On 24 January 2024, the European Commission published a package compromising five initiatives aimed at bolstering the EU’s economic security amidst growing geopolitical tensions and profound technological transformations. Central to this package is a proposal for a reform of the existing EU foreign investment review screening framework as it currently exists on the basis of Regulation (EU) 2019/452 and essentially provides for a notice-and-comment procedure in its current form.
Leading technology companies have agreed to help prevent deceptive AI content from influencing the many elections worldwide in 2024. This commitment was announced at the Munich Security Conference. This commitment comes at a crucial time, with over four billion people across more than 40 states set to vote in elections this year. Within the generally prevailing discussion about AI and ethics, the increasing use of AI in political discourse has raised concerns about its potential impact on geopolitical developments.
On 24 January 2024, the EU Commission released its Decision establishing the European Artificial Intelligence Office (AI Office). This client alert focuses on the integration timeline, jurisdiction and scope of the AI Office, alongside questions yet to be addressed.
This alert focuses on AI hallucinations and their implications for the responsible use of AI in your business. It aims to provide an overview of the legal ramifications of AI hallucinations, as well as recent regulatory developments in this area.
The European Carbon Border Adjustment Mechanism (CBAM) entered into force on 1 October 2023. The full panoply of obligations will gradually start to apply during the so-called Transitional Phase through 31 December 2025. Importantly, EU importers will have to submit the first report under the CBAM shortly, by 31 January 2024, reporting on the scope of embedded emissions in certain goods they have imported during the first quarter year the CBAM has applied (1 October 2023-31 December 2023). This article covers what EU importers need to report on by the end of the month, 31 January 2024, together with an overview of the new regulation and the obligations it sets out.
On 23 December 2023, the United Nations Advisory Body on Artificial Intelligence released an interim report, marking a step forward in the global discourse on Artificial Intelligence (AI) governance. This report, a collaborative effort of experts from government, the private sector, civil society, and academia, calls for a robust global framework to regulate AI. Its publication underscores the urgency and complexity of addressing AI’s rapidly evolving landscape.
President Biden’s issuance of the Executive Order on Artificial Intelligence (AI) on 30 October 2023 marks a significant legislative stride in AI regulation. This directive, extending beyond the US, has profound implications for European businesses and the EU’s regulatory landscape on AI.
On 14 December 2023, the Council of the EU and the European Parliament reached a compromise on the Corporate Sustainability Due Diligence Directive (CSDDD), paving the way for its formal adoption by both institutions and thus the CSDDD’s entry into force before year end. The CSDDD is intended to significantly reshape corporate due diligence obligations regarding human rights and environmental standards in the EU and beyond. With its imminent enactment, the EU Member States will have two years to enact national laws providing for respective corporate due diligence obligations, similar to that already provided for by the German Supply Chain Act in its current form.
On 11 October 2023 the German Federal Government approved the Financial Crime Prevention Act, which shall come into force on 1 January 2024. The law will establish a new federal authority – the Federal Office to Combat Financial Crime. This new institution will have competences with respect to the fight of money laundering, sanctions and illicit financial flows.