During the course of any lending transaction, lenders will conduct a due diligence review of the borrower, including reviewing any relevant “know-your-customer” information. In the context of a fund finance transaction, this...more
10/10/2024
/ Borrowers ,
California Consumer Privacy Act (CCPA) ,
Cybersecurity ,
Data Privacy ,
Data Protection ,
Due Diligence ,
EU ,
Financial Institutions ,
Firewalls ,
General Data Protection Regulation (GDPR) ,
Investors ,
Lenders ,
Multi-Factor Authentication ,
SaaS
On September 26, 2024, the Office of Information Communications Technology Services (OICTS) within the Bureau of Industry and Security of the U.S. Department of Commerce published a long-awaited proposed rule to regulate the...more
Following the publication of the European Union’s Artificial Intelligence Act (AI Act or Act) on 12 July 2024, there are now a series of steps that various EU bodies need to take towards implementation. One of the first key...more
Welcome to the July edition of Akin Intelligence. This month, United States agencies released several key pieces of artificial intelligence (AI) guidance, including patent eligibility guidance from the United States Patent...more
9/3/2024
/ Artificial Intelligence ,
Bias ,
Deceptive Intent ,
Department of Energy (DOE) ,
Department of Homeland Security (DHS) ,
Department of Justice (DOJ) ,
Equal Employment Opportunity Commission (EEOC) ,
EU ,
FCC ,
Federal Trade Commission (FTC) ,
General Services Administration (GSA) ,
HUD ,
Machine Learning ,
NTIA ,
Patent-Eligible Subject Matter ,
Proposed Rules ,
Regulatory Agenda ,
USPTO
Judge Engelmayer’s 107-page dismissal of most of the U.S. Securities and Exchange Commission (SEC)’s claims against SolarWinds provides valuable guidance, and some comfort, for public companies and Chief Information Security...more
8/19/2024
/ Chief Information Security Officer (CISO) ,
Corporate Counsel ,
Cyber Attacks ,
Cybersecurity ,
Disclosure Requirements ,
Fraud ,
Internal Controls ,
Misrepresentation ,
Negligence ,
Ransomware ,
Scienter ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
SolarWinds
Key Points - The Senate has passed landmark children’s online privacy and safety legislation via a near-unanimous vote shortly before departing for the August recess. The bill is comprised of revised versions of the Kids...more
8/2/2024
/ Artificial Intelligence ,
Consent ,
COPPA ,
Data Collection ,
Disclosure Requirements ,
Duty of Care ,
Federal Trade Commission (FTC) ,
Market Research ,
Minor Children ,
NDAA ,
Personal Information ,
Preemption ,
Privacy Policy ,
Proposed Legislation ,
Social Media ,
Transparency
On 12 July 2024, the European Union Artificial Intelligence Act (AI Act or Act) was published in the Official Journal of the European Union (EU), marking the final step in the AI Act’s legislative journey. Its publication...more
Welcome to the June edition of Akin Intelligence. This month, the General Services Administration (GSA) launched its first AI-focused cohort of Presidential Innovation Fellows (PIF), bringing together experts from across the...more
7/15/2024
/ Artificial Intelligence ,
Clinical Trials ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Cybersecurity Information Sharing Act (CISA) ,
Department of Defense (DOD) ,
EU ,
FCC ,
Federal Trade Commission (FTC) ,
Food and Drug Administration (FDA) ,
General Services Administration (GSA) ,
Healthcare ,
Innovation ,
Machine Learning ,
Medicare ,
NIST ,
OSTP ,
Political Advertising ,
Transparency
On June 24, 2024, the U.S. Securities and Exchange Commission (SEC) published five new Form 8-K Compliance and Disclosure Interpretations (C&DIs) expanding the agency’s interpretations of cybersecurity incident disclosures...more
On April 24, 2024, President Biden signed into law H.R. 815, a national security and foreign aid package which includes the “Protecting Americans’ Data from Foreign Adversaries Act of 2024” (“PADFA”). The Act establishes new...more
Welcome to the April-May edition of Akin Intelligence. This edition is a double header, covering both months as we prepare for the launch of our new AI Hub—a one-stop resource for AI coverage that will launch soon. Starting...more
6/14/2024
/ Artificial Intelligence ,
Bureau of Industry and Security (BIS) ,
CFTC ,
Department of Homeland Security (DHS) ,
Draft Guidance ,
Executive Orders ,
Federal Trade Commission (FTC) ,
Food and Drug Administration (FDA) ,
Know Your Customers ,
Machine Learning ,
Memorandum of Understanding ,
National Science Foundation ,
NIST ,
OMB ,
Risk Management ,
UK ,
USPTO
In May, the National Institute of Standards and Technology (NIST) issued updated recommendations for security controls for controlled unclassified information (CUI) that is processed, stored or transmitted by nonfederal...more
On April 4, 2024, Kentucky became the fifteenth state to enact a comprehensive data privacy law, with Governor Andy Beshear signing the Kentucky Consumer Data Protection Act (KCDPA) into law. The Kentucky law will go into...more
6/3/2024
/ Data Privacy ,
Data Processors ,
Data Protection ,
Data Security ,
Fair Credit Reporting Act (FCRA) ,
FERPA ,
General Data Protection Regulation (GDPR) ,
Gramm-Leach-Blilely Act ,
Health Insurance Portability and Accountability Act (HIPAA) ,
Opt-In ,
Popular ,
Right of Access ,
Sensitive Personal Information ,
State Data Privacy Laws
Key Points - Colorado's new Al law creates new obligations for developers and deployers of high-risk artificial intelligence (Al) systems. Similar to the EU Al Act, the law is risk-based and defines a "high-risk" Al system as...more
6/3/2024
/ Artificial Intelligence ,
Automated Decision Systems (ADS) ,
Bias ,
Colorado ,
Compliance ,
Disclosure Requirements ,
Governance Standards ,
High Risk Sectors ,
New Legislation ,
Penalties ,
Reporting Requirements ,
Risk Management ,
Transparency
On May 21, 2024, the European Union finalized the adoption of the groundbreaking EU Artificial Intelligence Act, a comprehensive and sector-agnostic legislation that extends globally. This 420-page Act aims to regulate the...more
6/3/2024
/ Artificial Intelligence ,
Automated Decision Systems (ADS) ,
Biometric Information ,
Code of Conduct ,
Compliance ,
Critical Infrastructure Sectors ,
Enforcement ,
EU ,
European Commission ,
Facial Recognition Technology ,
Information Governance ,
Machine Learning ,
Medical Devices ,
New Legislation ,
OECD ,
Penalties ,
Regulatory Standards ,
Risk Assessment ,
Risk Management ,
Supply Chain ,
Transparency ,
Voting Requirements
Key Points - Colorado’s new AI law creates new obligations for developers and deployers of high-risk artificial intelligence (AI) systems. Similar to the EU AI Act, the law is risk-based and defines a “high-risk” AI system as...more
5/28/2024
/ Algorithms ,
Artificial Intelligence ,
Colorado ,
Consumer Protection Laws ,
Disclosure Requirements ,
Documentation ,
Enforcement ,
EU ,
General Data Protection Regulation (GDPR) ,
Proposed Legislation ,
Risk Assessment ,
Risk Management ,
Transparency ,
Watershed
On 21 May 2024 the Council of the European Union (EU) announced the final approval of the landmark EU Artificial Intelligence Act (AI Act or Act). As previously highlighted (see our December 2023 alert), the AI Act is a first...more
5/24/2024
/ Artificial Intelligence ,
Data Collection ,
Enforcement ,
Ethics ,
EU ,
Facial Recognition Technology ,
Final Rules ,
Information Governance ,
OECD ,
Penalties ,
Risk Management ,
Sensitive Personal Information ,
Supply Chain ,
Transparency
Last week, the Securities and Exchange Commission imposed expanded privacy and cybersecurity obligations on fund managers and sponsors registered with the SEC as investment advisers. While many registered investment advisers...more
5/21/2024
/ Breach Notification Rule ,
Customer Information ,
Cybersecurity ,
Fund Managers ,
Incident Response Plans ,
Investment Adviser ,
Notice Requirements ,
Policies and Procedures ,
Privacy Laws ,
Private Funds ,
Recordkeeping Requirements ,
Regulation S-P ,
Securities and Exchange Commission (SEC) ,
Sponsors
On May 15, 2024, the Senate AI Working Group—Senate Majority Leader Chuck Schumer (D-NY) and Sens. Mike Rounds (R-SD), Todd Young (R-IN), and Martin Heinrich (D-NM)—issued their long-anticipated Roadmap for Artificial...more
5/17/2024
/ Artificial Intelligence ,
Cybersecurity ,
Data Privacy ,
Financial Services Industry ,
Fraud ,
General Elections ,
Healthcare ,
Innovation ,
Intellectual Property Protection ,
Investment ,
Machine Learning ,
National Security ,
NIST ,
Policies and Procedures ,
Proposed Legislation ,
Research and Development ,
Risk Mitigation
In September 2023, Delaware became the seventh state in 2023 to enact comprehensive privacy law with the Delaware Personal Data Privacy Act (DPDPA), joining Indiana, Iowa, Montana, Oregon, Tennessee and Texas. The DPDPA will...more
5/14/2024
/ Consumer Privacy Rights ,
Covered Entities ,
Data Privacy ,
Data Protection ,
Data Protection Acts ,
Data Security ,
EU ,
Exemptions ,
General Data Protection Regulation (GDPR) ,
Legislative Agendas ,
New Legislation ,
Personal Data ,
Privacy Laws ,
Regulatory Requirements ,
State and Local Government ,
State Privacy Laws
Effective May 1, 2024, companies must face new artificial intelligence (AI) disclosure requirements in Utah. The Utah AI Policy Act (AI Act) amends the Utah Consumer Privacy Act (UCPA) and Utah Consumer Sales Practices Act...more
On April 4, 2024, the Department of Homeland Security’s (DHS) Cybersecurity and Infrastructure Security Agency (CISA) officially published its Notice of Proposed Rulemaking (NPRM) detailing significant new cybersecurity...more
4/24/2024
/ Critical Infrastructure Sectors ,
Cyber Threats ,
Cybersecurity ,
Data Security ,
Department of Defense (DOD) ,
Department of Homeland Security (DHS) ,
Enforcement ,
Extortion ,
Homeland Security Cybersecurity & Infrastructure Security Agency (CISA) ,
Incident Response Plans ,
Notice of Proposed Rulemaking (NOPR) ,
Ransomware ,
Reporting Requirements
Key Points - On Sunday, April 7, Senate Commerce Committee Chair Maria Cantwell (D-WA) and House Energy and Commerce (E&C) Committee Chair Cathy McMorris Rodgers (R-WA) struck a deal on a comprehensive federal bill, the...more
Welcome to the March edition of Akin Intelligence. This month, the EU AI Act was approved by the European Parliament, moving one step closer to becoming the first major AI law. In the U.S., the DOJ brought criminal charges...more
4/10/2024
/ Artificial Intelligence ,
Biden Administration ,
Commercial Litigation ,
Copyright ,
Corporate Governance ,
Cybersecurity ,
Data Privacy ,
Data Security ,
EU ,
Executive Orders ,
Healthcare ,
Innovative Technology ,
Intellectual Property Protection ,
Legislative Agendas ,
Life Sciences ,
Machine Learning ,
National Security ,
Regulatory Agenda ,
Regulatory Reform ,
Regulatory Requirements ,
State and Local Government ,
Technology Sector ,
UK
On March 12, 2024, the Department of Defense (DoD) finalized a rule to open its Defense Industrial Base (DIB) Cybersecurity (CS) Program to all defense contractors who own or operate an unclassified information system that...more