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On June 28, 2023, the European Commission (EC) published a Proposal for a Regulation on Financial Data Access (FIDA). FIDA aims to create a framework through which data holders (e.g., banks, credit institutions) share the financial data they hold with other players in the finance industry (e.g., fintech companies). Customers of financial institutions will be able to control i) which data is shared, ii) with whom, iii) for what purpose, and iv) for how long. If adopted, FIDA will further liberalize financial data sharing in the EU.Continue Reading European Commission Proposes New Rules on Financial Data Access and Use

On June 16, 2023, the Federal Trade Commission (FTC) announced a proposed settlement agreement (in the form of a stipulated order) with genetic testing company Vitagene, Inc., now known as 1Health.io (1Health.io), for allegedly misrepresenting its security and privacy practices regarding its data storage, deletion, and usage. The FTC also alleged that the company unfairly changed material privacy policy disclosures without obtaining affirmative consumer consent.Continue Reading FTC Announces Proposed Settlement with 1Health.io Genetic Testing Firm for Privacy and Security Violations

On July 4, 2023, the European Commission (EC) published its proposal for a regulation laying down additional procedural rules for the enforcement of the EU General Data Protection Regulation (GDPR) (proposal). The proposal focuses on procedural issues relating to handling complaints and conducting investigations in cross-border cases.1 The proposal adds to the procedural rules laid down in the GDPR and addresses certain practical issues and gaps. In particular, the proposal harmonizes at an EU-level the rules on complaint admissibility, strengthens due process rights for complainants and defendants, and streamlines cooperation between supervisory authorities (SAs, i.e., national data protection authorities or DPAs). If it is eventually enacted, the proposal would be of considerable importance in facilitating the enforcement of the GDPR in cross-border cases.Continue Reading European Commission Proposes New Rules for Cross Border GDPR Enforcement

In a shocking turn of events, a Superior Court for the County of Sacramento issued a ruling on June 30, 2023, enjoining the enforcement of the California Privacy Protection Agency’s (the “Agency’s”) California Privacy Rights Act (CPRA) modifications to the California Consumer Privacy Act (CCPA) regulations until one year after the regulations have been finalized. We previously issued an alert reminding businesses that the CPRA amendments to the CCPA become enforceable starting July 1, 2023, but, in accordance with the court’s ruling, the Agency’s recent modifications to the CCPA regulations to account for the CPRA’s changes to the CCPA now will not become enforceable until March 29, 2024. Per the court’s ruling, the prior CCPA regulations will remain in effect until the new regulations become enforceable.Continue Reading Sacramento Superior Court Delays Enforcement of CPRA Implementing Regulations

Earlier this month, the U.S. Securities and Exchange Commission’s (SEC) 2023 Spring Unified Agenda of Regulatory and Deregulatory Actions was released. The agenda identifies the rules that the agency expects to consider in the next 12 months and includes an anticipated action date for finalizing rules for cybersecurity disclosure by public companies by October 2023. This alert provides guidance on what companies should be doing to prepare now.Continue Reading SEC Adjusts Anticipated Action Date for Publication of Final Rules for Cybersecurity Reporting and Enhanced Standardized Disclosure

A significant milestone in the legislative process of the AI Act has been reached with the vote of the European Parliament (EP) on June 14, 2023. The text now enters a new phase, during which all three EU institutions (the Council of the EU (Council), the EU Commission (EC), and the EP) will work towards an agreement on the final text.

The fast-moving developments and growth of AI have garnered significant political pressure, pushing the EU institutions to finalize the text. Spain, which will assume the presidency of the Council as of July 1, 2023, has stated that finishing the AI Act will be a top priority on its agenda. This alert summarizes the key changes proposed by the EP and what to expect next.Continue Reading What’s Next After the EU Parliament’s Position on the Draft AI Act?