March 28, 2023 By: Meghna Parikh The Department of Justice (DOJ) Civil Cyber-Fraud Initiative continues to raise the stakes for government contractors. This initiative uses the False Claims Act (“FCA”) to hold government contractors accountable for knowingly (1) failing to monitor and report cyber data breaches, (2) implementing inadequate cybersecurity measures or (3) misrepresenting their cybersecurity practices ...
A recent significant enforcement action brought by the U.S. Securities and Exchange Commission against Blackbaud Inc. highlights the importance of public companies maintaining disclosure controls and procedures relating to cybersecurity incidents ...
Contents Introduction Bermuda British Virgin Islands Cayman Islands Guernsey Jersey Conclusion Introduction Carey Olsen, recently ranked in the FinTech sector by Chambers & Partners across each of its Bermuda, British Virgin Islands (BVI), Cayman Islands and Jersey offices (with a number of notable practitioners), continues to be a leader in the Fintech and digital/virtual asset sector, advising clients on the most novel and innovative crypto and blockchain projects ...
Tech Nation is a government-backed organisation which has supported digital-tech start-ups and scale-ups as well as offering global talent visa endorsement for over a decade. At the end of January, it announced its closure, effective from 31 March 2023. Tech Nation received its core grant funding from the Department for Culture, Media and Sport (DCMS), but this funding will now be awarded to Barclays Bank ...
Following our previous Advisory on Indonesia’s long-awaited Law No. 27 of 2022 on Personal Data Protection (the “PDP Law”) (view the Advisory here), this Advisory focuses on the transfer of personal data from Indonesia to other countries (cross-border transfers). The PDP Law is binding on all parties that process or control personal data in or outside Indonesia with a legal impact in Indonesia or on Indonesian data subjects ...
When you think of technological changes, you may not immediately think of the horse industry. Everything is more accessible now, thanks to the internet, and that includes your sport horse trainer and/or students. With live streaming and robot cameras, trainers are now able to connect in real time via video with students across the state, country and even across the globe ...
On 17 January 2023, Getty Images brought copyright infringement claims in both the US district (Delaware) court and in the UK High Court against Stability AI, the company behind ‘Stable Diffusion’ which is one of the artificial intelligence-powered image generators which have emerged over recent months. AI generators are able to develop images in response to keywords or instructions entered by a user ...
With the rise of DALL-E 2, Midjourney and others, AI powered tools are becoming more capable and impressive. Brands have started to use these tools for marketing campaigns such as BMW’s advertising campaign for the 8 Series Gran Coupé, where the car became a canvas for an AI-powered robot artist ...
Amongst the pensions, childcare and other headline financial announcements in this week's Spring Budget, Jeremy Hunt signalled the Government's continued focus on Artificial intelligence (AI) as a targeted growth sector for the UK economy. The Chancellor pledged a £900m investment to support the development of supercomputing capabilities that can underpin the growth of the AI sector in the UK ...
Crypto assets are assets that exist on a blockchain and are represented through a token, where the keys to the token are held in a crypto wallet. The characteristics of different crypto assets vary, depending on the code of the blockchain they operate on ...
In an underground burial temple located within the EU’s southernmost State, one can find a primitive drawing of a spiralling never-ending red tree. Archaeologists opine that the millennia-old Saflieni Hypogeum’s ‘Tree of Life’ was painted to give meaning to death. There is no evidence that the Maltese prehistoric biosphere sustained red spiralling trees ...
Published in Corporate Counsel Business Journal March 1, 2023 CCBJ: To start out, please share your background with our readers, including your involvement with the WSG–Legal 500 Survey of In-House Legal Technology. Herman Raspé: I am a partner at Patterson Belknap Webb & Tyler in the capital markets group with a focus principally on equity, but also cross-border debt transactions ...
On the 28th of February 2023, the European Data Protection Board (hereinafter referred to as the “EDPB”) issued its Opinion on the European Commission’s draft adequacy decision regarding the EU-U.S. Data Privacy Framework ...
Cisco has recently released its 2023 Privacy Benchmark Study which explores the impact of data privacy on organisations around the world and why data protection compliance remains mission critical for businesses. The study finds that 95% of companies understand privacy to be a ‘business imperative’, but Harvey Jang, Cisco’s privacy chief, highlights that ‘when it comes to earning and building trust, compliance is not enough’ ...
In the ‘Proposal for a Regulation laying down harmonised rules on artificial intelligence’ (the “draft EU AI Act”), transparency is regulated by Article 13 and Article 52 thereof. The former applies to systems of Artificial Intelligence (“AI”) which are classified as high-risk and the latter applies to limited-risk AI systems ...
Nearly 106,000 Americans are currently on waiting lists for donor organs and 17 die each day while waiting. The holy grail for rising to meet this demand and end this suffering will be the ability to “print” the organs, muscles, and tissues from individually grown cells, lowering the need for human donors and the complicated and sometimes unbearable stress that goes along with donor wait lines ...
Blockchain litigation lead, Matt Green will be hosting our latest podcast series, 'In Early - The Crypto Podcast' - Listen to episode 8. This week is about Bitcoin and the Tulip Trading case (recently in the Court of Appeal), in which a claimant seeks to transfer his Bitcoin without a private key, looking for the blockchain’s software developers to transfer them for him ...
The Virtual Assets Regulatory Authority (VARA) is a regulatory body established by the government of Dubai to oversee and regulate the virtual assets industry. In line with its mandate, VARA has issued a number of rule books, in particular the Compliance and Risk Management Rulebook (CRM), which sets out the regulatory framework for virtual asset service providers (VASPs) operating in Dubai ...
As a part of a reform of Russian data protection laws, Roskomnadzor adopted new rules for ban or restriction of cross-border transfer of personal data outside of Russia. Roskomnadzor may decide to ban or restrict cross-border transfer of personal data in the following cases: After the consideration of a data controller’s notification on cross-border transfer of personal data; Upon the motion of a competent authority to Roskomnadzor ...
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 ...
Green tech presents a growth area and one in which the UK could flourish, but to do so requires capital investment and a clear strategy alongside developing the necessary skillset of the UK workforce. So how realistic is this in the current climate? Experience to date would suggest that the UK is lagging behind other countries in this sector and that unless more is done, we will miss out on the opportunity green tech offers ...
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 ...
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 ...
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 ...
