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New one-stop shop for UK AI and digital regulation The Government announced last week that, as part of its plans to design and deliver an AI regulatory framework, the DRCF will pilot a new multi-regulator service to help innovators develop their ideas “with regulatory compliance in mind.” Backed by...
US adequacy by another name: UK-US data bridge process concludes Yesterday the UK Government announced its decision to establish a UK-US data bridge, a 'partial adequacy decision' in old terminology, for friction-free transfers of personal data from the UK to the US. Adequacy regulations have been laid before...
CMA sets out early thinking on the impact of AI Foundation Models on competition and consumers Earlier this year, the UK Competition and Markets Authority announced the launch of an initial review into the impact of AI Foundation Models on consumers, businesses, and the economy. We covered the launch of the review in a previous blog post on The...
Digital Operational Resilience Act: New RTS and ITS launched On 16 January 2023, the Digital Operational Resilience Act (Regulation (EU) 2022/2554, "DORA") entered into force. This EU legislation sets out requirements for ICT security systems that support business processes of financial entities. DORA consolidates...
Has the UK just abolished its 1.5% stamp duty charge? “I see the 1.5% is being removed!” was the subject line of a client e-mail received early last Thursday afternoon in light of HMRC’s latest announcement. To which the answer is “not quite!” No resurrection of the 1.5% stamp duty charge on capital raisings...
ICO and NCSC sign joint MOU setting out how they will work together When managing a cyber incident, one pressing issue to consider is "who needs to be notified?" Clients are often prepared to discuss whether or not regulators and customers should be informed, but can be less certain when discussing whether to notify the...
PSD3 and PSR: More on changes ahead in the payment services market Introduction  The European Commission introduced a proposed financial data access and payments package on 28 June 2023. The package includes revisions to the current regulatory framework on payment services, as currently captured by the second Payment...
Can French taxpayers appeal against an administrative decision refusing them a refund of undue tax where the Kühne & Heitz conditions are met? In the landmark Kühne & Heitz case, the Court of Justice held that an administrative body is – under certain conditions – obliged to review an earlier decision issued by it in order to take account of a subsequent interpretation given by the Court of...
Looking at the bigger picture: CGT planning and the purpose test in the reorganisation rules If we imagine a Venn diagram of two overlapping circles, A and B, and call the overlapping area C, what can we say about the individual areas? Quite clearly, we can say that C forms part of both A and B. But what about the relationship between A and B?...
It's not easy being green: AI's 'hidden' carbon footprint Recent media coverageblog discussing ways in which AI can help tackle climate change). However, businesses should be alert to the hidden carbon footprint of such technologies—particularly as their use becomes more widespread and more deeply embedded into...