On September 11, Delaware’s governor signed into law the Delaware Personal Data Privacy Act (the “DPDPA” or “Act”),[1] establishing Delaware as the 12th state in the U.S. to enact its own comprehensive data protection law and contributing to the patchwork of U.S. data protection regimes that continue to proliferate in the absence of federal regulation. 

Continue Reading Broad Definition of Sensitive Data and Concern for Children’s and Teenagers’ Data in Delaware Privacy Law Reflect Recent Trends in Evolving Data Protection Landscape

On May 22, 2023, the Irish Data Protection Commission (the “DPC”) published its decision on Meta Platforms Ireland Limited (“Meta”).[1] The decision has wider implications for any company that routinely transfers personal data from the EEA to third countries, in particular, to the US.

Continue Reading Key Takeaways from the Irish Data Protection Commission’s decision on Meta Data Transfers

On July 26, 2023, the U.S. Securities and Exchange Commission (the “SEC” or “Commission”) adopted rules to enhance and standardize disclosure requirements related to cybersecurity incident reporting and cybersecurity risk management, strategy, and governance.

Continue Reading New SEC Disclosure Rules for Cybersecurity Incidents and Governance and Key Takeaways

On July 10, 2023, the European Commission officially adopted its adequacy decision for the new EU-U.S. Data Privacy Framework (“DPF”), concluding that the U.S. ensures an adequate level of protection for personal data transferred from the EU to U.S. organisations participating in the EU-U.S. Data Privacy Framework.[1] This allows EU organizations to freely transfer personal data that is subject to the GDPR to participating organizations in the U.S.

Continue Reading EU-U.S. Data Privacy Framework

On July 26, 2023, the Securities and Exchange Commission (“SEC”) proposed new rules targeting the use of predictive data analytics and artificial intelligence (“AI”) by registered investment advisers (“RIAs”) and broker-dealers.[1]  The new proposed rules focus on the potential for conflicts of interest and the possibility that newer, more complex analytics models (including those using AI) might optimize decision making for RIAs and broker-dealers by placing those firms’ interests above the interests of their clients.[2]  The proposed rules would require RIAs and broker-dealers to: (i) evaluate whether their use of technologies “that optimize for, predict, forecast or direct investment-related behaviors or outcomes” create such a conflict of interest, and (ii) either stop using or address the effects of tools that place a firm’s interests before the interests of clients.  RIAs and broker-dealers will also will be required to adopt policies to ensure compliance with the new proposed rules.[3] 

Continue Reading SEC Proposes Rules Limiting the Use of Artificial Intelligence by Registered Investment Advisers and Broker-Dealers

In recent weeks, six states, Florida (effective July 1, 2024)[1], Texas (effective July 1, 2024)[2], Montana (effective October 1, 2024)[3], Iowa (effective January 1, 2025)[4], Tennessee (effective July 1, 2025)[5] and Indiana (effective January 1, 2026)[6], have passed consumer privacy laws, adding to the growing list of states with comprehensive privacy legislation alongside California, Virginia, Colorado, Connecticut and Utah.  In the ever-changing landscape of privacy compliance, it is more critical and complicated than ever for businesses to be able to determine which state privacy laws may apply to their business.

Continue Reading Determining Applicability of Newly Enacted Comprehensive U.S. Privacy Laws

The Brazilian General Data Protection Law (the “LGPD”—Lei Geral de Proteção de Dados)[1] came into effect in September 2020.  Given the LGPD’s relatively recent adoption, there has been uncertainty surrounding how public authorities and courts in Brazil will interpret and apply the law.  On February 27, 2023, the Brazilian national data protection authority (the “ANPD” Autoridade Nacional de Proteção de Dados) addressed some of this uncertainty when it issued sanctioning guidelines for the LGPD (the “Sanctioning Guidelines”).[2]  The Sanctioning Guidelines offer insight into the types of sanctions companies may face and the factors the ANDP will consider when imposing such sanctions.

Continue Reading Recent Developments In Data Privacy Enforcement In Brazil And A Comparison With The U.S. Regime

Following the lead of California, Virginia, Colorado, Connecticut and Utah (as previously discussed here, here, here, here and here respectively), on March 29, 2023, Iowa passed the Iowa Consumer Privacy Act (the “ICPA”), creating compliance obligations for businesses that collect and process personal data of Iowa residents and providing such residents more control over their data. The ICPA will go into effect on January 1st, 2025.

Continue Reading Iowa Becomes the Sixth State to Enact a Comprehensive Privacy Law

On January 10, 2023, the Resolution of the National Cybersecurity Agency’s of January 3, 2023, which includes the taxonomy of incidents affecting networks, information systems, and information services other than ICT Assets to be notified by entities included in the National Cybersecurity Perimeter, was published in the Italian Official Journal.

Please click here to read the full alert memorandum. 

On March 15, 2023, the U.S. Securities and Exchange Commission (“SEC”) issued proposed amendments (the “Proposal”) to Regulation S-P, which governs the treatment of nonpublic personal information about consumers by broker-dealers, registered investment advisers, registered investment companies, and transfer agents.  The Proposal would broaden the existing “safeguards” and “disposal” rules under Regulation S-P, and would require the entities to adopt “incident response programs.”

Continue Reading SEC Continues to Shine Light on Cyber and Data Security: Proposes Amendments to Regulation S-P