The U.S. Securities and Exchange Commission (“SEC”) Division of Examinations (the “Division”) released its 2025 examination priorities on October 21, 2024 (the “2025 Priorities”). The 2025 Priorities highlight a wide range of topics for entities subject to SEC examinations, particularly investment advisers and broker-dealers. The topics should be very familiar, as they largely continue recent
Cleary Gottlieb Steen & Hamilton LLP Blogs
Latest from Cleary Gottlieb Steen & Hamilton LLP
New York Department of Financial Services Issues Guidance on Cybersecurity Risks Arising from Artificial Intelligence
Last week, the New York Department of Financial Services (“DFS”) issued guidance addressed to executives and information security personnel of entities regulated by DFS to assist them in understanding and assessing cybersecurity risks associated with the use of artificial intelligence (“AI”), and implementing appropriate controls to mitigate such risks (the “Guidance”).[1] In particular, and…
New Commission Unveiled: What To Expect For Competition?
On September 17, 2024, the President of the European Commission, Ursula von der Leyen, announced the structure of the new Commission and her nominees to serve as Commissioners for the upcoming 5-year term (2024-2029). Each of these nominees will be scrutinized and need to be confirmed by the EU Parliament in the coming weeks.…
DOJ Announces Revisions to Compliance Guidance Focused on AI, Whistleblower Reporting, and Other Areas
September 23, 2024, Principal Deputy Assistant Attorney General Nicole M. Argentieri announced revisions to the Department of Justice (“DOJ”), Criminal Division’s compliance guidance, known as the Evaluation of Corporate Compliance Programs (“ECCP”), which is used by DOJ prosecutors to assess the effectiveness of a company’s compliance program in the context of a corporate investigation.[1]…
The EU, UK and US sign international treaty addressing risks of AI
On 5 September 2024, the EU, UK and US joined seven other states[1] in signing the Council of Europe Framework Convention on Artificial Intelligence and Human Rights, Democracy and the Rule of Law (“Treaty”) – the first international treaty governing the safe use of artificial intelligence (‘‘AI’’).[2] The Treaty remains subject to ratification,…
NIST’s New Generative AI Profile: 200+ Ways to Manage the Risks of Generative AI
On July 26th, the National Institute of Standards and Technology (“NIST”) released its Artificial Intelligence Risk Management Framework: Generative Artificial Intelligence Profile (the “Profile”),[1] laying out more than 200 suggested actions to mitigate the risks of generative artificial intelligence (“Gen AI”). This Profile is a companion to NIST’s Artificial Intelligence Risk Management Framework (the…
Treasury Takes Next Step on Implementation of Outbound Investment Regime, Clarifies Certain Aspects of Prior Proposal
The U.S. Department of the Treasury (“Treasury”) recently issued a long-awaited Notice of Proposed Rulemaking (the “Proposed Rule”) that would create an outbound investment regime whereby U.S. persons would be prohibited from making, or required to notify the U.S. government regarding, certain investments in entities engaged in certain activities relating to semiconductors and microelectronics, quantum…
The Subject of AI: New USPTO Guidance on the Subject Matter Eligibility of AI Inventions
As inventors, attorneys and patent examiners grapple with the impacts of AI on patents, the United States Patent and Trademark Office (the “USPTO”) has released guidance concerning the subject matter patent eligibility of inventions that relate to AI technology.[1] The impetus for this guidance was President Biden’s Executive Order on Safe, Secure and Trustworthy…
French data protection authority launches new public consultation on the development of AI systems
On 2 July, the French data protection supervisory authority – Commission Nationale de l’Informatique et des Libertés (CNIL) – launched a new public consultation on the development of AI systems. The public consultation is on (i) a new series of how-to sheets aimed at providing clarifications and recommendations with respect to seven issues related to…
Cleary Gottlieb FDI Newsletter: April – June 2024
- Belgium issues first statistics on its FDI regime: vast majority cleared in phase I, a handful in phase II, and one ex officio investigation.
- EU Commission starts showing its teeth in the enforcement of the Foreign Subsidies Regulation, with the first ex officio investigations.
- France publishes its 2023 FDI report, with filing numbers and outcomes
…