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…
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…
Almost a year after it initially published its White Paper on AI Regulation (the “AI White Paper”) and launched its associated consultation, the UK government has published its consultation response…
On January 17, 2024, the New York State Department of Financial Services (the “NYDFS”) issued a Proposed Insurance Circular Letter regarding the Use of Artificial Intelligence Systems and External Consumer…