On July 29, 2024, the Standing Committee on Ethics and Professional Responsibility of the American Bar Association (“ABA”) published Formal Opinion 512, providing guidance on the ethical use of generative…
When drafting policies on the use of artificial intelligence, one challenge that many businesses face is how to define AI, and relatedly, when should AI governance and compliance programs apply…
On Friday, July 26 at 11:00am EDT, Eric Dinallo from Debevoise’s Insurance Regulatory practice joined Avi Gesser and Sharon Shaji from the firm’s Data Strategy and Security practice, for a…
On July 11, 2024, the New York State Department of Financial Services (the “NYDFS”) adopted Insurance Circular Letter No. 7 regarding the Use of Artificial Intelligence Systems and External Consumer…
The EU AI Act (the “Act”) has made it through the EU’s legislative process and has passed into law today; it will come into effect on 1 August 2024. Most…
This is the second post in our two-part Debevoise Data Blog series covering the U.S. Treasury Department’s report on Managing Artificial Intelligence-Specific Cybersecurity Risks in the Financial Services Sector (the “Report”). In…
While the SEC made an early foray into proposing rules to govern use of generative AI (Gen AI) by broker-dealers,[1] FINRA has been taking a more traditional approach to emergent…
Over the last week, the Consumer Financial Protection Bureau (“CFPB”) and the Office of the Comptroller of the Currency (“OCC”) approved the Quality Control Standards for Automated Valuation Models (the…
As the European Union edges ever-closer to formally enacting the EU AI Act, attention is turning to how other jurisdictions will approach AI regulation. In the UK, individual regulators will…
In an unprecedented settlement, on June 18, 2024, the U.S. Securities & Exchange Commission (the “SEC”) announced that communications and marketing provider R.R. Donnelley & Sons Co. (“RRD”) agreed to…