This is the final note in a three-part series on the regulation of artificial intelligence in the financial services sector in the United States, the European Union and the United Kingdom. Our first note, we provided a...more
10/21/2024
/ Artificial Intelligence ,
Consumer Protection Laws ,
Data Protection ,
Enforcement Actions ,
EU ,
Financial Services Industry ,
General Data Protection Regulation (GDPR) ,
Information Commissioner's Office (ICO) ,
Legislative Agendas ,
Liability ,
Privacy Laws ,
Regulatory Agenda ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC) ,
UK ,
United States
Rapid and accelerating developments in artificial intelligence have prompted governments around the world to consider how AI should be regulated and used responsibly by businesses, without stifling innovation.
This is...more
10/17/2024
/ Artificial Intelligence ,
Capital Markets ,
Data Protection ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
General Data Protection Regulation (GDPR) ,
Innovative Technology ,
Intellectual Property Protection ,
Machine Learning ,
Privacy Laws ,
Regulatory Agenda ,
Technology Sector ,
UK ,
White Collar Crimes
Many governments are grappling with the question of how to regulate artificial intelligence to ensure it is adopted safely and used responsibly without hampering innovation. Governments have generally indicated similar...more
10/8/2024
/ Artificial Intelligence ,
Bank of England ,
Bergdorf Goodman ,
Data Collection ,
Data Processors ,
Data Selling ,
Documentation ,
EU ,
European Banking Authority (EBA) ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Services Industry ,
Information Governance ,
Machine Learning ,
MiFID II ,
Personal Data ,
Popular ,
Privacy Laws ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Regulatory Standards ,
Risk Management ,
Third-Party ,
Training ,
Transparency ,
UK
On May 22, 2024, the U.S. House of Representatives (the “House”) passed the Financial Innovation and Technology for the 21st Century Act (“FIT21” or the “Bill”) with bipartisan support by a vote of 279-136. FIT21 provides for...more
6/3/2024
/ CFTC ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Assets ,
Financial Regulatory Reform ,
Legislative Agendas ,
New Legislation ,
Popular ,
Regulatory Agenda ,
Regulatory Reform ,
Securities and Exchange Commission (SEC) ,
Stablecoins ,
U.S. House
On May 16, 2024, the U.S. Securities and Exchange Commission (“SEC”) adopted amendments to Regulation S-P (“Reg S-P”) that are intended to help protect investors’ privacy from the “expanded use of technology and corresponding...more
5/29/2024
/ Broker-Dealer ,
Compliance ,
Customer Information ,
Incident Response Plans ,
Investment Adviser ,
Investors ,
Notice Requirements ,
Personal Information ,
Policies and Procedures ,
Privacy Laws ,
Recordkeeping Requirements ,
Regulation S-P ,
Securities and Exchange Commission (SEC)
On January 3, 2023, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency (together, the “federal banking regulators”) issued a joint...more
The Securities and Exchange Commission, on October 12, 2022, adopted amendments to its books and records electronic storage requirements for broker-dealers and certain security-based swap entities (“SBSEs”). The final rule...more
On June 7, 2022, Senator Kirsten Gillibrand (D-NY) and Senator Cynthia Lummis (R-WY) introduced the Responsible Financial Innovation Act (RFIA), a highly anticipated legislative proposal that, if enacted by Congress and...more
On May 25, 2022, the Securities and Exchange Commission (the SEC) proposed rule and form amendments that, if adopted, would require specific, additional disclosures regarding environmental, social, and governance (ESG)...more
On January 20, 2022, the Board of Governors of the Federal Reserve System (“Federal Reserve”) released a long-awaited paper on U.S. central bank digital currency (“CBDC”), Money and Payments: The U.S. Dollar in the Age of...more
The President’s Working Group on Financial Markets, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency issued a long-awaited Report on Stablecoins on November 1, 2021.
...more