Several recent developments provide new insight into the future of artificial intelligence (“AI”) regulation. First, on March 29, 2021, five U.S. federal regulators published a request for information (“RFI”) seeking comments on the use of AI by financial institutions. Second, on April 19, the FTC issued a document entitled “Aiming for truth, fairness, and equity in your company’s use of…

On 1 March 2021, Federal Law No. 519-FZ on Amendments to the Federal Law on Personal Data dated 30 December 2020 (the “Law”) came into force. The Law places additional burdens on companies operating in Russia to obtain consents from individuals whose personal data will be posted on a publicly available website, for example, while creating a profile on a…

On April 14, 2021, the New York State Department of Financial Services (the “DFS”)  announced that its cyber enforcement action against National Securities Corporation (“National Securities”) has been resolved by a Consent Order that imposes a $3 million penalty. This is the latest step in the DFS’s very active cyber-enforcement agenda.  The charges against First American Title Insurance Company are…

March gave companies plenty to take stock of.  A multi-million euro fine for deficient vendor oversight, scrutiny of unlawful data transfers to a well-known U.S. email marketing service provider, and a €475,000 penalty for late reporting of a data breach affecting just a few thousand individuals, and more.  Here are our highlights of what you need to know. Spanish DPA…

On March 15, 2021, California’s Attorney General announced the adoption of updates to the regulations implementing the California Consumer Protection Act (“CCPA”).  The final (for now) regulations are available here. These latest updates are effective immediately. The version that took effect yesterday is substantially identical to the draft updates that the Attorney General proposed on December 10, 2020.  (We discussed…

There were a few European data protection developments in February that companies may want to have on their radar.  These include a draft adequacy decision for EU-UK data transfer, renewed focus from data protection authorities (“DPAs”) on cookies compliance, and guidance from the English courts on what constitutes unsolicited marketing.  We cover those developments (and more) below. EU publishes draft…

Earlier this week, Debevoise published an overview of the SEC’s Division of Examination Priorities for 2021. Today, we’re taking a deeper dive into one aspect of those priorities: cybersecurity as it applies to Registered Investment Advisers (“RIAs”). The recent publication of the SEC’s 2021 Division of Examination Priorities (the “2021 Priorities”) presents an opportunity to look back at the cybersecurity work of…

Last year, we discussed the first enforcement action brought by the New York State Department of Financial Services (“DFS”), which involved charges against First American Title Insurance Company. That hearing is scheduled for April 5. On March 3, 2021, the DFS reached its first full resolution under its Part 500 Cybersecurity Regulation, a Consent Order with Residential Mortgage Services that…

Virginia has just become the second U.S. state  with a comprehensive privacy law, with Governor Ralph Northam’s signing of the Virginia Consumer Data Protection Act (“VCDPA”) on March 2, 2021. The VCDPA bears a strong resemblance to the California Consumer Privacy Act (“CCPA”). It also pulls U.S. law in the direction of its overseas cousin, the European Union’s General Data…

On March 3, 2021, Anna Gressel and Avi Gesser from our Data Strategy and Security Group had a very interesting conversation on AI regulation with Kaitlin Asrow, Fintech Policy Advisor for the Federal Reserve Bank of San Francisco. During the webcast, we discussed the FRB’s recent report, “The Role of Individuals in the Data Ecosystem,” as well as: How consumer…