On October 28, 2024, the U.S. Department of the Treasury (“Treasury”) issued a long-awaited Final Rule (the “Final Rule”) implementing the U.S. Outbound Investment Security Program (the “Program”).[1] Under the Program, effective January 2, 2025, U.S. persons will be prohibited from engaging in, or required to notify Treasury regarding, a broad range of transactions
US Outbound Investment Regulations to Take Effect on January 2, 2025
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
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
Treasury Department issues final rule creating U.S. outbound investment security program
On October 28, 2024, the U.S. Department of the Treasury issued its long-awaited final rule (Final Rule) implementing an outbound investment security program. Stemming from Executive Order 14105 (Outbound Order), the new program targets U.S. investment in China, Hong Kong, and Macau related to a defined set of technologies and products that pose
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
There Is No Spoon: IP Licensing of NFTs, Decentralized Disney, and the SEC’s Jurisdiction Over “Investment Contracts”
No one can be told what the Matrix is.
Similarly vexing, if perhaps somewhat less adaptable to the big screen, is telling someone what an NFT is. It ends up being easier to start with what it is not.
An NFT is not cryptocurrency. Currency, crypto or otherwise, must be fungible. For any monetary
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.