On 21 May 2021, a new draft bill concerning foreign IT companies operating in Russia was submitted to the State Duma. According to the text of this proposal, owners of foreign Internet resources with a daily audience exceeding 500 000 Russian-based users will be required to (1) establish a Russian legal entity or (2) open … Read more

After a series of delays, on 13 May 2021, the UK Government unveiled its proposed legal framework to introduce tough new measures requiring social media companies and technology companies, among others, to protect online users. The long awaited Online Safety Bill (the “Bill“) is a comprehensive package which seeks to combat illegal and harmful practices … Read more

At the end of March, the UK Prudential Regulation Authority (PRA) published the Policy Statement (PS7/21) and the Supervisory Statement (SS2/21) which set out its expectations of PRA-regulated firms regarding outsourcing and third party risk management. The publications are part of the wider operational resilience policy package released jointly with the Bank of England (the … Read more

A recent High Court judgment in the UK found in favour of a £1.7 million pay-out to one of Betfred’s online gambling customers following a software glitch which unintentionally boosted the player’s odds. The case serves as a stark reminder to the gambling industry of the costly consequences of terms and conditions that are obscure, … Read more

Key takeaways The European Union Commission released its long awaited proposed regulation of artificial intelligence on 21 April 2021 (see press release here), which sets out a risk-based approach to regulation designed to increase trust in the technology and ensure the safety of people and businesses above all. The regulation has extra-territorial scope meaning that … Read more

On 19 April 2021, the Bank of England (BoE) and HM Treasury (HMT) released a statement announcing the joint creation of a Central Bank Digital Currency (CBDC) Taskforce. The Chancellor has also announced ambitious and complementary plans to encourage growth of UK fintechs and “cement the UK’s position as the world’s pre-eminent financial centre.” These … Read more

In March 2021, the UK Government unveiled its ‘Ten Tech Priorities’ that will form the foundation of the UK Digital Strategy. The priorities are high level but are nonetheless useful guides to the UK government’s key areas of focus for tech in the post-pandemic era. Ten Tech Priorities 1. Rolling out world-class digital infrastructure nationwide … Read more

In what has been described as the most important budget for business in a generation, the Chancellor of the Exchequer, Rishi Sunak, presented the 2021 budget to Parliament on 3 March 2021. (Our recent briefing on the Spring 2021 Budget can be found here). At the same time as publishing the Budget statement, the government … Read more