Archive: June 2023

On 22 June 2023, the Financial Stability Board (FSB) published a consultative document on enhancing third-party risk management and oversight: a toolkit for financial institutions and financial authorities.

On 22 June 2023, the European Commission, published the keynote speech delivered by Commissioner McGuiness, at the FinTech Soiree hosted by the European Fintech association.

On 19 June 2023 the European Supervisory Authorities (ESAs) launched a public consultation on a first batch of regulatory and implementing technical standards (RTS and ITS) under Regulation (EU) 2022/2554 on digital operational resilience for the financial sector (DORA). This covers the draft RTS and ITS that the ESAs are expected to submit to the European Commission by 17 January 2024.

On June 13, 2023, the Texas Governor signed HB4, making Texas the tenth state to have a comprehensive privacy law, joining California, Colorado, Connecticut, Montana, Virginia, and Utah (all in effect or going into effect in 2023), Montana and Tennessee (which, like Texas, go into effect in 2024), Iowa (effective 2025) and Indiana (effective 2026). The new Texas law goes into effect on July 1, 2024, except for one subsection relating to opt-outs, which goes into effect January 1, 2025.

On 19 June 2023, the UK Information Commissioner’s Office (the ICO) published guidance on privacy enhancing technologies (or PETs) (the Guidance). The Guidance sits alongside the ICO’s recommendation that organisations should, if they haven’t already, start using PETs to share personal data safely, securely and anonymously.

To enable international businesses to comply with cross-border personal data transfers and the relevant laws across the European Union (EU) and South-East Asia, on 24 May 2023 the European Commission and the Association of Southeast Asian Nations (ASEAN) published a Reference Guide to ASEAN Model Contractual Clauses (ASEAN MCCs) and EU Standard Contractual Clauses (EU SCCs) (the Reference Guide). This Reference Guide compares the ASEAN MCCs and EU SCCs, highlighting practical similarities and differences.

On 22 June 2023, the Payment Systems Regulator (PSR) published a letter in response to HM Treasury and the Bank of England’s (BoE) consultation on the ‘digital pound’.

On 7 June 2023, the government published The Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2023 which is the statutory instrument which extends the scope of the UK’s financial promotion regime to cover cryptoassets. The day after the statutory instrument was published, the FCA published Policy Statement 23/6 which sets out the near final FCA rules that will apply to such communications together with a guidance consultation. In this latest Regulation Tomorrow Plus podcast, Hannah Meakin, Haris Karacosta and Simon Lovegrove discuss the FCA’s Policy Statement and the four routes to lawfully communicate cryptoasset promotions to UK consumers.

The usage and adoption of artificial intelligence (which refer to broadly herein to also include the application of AI to analytics of large data sets and in the context of machine learning (which includes the subsets of ML operations and deep learning)) has increased significantly over the past few years. However, in the past 12 months, AI has been profiled in some form in nearly every news cycle and dominated the social media feeds of nearly everyone in the professional world.

A big question, but not out of the realms of possibility.