Companies are facing more attacks on their information systems. And, as their cyber risk skyrockets, the SEC has stepped in with new regulations, telling businesses what to disclose about these incidents — and requiring detailed disclosures on cyber risk management more broadly. With the deadline for compliance fast approaching, businesses are scrambling to mitigate their legal risk and comply with regulations that some say may be an overreach.
https://datamatters.sidley.com/wp-content/uploads/sites/2/2022/09/sidleyLogo-e1643922598198.png00Sonia Gupta Barroshttps://datamatters.sidley.com/wp-content/uploads/sites/2/2022/09/sidleyLogo-e1643922598198.pngSonia Gupta Barros2023-09-28 12:12:092023-09-29 11:16:20SEC’s Cybersecurity Disclosure Rules Are Here. Is Your Company Ready to Comply?
The European Commission issued the Financial Data Access Act (FIDA) proposal in June this year. FIDA will create a legislative framework that aims to “bring payments and the wider financial sector into the digital age” by facilitating the sharing of and access to customer financial data (whether of businesses or consumers).
https://datamatters.sidley.com/wp-content/uploads/sites/2/2022/09/sidleyLogo-e1643922598198.png00William RM Longhttps://datamatters.sidley.com/wp-content/uploads/sites/2/2022/09/sidleyLogo-e1643922598198.pngWilliam RM Long2023-09-26 11:33:312023-09-26 11:33:31New EU FIDA Proposal: How Does This Affect GDPR?
*This article first appeared on Law360 on September 5, 2023.
This summer, Senate Majority Leader Chuck Schumer proposed a distinctive new framework to develop a comprehensive artificial intelligence regulatory policy that is intended to be adamantly bipartisan and committed, as a first principle, to preserving innovation and intellectual property rights.
https://datamatters.sidley.com/wp-content/uploads/sites/2/2022/09/sidleyLogo-e1643922598198.png00Alan Charles Raulhttps://datamatters.sidley.com/wp-content/uploads/sites/2/2022/09/sidleyLogo-e1643922598198.pngAlan Charles Raul2023-09-08 10:25:402023-09-08 10:25:40Schumer Framework May Forge U.S. Model on AI Governance
The National Association of Insurance Commissioners (NAIC) held its Summer 2023 National Meeting (Summer Meeting) from August 12–16, 2023. Highlights include continued development of accounting principles and investment limitations related to certain types of bonds and structured securities, continued discussion of considerations related to private equity ownership of insurers, a proposed model bulletin addressing the use of artificial intelligence by the insurance industry, and continued development of a new consumer privacy protections model law.
https://datamatters.sidley.com/wp-content/uploads/sites/2/2022/09/sidleyLogo-e1643922598198.png00Stephanie H. Dobeckihttps://datamatters.sidley.com/wp-content/uploads/sites/2/2022/09/sidleyLogo-e1643922598198.pngStephanie H. Dobecki2023-09-07 10:20:152023-09-07 10:25:16Regulatory Update: National Association of Insurance Commissioners Summer 2023 National Meeting
Globally, the rapid advancement of artificial intelligence (AI) and machine learning (ML) raises fundamental questions about how the technology can be used. Drug approval authorities are now also taking part in this discussion, resulting in emerging and evolving guidelines and principles for drug companies.
https://datamatters.sidley.com/wp-content/uploads/sites/2/2022/09/sidleyLogo-e1643922598198.png00Francesca Blythehttps://datamatters.sidley.com/wp-content/uploads/sites/2/2022/09/sidleyLogo-e1643922598198.pngFrancesca Blythe2023-09-06 12:18:282023-09-06 12:18:28EU, U.S., and UK Regulatory Developments on the Use of Artificial Intelligence in the Drug Lifecycle
On 4 July 2023, the EU Commission proposed a new Regulation for procedural rules to standardize and streamline cooperation between EU Member State Data Protection Authorities (DPAs) when enforcing the EU General Data Protection Regulation (GDPR) in cross-border cases (GDPR Procedural Regulation). The GDPR adopts a decentralized enforcement model. National EU Member State DPAs are competent to enforce the GDPR on their respective territories. However, in cases with cross-border elements, the GDPR requires all concerned DPAs to cooperate in accordance with the GDPR’s “one-stop-shop” through cooperation and consistency mechanisms. Although these mechanisms establish key principles of cooperation and provide the basis for consistent application of the GDPR throughout the EU, the EU Commission determined more legislative action was needed to increase efficiency and harmonization of cross-border GDPR enforcement action.
https://datamatters.sidley.com/wp-content/uploads/sites/2/2022/09/sidleyLogo-e1643922598198.png00William RM Longhttps://datamatters.sidley.com/wp-content/uploads/sites/2/2022/09/sidleyLogo-e1643922598198.pngWilliam RM Long2023-08-22 12:16:572023-09-06 14:58:46EU Commission Adopts New Rules for GDPR Enforcement: the Beginning of a Centralized Enforcement Model?
On July 18, 2023, Oregon joined the growing league of states that have passed a comprehensive data privacy framework. Signed into law by Gov. Tina Kotek, the Oregon Consumer Privacy Act (the Act), or SB 619, is the product of a multi-year effort by the state Consumer Privacy Task Force formed by Oregon Attorney General Ellen F. Rosenblum, comprising 150 consumer privacy experts from various industries. The Act will take effect on July 1, 2024, except for some provisions that will not take effect until January 1, 2026.
SEC’s Cybersecurity Disclosure Rules Are Here. Is Your Company Ready to Comply?
Companies are facing more attacks on their information systems. And, as their cyber risk skyrockets, the SEC has stepped in with new regulations, telling businesses what to disclose about these incidents — and requiring detailed disclosures on cyber risk management more broadly. With the deadline for compliance fast approaching, businesses are scrambling to mitigate their legal risk and comply with regulations that some say may be an overreach.
(more…)
Sonia Gupta Barros
Washington, D.C.
sbarros@sidley.com
Colleen Theresa Brown
Washington, D.C.
cbrown@sidley.com
Samir A. Gandhi
New York
sgandhi@sidley.com
New EU FIDA Proposal: How Does This Affect GDPR?
The European Commission issued the Financial Data Access Act (FIDA) proposal in June this year. FIDA will create a legislative framework that aims to “bring payments and the wider financial sector into the digital age” by facilitating the sharing of and access to customer financial data (whether of businesses or consumers).
(more…)
William RM Long
London
wlong@sidley.com
Francesca Blythe
London
fblythe@sidley.com
Lauren Cuyvers
Brussels
lcuyvers@sidley.com
AI Foundation Models: UK CMA’s Initial Report
The CMA has set out its emerging thinking on the functioning of competition and consumer protection in the market for foundation models.
(more…)
Ken Daly
Brussels
kdaly@sidley.com
Patrick J. Harrison
London
pharrison@sidley.com
Murray Reeve
London
mreeve@sidley.com
Schumer Framework May Forge U.S. Model on AI Governance
*This article first appeared on Law360 on September 5, 2023.
This summer, Senate Majority Leader Chuck Schumer proposed a distinctive new framework to develop a comprehensive artificial intelligence regulatory policy that is intended to be adamantly bipartisan and committed, as a first principle, to preserving innovation and intellectual property rights.
(more…)
Alan Charles Raul
Washington, D.C., New York
araul@sidley.com
Rimsha Syeda
Washington, D.C.
rsyeda@sidley.com
Regulatory Update: National Association of Insurance Commissioners Summer 2023 National Meeting
The National Association of Insurance Commissioners (NAIC) held its Summer 2023 National Meeting (Summer Meeting) from August 12–16, 2023. Highlights include continued development of accounting principles and investment limitations related to certain types of bonds and structured securities, continued discussion of considerations related to private equity ownership of insurers, a proposed model bulletin addressing the use of artificial intelligence by the insurance industry, and continued development of a new consumer privacy protections model law.
(more…)
Stephanie H. Dobecki
Chicago
sdobecki@sidley.com
Ellen M. Dunn
New York
edunn@sidley.com
Andrew R. Holland
New York
aholland@sidley.com
Michael L. Rosenfield
Los Angeles
mrosenfield@sidley.com
Chris H. Burusco
Los Angeles
cburusco@sidley.com
Sara N. Africano
Chicago
safricano@sidley.com
Jacob A. Grossman
jgrossman@sidley.com
EU, U.S., and UK Regulatory Developments on the Use of Artificial Intelligence in the Drug Lifecycle
Globally, the rapid advancement of artificial intelligence (AI) and machine learning (ML) raises fundamental questions about how the technology can be used. Drug approval authorities are now also taking part in this discussion, resulting in emerging and evolving guidelines and principles for drug companies.
(more…)
Francesca Blythe
London
fblythe@sidley.com
Deeona R. Gaskin
Washington D.C.
dgaskin@sidley.com
Josefine Sommer
Brussels
jsommer@sidley.com
Atiq Chowdhury
Washington D.C.
achowdhury@sidley.com
Maria-Oraiozili Koutsoupia
Brussels
maria.koutsoupia@sidley.com
George Herring
London
gherring@sidley.com
EU Commission Adopts New Rules for GDPR Enforcement: the Beginning of a Centralized Enforcement Model?
On 4 July 2023, the EU Commission proposed a new Regulation for procedural rules to standardize and streamline cooperation between EU Member State Data Protection Authorities (DPAs) when enforcing the EU General Data Protection Regulation (GDPR) in cross-border cases (GDPR Procedural Regulation). The GDPR adopts a decentralized enforcement model. National EU Member State DPAs are competent to enforce the GDPR on their respective territories. However, in cases with cross-border elements, the GDPR requires all concerned DPAs to cooperate in accordance with the GDPR’s “one-stop-shop” through cooperation and consistency mechanisms. Although these mechanisms establish key principles of cooperation and provide the basis for consistent application of the GDPR throughout the EU, the EU Commission determined more legislative action was needed to increase efficiency and harmonization of cross-border GDPR enforcement action.
(more…)
William RM Long
London
wlong@sidley.com
Maarten Meulenbelt
Brussels
mmeulenbelt@sidley.com
Lauren Cuyvers
Brussels
lcuyvers@sidley.com
Subhalakshmi Kumar
London
skumar@sidley.com
Oregon Enacts Comprehensive Consumer Data Privacy Law
On July 18, 2023, Oregon joined the growing league of states that have passed a comprehensive data privacy framework. Signed into law by Gov. Tina Kotek, the Oregon Consumer Privacy Act (the Act), or SB 619, is the product of a multi-year effort by the state Consumer Privacy Task Force formed by Oregon Attorney General Ellen F. Rosenblum, comprising 150 consumer privacy experts from various industries. The Act will take effect on July 1, 2024, except for some provisions that will not take effect until January 1, 2026.
(more…)
Colleen Theresa Brown
Washington, D.C.
cbrown@sidley.com
Ernesto R. Claeyssen
New York
eclaeyssen@sidley.com
Marcus J. Grey
Summer Associate
marcus.grey@sidley.com
Joyce Yeager
Knowledge Management Lawyer
jyeager@sidley.com
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Tomoki Ishiara
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