The Online Safety Act 2023 implements broad reforms for how many businesses must operate their online services. Here, Matthew MacLachlan explains the action to take now to comply. The Online Safety Act 2023 (‘the Act’) received Royal Assent in October 2023. Although the Act is now law, it will not be enforced by the regulator, Ofcom, until secondary legislation is passed and when Ofcom’s draft codes of practice are finalised ...
Following the recently reported hack of the US Securities and Exchange Commission (SEC)’s social media account yesterday (10 January 2024), the SEC formally announced that it had approved the launch of 11 Bitcoin ETFs in the US. As the announcement states, these approvals are not an endorsement of cryptocurrency as an “investment” or of any of the issuers of the ETFs themselves ...
Jon Bew and Wayne Gibbard, co-heads of the Financial Services Sector at Shoosmiths, comment on upcoming trends and developments to expect in 2024 for the sector. Everyone is feeling it, the rumbling of a technological storm. The immergence of generative AI, RegTech and increased fraud and cyber risk, have swept clouds of uncertainty across the Financial Services Sector… ...
Compliance Will Need Banks to explain “How the AI Systems Work” Delano Magazine Written by: Kangkan Halder Published on 24.12.2023 The growing role of artificial intelligence in processing information for legal documentation and counsel won't eliminate the need for human lawyers or ethical judgments, argue Marc Mouton and Astrid Wagner, partners at Arendt & Medernach ...
Please note the following press release. This press release is available at our homepage. DATAGROUP, advised by Heuking, acquires iT TOTAL AG A team led by Dr. Rainer Herschlein and Benedikt Raisch legally advised DATAGROUP SE on the acquisition of iT TOTAL AG. DATAGROUP thus expands its footprint in southwest Germany and enhances its position with attractive customers and experienced IT professionals ...
On Dec. 13, 2023, in a 4-1 vote, the Federal Communications Commission finalized new rules to close the so-called lead generator robocall and robotexts loophole, marking a significant paradigm shift in lead generation practices. On Dec ...
Shoosmiths’ Technology Sector Group comments on upcoming trends and developments to expect in 2024 for the sector. Artificial Intelligence (AI) Alex Kirkhope – IT & Tech Partner With Collins Dictionary naming “AI” its word of the year, there is no disputing that artificial intelligence has been the world’s most talked about technology of 2023 ...
Crypto assets are a rapidly evolving and highly innovative sector of the financial industry, offering new opportunities and challenges for businesses, consumers and regulators. Crypto assets are digital representations of value or contractual rights that use cryptography and distributed ledger technology (DLT) to enable peer-to-peer transactions without intermediaries ...
The UK government has recently proposed new regulations to strengthen security measures for data centres operating in the UK. The new regulations aim to protect data centre facilities against potential disruption, including cyber-attacks, physical threats, and extreme weather events ...
Carey Olsen's Steven Rees Davies recognised as leading FinTech and blockchain practitioner Who Who's Legal has featured Steven in its 2023 FinTech and Blockchain Report, which recognises leading FinTech and blockchain legal practitioners from across the world. The report showcases lawyers with extensive experience in the FinTech and blockchain space and those that are well practised in assisting clients with implementing blockchain solutions and providing cyber security advice ...
Norway fully integrated the provisions of PSD2 and the Payment Accounts Directive into its legal system with the entry into force of the new Financial Agreements Act on January 1, 2023. The Norwegian Central Bank made significant strides in its exploration of digital central bank currency, completing the fourth phase of its initiative. This phase focused on testing and validating technical solutions, with findings reported on December 18, 2023, indicating successful outcomes ...
By: Daniel Silva, Sanjay Bhandari, and Manisha Malhotra The Paycheck Protection Program (“PPP”) emerged as a lifeline for small businesses grappling with the unprecedented challenges of the COVID-19 pandemic. Lenders navigated a landscape of regulations that Congress quickly drafted in response to the pandemic. These regulations and obligations evolved, subtly yet materially, from the first and second rounds of PPP “draws ...
On 9 December 2023 the European Parliament and the Council managed to reach a provisional agreement regarding the AI Act, which is expected to be adopted early 2024. Within two years from adoption the AI Act will apply to all businesses introducing or using AI in the EU. Given this timeline, EU businesses should already be planning and adjusting their strategies to comply with the new AI regulation ...
December 2023 By: David J. Elkanich and Amber Bevacqua-Lynott There is no question that the practice of law has evolved over the past decade. At one time, lawyers would meet mostly with clients in person in their “brick and mortar” offices, and would principally represent clients in their home jurisdiction (where the client was physically located and where the lawyer is licensed). But times have changed ...
Recent changes to Ohio law have licensed health care professionals asking themselves when was the last time they confirmed or updated their email address, and other contact information, with agencies like the State Medical Board of Ohio, the Ohio Board of Nursing or the Board of Pharmacy? The impetus for such reflection is that Ohio licensing agencies may now serve significant legal documents exclusively through email, or a last-known fax number, as opposed to registered or certified mail thro
In the current complex geopolitical environment, Chinese science and technology enterprises are facing unprecedented challenges when going global. On one hand, China has to cope with concerns and restrictions imposed by various countries in terms of export control in multiple technology areas. On the other hand, there is an urgent demand for actively seeking technology export and rapidly converting long-accumulated technological advantages into economic value ...
The UK is home to some of the most innovative and cutting-edge startups in the world, especially in fields like AI, semiconductors and quantum computing. These startups have the potential to transform various industries and sectors, from healthcare to finance to defence ...
Last week, Shoosmiths hosted an event by The Fashion Network titled ‘AI in Fashion Retail: Mastering the Future of the Style business’. During this event we heard from fashion industry leaders on how the retail sector is seeking to revolutionise their businesses using cutting-edge artificial intelligence (AI) technologies ...
On December 12th, 2023, the Chamber of Deputies approved in the second constitutional procedure the bill that "Establishes a Framework Law on Cybersecurity and Critical Information Infrastructure" (the "Bill"). On the same date, the Bill was sent to the Senate and advanced to the third constitutional stage, with all the amendments of the reviewing chamber being approved ...
There was considerable anticipation regarding whether the negotiations would be successfully concluded during this meeting. Without an agreement, there was a risk of significant delays in the adoption of the framework. This was undesirable for EU institutions that have invested considerable prestige in leading the regulation of AI globally. Read more about the most contentious issues leading up to the last negotiation meeting in this article ...
Shoosmiths’ AI lead and partner Alex Kirkhope attended the Data Ethics Summit, focused on exploring the fundamental principles of ethical technology, the agenda evolved to delve into the practical applications of ethics, spanning from private sector strategies to policy and regulatory development, many of which are now being put into practice ...
On Monday 04 de December, Decree No. 164/2023 from the Ministry of the Interior and Public Security was published in the Official Gazette, approving the National Cybersecurity Policy that will be in force during the period 2023 - 2028, replacing the previous Policy, published on January 28, 2017, which was in effect between that same year and 2022 ...
In the guide, Chambers notes that Simonsen Vogt Wiig is a highly respected firm in Norway with significant expertise in payments law. The firm acts for large banks and start-ups on corporate matters, regulatory compliance, data privacy and cryptocurrency issues. It has further capability in intellectual property and crowdfunding ...
