Unclaimed property audits and compliance changes will challenge many US companies in 2023. Any company that is not filing annual reports will be at risk of an expensive multi-year audit, and even long-time filers could be...more
On October 4, 2022, the White House Office of Science and Technology Policy (OSTP) issued the Blueprint for an AI Bill of Rights (the Blueprint), which lays out guidelines for companies to use to protect the public...more
The US Supreme Court heard arguments on October 3, 2022 on an unclaimed property case for the first time since the early 1990s. The case, Delaware v. Pennsylvania, is a state-versus-state dispute between Delaware and...more
The California State Legislature has passed legislation giving the Controller the green light to establish a California Voluntary Compliance Program (VCP) for holders of unclaimed property. The bill, A.B. 2280,...more
Experts estimate that within the next decade or so, adversaries will have the capacity to use quantum computing to break the encryption on virtually all existing digital databases. This is why it is highly significant...more
On July 8, 2022, the California Privacy Protection Agency (the CPPA) officially began the formal rulemaking process for the California Privacy Rights Act (CPRA). The CPPA identified three primary goals for the rulemaking...more
On June 16, 2022, the Federal Trade Commission (FTC) issued a strongly worded report to Congress, “Combatting Online Harms Through Innovation,” warning that policymakers must use “great caution” when mandating the use of...more
The CFPB recently updated its examination manual to, in Director Chopra’s words, “combat discriminatory practices across the board in consumer finance.” Under the CFPB’s revised manual, any discriminatory conduct that the...more
7/22/2022
/ Anti-Discrimination Policies ,
Banking Examinations ,
Compliance ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
ECOA ,
Examination Manual ,
Fair Housing Act (FHA) ,
Financial Services Industry ,
FinTech ,
Marketing ,
UDAAP ,
Unfair or Deceptive Trade Practices
Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R- WY) introduced new proposed legislation on June 7, 2022, which would classify the vast majority of digital assets as commodities, and empower the Commodities Futures...more
6/14/2022
/ CFTC ,
Commodities ,
Cryptoassets ,
Cryptocurrency ,
Cybersecurity ,
Digital Assets ,
Environmental Social & Governance (ESG) ,
FERC ,
FinTech ,
Infrastructure Investment and Jobs Act (IIJA) ,
Investment Contract ,
NIST ,
Proposed Legislation ,
Securities and Exchange Commission (SEC)
Connecticut’s new consumer privacy law imposes enhanced privacy disclosures and assessment requirements on businesses, and provides consumer rights similar to those in Europe’s GDPR, the California Privacy Rights Act (CPRA),...more
5/18/2022
/ Consumer Privacy Rights ,
Data Privacy ,
Exemptions ,
Fair Credit Reporting Act (FCRA) ,
General Data Protection Regulation (GDPR) ,
Gramm-Leach-Blilely Act ,
Health Insurance Portability and Accountability Act (HIPAA) ,
Jurisdiction ,
Personal Data ,
Sensitive Personal Information ,
State Privacy Laws
Welcome to the latest edition of Updata!
Updata is an international report produced by Eversheds Sutherland’s dedicated Privacy and Cybersecurity team - it provides you with a compilation of key privacy and cybersecurity...more
On March 24, 2022, the Utah governor signed a consumer privacy law (the Utah Consumer Privacy Act, UCPA), marking the fourth state law to create enhanced data privacy rights and protections for consumers. The law will go into...more
“Corporate evasion is corporate fraud,” the California Attorney General declares in a March 22, 2022 press release accompanying an unclaimed property complaint the State has filed alleging systemic failure to report and remit...more
In an Executive Order (EO) issued March 9, 2022, President Joseph Biden set out the guiding principles for US policy on digital assets and digital asset regulation, including US policy with respect to a US Central Bank...more
The Securities and Exchange Commission (SEC) has joined a host of other regulators in doubling down on efforts to protect against the rapidly intensifying cyber threats - with important implications for all SEC-registered...more
The EU-US Insurance Dialogue Project (“Project”) began in early 2012 as an initiative by the European Commission, the European Insurance and Occupational Pensions Authority (EIOPA), the Federal Insurance Office (FIO) of the...more
11/8/2021
/ Artificial Intelligence ,
Big Data ,
Cross-Border ,
Cyber Threats ,
Cybersecurity ,
EU ,
Insurance Industry ,
International Harmonization ,
NAIC ,
Popular ,
Regulatory Agenda ,
Technology Sector ,
Working Groups
On September 21, 2021, the US Department of the Treasury took actions in response to the increasing prevalence and severity of ransomware attacks in the United States and address the central role that virtual currency and...more
9/27/2021
/ Currency Exchange ,
Cybersecurity ,
Cybersecurity Information Sharing Act (CISA) ,
Digital Currency ,
Economic Sanctions ,
Enforcement Actions ,
Office of Foreign Assets Control (OFAC) ,
Ransomware ,
SDN List ,
U.S. Treasury ,
Virtual Currency
There are many similarities between the Colorado Privacy Act (ColoPA), the California Consumer Privacy Act (CCPA), the California Privacy Rights Act (CPRA), the Virginia Consumer Data privacy Act (VCDPA), and Europe’s GDPR,...more
7/15/2021
/ California Consumer Privacy Act (CCPA) ,
California Privacy Rights Act (CPRA) ,
Consumer Privacy Rights ,
Data Controller ,
Data Deletion ,
Data Processors ,
Data Protection ,
Data Subjects Rights ,
Enforcement Authority ,
General Data Protection Regulation (GDPR) ,
Gramm-Leach-Blilely Act ,
Jurisdiction ,
Personal Data ,
Sensitive Personal Information ,
Standard Contractual Clauses ,
State Privacy Laws ,
Statutory Violations
On June 1, 2021, the Delaware Supreme Court affirmed the Court of Chancery’s decision to quash an administrative subpoena seeking extensive records in an unclaimed property audit of AT&T. The Delaware Department of Finance...more
On May 7, 2021, the US House of Representatives Task Force on Artificial Intelligence (AI) held a hearing on “Equitable Algorithms: How Human-Centered AI can Address Systemic Racism and Racial Justice in Housing and Financial...more
Updata is an international report produced by Eversheds Sutherland’s dedicated Privacy and Cybersecurity team – it provides you with a compilation of key privacy and cybersecurity regulatory and legal developments from the...more
3/11/2021
/ California Consumer Privacy Act (CCPA) ,
China ,
Coronavirus/COVID-19 ,
Court of Justice of the European Union (CJEU) ,
Cybersecurity ,
Data Privacy ,
Data Security ,
EU ,
EU-US Privacy Shield ,
European Data Protection Board (EDPB) ,
Hong Kong Monetary Authority (HKMA) ,
Popular ,
Schrems I & Schrems II ,
State Privacy Laws ,
Surveillance ,
Virus Testing
On March 2, 2021, Governor Northam signed the Virginia Consumer Data Protection Act (CDPA or the Act) making it the country’s second comprehensive data privacy legislation following California’s Consumer Protection Act of...more
3/5/2021
/ California Consumer Privacy Act (CCPA) ,
Data Controller ,
Data Processors ,
Data Protection ,
Data Protection Acts ,
Enforcement Actions ,
General Data Protection Regulation (GDPR) ,
Governor Northam ,
Gramm-Leach-Blilely Act ,
Health Insurance Portability and Accountability Act (HIPAA) ,
New Legislation ,
State Data Privacy Laws
It was a tumultuous year for privacy and cybersecurity, and further uncertainty is all but guaranteed. The key to navigating this volatility, as 2020 proved, is to develop and maintain a proactive, agile and holistic data...more
2/10/2021
/ Artificial Intelligence ,
California Consumer Privacy Act (CCPA) ,
Coronavirus/COVID-19 ,
Cryptocurrency ,
Cyber Crimes ,
Cybersecurity ,
Data Breach ,
Data Privacy ,
Data Security ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Financial Services Industry ,
General Data Protection Regulation (GDPR) ,
NAIC ,
Popular
Many US companies will face the threat of increased unclaimed property exposure in 2021 as states and private litigants ramp up audits, litigation and legislative changes designed to increase payments to states. Although...more
The massive SolarWinds security breach, which affected not only the private sector, but federal, state and local governments, has caused some to question whether to share data with the government. On Friday, December 18, the...more