Expert Analysis

• Key Takeaways From EU's Coming Digital Act

  

  The European Union's impending Digital Operational Resilience Act will necessitate closer collaboration on resilience, risk management and compliance, and crucial challenges include ensuring IT third-party service providers meet the requirements on or before January 2025, says Susie MacKenzie at Coralytics.

• Takeaways From EU's Draft AI Code Of Practice

  

  The European Union AI Office’s recently published first draft of the General-Purpose AI Code of Practice sheds some welcome light on which Artificial Intelligence Act compliance issues the office finds particularly knotty and, importantly, acknowledges where further guidance will be necessary, say lawyers at Akin.

• The Rising Tide Of EU Antitrust Enforcement In Pharma

  

  The European Commission’s recent record-breaking €463 million fine of Teva for abusing its dominant position confirms that European Union competition law enforcement in the pharmaceutical sector remains a priority, with infringements drawing serious financial exposure, say lawyers at Cooley.

• Looking Back On 2024's Competition Law Issues For GenAI

  

  With inherent uncertainties in generative artificial intelligence raising antitrust issues that attract competition authorities' attention, the 2024 uptick in transaction reviews demonstrates that regulators are vigilant about the possibility that markets may tip in favor of large existing players, say lawyers at McDermott.

• UK Bill Aims To Make Better Use Of Data Across Economy

  

  The new Data Bill’s practical improvements to data schemes and certification systems will be welcomed by online service providers, but organizations need to consider the conditions and whether compliance will entail technical operational changes, say lawyers at Osborne Clarke.

• The EU AI Act's Impact On Global Financial Regulation

  

  The European Union’s new Artificial Intelligence Act, representing lawmakers’ first comprehensive attempt to regulate AI and giving special attention to the financial services sector, hopes to influence global legal and regulatory frameworks to maintain access to the EU market, say lawyers at Goodwin.

• Cross Market Drill Highlights Operational Resilience Priorities

  

  The U.K.’s recent cross-market major infrastructure failure simulation exercise, demonstrates that operational resilience of the financial sector is high on the regulatory agenda, and the findings should ensure that the sector develops collective capabilities to deliver improvements, say lawyers at Taylor Wessing.

• Update On Timings Key For Online Safety Act Compliance

  

  The Office of Communications’ recent update on Online Safety Act deadlines is significant because applicability of the act has been contingent on this guidance, and with clarification of enforcement details, organizations can now prepare for their risk assessment, say lawyers at Bird & Bird.

• What The Future Of AI In Financial Services Looks Like

  

  Artificial intelligence is rapidly transforming the global financial services industry, with a hybrid model likely to evolve where AI handles routine tasks and humans focus on strategy and decision-making, so financial institutions should work with regulators to establish ethical standards and meet regulatory expectations without stifling innovation, say lawyers at Womble Bond.

• FCA Survey Results Reveal Rise In Nonfinancial Misconduct

  

  After a Financial Conduct Authority survey recently reported a significant rise in nonfinancial misconduct, there are a number of preventive steps firms should take to create a healthy workplace environment and mitigate the risk of increased regulatory scrutiny, say lawyers at WilmerHale.

• Online Safety Act Heightens Duties Of Social Media Platforms

  

  The Office of Communications’ latest update on how it is implementing the Online Safety Act is part of a wider evolving debate, but while social media platforms wait for the law to take full effect, they can focus on establishing clear online safety policies, training programs for staff and proactive engagement with regulators, says Dan Adams at Arbor Law.

• Gov't Fraud Prevention Guide Proves To Be A Damp Squib

  

  The Home Office’s recent guide to the Economic Crime Act’s failure to prevent fraud offense goes little further than offering broad suggestions, signaling the Serious Fraud Office’s encouragement of companies to self-police rather than an intention to pursue fraud allegations to trial, say lawyers at BCL Solicitors.

• When Investigating An Adversary, Be Wary Of Forged Records

  

  Warnings against the use of investigators who tout their ability to find an adversary’s private documents generally emphasize the risk of illegal activity and attorney discipline, but a string of recent cases shows an additional danger — investigators might be fabricating records altogether, says Brian Asher at Asher Research.

• EU Enviro Directive Compliance Must Be A Priority For CEOs

  

  The new European Union Environmental Crime Directive makes clear that criminal liability of a company for causing environmental damage does not preclude proceedings being brought against individuals who aid and abet, including CEOs, board members and other corporate leaders, say lawyers at Crowell & Moring.

• New Offense Expands Liability For Corporate Enviro Fraud

  

  The Economic Crime Act's new corporate fraud offense — for which the Home Office recently released guidance — underscores the U.K.'s commitment to hold companies accountable on environmental grounds, and in lowering the bar for establishing liability, offers claimants a wider set of tools to wield against multinational entities, say lawyers at Bracewell.