The European Commission has published a draft regulation containing further detail on the “technical and methodological” security measures, and cybersecurity incident reporting threshold triggers, under the incoming NIS2 directive (the…
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 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…
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…
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 April 26, 2024, the Federal Trade Commission (the “FTC”) issued a controversial final rule (the “Final Rule”) that, among other things, expands the scope of the Health Breach Notification…
Despite much fanfare, and a process that seems to edge ever nearer to completion, the EU AI Act still has not been formally adopted. The Act still has to undergo…
Registered investment advisers (“RIAs”) have swiftly embraced AI for investment strategy, market research, portfolio management, trading, risk management, and operations. In response to the exploding use of AI across the…