The June edition of our Digital Law Alert series summarizes the top digital law news alerts from the UK and the rest of Europe.
- UK HM Treasury issues policy statement: ‘Critical third parties for the financial sector’
- Thousands of proposed amendments to EU AI law submitted
- Project Gigabit: Spring 2022 Update
- The AI chatbot becomes sensitive?
- Payment schemes in the metaverse – cryptocurrencies and smart contracts
- The latest digital services bill rejected by the European Parliament
- UK plan for digital regulation – developing a results monitoring framework
- Checklist to Use When Negotiating InsurTech Deals
UK HM Treasury issues policy statement: ‘Critical third parties for the financial sector’
In a proposal Published June 8, 2022, HM Treasury explains its aim to close a gap in the powers of regulators to ensure they can directly oversee the services that critical third parties provide to businesses. The proposal cites the key fact that in 2020, over 65% of UK financial services firms used the same four providers for cloud infrastructure services. Before appointing a critical third party, HM Treasury will need to consult with financial regulators and other relevant organizations and companies may also make representations to HM Treasury in relation to their own third parties.
Thousands of proposed amendments to EU AI law submitted
While negotiations on a revised draft EU AI law To begin with, a series of required amendments to the current version of the EU AI law have been submitted by EU political parties. The definition of “artificial intelligence” remains highly controversial. Among other proposals, it was suggested that the automatic classification of Annex III/”high risk” systems could be replaced by a list of critical use cases. Our AI specialists will keep you informed of the progress of the negotiations.
Project Gigabit: Spring 2022 Update
The UK Department for Digital, Culture, Media and Sport/DCMS has published a spring update on Project Gigabit, the UK government’s plan to upgrade Britain’s broadband network with a £5 billion investment aimed at making fast broadband available across the UK. Our UK team pays further here.
The AI chatbot becomes sensitive?
The suspension of a Google engineer who suggested the AI chatbot “LaMDA” he was working on could think and reason like a human child was widely reported this month. Our AI experts believe this puts more emphasis on companies developing AI products or using AI within their businesses to examine what an ethical framework in which to work might look like and to implement it. work – at least, in preparation for the inevitable AI sensitivity in the future.
Payment schemes in the metaverse – cryptocurrencies and smart contracts
In a recent article our Italian team sees the benefits of using smart contracts for transactions in the metaverse as weighed against the many uncertainties associated with the mass application of smart contracts, among others.
The latest digital services bill rejected by the European Parliament
As we reported last month, a political agreement had been reached on the terms of the Digital Services Act (DSA) which aims to create a safer digital space for all users of online services, in particular by requiring platforms to quickly remove illegal content. This month, however, progress has once again stalled as one key issue in particular has been revisited: that of the obligation for platforms to carry out specific monitoring of manifestly illegal content at EU level. or at the national level. We will continue to report on progress as negotiations continue.
UK plan for digital regulation – developing a results monitoring framework
The UK Government’s DCMS is developing a monitoring and evaluation approach to inform progress against its Digital regulation planwhat was announcement earlier this month. The approach will include three main elements, namely 1. an outcome monitoring framework to track trends in key areas of the digital ecosystem, 2. assessments of specific governance or regulatory measures, and 3. research to provide a comprehensive view of impacts. Opinions on the indicators likely to feed into this work were solicited for twelve weeks (closing on September 5, 2022).
Checklist to Use When Negotiating InsurTech Deals
Anthony Day, Partner and Nichola Donovan, General Counsel of DLA Piper have published a checklist (originally produced for Practical Law) which highlights key legal and business issues to consider when negotiating and drafting of a technological contract for a company in the insurance sector, available here.