Generative AI has become a worldwide sensation recently with the launch of ChatGPT, Stable Diffusion, Midjourney, and other eye-catching products. Large language models such as ChatGPT have shown their phenomenal capacity for human language comprehension, human-machine interaction, text writing, programming, reasoning, etc. by generating output that is often on a par with the level of human intelligence, if not better ...
At a recent event, Karen Kirkham (chair of JCT) and Sean Smylie (vice chair of the JCT) outlined the eagerly anticipated changes to the JCT suite of contracts. Speaking to members of the SCL in Birmingham, it was confirmed that the next edition is likely to be called JCT 2024 and is anticipated to be issued in the early part of next year ...
Electronic Money Institutions (EMIs) are financial institutions that offer electronic money services to customers. Legislation on EMIs is partially harmonised in the EU as there is only an Electronic Money Directive (Directive 2009/110/EC) (“EMD”) rather than a regulation. In Malta, the EMD is transposed in the Financial Institutions Act, Chapter 376 of the Laws of Malta ...
The SEC Division of Examinations (“Examinations”) issued a Risk Alert on April 26, 2023 to highlight the importance of establishing written policies and procedures for safeguarding customer records and information at branch offices. Examinations provides that a branch office includes any location other than a firm’s main office, including offices of any independent contractors through which a firm may offer investment products and services ...
The Competition and Markets Authority (CMA) is a UK independent agency established by legislation that ‘must seek to promote competition…for the benefit of consumers’. To do so the CMA may carry out research. The CMA announced on 4 May 2023 it is opening an initial review of competition and consumer protection considerations in the development and use of AI foundation models ...
The progression of online financial ecosystems supporting any modern economy hinges on the citizens’ use of new financial technologies. In Malta, the word ‘fintech’ is neither defined by law nor found in the jurisdiction’s primary legislation. Yet, local stakeholders on the island commonly limit the meaning of the word to blockchain-based finance ...
The UK government has proposed legislation (the Digital Markets, Competition and Consumers Bill) that would materially affect merger control for transactions of both UK and non-UK companies. This comment addresses the proposed introduction of a mandatory reporting regime as a prior step to the current merger control regime in the UK ...
The UK government has proposed legislation (Digital Markets, Competition and Consumers Bill - Parliamentary Bills - UK Parliament) that would materially affect merger control for transactions. This comment addresses the proposed changes that would be of concern to those engaged in mergers affecting local markets ...
On April 26th, 2022, the Senate unanimously approved in particular (first constitutional procedure) the Bill that establishes a Framework Law on Cybersecurity and Critical Information Infrastructure. As a result, the legislative proposal passed to the second constitutional procedure waiting to be discussed by the Chamber of Deputies ...
It has long been recommended that when you contract with a technology vendor that you include an indemnity clause in the contract wherein the vendor will indemnify you if its product is compromised and results in a data breach of your computer network. This recommendation was recently validated by both cyber authorities in the U.S. and in the U.K., Germany, Canada, Australia, New Zealand, and the Netherlands ...
It is imperative that a company knows what data it holds, why it is holding it, where it holds it, and who has access to it. The old adage that information is power leads many to believe that holding on to as much data as possible is a smart institutional practice because you never know when you may need it. However, the opposite is true. The more data a company holds, especially data that it has no use for, the more at risk it is for a future data breach ...
On April 18, 2023, Fox News agreed to pay Dominion Voting Systems a staggering $787.5 million to settle a defamation lawsuit. Particularly startling about the settlement is that Dominion was valued at around $51 million as recently as 2018, meaning that the settlement resulted in a payout up to fifteen times Dominion’s value. Dominion filed the lawsuit in response to publicly broadcast statements by Fox News and its guests after the 2020 election ...
The European Parliament gave its final approval to the Markets in Crypto-Assets Regulation (‘MiCA’) on 20 April 2023. The regulation forms part of the EU’s broader digital financial package whose aim is to encourage the use of fintech while ensuring consumer protection and financial stability across the EU. MiCA is the first harmonised EU framework for regulating crypto-assets and is applicable across Member States without national transposition ...
Contents Legal and Enforcement Framework Blockchain Market Cryptocurrencies Smart Contracts Data and Privacy Cybersecurity Intellectual Property Trends and Predictions Tips and Traps Legal and Enforcement Framework What general regulatory regimes and issues should blockchain developers consider when building the governance framework for the operation of blockchain/distributed ledger technology protocols? As a matter of policy, Jersey has chosen not to regulate
Contents Legal and Enforcement Framework Blockchain Market Cryptocurrencies Smart Contracts Data and Privacy Cybersecurity Intellectual Property Trends and Predictions Tips and Traps Legal and Enforcement Framework What general regulatory regimes and issues should blockchain developers consider when building the governance framework for the operation of blockchain/distributed ledger technology protocols? The primary regulatory regime to consider in the Cayman
Contents Legal and Enforcement Frameworks Blockchain Market Cryptocurrencies Smart Contracts Data and Privacy Cybersecurity Intellectual Property Trends and Predictions Tips and Traps Legal and Enforcement Framework What general regulatory regimes and issues should blockchain developers consider when building the governance framework for the operation of blockchain/distributed ledger technology protocols? Fintech legislation and guidance notes: The British Virgin Island
Contents Legal and Enforcement Framework Blockchain Markets Cryptocurrencies Smart Contracts Data and Privacy Cybersecurity Intellectual Property Trends and Predictions Tips and Traps Legal and Enforcement Framework What general regulatory regimes and issues should blockchain developers consider when building the governance framework for the operation of blockchain/distributed ledger technology protocols? Bermuda has a digital asset sector specific legal and regulatory re
The Vietnamese Government issued the first-ever comprehensive legal framework on personal data for the country in the form of Decree No. 13/2023/ND-CP dated 17 April 2023, on personal data protection (“DPD”). The DPD, which will take effect from 1 July 2023, applies to agencies, organizations and individuals that are involved in the collection and processing of personal data ...
The government has issued more guidance regarding Accountable Persons and the Principal Accountable Person under the Building Safety Act 2022 (BSA). These persons are key to the building safety regime, with responsibility for assessing and managing structural and fire risks in occupied higher-risk buildings (HRBs) – and subject to criminal sanctions for non-compliance ...
The full effect of the Product Security and Telecommunications Infrastructure Act 2022 is yet to be felt, despite it having received Royal Assent on 6 December 2022. Further rights will, however, come into force today, Monday 17 April 2023. Sections 58-59 of the Act grant three distinct rights to telecoms operators enabling them to upgrade and share apparatus ...
The Chilean Institute of Industrial Property (INAPI) has recently announced the possibility to apply to a program for fast-tracking patent’s and utility model’s applications, provided that said applications relate to technical solutions capable of impacting the environment positively ...
April 17, 2023 By: Meghna Parikh ALERT: Recent guidance from the Food and Drug Administration (“FDA”) clarifies a procedural issue for premarket submissions related to cybersecurity of medical devices and emphasizes the importance of collaboration between the FDA and medical device manufacturers. Providers using medical devices in their practice should pay attention to these rulings because they impacts the providers’ ability to educate and engage their patients ...
