertising ,
Artificial Intelligence ,
Bots ,
China ,
Copyright ,
Cybersecurity ,
Data Protection ,
Ethics ,
EU ,
Innovative Technology ,
Intellectual Property Protection ,
Legislative Agendas ,
Machine Learning ,
Misrepresentation ,
Popular ,
Regulatory Agenda ,
Regulatory Requirements ,
UK
The laws that govern the metaverse are grounded in those of Planet Earth. Private civil laws relating to contract, tort, IP and data privacy all bite, as do criminal and regulatory laws. Where the difference lies is in their...more
10/4/2023
/ Arbitration ,
Artificial Intelligence ,
Civil Liability ,
Data Privacy ,
Dispute Resolution ,
Enforcement ,
EU ,
Intellectual Property Protection ,
Machine Learning ,
Metaverse ,
Popular ,
Regulatory Agenda ,
Regulatory Requirements ,
Risk Management ,
Technology Sector
How should decisions made by AI be evaluated in a bid to ascertain and attribute legal liability when things go wrong, given we may not be capable of understanding how those decisions were made?
“Unless you obey my...more
Disputes risks are an ever-present part of doing business. Indeed, for some, these risks are built into their business model. They like to move fast and accept they may break some things. Disputes are part of the cost of...more
Eleven months after the publication of its monster consultation paper, the Law Commission has published its final report on Digital Assets. Last time, tongue in cheek, we likened the hype to that for “Top Gun: Maverick”,...more
One of the many legal consequences of Russia’s full-scale invasion of Ukraine in February last year was that businesses were faced with having to analyse the exact remit of sanctions laws and the extent to which they caught...more
The first week of May 2023 saw further EU case law emerge on the right to compensation under the GDPR, and in this blog we analyse the implications of these latest rulings and consider what may be coming next....more
The Court of Appeal has applied business common sense to resolve a dispute about the scope of a patent licence and the meaning of a so-called patent laundering clause....more
Last autumn, the Court of Appeal held that actions taken by majority shareholders of a company, asking directors to resign, were not unfairly prejudicial to the minority shareholders. In doing so, the court made some...more
Foreign states formally recognised by the UK government have unlimited capacity, the UK Supreme Court has confirmed, in a significant decision in long running litigation between a trustee for Eurobonds (held by Russia) and...more
Digital bonds, including those issued on a public blockchain, can be accommodated by English law, according to the UK Jurisdictional Taskforce in its brand-new legal statement. The position is slightly more challenging for...more
This blog has a keen (some might say unhealthy) interest in good faith. If you share this affliction, then please make some time for a paper that the Financial Markets Law Committee has put together on the topic....more
In finding that “mere upset” alone does not give rise to compensation under the GDPR, the Advocate General of the Court of Justice of the EU may have dealt another blow to those pursuing class actions under the GDPR....more
On 28 September 2022, the European Commission published two proposals aimed at modernising product liability rules in the digital age. The proposal is the first specifically designed to address compensation for damage caused...more
Lawyers face a steep learning curve when it comes to cryptoassets and distributed ledger technology. So, it's no surprise that the Law Commission’s consultation paper on digital assets comes out at a whopping 548 pages....more
I went to an excellent talk by Michael Fealy QC to the London Solicitors Association about termination. The main thing I took away was his deceptively simple route map to approaching this thorny subject. ...more
Russia’s invasion of Ukraine has led to the U.S., the EU and the UK imposing wide-ranging sanctions and to significant retaliatory measures by Russia. The immediate priority for those who have operations, or contracts, with a...more
The Law Commission has published an impressive paper on smart legal contracts to which Allen & Overy, along with many others, contributed; but what does it all mean? ...more
The decision of the UK Supreme Court in Lloyd v Google is a welcome relief for data controllers. However, is it the end of class actions for data breach?...more
In unanimously refusing to allow a representative action to proceed, the UK Supreme Court may have sounded the death knell for opt-out class actions in England for data breaches: Lloyd v Google [2021] UKSC 50....more