UK Sets Out It’s “Pro-Innovation” Approach To AI Regulation
On 29 March 2023, the UK’s Department for Science Innovation and Technology (“DSIT”) published its long awaited White Paper on its “pro-innovation approach to AI regulation” (the “White Paper”), along with a corresponding impact assessment. The White Paper builds on the “proportionate, light touch and forward-looking” approach to AI regulation set out in the policy paper published in July 2022. Importantly, the UK has decided to take a different approach to regulating AI compared to the EU, opting for a decentralised sector-specific approach, with no new legislation expected at this time. Instead, the UK will regulate AI primarily through sector-specific, principles based guidance and existing laws, with an emphasis on an agile and innovation-friendly approach. This is in significant contrast to the EU’s proposed AI Act which is a standalone piece of horizontal legislation regulating all AI systems, irrespective of industry.
New UK Digital Markets Regime: Key Differences With the EU Digital Markets Act
On April 25, 2023, the UK government published the Digital Markets, Competition and Consumers Bill (the UK Bill). The Bill proposes wide-ranging reforms to UK competition and consumer law, including obligations for digital platforms designated with so-called “strategic market status” (SMS).
The Future of UK Open Banking: Joint Regulatory Oversight Committee Issues Recommendations
The committee of government and regulatory authorities responsible for open banking in the UK has set out its plans and timeframes for expanding and developing infrastructure, standards, and processes for the sector. Central among these are proposals to improve the performance of interfaces among relevant firms, mitigate financial crime risks, and ensure that end users receive sufficient information and are protected if something goes wrong. This Sidley Update summarises the proposals and key points for firms.
