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On March 9, 2022, the U.S. Securities and Exchange Commission (SEC) proposed new rules that would require current and periodic reporting of material cybersecurity incidents as well as more detailed disclosure of cybersecurity risk management, expertise, and governance. This alert summarizes the proposed changes, which are subject to public comment until the later of May 9, 2022 or 30 days after publication in the Federal Register.
Continue Reading SEC Proposes New Cybersecurity Reporting and Enhanced Standardized Disclosure

Thinking of creating a non-fungible token (NFT) marketplace? You’re not alone. Global NFT transactions have risen from $40.96 million in 2018 to around $25 billion in 2021. Organizations from the NBA to Taco Bell have begun implementing NFT strategies. As blockchain-native artifacts, NFTs’ immutability, digital scarcity, and transferability have catalyzed growing interest among consumers and businesses alike, inspiring companies of all sizes to explore potential use-cases ranging from standalone art pieces, to NFTs tied to physical products, to NFTs with real-world or virtual components.
Continue Reading FYI on NFTs: Consumer Protection and Privacy Considerations

The EU Parliament and the EU Council recently adopted their respective versions of the Digital Markets Act (DMA) and Digital Services Act (DSA), which intend to create new antitrust-related (DMA) and regulatory (DSA) rules applicable to digital platforms.1

The adoption of the draft amendments by the EU Parliament and the EU Council constitutes a critical step towards final adoption of these laws. Now, the EU Commission (EC), Parliament, and Council are undergoing negotiations (so-called “trilogues“) to agree on a final version of the laws. The institutions could reach an agreement on the DMA and the DSA within the coming months, but it may take some time before it is enacted.
Continue Reading EU Parliament and Council Take Next Steps to Advance Major New Rules for Digital Platforms

On February 2, 2022, the UK privacy regulator (i.e., the Information Commissioner’s Office or the ICO) issued new model clauses to support data transfers from the UK. Subject to approval by the UK Parliament, the new model clauses will become effective March 21, 2022. Companies transferring personal data outside the UK will have until March 21, 2024 to update existing contracts, but should use the new model clauses for any new contracts they sign as of September 21, 2022.

Background
Continue Reading New Model Clauses for Personal Data Transfers Outside the UK

On February 2, 2022, the Belgian Data Protection Authority (DPA) found that the Interactive Advertising Bureau Europe (IAB) Transparency & Consent Framework (TCF), a tool used to record individuals’ online ad preferences, violates the General Data Protection Regulation (GDPR). The DPA fined IAB Europe €250,000 (approx. USD 280,000), and required IAB Europe to present an action plan to bring the TCF into compliance within two months. To reach this conclusion, the DPA concluded that:
Continue Reading Belgian DPA Finds That IAB Europe’s Cookie Consent Framework Violates the GDPR

The Colorado Attorney General’s office is poised to begin the rulemaking process for the Colorado Privacy Act (ColoPA).1 On January 28, 2022, Colorado Attorney General Phil Weiser issued prepared remarks outlining key rulemaking topics and announcing plans to seek input from Colorado consumers, businesses, and other stakeholders over the coming months. Although the ColoPA does not come into force until July 1, 2023, the Attorney General noted that his office “expect[s] to be in a position to adopt final rules around a year from now.”
Continue Reading Colorado Attorney General Announces Privacy Rulemaking