This month we bring you another selection of the best reporting on digital law from the UK and EU.
- CISGIL v IBM: the decision of the UK Court of Appeal
- UK Financial Conduct Authority releases new strategy
- Negotiations on EU Digital Services Bill reach agreement
- The European law on data governance adopted by the European Parliament
- Bank of England proposals for MFI outsourcing and third party risk management
- Joint report by the European Patent Office and the European Investment Bank on 4IR innovation
- New UK public procurement rules supporting international trade
- Proposal for an EU regulation on a pilot scheme for market infrastructures based on DLT
- UK signs Memorandum of Understanding with India on ICT cooperation
CISGIL v IBM: the decision of the UK Court of Appeal
The UK High Court’s decision in CISGIL v IBM was overturned by the Court of Appeal. Soteria Insurance Limited (formerly CIS General Insurance Limited) v IBM United Kingdom Limited  EWCA Civ 440 was issued on April 4, 2022, in which it was declared in a reversal of the High Court’s decision that the unnecessary expenses were recoverable by CISGIL. Learn more about DLA Piper’s technical and supply team here.
UK Financial Conduct Authority releases new strategy
Like recently reported by our team, the UK’s Financial Conduct Authority/FCA recently published its three-year strategy for 2022-2025, aimed at improving outcomes for consumers and in UK markets. In its new strategy, the FCA defines for the first time the results it expects from companies in all markets. The strategy focuses on three key themes, each backed by commitments showing how the FCA will help create the conditions for the UK’s financial services industry to deliver the expected results.
Negotiations on EU Digital Services Bill reach agreement
Recent negotiations between EU lawmakers resulted in an agreement on the EU Digital Services Bill, which will introduce provisions focusing on the liability of online intermediaries and create due diligence obligations on with respect to certain types of online intermediary service providers when it comes into force. We provide more information on the Digital Services Act here.
The European law on data governance adopted by the European Parliament
As part of an update on the status of EU data governance law, the European Parliament adopted on 6 April 2022 the proposal for the law which aims to support increased data sharing in the EU and provide companies with better access to data which they can then use in the creation of new products and services. For established companies and start-ups looking to access massive amounts of data to develop AI-enabled products and services, the law’s introduction could be a welcome bonus.
Bank of England proposals for MFI outsourcing and third party risk management
On April 14, 2022, the Bank of England published its proposals in terms of outsourcing and third-party risk management in financial market infrastructures. The proposals focus on the BoE’s expectations and requirements for risk and its support for greater resilience and cloud adoption and complement the BoE’s oversight statements on operational resilience. The proposals have been published as consultation papers on which the BoE invites comments (to be received by July 14, 2022).
Joint report by the European Patent Office and the European Investment Bank on 4IR innovation
A joint report published on 28 April 2022 by the EPO and the EIB compares deep technology innovation activity in smart connected technologies in the EU and the US and concludes that Europe lags behind the US United. Barriers to European innovation identified include easy access to finance and specialist talent. The study identifies several key recommendations, such as the need for European companies to benefit from greater support at an early stage in the form of targeted subsidies and early deployment policies.
New UK public procurement rules supporting international trade
The British Parliament is considering draft Government Procurement (International Trade Agreements) (Amendment) Regulations 2022 filed this month, which aim to implement the EEA-EFTA agreement between the UK, Norway, Iceland and Liechtenstein. The regulations will replace a series of existing secondary legislation and introduce a key provision to require bidders who submit low-priced bids to provide greater clarity regarding their price calculations.
Proposal for an EU regulation on a pilot scheme for market infrastructures based on DLT
A proposal concerning a pilot scheme for market infrastructures based on distributed ledger technology/DLT introduced in September 2020 has now been adopted by the Council of the EU. When it comes into force, the regulations will create a three-year innovation test bed for the development of DLT to facilitate the trading and settlement of listed financial instruments.
UK signs Memorandum of Understanding with India on ICT cooperation
The UK and India have agreed a Memorandum of Understanding/MoU which aims to develop mutually beneficial cooperation in telecommunications and information and communication technology, according to a statement published by the UK Department for Digital, Culture, Media and Sport. The MoU aims to pave the way for further collaboration on telecommunications and ICT development, as well as the modernization and expansion of networks and services.