March 13, 2023 By: Manuel Fishman While unexpected, the closure by California regulators of, and the appointment of the Federal Deposit Insurance Corporation (“FDIC”) as receiver for, Silicon Valley Bank (“SVB”) is an event that is contemplated by most leases. If you are holding a letter of credit issued by SVB, you are an unsecured creditor of the bank ...
ENSafrica recently released Africa Regulatory Insight: Coronavirus (COVID-19) Regulatory Measures. This comprehensive report outlines the COVID-19 regulatory measures for each country across Sub-Sahara Africa, providing the sector, measure, effective date/status and key points and impact for each region. The information provided herein is intended to provide a general overview, and is not an exhaustive list of all legislatice developments across Sub-Sahara ...
The recent CIS v IBM decision touches on two topical issues in IT disputes: maintenance and replacement of legacy systems, and use of agile implementation methodologies. It is also a useful reminder of some important basics regarding the management of troubled IT projects. The case and the issues The claimant (Co-op) was the insurance business of the Co-op group ...
I. Introduction According to a Bitkom study from September 2018, German industry has incurred a total loss of 43 billion euros as a result of cyberattacks over the past two years. Seven out of ten industrial companies have been victims of such attacks during this period. At EU level, there has recently been a growing discussion on how to face this mounting danger ...
Introduction On 30 June 2022, the Council of the European Union (EU) announced1 that the Council presidency and the European Parliament reached a provisional agreement on the proposed markets in crypto-assets regulation (MiCA). More details here. The aim behind the proposed regulatory framework is to bring legal and regulatory certainty for crypto-asset operators across the EU ...
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 impact that Artificial Intelligence (“AI”) is making on investment services has been the subject of a recent publication, dated 1st February 2023, which was issued by the European Securities and Markets Authority (“ESMA”) ...
When one instructs a painter to draw a portrait (no matter how detailed the instructions may be) the painter will always have discretion in executing the final product. Likewise, in investment funds, the investment manager is instructed to invest according to various rules and timeframes which are detailed in the investment strategy as approved by the competent financial regulator, but there will still remain investment discretion on how the investment strategy is executed ...
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
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 ...
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 ...
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 ...
The purpose of disclosing conflicts of interest in the investment services industry is to ensure maximum transparency for the investor. A common conflict of interest is the situation when the fund’s investment manager owns voting shares in the fund and appoints a director who is already heavily involved in the investment manager’s structure. Consequently, the appointed director might be conflicted if one is required to take a decision against the investment manager ...
MEPs in Strasbourg have overwhelmingly (523 - 46) now approved the EU’s AI Act. It heralds the long-awaited arrival of what is the first globally significant attempt at a standalone regulatory framework for artificial intelligence systems ...
Discussions in Brussels over the finalisation of the EU’s AI Act appear to have faltered, as the parties involved in its current ‘trilogue’ phase (involving agreement between the Commission, Council and Parliament on a final form text for the legislation) have struggled to reach a consensus on how to approach the regulation of foundation models ...
The Council of the EU has now adopted its common position on the bloc's draft AI Act, as the legislation approaches final form. The updated position signals a number of important refinements to key principles in the previous text. The EU is hoping the legislation, once agreed and ratified with the European Parliament, will provide organisations within or trading into the EU with a uniform, risk-based framework, creating a single market for AI applications ...
The regulatory landscape for AI, in the UK and beyond, is evolving rapidly, with proposed statutory regimes beginning to emerge from legislators across the globe (read more here). What, then, is the current position for employers? Overview of current regime There remains a notable gap when it comes to concrete principles of liability or accountability for AI-generated or -supported outcomes ...
The use of AI systems and chatbots by employees and employers is gaining more and more foothold at workplaces. It is relevant for the employer to be aware of the regulation applicable to employees' use of AI systems and chatbots and to ensure that the employer's own use of AI systems takes place within the applicable regulation in terms of employment and personal data law. Use of AI Systems by Employees AI systems and chatbots are useful tools for employees ...
The Alan Turing Institute has published a new report: "AI in Financial Services", looking to the use of artificial intelligence in the FS sector. We will watch with interest how the report’s findings evolve into more specific regulatory rules or guidance ...
Experis, a global leader in IT professional resourcing, project services and managed services, recently conducted a survey of over 2000 British employers in relation to the employment outlook for 2023. In response, 54% of employers anticipate that Artificial Intelligence (AI) will have a positive impact in headcount over the next 2 years ...
It’s hard to keep up with the twists and turns of AI regulation at the best of times, but the suggestion this week that the UK Government may be looking again at its opposition to statutory AI regulation poses as many questions as it answers. It’s hard to keep up with the twists and turns of AI regulation at the best of times, but the suggestion this week that the UK Government may be looking again at its opposition to statutory AI regulation poses as many questions as it answers ...
