On December 14, 2023, a new UK Iran sanctions regime originally announced in July 2023 came into effect as The Iran (Sanctions) Regulations 2023 (“New Iran Regulations”) and The Iran (Human Rights) (EU Exit) Regulations 2019 (“Iran Human Rights Regulations”)
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UK Publishes Red Alert on Sanctions Evasion, Makes New Designations, and Announces the Creation of Trade Sanctions Civil Enforcement Body
On December 6, 2023, the UK’s National Economic Crime Centre (“NECC”) issued a red alert concerning the export of high-risk goods that Russia is using on the battlefield in Ukraine. The red alert outlines sanctions evasion red flags for the…
Proposed Rule Subjects Digital Payments to CFPB Oversight
On November 7, 2023, the Consumer Financial Protection Bureau (CFPB) announced a notice of proposed rulemaking (NPRM) that would establish CFPB supervisory authority over certain nonbank companies “participating in a market for ‘general-use digital consumer payment applications.'”
Overview
The CFPB…
The UK’s Regulatory Roadmap for Stablecoins: A Closer Look
On October 30, 2023, HM Treasury released a policy update announcing its intention to bring forward secondary legislation to introduce regulatory measures for specific cryptoassets known as stablecoins by early 2024. The policy update outlines the proposed framework for regulating…
UK Government Extends Financial Promotions Regime to Cryptoassets
On October 8, 2023, highly anticipated regulatory changes came into effect bringing qualifying cryptoassets within the scope of the UK’s existing financial promotions regime and the remit of the Financial Conduct Authority (“FCA”). The regulatory changes effectively ban unauthorized firms…
AI Legal & Regulatory News Update—Week of 11/19/23
Below is this week’s tracker of the latest legal and regulatory developments in the United States and in the EU. Sign up here to ensure you do not miss an update.
AI Intellectual Property Update:
- The SAG-AFTRA strike has ended,
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Launch of New Steptoe AI, Data & Digital Blog
We’re pleased to announce the launch of our new blog StepTechToe: AI, Data & Digital!
StepTechToe provides fresh and seasoned insights into the regulatory world of digital services. It covers a wide range of topics, including data protection, privacy, cybersecurity,…
Biden Administration Releases National Spectrum Strategy
The Biden Administration has released its long-awaited National Spectrum Strategy, which lays out a blueprint for modernizing the federal government’s approach to spectrum access, allocation, and management. Developed by the National Telecommunications and Information Administration (NTIA), the Strategy establishes…
The Federal Trade Commission Weighs In on AI and Copyright
The Federal Trade Commission (FTC) recently submitted comments to the US Copyright Office as part of the Office’s notice of inquiry examining copyright issues related to artificial intelligence.
The agency’s comments largely focused on two areas: potential threats to competition…
AI Legal & Regulatory News Update—Week of 11/5/23
AI Intellectual Property Update:
- Joining other large technology companies, OpenAI has announced a “copyright shield” to indemnify OpenAI users against copyright infringement claims over works created using its tools. Under the program, “we will now step in and defend our
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