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EU AI Act in force today The EU AI Act entered into force today (1st August), 20 days after it was published in the Official Journal. As mentioned in my previous blog, while it will still be some time before the more substantive rules apply (most of the Act will not take effect f... EU, UK and US competition authorities publish shared principles for competition in AI On 23 July 2024, the Competition and Markets Authority, the European Commission, the US Department of Justice and the US Federal Trade Commission published a joint statement on competition in generative AI foundation models and AI products. The statement ... How should privacy teams be managing AI? Not a week goes by without AI making the headline news, one of the latest items being the landmark EU AI Act entering into force on 1 August 2024 (as discussed in this blog). Business uptake of AI continues to increase at pace, with a nearly 40% increase ... Good Governance around AI – what does it require? As AI adoption increases, and new AI laws, regulation and guidance are published, organisations are rightly focussing on their AI governance.  Importance of good AI governance  Good governance will help ensure that organisations:  have set an appropriate ... New Cyber Security and Resilience Bill announced in King’s Speech In the week that saw one of the world’s biggest IT outages, apparently caused by a cyber security firm no-less, a new Cyber Security and Resilience Bill was announced in the UK. The bill was set out in the King’s Speech on Wednesday last week (or, to be m... Mind the gap: What could Labour’s plans to close the UK tax gap mean for your business? The Labour party has formed its first UK government since 2010. Its manifesto (discussed here) and ‘Close the Tax Gap’ document published prior to the election stated an intention to decrease the UK’s ‘tax gap’. This is the difference between tax collecte... The wallet revolution: FCA and PSR publish call for information on Big Tech and digital wallets How did you pay for your coffee today? Because the UK Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) are interested. On 15 July 2024 they launched a joint call for information on the benefits and risks that digital wallets such ... UK data reforms (including for Smart Data) are resurrected: what do we know so far? The UK government has set out the details of its proposed legislative program in the King’s Speech this week. This includes proposals for a new Digital Information and Smart Data Bill (the DISDB), which will resurrect a number of (but not all) aspects of ... Is the UK getting an AI bill? Yesterday’s King’s Speech confirmed that the new Labour government “will seek to establish the appropriate legislation to place requirements on those working to develop the most powerful artificial intelligence models”, but stopped short of explicitly ann... The capital test for investment management expenses is the same as for trading expenses: UK Supreme Court in Centrica Overseas Holdings Limited To what extent are professional advisory fees associated with the disposal of a loss-making investment deductible as management expenses under section 1219 of the Corporation Tax Act 2009 (CTA 2009)?  This was the question before the Supreme Court in Cent...