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Technology

UK Antitrust Regulator Outlines Guiding Principles for AI Foundation Model Market

Like many regulators across the globe, the UK Competition and Markets Authority (CMA) has been hypervigilant in watching the development of the artificial intelligence (AI) foundation model market.

Following a five-month initial review into the market launched earlier this year, the CMA published its initial report on the UK market for AI foundation models on 18 September 2023.

The report outlines a series of proposed guiding principles for the AI foundation model market, which will be relevant to any organisations that are developing or deploying foundation models in the UK.

Fraud/White Collar Technology

UK Financial Conduct Authority Urges Social Media Platforms, Search Engines and Apps to Check Warnings of Non-Authorised Cryptoasset Businesses

Regardless of whether you are in the UK, or the type of technology you use, companies marketing ‘qualifying cryptoassets’ to customers in the UK will need to comply with the Financial Conduct Authority’s financial promotions regime. We published a Cooley alert summarising the regime in March 2023. Last month we noted that the FCA had published a “final warning” reminding companies promoting cryptoassets to UK consumers that they must get ready for the regime. 

Technology

UK OFSI Uses Disclosure Power as FCA Reviews Sanctions Compliance Systems

On 31 August 2023, the UK Office of Financial Sanctions Implementation (OFSI) used its new disclosure enforcement power for the first time, issuing a report against Wise Payments Limited for breach of financial sanctions. The use of this power is a significant step in OFSI’s efforts to ensure compliance with the UK’s financial sanctions regime and deter future breaches. In addition, OFSI has updated its monetary penalties guidance, shedding further light on how it will use the disclosure power in the future.

Arbitration

1996 Arbitration Act Review: Law Commission Publishes Final Report

The recommendations, particularly those in relation to summary disposal and orders against third parties, provide tribunals and the courts with important express powers to ensure the efficient and effective management of arbitral claims. But the report is actually most notable for the fact that so few amendments are required – and those that are required are either changes to clarify the existing position or to tweak it. As such, it is a powerful statement that the Arbitration Act, 27 years on, remains fit for purpose.

Class Actions Fraud/White Collar Technology

Marketing of Cryptoassets – UK’s Financial Conduct Authority Issues ‘Final Warning’

Regardless of whether you are in the UK, or the type of technology you use, companies marketing ‘qualifying cryptoassets’ to customers in the UK will need to comply with the financial promotions regime of the Financial Conduct Authority (FCA), the UK’s financial regulator.

Arbitration Contract/Commercial Cyber/Data/Privacy Products

On the Record: On-Demand Events

Our On the Record Rapid-Fire Series provides insights and analysis on commercial and contractual disputes – and the issues that drive them. The series addresses a range of topics, including class actions, crypto, product litigation, and cross-border, life sciences and technology disputes. To keep up with all the changes in high-value and complex commercial and contractual disputes, subscribe to our updates below.

Arbitration Technology

High Court Refuses to Enforce Arbitration Award Relating to Crypto Consumer Contract

In Payward, Inc. and Others v. Chechetkin, the High Court of England and Wales refused the claimants’ claim for the enforcement of a US arbitration award against a UK-based consumer. The court ruled that enforcement of the award would be contrary to public policy as it contravened key provisions of the Consumer Rights Act 2015 (CRA) and the Financial Services and Markets Act 2000 (FSMA).