With only four months left before most changes to the federal Standards for Safeguarding Customer Information (“Safeguards Rule”) – a component of the Gramm-Leach Bliley Act (“GLBA”) that provides for the protection of consumers’ privacy and personal information – take effect, the Federal Student Aid Office is focused squarely on postsecondary educational institutions and third-party servicers, according to its recent announcement ...
The MFSA published a Consultation Document on proposed amendments to the Insurance Business Act (hereinafter referred to as the “IBA”) and the Insurance Distribution Act (hereinafter referred to as the “IDA”) on the 22nd of February. The MFSA also made available the draft legislation, as well as a podcast laying down the proposed amendments ...
From television commercials to naming rights for arenas, the topic of cryptocurrency has been hard to avoid. While cryptocurrency may be virtual, its creation or ’mining’ occurs in the real world. This mining poses a credit risk for utility companies, given the incredible amount of electricity required to operate a “mining” facility. For example, crypto mining company Core Scientific, Inc ...
U.S. businesses should take note of the enhanced benefits now available to companies that self-disclose misconduct or otherwise cooperate with the U.S. Department of Justice (DOJ) under the DOJ Criminal Division’s new Corporate Enforcement Policy.[1] The policy, as revised, governs not only the DOJ’s handling of matters under the Foreign Corrupt Practices Act (FCPA),[2] but also the DOJ’s handling of matters under other federal criminal statutes as well ...
If the draft EU regulation on Artificial Intelligence (“AI”) titled ‘Proposal for a Regulation laying down harmonised rules on artificial intelligence’ (the “draft EU AI Act”) becomes law, investment funds could have an additional risk which would need consideration, namely, the AI risk ...
Introduction Recent years have seen the UAE making regular updates to its laws in order to guarantee a legal regime that is forward-looking, and consistent with international standards and principles. The leaders of the UAE have been particularly cognizant of the need to have a robust criminal law regime to encourage legitimacy in business, and dissuade any unscrupulous activities that could reflect negatively on the UAE as a determined and fast-developing economy ...
In the latest report published in December 2022 by the Fraud Advisory Panel in conjunction with BDO LLP, 100 UK based charities were surveyed. 69% said that they had experienced financial loss due to fraud. 58% said they believed that the risk of fraud will increase over the next 12 months ...
The non-fungible token (NFT) boom among luxury fashion brands recently made headlines again with a highly publicised trial involving the French fashion brand Hermès and its iconic Birkin handbags in New York. The case involved a prominent figure in the world of NFTs, digital artist Mason Rothschild. NFTs are digital assets that are unique, verified, and securely stored on a blockchain (a type of decentralised public digital database) ...
This article discusses the recent Insight Paper on Web3 (“Paper”) which was published by the Digital Regulation Cooperation Forum (“DRCF”) on 3 February 2023. It explores the regulatory perspective on the future vision of the internet and what the next steps are for the regulators and interested stakeholders ...
In the past week, there were several important updates made to the Federal Acquisition Regulations (FAR) by the Department of Defense (DoD), General Services Administration (GSA), and the National Aeronautics and Space Administration (NASA) ...
In the past week, there were several important updates made to the Federal Acquisition Regulations by the Department of Defense (DoD), General Services Administration (GSA), and the National Aeronautics and Space Administration (NASA) ...
The Digital Markets Act (DMA) – which is underpinned by competition law - allows access to third parties to data previously held only by ‘Gatekeepers’, namely, large digital platforms, such as Google or Facebook ...
The Law on Competition (2018) (“Law”) is effective, but it is not fully implemented due to the lack of appointed regulatory authority. Hence only the Law’s merger provisions have been enforced through the regulator under the now repealed Law on Competition 2004, the Vietnam Competition and Consumer Authority, under the authority of Vietnam’s Ministry of Industry and Trade (“MOIT”) ...
It's the final countdown to the new Consumer Duty. After what feels like a lifetime of consultations, responses and commentary on the FCAs new Consumer Duty, the final countdown is upon us. With just over 5 months to go before the Consumer Duty comes into force, the big question is.. ...
Below, we will seek to explain the basic features of the technology underlying Bitcoin and other crypto tokens and clarify what crypto assets actually are. Blockchain basics Blockchains can be defined as shared, immutable ledger databases that are stored as «blocks» of data. In these blocks of data, assets and transactions in a business network can be tracked. All of the participants in a blockchain will have access to the last and updated «block» of data at all times ...
17 February, 2023, marks the deadline for providers of online platforms to publish information on the average monthly active recipients of their services in the European Union (EU), as required by the Digital Services Act (Regulation (EU) 2022/2065) (DSA). The DSA defines online platforms as providers of hosting services that publicly disseminate users’ information ...
In addition to the draft EU regulation on Artificial Intelligence (“AI”) titled ‘Proposal for a Regulation laying down harmonised rules on artificial intelligence’ (the “draft EU AI Act”), the EU Commission is also proposing a separate draft directive on non-contractual liability relating to AI titled ‘Proposal for a Directive on adapting non-contractual civil liability rules to artificial intelligence’ (the “draft AI Li
Below is an excerpt: The new ChatGPT platform, developed and operated by OpenAI LLC, has taken the world by storm. It has an impressive ability to take direction and, in turn, produce prose in almost any context — including those that could be used in a litigation practice. While ChatGPT certainly presents unique opportunities to litigators for streamlining certain areas of practice, they should be cautious of potential pitfalls with handing over the reins ...
The refinancing policies for listed companies on the Shanghai and Shenzhen Stock Exchanges will be revised as a part of the full implementation of the registration-based stock issuance system reform, in addition to the reform of the IPO-related rules ...
ChatGPT is promising (or threatening) to reinvent the way people work in a multitude of industries. How will this transformation affect the legal industry - are there risks to using it? ChatGPT is an artificially intelligent language model designed to give human-like responses to various questions and prompts. Released by OpenAI in November 2022, the platform quickly gained immense popularity, reaching over one million users within five days of its release ...
The UK government’s 2022 Policy Paper on AI Regulation made no specific reference to generative AI models such as ChatGPT, the chatbot that has been taking the world by storm. Considering the speed at which such AI models are developing, however, and the interest they are attracting, the government may look to consider regulating them more explicitly. In such case, it is unclear whether the government will stick to the principles set out by Liz Truss’s administration ...
An analyst estimates that the market value in 2023 for digital advertising will be US$701 billion. The EU’s Digital Markets Act (DMA) is a legislative competition law 'key' to 'unlocking' the big-data relating to digital advertising held in the ‘safe’ owned by BigTech. Advertising agencies are potentially one class of beneficiary (see link for article - The Digital Markets Act - Strategy reboot for online advertising) ...
The most common form of legal practice in Nigeria is the one-man practice this could be in the form of either a sole practitioner or a sole proprietorship arrangement. In the sole practitioner arrangement, there is only one lawyer who is the owner of the firm while all other staff in the office are not lawyers but support staff. In the sole proprietorship arrangement, the lawyer - owner employs other legal practitioners to assist him in his practice ...
Introduction In recent times, the Court has been asked to hear cases where a General Partner ("GP") has failed to discharge its duties in relation to the affairs of an ELP. Without the co-operation of the GP, Limited Partners are often left bereft of information relating to assets of the ELP. They cannot properly realize their investments under the ELP and, even if they can, there is a spectre of doubt over whether the distributions represent their full entitlement in the assets of the ELP ...
Overview There is no sell-out right in the 2008 Law for minority shareholders to be bought out. However, the constitutional documents of the target Guernsey Company (the “Target Company”) may provide additional rights to minority shareholders. From 1 July 2009, a provision to appoint a body to regulate takeovers and mergers in Guernsey was introduced to the 2008 Law, under the Companies (Panel on Takeovers and Mergers) Ordinance, 2009 (the “Takeover Panel”) ...
