The CRA will affect a broad range of digital products placed on the EU market (including by those based outside the EU), including connected hardware/devices, software and remote data processing solutions. The EU has adopted...more
4/16/2025
/ Cybersecurity ,
Data Processors ,
Digital Operational Resilience Act (DORA) ,
Distributors ,
EU ,
General Data Protection Regulation (GDPR) ,
Hardware ,
Importers ,
Manufacturers ,
New Legislation ,
Popular ,
Regulatory Requirements ,
Risk Assessment ,
Software ,
Supply Chain
Earlier this year, the UK’s Competition and Markets Authority (CMA) published an update to its initial report on AI foundation models which presented the CMA’s findings on key changes in the foundation model sector and...more
The EU Digital Operational Resilience Act introduces a regulatory oversight framework for information and communications technology service providers that are considered “critical” for financial entities within the...more
The NIS 2 Directive requires a wide range of in-scope organizations to adopt robust cybersecurity measures and incident response plans....more
11/5/2024
/ Compliance ,
Cyber Threats ,
Cybersecurity ,
Employee Training ,
Enforcement ,
EU ,
European Commission ,
Fines ,
General Data Protection Regulation (GDPR) ,
Incident Response Plans ,
Penalties ,
Reporting Requirements ,
Supply Chain
With the DORA compliance deadline on the horizon at the start of 2025, EU financial entities should be engaging in both internal and external preparations to meet their new regulatory obligations.
The EU Digital...more
In light of the increasing organizational use of and reliance on software and the concerns raised regarding the malicious use of the same, the UK Government has published a response to its call for views on software...more
The Competition and Markets Authority (CMA), the UK’s competition regulator, announced this month that it plans on publishing an update in March 2024 to its initial report on AI foundation models (published in September...more
A decision of the High Court of the United Kingdom earlier this year is an important reminder that the limitation of liability clause remains a crucial piece of any high value or complex contractual arrangement. The...more
There will be additional compliance obligations and mandatory contractual provisions introduced for financial entities and outsourced IT service providers.
The new DORA seeks to strengthen the resilience of financial...more
7/21/2023
/ Cybersecurity ,
Cybersecurity Framework ,
Data Privacy ,
Data Protection ,
Data Security ,
EU ,
Financial Institutions ,
Financial Services Industry ,
General Data Protection Regulation (GDPR) ,
Information and Communication Technology (ICT) ,
Information Technology ,
Internet Service Providers (ISPs) ,
New Legislation ,
New Regulations ,
Third-Party Service Provider
Under a proposed new regime, UK financial regulators will be granted a range of powers over third parties that provide critical services to the finance sector.
Third parties will be designated as “critical” by HM Treasury...more
For some time the position under English law relating to the recovery of liquidated damages from a contractor as penalty for late delivery has been unclear where the contract terminates before the contractor completes the...more
From September 30, 2019, new guidelines on outsourcing arrangements (Guidelines) issued by the European Banking Authority (EBA) will apply to all outsourcing arrangements entered into, reviewed or amended on or after this...more
In what is a challenging sector—especially following recent revelations over “secretive” government-awarded post-Brexit contracts—the UK Government recently issued new guidance on outsourcing aimed at improving government...more
Payment service providers operating in the EU must take note of new risk management requirements from the European Banking Authority.
The European Banking Authority’s operational and risk management guidelines apply to all...more
1/29/2018
/ Banking Sector ,
Capital Markets ,
Cloud Computing ,
Cybersecurity ,
EU ,
European Banking Authority (EBA) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Payment Systems ,
Policies and Procedures ,
Risk Management
Financial institutions should take note of, and make every effort to comply with, the European Banking Authority’s new cloud computing guidance which will be effective from 1 July 2018.
In order to clarify EU-wide...more
1/24/2018
/ Banking Sector ,
Capital Requirements Regulation (CRR) ,
Cloud Computing ,
Cloud Service Providers (CSPs) ,
Creditors ,
Data Processors ,
Data Protection ,
EU ,
Financial Institutions ,
MiFID II ,
Outsourcing ,
Popular