The UK and U.S. Governments have now formalized the UK-U.S. Data Bridge. The U.S. Attorney General designated the UK as a “qualifying state” for the purposes of the Executive Order 14086 on September 18, 2023, and the UK regulations implementing the Data Bridge are scheduled to take effect on October…
The use of generative AI tools, like ChatGPT, are becoming increasingly popular in the workplace. Generative AI tools include artificial intelligence chatbots powered by “large language models” (LLMs) that learn from (and share) a vast amount of accumulated text and interactions (usually snapshots of the entire internet). These tools are…
Innovation has historically been driven by companies in regulated industries—e.g., financial services and health care—and some of the most intriguing use cases for generative AI systems will likely transform these industries. At the same time, regulatory scrutiny could significantly hamper AI adoption, despite the current absence of explicit regulations against…
AI systems seem like an exciting, effective new tool. But, as we have seen with Google’s recent struggles with accuracy, and Microsoft’s trouble with sentient, unhinged chat bots, not all of the kinks have been worked out with these tools. In our last post, we discussed the legal risks, and…
In our previous post, we provided an introduction to the budding new technology of generative AI, or AI systems. As with the implementation of any new technology, widespread understanding of the risks generally lags behind the speed of the technology itself. When the technology industry began its push “to the…
Though the use of artificial intelligence has grown steadily during the past decade, the recent release of OpenAI’s generative AI system, ChatGPT, has led to a precipitous increase in attention and publicity accompanying the rise of powerful generative AI systems. With these generative AI systems come mounting issues and concerns…
On February 8, 2023, the U.S. Department of the Treasury released a report citing its “findings on the current state of cloud adoption in the sector, including potential benefits and challenges associated with increased adoption.” Treasury acknowledged that cloud adoption is an “important component” of a financial institution’s overall technology…
The Consumer Financial Protection Bureau (CFPB), the primary federal regulator charged with enforcing consumer financial protection laws, recently announced a proposed rulemaking that would require the myriad non-banks subject to CFPB authority to disclose various consumer contract provisions that the CFPB deems potentially harmful on a public registry. These provisions…
For some time the position under English law relating to the recovery of liquidated damages from a contractor as penalty for late delivery has been unclear where the contract terminates before the contractor completes the work. Welcome clarity has now been provided by the Supreme Court in the case of…
In UK Financial Regulators to Oversee Critical Third Parties, our colleagues Lee Rubin and Mark Booth discuss the proposed new regime that will grant UK federal regulators a range of powers over third parties that provide critical services to the financial sector.