FTC ANPR Explores Wide Ranging Topics for Privacy and Cybersecurity Rulemaking

On Thursday, August 11, the Federal Trade Commission (“FTC”) announced that it is exploring rules to crack down on harmful commercial surveillance and lax data security practices.  The FTC’s Advance Notice of Proposed Rulemaking (“ANPR”) solicits public comment on whether it should put into effect new rules and restrictions concerning standards and requirements for information security, the ways in which companies collect and process data in commercial contexts, and whether any practices related to the transfer, sharing, selling, or other monetization of personal information should be categorized as unfair or deceptive.  The FTC voted 3-2 to publish the notice, with Chair Khan and Commissioners Slaughter and Bedoya voting in favor and issuing separate statements.  Commissioners Phillips and Wilson voted against publication and also issued separate dissenting statements.  The following Monday, Commissioner Phillips announced he would be leaving the FTC this fall.

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Off to the Races: Comment Period for CPRA Proposed Regulations Begins

On Friday, July 8th, the California Privacy Protection Agency (CalPPA) began the formal rulemaking process to adopt proposed regulations to implement California Privacy Rights Act (CPRA) amendments to the California Consumer Privacy Act (CCPA).  The initial written comment period will end on August 23, 2022 at 5:00 pm Pacific Time.  To cap off the initial comment period, CalPPA will hold a public hearing on August 24th and 25th, during which the agency will accept oral comments and then close the first comment period.

The rulemaking process will take some time. Indeed, it is possible this initial rulemaking round will not be complete until after Thanksgiving.  Revisions to the first draft are expected through likely multiple notice and comment rounds, in addition to deliberations by the CalPPA Board in noticed public meetings. Moreover, once the agency process is complete, the Office of Administrative Law (OAL) will review the proposed regulations to ensure they are consistent with the statute.

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New U.S. Commercial Law Rules for Digital Assets Coming Soon

Changes to uniform U.S. state law commercial law rules for transactions in digital assets, including cryptocurrencies, tokens, electronic notes, and electronic chattel paper, are being finalized this summer and may be adopted in state legislatures as early as this fall. When adopted, these rules will create a uniform playing field with more certainty for transactions in digital assets — but can also hold some surprises for those not prepared. Everyone with an interest in digital assets — exchanges, custodians, holders, issuers, and lenders — should stop now to consider how these new rules will apply to their businesses and whether changes in their practices and contracts are warranted. They should also consider whether the new laws create new opportunities. Learn how the new rules apply to you and your business.

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Reflecting on the UK Inaugural DaTA Conference: Top Five Trends to Watch as Global Regulators Step up Enforcement in Digital Markets

Last week, the UK Competition and Markets Authority (CMA) hosted its inaugural Data, Technology, and Analytics (DaTA) Conference.

The CMA DaTa Conference has been hailed as a milestone as it convened for the first time regulators, data scientists, engineers, tech companies, and academics to discuss evolving challenges in digital markets. The conference coincided with London Tech Week, during which Chris Philp, UK Minister for Tech and the Digital Economy, unveiled a new UK Digital Strategy: the UK government’s vision for regulating digital markets, involving a monitoring framework and outcomes-focused regulation. The government has opened a public consultation, and stakeholders have until September 5, 2022, to offer their views on the proposed approach.

Against this background, here is our selection of the top five trends that stood out over the course of the CMA DaTa Conference.

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SEC Requests Comment on Regulation of Information Providers Under the U.S. Investment Advisers Act

On June 15, 2022, the U.S. Securities and Exchange Commission (Commission) issued a request for comment with respect to whether certain index, model, pricing, and other information providers should be regulated as investment advisers under the Investment Advisers Act of 1940. The Commission suggests fresh consideration is needed in light of changes in technology and market practices in the decades since these topics were last given significant attention — especially given the continuing expansion of index-based investment strategies. Responses to the request for comment are due the later of August 16, 2022, or 30 days after publication of the release in the Federal Register.

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