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…
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…
Companies across a range of industries are increasingly incorporating artificial intelligence (“AI”) into their businesses. As with any new technology, AI presents a number of questions concerning its relation to…
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…
On May 17, 2024, Colorado passed Senate Bill 24-205 (“the Colorado AI Law” or “the Law”), a broad law regulating so-called high-risk AI systems that becomes effective on February 1,…
The rise of generative AI platforms has introduced significant new legal challenges for brand owners. While much has been written about the copyright implications of generative AI, many high-profile cases…
Key takeaways from April include: UK FCA’s AI regulation: UK FCA-regulated firms should take note of the FCA’s newly confirmed approach to AI regulation that seeks to be outcome-focused, principle-led,…