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Compliance Risk After SEC Warning Against ‘AI Washing’
Bracewell’s David Shargel, Rachel Goldman and Patrick Morley write about the enforcement priority coming in 2024 as a result of a breakout year for generative artificial intelligence, with businesses of every kind racing to adopt AI tools. Companies and their compliance programs must take steps now to avoid costly regulatory sanctions and shareholder lawsuits.
What is AI Washing? The SEC’s Latest Target
Is AI the new green? Recent comments by Securities and Exchange Commission Chair Gary Gensler suggest the regulator is primed to begin turning its enforcement efforts against so-called “AI washing,” presenting a new area of risk for some companies that...
SEC Cybersecurity Reporting Requirements for Public Companies: Applying Old Standards to New Risks
On July 26, 2023, the Securities and Exchange Commission (“SEC”) issued a final rule that requires registrants to provide enhanced and standardized disclosures regarding “cybersecurity risk management, strategy, governance and incidents.” This rule, the culmination of discussion following the March...
Now There Are 10: The Texas Data Privacy and Security Act
Texas has joined the nine [1] other states that have comprehensive data privacy laws after Governor Greg Abbott signed the Texas Data Privacy and Security Act (the “TDPSA”). Subject to exemptions, [2] the TDPSA applies to any entity (labeled controller...
TSA’s New Cyber Directive for Freight & Passenger Railroad Carriers are the Agency’s Latest Move to Keep the Nation on Track
In its continued efforts to enhance the cybersecurity of transportation and other critical infrastructure systems across the country, the Transportation Security Administration (TSA) issued on October 19, 2022 a new security directive for passenger and freight railroad carriers. The Enhancing...
DOJ to Companies: If You Step Up & Own Up, You Might Not Have to Pay Up
Late last year, the Department of Justice (DOJ) announced material changes to the way it intended to investigate, prosecute, and resolve corporate cases. The changes were aggressive, leading us to title our update “ DOJ’s Torpedoes Are in the Water...
Check It Once, Check It Twice: OFAC Requests Daily Screenings of SDN List for Sanctions Compliance
A recent OFAC enforcement action against MidFirst Bank highlights the five essential components of an effective sanctions compliance program that will serve to mitigate exposure in the event of a violation: Senior management commitment to developing a culture of compliance...
Federal Privacy Legislation – Is it Finally Happening?
Proposed federal privacy legislation is not a new thing. But the latest iteration – the American Data Privacy and Protection Act – has many wondering if this will be the legislation that finally goes the distance. This is the first...
The COVID-19 Change Order
During the pandemic it has become common for contractors to submit change orders to owners seeking reimbursement for COVID-19 related expenses and costs. This is especially true for large construction projects. These “COVID-19 Change Orders” seek reimbursement for everything from...
More Wiggle Room for White Hat Hackers?
On May 19, 2022, the Department of Justice (“DOJ”) announced significant clarifications to its policy on charging Computer Fraud and Abuse Act (“CFAA”) violations that give some comfort to cyber security consultants who engage in network testing and related operations...
Cybersecurity, Data Privacy and Sanctions Developments
Seth DuCharme and Lucy Porter look at how the international regulatory and enforcement landscape has changed over recent months and how companies can mitigate new risks in the areas of sanctions compliance, data privacy and cybersecurity.
Sanctions and Cyber and Crypto, Oh My: The Convergence of Emerging Regulatory and Enforcement Risks Requires Nimble Responses Across Sectors
At a sanctions conference held in Washington, DC on May 5, government officials, practitioners and corporations highlighted the government’s broadening focus on anti-corruption enforcement, across more traditionally siloed areas. While Russian sanctions are a hot topic in and of themselves...
FCPA Alert: Lessons Learned From Last Week's Trial Conviction of Roger Ng Relating to the 1MDB Malaysian Bond Deals
On Friday, after a two-month trial and just over three days of deliberation, a jury in the Eastern District of New York returned its verdict in the case against Roger Ng, finding the international banker guilty on all counts. Bracewell...
Supreme Court Takes Up Andy Warhol's "Prince Series" Fair Use Circuit Split
The U.S. Supreme Court agreed last week to review the Second Circuit’s decision that Andy Warhol’s well-known “Prince Series” was not a “transformative” fair use of the copyrighted Lynn Goldsmith photograph that Warhol used as source material (see Bracewell’s earlier...
The US Government Has a New Stopwatch for Cyber Incident Reporting: What You Need to Know Now
Amid the escalating conflict in Ukraine and concerns of Russian cyber threats to the United States, President Joe Biden recently signed a $1.5 trillion government spending deal with serious cybersecurity reporting obligations for critical infrastructure operators intended to shore up...