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Tackling AI risk in financial services: existing regulatory framework declared well equipped, for now On 22 April 2024 the Bank of England, PRA and FCA confirmed their view that the existing regulatory framework is well equipped to capture regulated firms' use of artificial intelligence and machine learning (or ‘AI/ML’). In doing so, the regulators...
CMA publishes AI strategic update Hot on the heels of its update paper on AI Foundation Models earlier this month, the CMA has published its strategic update on its approach to AI.  The update gets straight to the point, setting out the CMA's view of the risks AI poses to competition and...
Tax Disputes Podcast - the USA What better way to visit the world than by speaking to local experts from the comfort of your own desk about the tax litigation landscapes in their countries? I enjoyed my “trip” to the US: in the second episode of our new Tax Disputes podcast series,...
UK CBAM consultation: same stripes or different spots? A comparison with the EU. HMRC and HM Treasury launched a joint consultation on the introduction of a UK carbon border adjustment mechanism from January 2027. It focusses on the design and administration of the proposed CBAM; comments can be submitted until 13 June 2024....
Tax Disputes Podcast - Brazil We have launched our round the world Tax Disputes podcast series with the first episode covering Brazil. I enjoyed the conversation with Dominic Robertson, Co-Head of Slaughter and May’s Tax Disputes Practice and Ricardo Bolan, Co-Head of Lefosse...
ICO’s Serco enforcement for biometric data use – what employers need to know The Information Commissioner’s Office (ICO) has announced that Serco Leisure and associated organisations have been issued with enforcement notices ordering them to stop using facial recognition technology and fingerprint scanning to monitor employee...
Firm Foundations: Taking Stock of BlackRock In the spirit of adventure, or my sapless version of it, I asked ChatGPT 3.5 to propose some puns to deploy in the title of this post. The results ranged from the dull to the surreal. (And some results were both dull and surreal… “Between a Rock and a Tax...
Hargreaves Property Holdings v HMRC: Ramsay reigns supreme In Hargreaves Property Holdings Limited v HMRC, the Court of Appeal dismissed the taxpayer’s appeal against the Upper Tribunal’s decision (which I covered in a blog post here). The taxpayer had initially appealed to the Upper Tribunal against the FTT’s...
Who’s got the power?  The paradox of power-hungry data centres As the world grapples with fuel shortages, increased and volatile energy prices and an urgent need to transition to renewables, Governments and regulators across the globe continue to turn their lens on data centres and other digital infrastructure...
"This is not a drill" - DSIT publishes Responsible AI Toolkit On 24 March 2024, the Department for Science, Innovation and Technology (DSIT) published its Responsible AI Toolkit (the “Toolkit”) - a repository for the latest guidance and research in responsible AI development and use.  The Toolkit was developed by...