On 26 October 2023 the Online Safety Act (‘the Act’) received Royal Assent, enacting rules designed to, in the UK government’s words, make the UK the safest place in the world to be online ...
Shoosmiths’ head of technology sector Joe Stephenson attended the Tech and Innovation Summit, focused on how public and private sector organisations are supercharging innovation into action. In today's rapidly evolving technological landscape, staying ahead of the curve is crucial for businesses and governments alike. Below, we reveal our key takeaways from the event: Data Centres: Meeting the Demand for Growth The digital age has ushered in a surge in data generation and consumption ...
Given the pace of change over recent months it seems a cliché to say we’ve had an eventful couple of weeks for AI, but just a week on from the UK's AI Safety Summit at Bletchley Park, which followed hot on the heels of a sweeping executive order on AI from the Biden administration, it is worth reflecting on where the events of the last 10 days or so leave us in terms of prospective regulation of AI ...
The King's Speech 2023 unveiled an ambitious vision for the future of transportation - heralding a new era of self-driving vehicles in the UK. The speech introduced a comprehensive plan to integrate autonomous vehicles into daily lives, as part of the government's commitment to advancing transportation technology. The proposed Automated Vehicles Bill will provide the Department for Transport with the necessary authority to certify the safety of driverless vehicles ...
Contents Legal framework Security Restructuring Insolvency Cross-border/Groups Liability risk The COVID-19 pandemic Other Trends and predictions Tips and traps Legal Framework What domestic legislation governs restructuring and insolvency matters in your jurisdiction? Parts XXI to XXIV of the Companies (Guernsey) Law 2008, as amended, contain the main statutory provisions relating to corporate insolvencies and reorganisations of Guernsey companies ...
The Ministry of Economy published the new proposed Regulation on Price Information per Unit of Measurement of Products (Decree No. 229 of 2002), which seeks to improve the transparency and quality of the information provided to consumers regarding the prices of products both in physical stores and online, so that they can make informed purchasing decisions and promote fair competition in the market ...
India Business Law Journal Article Published on November 6, 2023 Our annual ‘State of the Legal Market’ survey finds that AI, specialist firms, discerning clients and the paired trends of fragmentation and consolidation are preoccupying the legal community. Katherine Abraham reports Big changes are afoot in the Indian legal landscape with the arrival of foreign firms and the integration of artificial intelligence (AI) technology ...
Our present time is in constant evolution and Artificial Intelligence (AI) has demonstrated its ability to revolutionize entire industries and improve our quality of life in many aspects. In our global interconnectedness, it is a reality that organizations are already working on implementing AI for various purposes, including improving processes and the way they do business ...
A recent data protection fine highlights the risks of getting a few key things wrong. Fines for large data security breaches always grab press attention, however a recent €600,000 fine from the French data protection regulator (the CNIL) brings into sharp focus the risks for businesses when they get a few key things wrong without any catastrophic failures amongst them ...
Contents Government attitude and definition Cryptocurrency regulation Sales regulation Taxation Money transmission laws and anti-money laundering requirements Promotion and testing Ownership and licensing requirements Mining Border restrictions and declaration Reporting requirements Estate planning and testamentary succession Government attitude and definition The BVI has established itself as a leading offshore finance centre that is resilient, agile and innovative in the
Contents Government attitude and definition Cryptocurrency regulation Sales regulation Taxation Money transmission laws and anti-money laundering requirements Promotion and testing Ownership and licensing requirements Mining Border restrictions and declaration Reporting requirements Estate planning and testamentary succession Government attitude and definition The Cayman Islands is a leading global financial centre and has developed a reputation as one of the world’s most
Contents Please click on the links below to jump to the relevant section: Government attitude and definition Cryptocurrency regulation Digital Asset Business Act Scope of the DABA Licensing requirement Application process Criteria to be met by licensees Continuing obligations of licence holders BMA’s supervision and enforcement powers Digital Asset Issuance Act Scope of DAIA Authorisation requirements Authorisation criteria Ongoing obligations BMA’s supervis
At Halloween, we look at whether data protection laws protect doorstep trick-or-treaters and how technologies such as CCTV and smart doorbells can be used lawfully under data protection law. Along with the ghosts and goblins, bands of happy revellers may be preparing to roam the streets this Halloween to get their seasonal sweet fix armed with nothing more than a pumpkin lantern and hopeful smile ...
At the end of last week, the FT published a guest article on quantum computing. For those unfamiliar with quantum computing, it is the technology that will be capable of harnessing the powers of quantum mechanics to solve problems which are too complex for ‘classical’ computers (the computers of today). Classical computing employs streams of electrical impulses to encode information: an electrical impulse may be only 1 or 0 (i.e. on or off) – a classical 'bit’ ...
Although this is a developing area, many billions of assets under management have already been tokenised. High profile managers such as Franklin Templeton, Abrdn, KKR, Mitsui and Hamilton Lane have already launched tokenised products. Tokenised assets nonetheless still represent a tiny percentage of the funds industry. We expect this area to grow exponentially in the coming years. What is tokenisation? Tokenisation is the digital representation of 'traditional' financial assets (e.g ...
In the second instalment of The Fintech Times' ‘Where to Relocate’ series, we turn the spotlight to the Cayman Islands as a VASP-friendly jurisdiction. Situated in the Caribbean, the Cayman Islands offer a unique blend of regulatory excellence, technological innovation, and a commitment to fostering the growth of digital assets ...
The Product Security and Telecommunications Infrastructure Act 2022 (PSTIA) received Royal Assent on December 6, 2022. The PSTIA makes various changes to the Electronic Communications Code (the Code) – however, its intended effects are only being felt piecemeal, as its provisions are being slowly brought into force through secondary legislation. Ss ...
Clearview AI has escaped punishment in the UK for its global facial recognition database. The reasons why are crucial and will potentially affect the future of privacy for everyone in the UK. Alongside Cambridge Analytica, Clearview AI has emerged as probably the best-known maverick of data analytics based on recent reports. It has been fined by data protection regulators around the world, including in the UK, for developing what regulators consider unlawful facial recognition technology ...
On October 16, 2023, the Division of Examinations of the United States Securities and Exchange Commission (the “Division”) published the 2024 Examination Priorities. Historically, the Examination Priorities have been published in the 1st quarter of the applicable calendar year. For 2024, the Division revised the publication date to align with the start of the SEC’s fiscal year ...
On October 16, 2023, the Council of the Central Bank of Chile ("CBCh") published in consultation a proposal to systematize and update the exchange information requested to entities that are part of the Formal Exchange Market (the "Project"), in compliance with the regulation of the Foreign Exchange Regulations Compendium ("FERC"), together with a reformulation and restructuring of this regulatory body ...
It’s the final countdown, with only one year to go before EU member states must transpose the EU’s new Network and Information Security 2 Directive (“NIS 2”) into national law. Key Dates EU Member States have until 17 October 2024 to transpose NIS 2 into national law and those national laws will apply to organisations as early as 18 October 2024. Enforcement is likely to start from 17 January 2025, in line with parallel legislation affecting financial services ...
When the Occupational and Personal Pension Schemes (Conditions for Transfer) Regulations 2021 came into force on 30 November 2021 the government promised to review them 18 months later. That review shows there's more work to be done. Background Back in December 2021 we wrote about the new Occupational and Personal Pension Schemes (Conditions for Transfer) Regulations 2021 (Transfer Regulations), which had come into force on 30 November 2021 ...
