Regulation

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With an effective date of February 17, 2024, the Digital Services Act (“DSA”) will start applying to most online platform providers in less than a year. The DSA, which introduces due diligence and transparency obligations regarding algorithmic decision-making by online platforms, such as social media, video sharing or e-commerce, entered into force on November 16,…

On March 9, 2023, the Securities and Exchange Commission (“SEC”) announced that Blackbaud Inc. (“Blackbaud”) agreed to pay $3 million to settle charges for alleged misleading disclosures about its 2020 ransomware attack and for alleged disclosure control failures.1

Blackbaud, a South Carolina-based company that provides data management software to colleges, universities, and non-profit organizations,…

The UK Government has relaunched its efforts to reform the UK’s data protection regime, with the Data Protection and Digital Information Bill (No. 2) (the “Bill“) being introduced to Parliament on Wednesday 8 March. The Bill supersedes a previous version that was originally published in July 2022 (see our previous legal update).…

The Biden administration released its National Cybersecurity Strategy (“Strategy”) on March 2, 2023.1 The Strategy builds on previous policy actions by the Biden administration that sought to strengthen cybersecurity in critical infrastructure and protect personal data, including through regulatory action, government procurement requirements, and an emphasis on software security. The Strategy calls for (1)…

The Secretariat of the National Information Security Standardisation Technical Committee (TC260) released a draft revision of the Technical Specification for Certification of Cross-Border Transfers of Personal Information (Certification Specification V2.0) on 8 November 2022, nearly five months after it issued the finalised specification of the same name (Certification Specification V1.0) (see our previous Legal Update…

Cybersecurity has become one of the biggest risks facing the financial services industry, and there have been extensive guidance and initiatives from US banking regulators to help ensure the safety of the institutions and the banking system. Some of the more recent regulatory requirements and other developments will have a significant impact on nonbank financial…

The California Privacy Protection Agency (“the Agency”) announced October 17, 2022, proposed modifications to the draft regulations for the California Privacy Rights Act (CPRA) that were published on July 8, 2022. The draft regulations expanded on the text of the CPRA setting out a number of additional requirements regarding obtaining consumer consent, supporting the exercise…

There has been a whirlwind of activity over the past year as states enact and implement comprehensive consumer privacy laws. Starting with the passage of the California Consumer Privacy Act (CCPA) in 2018, which became effective in 2020, the US state privacy legal landscape has continued to develop rapidly. New comprehensive privacy frameworks are set…

As cybersecurity and privacy risks mount, financial services companies face new concerns about compliance and enforcement as well as the risk of business interruption and costly litigation. In this Cybersecurity Awareness Month program, our lawyers will discuss the recent regulatory developments from the New York Department of Financial Services (NYDFS) that are presenting real-world challenges…

On October 7, 2022, President Biden signed an Executive Order on Enhancing Safeguards for United States Signals Intelligence Activities,1 which is intended to implement U.S. commitments under the Trans-Atlantic Data Privacy Framework (DPF) announced in March 2022. With the new executive order, the Biden administration aims to strengthen the legal foundation for trans-Atlantic…