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New product intervention measures in Spain: is the sale of leveraged products to retail clients over? For some years now, EU financial authorities have been looking into the sale of complex and risky products to retail investors. The starting point was the ESMA Decision on the temporary prohibition of the marketing, distribution and sale of binary options... CMA launches market investigation into public cloud infrastructure services On 5 October 2023, the UK Competition and Markets Authority launched a market investigation into the supply of public cloud infrastructure services following a referral by Ofcom, the UK’s media and telecoms regulator. This follows Ofcom’s publication of t... ICO takes enforcement action over generative AI chatbot On 6 October the ICO issued Snap Group Limited (Snap), which operates the popular Snapchat messaging platform, with a preliminary enforcement notice over potential failures to properly assess the privacy risks posed by its generative AI chatbot ‘My AI’. T... Quantum computing threat: NIST publishes new quantum encryption standards Ratings agency Moody’s has recently warned that companies are “woefully unprepared” for the impact of quantum computing; in particular, its impact on security. The US government has a program to help combat this risk and last month the National Institute ... Where are you on Pillar Two? Advisers and businesses would be wise not to hold out for finality and certainty before engaging with these highly complex and evolving rules. The first instalment of the UK legislation to implement Pillar Two was enacted in July as Part 3 (multinational ... 'Groundbreaking' online safety law finally passes The UK’s new Online Safety Bill has finally been agreed, over two years after it was first introduced. The OSB, which the government boldly claims ‘will make the UK the safest place in the world to be online’, cleared its final parliamentary hurdle on 19t... Training Generative AI: Update in Progress As AI continues to develop, and more and more people become familiar with generative AI and its potential uses, the debate over how to balance the rights of AI developers and IP rightsholders continues to rage on. With players on both sides of the debate,... 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 “subst... 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 Parliamen... 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 Len...