Financial regulators globally emphasise the importance of financial entities being operationally resilient, which includes the ability to manage and recover from disruptions caused by their service providers. The topic receives significant attention in the financial services sector because the sector
On December 5, 2024, the Canadian Securities Administrators (CSA) released CSA Staff Notice and Consultation 11-348 – Applicability of Canadian Securities Laws and the Use of Artificial Intelligence Systems in Capital Markets (the Notice). The Notice was
On 22 April 2024, the Financial Conduct Authority (FCA) published a speech by its chief executive, Nikhil Rathi, entitled ‘Navigating the UK’s Digital Regulation Landscape: Where are we headed?’. In the speech, Mr Rathi announced the FCA’s plans
The UK Information Commissioner’s Office (ICO) published its final guidance on monitoring workers on 3 October 2023 (the Guidance). The Guidance is aimed at employers across both the private and public sector. Responding to the rise of remote working and
On 10 July, the European Commission adopted its adequacy decision for the EU-US Data Privacy Framework (the DP Framework). It thereby declared that the United States (the US) ensures an adequate level of protection for personal data transferred
In December 2022, OpenAI released ChatGPT, a powerful AI-powered chatbot that could handle users’ questions and requests for information or content in a convincing and confident manner. The number of users signing up to use the tool increased very rapidly
The two-year transitional period under the New York State Department of Financial Services (“DFS”) Cybersecurity Regulation, 23 NYCRR 500 (the “Regulation”), will expire on March 1, 2019, with the final remaining requirement becoming effective. Entities covered by the Regulation that utilize third party service providers, which include not only banks and insurers, but also other financial services institutions and licensees regulated by the DFS, will be required to implement third-party risk management programs by March 1.