A recent Financial Times newspaper article raises the question whether the mandate underlying the UK's competition authority (the CMA) should be reviewed. The argument is based on the CMA's blocking of the Microsoft/Activision merger, compared to the EU's conditional consent decision. The CMA's decision is being appealed by the merger parties ...
As global regulators continue to grapple with the challenges of developing and implementing effective Artificial Intelligence (AI) regulation, and with AI sitting high on the agenda for Rishi Sunak’s meeting this week with President Biden, the UK Government has announced that it will be hosting a global AI Summit later this year ...
In an uncertain market, there is often a renewed emphasis from investors not just on liquidity and rate of return on property investment opportunities, but also on the structuring of legal interests and the ability to ‘exit’ from a scheme ...
What is changing with how prudential regulators view fintech partnerships? How is this affecting financial institutions TPRM programs? Prudential regulators appear to be acknowledging the role that fintech partnerships have in the marketplace, both to expand banking services to previous unbanked/underbanked populations, and to allow smaller, regional banks to develop new markets for their services ...
Cybersecurity is a looming threat for most businesses. The impact of a major cyber event can resonate for weeks, months, and even years after the initial attack. To mitigate the risks to consumers, there have been several legislative updates to address these evolving threats, including a significant change for entities in, and adjacent to, the financial services space ...
Most commentary around AI looks at the big picture or the future of work, but in this article we look at some practical data protection implications for businesses that are considering implementing AI systems. 1. Automated Decision-Making There are specific rules in both the EU and UK GDPR (in this article we will refer to both together) covering individuals’ rights when processing involves solely automated decision-making, including profiling ...
On June 1, 2023, China's Ministry of Science and Technology ("MOST") officially released the Implementation Rules for the Regulation of Human Genetic Resources Administration ("Implementation Rules"), which will come into effect on July 1, 2023 ...
I. INTRODUCTION The post-Soviet states, including the Russian Federation, are mired in corruption across all levels of government-the judiciary, parliament, executive and executive agencies.' Naturally, a "culture of corruption" within government distorts several necessary components that make up the rule of law. Corrupt parliament members will not be responsive to the citizenry ...
In November 2021, the New York City Council passed a bill requiring that artificial intelligence (“AI”) tools used by employers to make or assist in hiring decisions or internal promotions undergo bias audits to screen for discriminatory effects. Under the City Charter, the bill became law a month later after it was returned unsigned to the Council by then-mayor Bill DeBlasio ...
For a decade or more, Meta has been sending Facebook data from European users – in the form of photos, chat, posts, and more – over to its parent company in the US for storage. Since the Snowden revelations, Europe has been aware that this data has been open to US intelligence services on a large scale, without – it says – the protections and accountability afforded to people in Europe ...
BT announced earlier this week that it plans to cut between 40,000 and 55,000 jobs by 2030. It expects around 10,000 of these roles to be replaced by AI, particularly in customer services. BT’s recent announcement is a reminder that increased use of AI is now a key board agenda item, with businesses exploring whether they can increase efficiency and improve operations by investing in generative AI ...
The much-awaited Renters (Reform) Bill received its first reading in the House of Commons last week, on Wednesday 17 May 2023. After five years of consultation and refinement, the reforms aim to improve the leasehold system through increased regulation, digitisation and standardisation. The Bill seeks to provide greater flexibility and security for residential tenants by imposing additional restrictions on private landlords ...
The latest reforms to Law No. 19,496 Consumer Protection Act, introduced mainly by the "Pro-Consumer" Law and the E-Commerce Regulation, will force companies to be more vigilant in the 2023 version of CyberDay. During the event, which will be held from May 29th to 31st, the National Consumer Service ("SERNAC") will be supervising that companies comply with their e-commerce obligations ...
Open Finance is becoming a pivotal element in the evolution of the European Union’s regulatory framework for payment services, most notably embodied in the anticipated Third Payment Services Directive (“PSD3”) ...
Two months ago, we published an article speculating how the UK government may look to regulate generative AI such as OpenAI’s ChatGPT and Google’s Bard, as part of its broader approach to AI regulation in the UK. On 29 March 2023, the government unveiled its White Paper entitled ‘A pro-innovation approach to AI regulation’ ...
Progression of developments in technology have always led to impacts on the general workforce. With increased international focus on the speed of AI development and use, what could the impacts be of AI be on today’s workforce? The BBC have recently covered that “a March 2023 report from Goldman Sachs estimated that AI capable of content generation could do a quarter of all the work currently done by humans ...
The wait is finally over as the Digital Markets, Competition and Consumers Bill (Bill) passes through Parliament with aims of introducing numerous protections for consumers, including powers to clamp down on fake reviews. The pandemic was the catalyst in the rise of online shopping meaning that consumers rely heavily on online reviews, more so now than they used to ...
SyCip Salazar Hernandez & Gatmaitan (SyCipLaw) has just published the SyCipLaw TMT and Data Bulletin covering significant Philippine legal and regulatory developments in the technology, media, telecommunications and data space, from late 2022 to the first quarter of 2023. It also notes links to podcasts and materials relating to TMT and dataPLUSa commentary on whether AI can replace a local counsel ...
The IDP is valid for 10 years (unless extended) and the States are required by law to keep it under review. The DPA was about to embark on a review in 2020 but this was put on hold due to the COVID-19 pandemic. Last year, the States approved an action to carry out a targeted review of the IDP between 2023 and 2025. The review The review commenced on 25 January 2023, and it focuses on amending certain policies to meet government priorities ...
Gone are the days when satellite communication was limited to those brick phones with long antennas. Satellite communications services are gaining traction globally as they offer alternative ways of connecting end users to the Internet and other related communications services. However, as electronic communications services via satellites become more popular and accessible, service providers are met with regulatory challenges ...
Have you ever browsed one of your favourite online retail platforms and noticed an entirely new clothing collection launched by the brand for your metaverse avatar? In February of this year, we stumbled upon Zara’s Valentine’s Tale range. The collection comprised 22 digital assets which included necklaces, earrings, rings and bags that could be purchased for your avatar through Zepeto, which is Asia’s largest metaverse platform ...
The Financial Market Commission ("FMC") has announced a process of consulting roundtables for the implementation of Law No. 21.521, known as the "Fintech Law" (Fintech in Spanish). Last May 15, an informative webinar was held where the CMF informed about the general guidelines for the operation of the consulting roundtables that will address aspects of the implementation of the Fintech Law. The FMC authority to carry out this process comes from Article 20 of Law No ...
