Expert Analysis

• EU Act Will Have Sweeping Implications For AI Use

  

  The European Union Artificial Intelligence Act, expected to pass this year, will have far-reaching effects on businesses that use AI, but requires legislators to strike a delicate balance between its laudable aims to protect fundamental rights and ensuring that exciting technology is able to thrive, say Gretchen Scott and Omer Tene at Goodwin Procter.

• Opinion

  Russia Ruling Should Lead UK To Review Sanctions Policy

  

  The High Court's recent dismissal of the first-ever court challenge to Russian sanctions in Shvidler v. Secretary of State sets a demanding standard for overturning designation decisions, highlighting the need for an independent review of the Russia sanctions regime, says Helen Taylor at Spotlight on Corruption.

• German Competition Law May Herald New Enforcement Trend

  

  The recent amendment to the German Act against Restraints of Competition is expected to significantly expand the powers of the German Federal Cartel Office, and could signal a global trend toward greater direct intervention by national competition authorities and political interference in competition law, say lawyers at Simmons & Simmons.

• New Financial Services Act Leaves Few Firms Untouched

  

  The recently published Financial Services and Markets Act 2023, which replaces retained EU law with U.K. legislation, is one of the most significant pieces of post-Brexit regulation, with key practical implications for actors such as investment firms and crypto-asset and payment service providers, say Tim Cant, Emma Tran and Bisola Williams at Ashurst.

• FCA 'De-Banking' Clampdown May Need Gov't Backing

  

  The U.K. Financial Conduct Authority’s recent clampdown on unfair bank account closures will give customers greater transparency, but with terms usually skewed in the bank’s favor, it is a policy matter for the government to enact further protections for businesses and consumers, say Stephen Rosen and Jean-Martin Louw at Collyer Bristow.

• UK Securitization Reform Opts For Modest Approach, For Now

  

  Recently published consultation papers from the U.K. Prudential Regulation and Financial Conduct Authorities on new securitization rules mainly restate retained EU law, but there are some targeted adjustments being proposed and further divergence is to be expected, say Alix Prentice and Assia Damianova at Cadwalader.

• Examining PayPal's Venture Into The Stablecoin Market

  

  PayPal’s recent release of a stablecoin pegged to the U.S. dollar may represent a groundbreaking innovation or could fail as others have before it, and policymakers in the U.K. and the EU will be watching the impact of this new crypto token with a keen eye, say Ben Lee and Dion Seymour at Andersen.

• High Court Dechert Ruling Offers Litigation Privilege Lessons

  

  While the recent High Court ruling in Al Sadeq v. Dechert LLP, which concerned torture conspiracy allegations against the firm, held that litigation privilege can be claimed by a nonparty to proceedings, the exact boundaries of privilege aren't always clear-cut and may necessitate analyzing the underlying principles, says Scott Speirs at Norton Rose.

• FCA Consumer Duty May Pose Enforcement Challenges

  

  The new U.K. Financial Conduct Authority consumer duty sets higher standards of customer protection and transparency for financial services firms, but given the myriad products available across the sector, policing the regulations is going to be a challenging task, says Alessio Ianiello at Keller Postman.

• GDPR Proposal Would Lead To Changes In Enforcement

  

  The European Commission recently proposed rules to harmonize member state approaches to General Data Protection Regulation enforcement, and if they're implemented the coordination may mean answering for breaches in multiple jurisdictions when it would have been limited to one previously, say Anne-Gabrielle Haie and Leigh Mallon at Steptoe & Johnson.

• What To Know About AI Fraudsters Before Facing Disputes

  

  The potential of artificial intelligence to augment fraudsters' efforts is arguably unprecedented, so lawyers will swiftly need to become familiar with the fundamentals of AI to deal with it in the context of disputes, says Daniel Wyatt and Christopher Whitehouse at RPC.

• UK Insolvency Reform Review Shows Measures Are Working

  

  The U.K. Insolvency Service's recently published review of legislative reforms to the corporate insolvency regime demonstrates that despite being underutilized, the measures have been shown to help viable companies survive, and with the current difficult economic environment, will likely be an important aspect of organizational restructuring going forward, says Kirsten Fulton-Fleming at Taylor Wessing.

• More UK Collective Actions On The Horizon After Forex Ruling

  

  A U.K. appeals court's recent decision in Forex case Evans v. Barclays is likely to significantly widen the scope of opt-out collective proceedings that can be brought, paving the way for more class actions by prospective claimants who have previously been unable to bring individual claims, say Robin Henry and Tamara Davis at Collyer Bristow.

• FCA Listing Reform Proposals Aim To Modernize UK Markets

  

  The U.K. Financial Conduct Authority's recent proposals to reform listing rules will enhance equities while retaining protections and high governance standards, and will also make the capital markets work more efficiently and competitively with other global markets, say lawyers at Greenberg Traurig.

• Takeaways From ICO's Action In NatWest Privacy Dispute

  

  The U.K. Information Commissioner’s Office's latest intervention in the Nigel Farage NatWest Bank dispute highlights the importance of the legal responsibilities of all data processors in possession of sensitive information, and is a reminder that upholding bank customers' privacy rights is paramount, says James Kelliher at Keller Postman.