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 July 18, 2024, in the landmark SEC v. SolarWinds Corp. case, U.S. District Judge Paul Engelmayer dismissed the majority of the claims brought by the U.S. Securities and Exchange Commission (the…
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 2 August 2024. Most of…
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…
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…
Luke Dembosky, Avi Gesser, Erez Liebermann, Jim Pastore, Matt Kelly, and Johanna Skrzypczyk were all recognized by The Legal 500 US in the category Cyber Law (Including Data Privacy and Data…
On June 11, 2024, the U.S. Securities and Exchange Commission (“SEC”) filed its third matter this year involving “AI washing”—namely, alleged misstatements or omissions by securities market participants about the…