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).
https://datamatters.sidley.com/wp-content/uploads/sites/2/2022/09/sidleyLogo-e1643922598198.png00Ken Dalyhttps://datamatters.sidley.com/wp-content/uploads/sites/2/2022/09/sidleyLogo-e1643922598198.pngKen Daly2023-04-27 09:29:062023-09-06 15:26:38New UK Digital Markets Regime: Key Differences With the EU Digital Markets Act
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.
https://datamatters.sidley.com/wp-content/uploads/sites/2/2022/09/sidleyLogo-e1643922598198.png00John M. Casanovahttps://datamatters.sidley.com/wp-content/uploads/sites/2/2022/09/sidleyLogo-e1643922598198.pngJohn M. Casanova2023-04-26 10:16:192023-09-06 15:26:59The Future of UK Open Banking: Joint Regulatory Oversight Committee Issues Recommendations
Employers in New York City may soon be subject to a new law, Local Law 144, that regulates employers’ use of automated employment decision tools (“AED tools” or “AEDT”) – software and other programs used to make decisions about who to hire, who to promote and other employment decisions. Local Law 144, the first of its kind law regulating these AED tools, was originally supposed to go into effect on January 1, 2023; however, because needed regulatory guidance had not been issued, the effective date was repeatedly pushed back and is now set for July 5, 2023. Final rules were released on April 6, 2023, so further delays are unlikely. We summarize below the key provisions of Local Law 144 and what employers need to know to prepare.
https://datamatters.sidley.com/wp-content/uploads/sites/2/2022/09/sidleyLogo-e1643922598198.png00Wendy M. Lazersonhttps://datamatters.sidley.com/wp-content/uploads/sites/2/2022/09/sidleyLogo-e1643922598198.pngWendy M. Lazerson2023-04-24 09:30:592023-09-06 15:27:20Compliance Updates for Employer’s use of Automated Decisionmaking Tools: New York City Finalizes Rules on Automated Employment Decision Tools and Sets Enforcement Date for July 5, 2023, Upcoming California Regulations, and Federal Guidance
On 4 April 2023, John Edwards, the UK’s Information Commissioner, stated that the UK’s Information Commissioner’s Office (ICO) would be “going after providers of women’s health apps and auditing them, and getting them to change any practices that are non-compliant.” Speaking at the IAPP Global Privacy Summit in Washington DC, the Information Commissioner indicated that this proposed strategy forms part of the ICO’s new “agile” initiative, which will focus on “areas of vulnerability, targeting…intervention [where] that has the greatest impact”.
The National Association of Insurance Commissioners (NAIC) held its Spring 2023 National Meeting (Spring Meeting) March 21–25, 2023. This Sidley Update summarizes the highlights from this meeting in addition to interim meetings held in lieu of taking place during the Spring Meeting. 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 (PE) ownership of insurers, new initiatives to address innovation and technology in the insurance sector, and continued development of a new consumer privacy protections model law.
https://datamatters.sidley.com/wp-content/uploads/sites/2/2022/09/sidleyLogo-e1643922598198.png00Andrew R. Hollandhttps://datamatters.sidley.com/wp-content/uploads/sites/2/2022/09/sidleyLogo-e1643922598198.pngAndrew R. Holland2023-04-19 09:14:532023-09-06 15:28:17Regulatory Update: National Association of Insurance Commissioners Spring 2023 National Meeting
On March 15, 2023, the U.S. Securities and Exchange Commission (SEC) proposed three rules related to cybersecurity and the protection of consumer information and reopened the comment period for a proposed cybersecurity rule for investment advisers and funds. This significant action would impose new cybersecurity requirements for several SEC-registered entities, including with respect to these entities’ policies, incident response and notification procedures, and cybersecurity risk management. This Sidley commentary and analysis discusses the key features of each proposal, including new requirements and differences among each of the proposals.
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 Raul2023-04-18 11:20:232023-09-06 15:28:49U.S. Securities and Exchange Commission Proposes Three Rules Related to Cybersecurity, Reopens Comment for One Rule
The U.S. Food and Drug Administration (FDA or Agency) has issued new draft guidance on “Marketing Submission Recommendations for a Predetermined Change Control Plan for Artificial Intelligence/Machine Learning (AI/ML)-Enabled Device Software Functions”1 that discusses a “science-based approach to ensuring that AI/ML-enabled devices can be safely, effectively, and rapidly modified, updated, and improved in response to new data.”2 This approach should offer more certainty to industry as FDA’s stated goal is to allow AI/ML-enabled devices to be modified faster in accordance with FDA requirements while being “built to adapt to the data and needs of individual health care facilities” and “adapt to deliver treatments according to individual users’ particular characteristics and needs.”3 Those wishing to comment on the draft guidance should note that the comment period closes on July 3, 2023.
https://datamatters.sidley.com/wp-content/uploads/sites/2/2022/09/sidleyLogo-e1643922598198.png00Deeona R. Gaskinhttps://datamatters.sidley.com/wp-content/uploads/sites/2/2022/09/sidleyLogo-e1643922598198.pngDeeona R. Gaskin2023-04-10 15:39:052024-11-15 14:32:50New U.S. FDA Draft Guidance Outlines Path To Faster Modification of AI/ML-Enabled Devices
The UK’s Online Safety Bill (“Bill”), once legislated, will impose duties of care on providers of digital services, social media platforms and other online services to make them responsible for content generated and shared by their users and to mitigate the risk of harm arising from illegal content, and if services are deemed accessible by children, a duty to protect children from harm. As currently drafted, the Bill applies to any service or site that has users in the UK, or targets the UK as a market, even if it is not based in the country. The Bill is currently at the Committee Stage of the legislative process. Although the Bill is expected to receive Royal Assent during 2023, the timeline as to when the provisions will come into force is still unclear.
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 Long2023-04-07 14:23:492023-09-06 15:29:32UK’s OfCom to Publish Guidance on Illegal Content Risk Assessments in Light of Online Safety Bill
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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).
(more…)
Ken Daly
Brussels
kdaly@sidley.com
Patrick J. Harrison
London
pharrison@sidley.com
Monika Zdzieborska
London
mzdzieborska@sidley.com
Fiona Shajko
London
fshajko@sidley.com
Bethany Wise
London
bwise@sidley.com
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.
(more…)
John M. Casanova
Max Charles Savoie
Tanaan Quek
London
tquek@sidley.com
Paida Manhambara
London
pmanhambara@sidley.com
Compliance Updates for Employer’s use of Automated Decisionmaking Tools: New York City Finalizes Rules on Automated Employment Decision Tools and Sets Enforcement Date for July 5, 2023, Upcoming California Regulations, and Federal Guidance
Employers in New York City may soon be subject to a new law, Local Law 144, that regulates employers’ use of automated employment decision tools (“AED tools” or “AEDT”) – software and other programs used to make decisions about who to hire, who to promote and other employment decisions. Local Law 144, the first of its kind law regulating these AED tools, was originally supposed to go into effect on January 1, 2023; however, because needed regulatory guidance had not been issued, the effective date was repeatedly pushed back and is now set for July 5, 2023. Final rules were released on April 6, 2023, so further delays are unlikely. We summarize below the key provisions of Local Law 144 and what employers need to know to prepare.
(more…)
Wendy M. Lazerson
Palo Alto, San Francisco
wlazerson@sidley.com
Sheri Porath Rockwell
Century City
sheri.rockwell@sidley.com
Sasha Hondagneu-Messner
New York
shondagneumessner@sidley.com
FemTech Has Been Warned: UK’s ICO Indicates Closer Scrutinization of FemTech Apps
On 4 April 2023, John Edwards, the UK’s Information Commissioner, stated that the UK’s Information Commissioner’s Office (ICO) would be “going after providers of women’s health apps and auditing them, and getting them to change any practices that are non-compliant.” Speaking at the IAPP Global Privacy Summit in Washington DC, the Information Commissioner indicated that this proposed strategy forms part of the ICO’s new “agile” initiative, which will focus on “areas of vulnerability, targeting…intervention [where] that has the greatest impact”.
(more…)
Francesca Blythe
London
fblythe@sidley.com
Zina Chatzidimitriadou
London
zchatzidimitriadou@sidley.com
Fjolla Lushta
London
flushta@sidley.com
Regulatory Update: National Association of Insurance Commissioners Spring 2023 National Meeting
(more…)
Andrew R. Holland
New York
aholland@sidley.com
Stephanie H. Dobecki
Chicago
sdobecki@sidley.com
Ellen M. Dunn
New York
edunn@sidley.com
Michael L. Rosenfield
Los Angeles
mrosenfield@sidley.com
Sara N. Africano
Chicago
safricano@sidley.com
Chris H. Burusco
Los Angeles
cburusco@sidley.com
Jacob A. Grossman
Chicago
jgrossman@sidley.com
U.S. Securities and Exchange Commission Proposes Three Rules Related to Cybersecurity, Reopens Comment for One Rule
On March 15, 2023, the U.S. Securities and Exchange Commission (SEC) proposed three rules related to cybersecurity and the protection of consumer information and reopened the comment period for a proposed cybersecurity rule for investment advisers and funds. This significant action would impose new cybersecurity requirements for several SEC-registered entities, including with respect to these entities’ policies, incident response and notification procedures, and cybersecurity risk management. This Sidley commentary and analysis discusses the key features of each proposal, including new requirements and differences among each of the proposals.
(more…)
Alan Charles Raul
Washington, D.C., New York
araul@sidley.com
Andrew P. Blake
Washington, D.C.
ablake@sidley.com
Colleen Theresa Brown
Washington, D.C.
cbrown@sidley.com
Charles A. Sommers
Washington, D.C.
csommers@sidley.com
Michele L. Aronson
Sasha Hondagneu-Messner
New York
shondagneumessner@sidley.com
Casey Grant
Philip Robbins
New U.S. FDA Draft Guidance Outlines Path To Faster Modification of AI/ML-Enabled Devices
The U.S. Food and Drug Administration (FDA or Agency) has issued new draft guidance on “Marketing Submission Recommendations for a Predetermined Change Control Plan for Artificial Intelligence/Machine Learning (AI/ML)-Enabled Device Software Functions”1 that discusses a “science-based approach to ensuring that AI/ML-enabled devices can be safely, effectively, and rapidly modified, updated, and improved in response to new data.”2 This approach should offer more certainty to industry as FDA’s stated goal is to allow AI/ML-enabled devices to be modified faster in accordance with FDA requirements while being “built to adapt to the data and needs of individual health care facilities” and “adapt to deliver treatments according to individual users’ particular characteristics and needs.”3 Those wishing to comment on the draft guidance should note that the comment period closes on July 3, 2023.
(more…)
Deeona R. Gaskin
Washington D.C.
dgaskin@sidley.com
Rebecca K. Wood
Washington, D.C.
rwood@sidley.com
Atiq Chowdhury
Eliza Lawless
UK’s OfCom to Publish Guidance on Illegal Content Risk Assessments in Light of Online Safety Bill
The UK’s Online Safety Bill (“Bill”), once legislated, will impose duties of care on providers of digital services, social media platforms and other online services to make them responsible for content generated and shared by their users and to mitigate the risk of harm arising from illegal content, and if services are deemed accessible by children, a duty to protect children from harm. As currently drafted, the Bill applies to any service or site that has users in the UK, or targets the UK as a market, even if it is not based in the country. The Bill is currently at the Committee Stage of the legislative process. Although the Bill is expected to receive Royal Assent during 2023, the timeline as to when the provisions will come into force is still unclear.
(more…)
William RM Long
London
wlong@sidley.com
Denise Kara
Fjolla Lushta
London
flushta@sidley.com
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