On October 28, 2024, the Department of the Treasury’s (Treasury) Office of Investment Security issued a final rule[1] (“Final Rule” or “Outbound Investment Regulations”) containing the regulations that will implement, effective on January 2, 2025, an outbound investment regulatory regime that captures certain types of US person-involved investments in, or with, Chinese interests if
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Engaging with the machine: AI and financial stability − speech by Sarah Breeden
On 31 October 2024, Sarah Breeden (Deputy Governor, Financial Stability, Bank of England (BoE)) gave a speech at the HKMA-BIS Joint Conference on Opportunities and Challenges of Emerging Technologies in the Financial Ecosystem. In this speech, Ms Breeden explores the novel features of Generative AI (GenAI), and how we can uphold financial stability whilst harnessing…
FCC to Examine Customer Service Issues in the Communications Industry
On October 23, the Federal Communications Commission (“FCC”) released a Notice of Inquiry (“NOI”) seeking comment on potential initiatives to address customer service concerns among regulated communications service providers.
The FCC stated that the goal of the NOI is “to ensure that consumers have appropriate access to the customer services resources they require to interact…
HKFindLawyer.com Launches AI Legal Judgment Tool to Help Users Understand If They’ve Broken the Law, with Future Plans for Expansion
Dystopian press release of the week goes to.. + a serving of just plain strange / odd Example 2: I touched a woman’s toes on the subway. Is that illegal? Answer from AI: No, this is not illegal in itself. However, the context and circumstances surrounding the act are crucial in determining whether it could lead…
FCA speech on ten years of innovation and launch of new AI Lab
On 17 October 2024, the Financial Conduct Authority (FCA) published a speech on “Ten years of FCA innovation: impact and opportunity” which was delivered by its chief data, information and intelligence officer, Jessica Rusu, at an FCA Innovation 10th anniversary event.
FCA innovation over the past 10 years
The speech notes that 10 years ago,…
The Nagoya Protocol at Its 10th Anniversary: Lessons Learned and New Challenges from ‘Access and Benefit-Sharing’
October 12, 2024, marks the 10-year anniversary of entry into force of the Nagoya Protocol on Access to Genetic Resources and Fair Benefit-Sharing from their Utilization (“ABS”). This additional treaty to the Convention on Biological Diversity (“CBD”) has now been ratified by 142 countries. Over the past decade, Nagoya Protocol has resulted in the mushrooming…
Breaking News from Germany! Hamburg District Court breaks new ground with judgment on the use of copyrighted material as AI training data
In an eagerly anticipated judgment dated 27 September 2024 (case number 310 O 227/23) the Hamburg District Court dismissed the complaint by photographer Robert Kneschke asserting claims for copyright infringement against non-profit Large-scale Artificial Intelligence Open Network (LAION) based on the use of his photograph in a data set for training AI image generators. Mr.…
California implements new AI and software regulations for insurers
On September 28, 2024, California enacted SB 1120, which regulates the use of artificial intelligence (AI), an algorithm, or “other software tool” in utilization review and utilization management (UR/UM) functions by healthcare service plans (HCSPs) or disability insurers (and their contractors). SB 1120 amends California’s UR/UM laws governing HCSPs and disability insurers to define permissible…
Quick Question Tuesday, Part 11: What Do China’s Latest Negative List Changes Mean for My Business?
As lawyers, we spend a lot of time fielding good, bad, weird, interesting, deep, superficial, and all types of other questions from people. We’re generally expected to be oracle-level wizards, a lot like people are treating AI now. In this series, we’ll share some of these questions that people ask us, along with our answers.…
FTC Announces New Enforcement Actions on Marketing of AI-Enabled Products
On September 25, the Federal Trade Commission (FTC) announced that it brought five actions against companies it accused of using “artificial intelligence as a way to supercharge deceptive or unfair conduct that harms consumers.” These actions, which the FTC indicated are part of its new enforcement sweep called “Operation AI Comply,” reflect the FTC’s repeatedly…