A decade ago, “silent cyber” forced the market to confront unintended, unpriced coverage lurking among traditional policy lines. The same dynamic is now playing out with artificial intelligence, and it is accelerating faster than policy language, underwriting questionnaires or claims protocols can adapt. The result is a growing category of “silent AI” exposure, being AI-related
Authors: Ray Giblett, James Morris, Rajaee Rouhani, Stephen Lee, Jeremy Moller, Charles Nugent-Young, Merren Taylor, Timothy Chan, Joshua Kan, Dylan Sault and Steven Li
Welcome to our first wrap up of the year! We are looking forward to sharing more updates with you this year.
November 2023
The month of November saw many new developments
Introduction
In a landmark decision on the legal status of digital assets in Hong Kong handed down on 31 March 2023, the Court of First Instance, in Re Gatecoin Limited[1], has ruled that cryptocurrencies satisfy the definition of “property” under Hong Kong law and are capable of being held on trust.
The case arose
The German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) makes use of its product intervention powers under the European Markets in Financial Instruments Regulation (MiFIR): Under a general administrative act (Allgemeinverfügung) dated 30 September 2022 (link to English convenience translation), BaFin prohibited the marketing, distribution and sale of
Germany further broadens the scope of its new legislative regime for electronic securities: On 18 June 2022, the German Regulation on Crypto Fund Units (Verordnung über Kryptofondsanteile – KryptoFAV; link) entered into force. The KryptoFAV introduces the possibility to issue units in common funds (Sondervermögen) via decentralised crypto securities registers
Glen Barrentine prepares a monthly update of FINRA and SEC regulatory matters of interest to broker-dealers.
Legislation has been introduced in the US House of Representatives directed at regulating virtual currency. In a post from the Norton Rose Fulbright Project Finance blog available, Deanne Barrow analyzes the bills.
Readers interested in learning more about cryptocurrency can sign up for updates on our FinTech law and regulation page.
It has been 3 months since Australia’s Notifiable Data Breach Scheme (NDB Scheme)[1] came into force and, already, the Office of the Australian Information Commissioner (OAIC) is receiving many notifications of cyber-attacks and other data breaches – both voluntarily and under the NDB Scheme.
We will see even greater awareness
In light of today’s geo-political climate and public concerns over the threat of terrorist attacks, we see a trend of governments placing greater focus on countering the funding of terrorist groups. Indeed, the United Nation’s International Convention for the Suppression of the Financing of Terrorism, which Australia has ratified, has been in force since
The much anticipated Royal Commission was no surprise to the Australian banking industry. What was surprising was the extension of its terms of reference to local and foreign deposit-taking institutions, life and general insurers, superannuation funds, as well as asset managers, financial planning businesses and all other holders of Australian financial services licences. Let there