Baker McKenzie is pleased to invite you to a morning breakfast symposium exploring the legal ramifications of the Artificial Intelligence (AI) revolution on 11 October 2023 at 8:00 to 10:30 am ET. This event is ideal for corporate counsel and senior leaders responsible for managing the risks and leveraging the opportunities of the AI revolution, and for those wishing to learn more. It will take place in our Toronto office.
On August 14, 2023, the US State Department, the Labor Department, and the Commerce Department issued a business advisory (“Business Advisory”) highlighting key risks for companies operating in South Sudan.
While it does not impose new legal obligations on companies, the Business Advisory highlights the fact that list-based sanctions remain in force targeting certain South Sudanese persons including designations under the US Treasury Department’s Office of Foreign Assets Control’s Specially Designated Nationals and Blocked Persons List, and the US Commerce Department’s Bureau of Industry and Security’s Entity List.
On 25 August 2023, the United States Treasury Department issued a notice of proposed rulemaking regarding tax reporting by brokers of transactions involving the sale or exchange of digital assets (“Proposed Regulations”). These long-awaited Proposed Regulations are in response to section 80603 of the Infrastructure Investment and Jobs Act of 2021, which expanded the scope of information reporting obligations for brokers under Code section 6045 to cover transfers of digital assets.
Baker McKenzie’s Sanctions Blog published the alert titled Canada continues to amend sanctions legislation in relation to Iran, Belarus, Russia and designates Lebanese nationals under Magnitsky law on 30 August 2023. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
If you are a data broker or a business that relies on data brokers for targeted advertising, you should be aware that the California Data Broker Law may be significantly changed under a proposed bill. Under Senate Bill 362, the California Privacy Protection Agency (CPPA) would be required to set up, by 1 January 2026, an accessible deletion mechanism where consumers could request deletion via the CPPA that all data brokers then have to honor. Data brokers would have to check the CPPA mechanism to process all deletion requests every 31 days, as well as delete personal information about every California resident who ever made a request through the mechanism every 31 days.
On 23 August 2023, the US Treasury Department’s Office of Foreign Assets Control issued the first Determination Pursuant to Section 1(a)(i) of Executive Order 14014, which extends the application of section 1(a)(i) of EO 14014 to the jet fuel sector of the Burmese economy. On the same day, OFAC also published two related Frequently Asked Questions: FAQ 1132 and FAQ 1133.
The recent proliferation of artificial intelligence (AI) tools, particularly generative AI tools, has brought these questions to the forefront of ongoing conversations about the role that AI will play in the marketplace. As an advocate for and enforcer of consumer protection laws, the US Federal Trade Commission recently offered reminders and recommendations for companies offering digital products and AI tools.
After nearly 18 months of consideration, the SEC has finalized its Private Fund Adviser Rule. The Rule represents the most significant shift in SEC regulation of private funds since the implementation of Dodd-Frank, and its wide-ranging requirements will affect both US and Non-US Fund Managers (including many entities previously exempt from SEC regulation).
The launch of the Canada Border Services Agency Assessment and Revenue Management (CARM) project has officially been pushed back from October 2023 to May 2024. The regulatory amendments relating to electronic communication and payment, the provision of financial security electronically, and billing cycles that are necessary to support the launch and use of CARM are still on schedule and are planned to come into force in May 2024. The purpose of CARM is to modernize the collection of duties and taxes for goods imported into Canada.
In the first two parts of this series, we provided an overview of the new US Food and Drug Administration regulatory requirements under the Modernization of Cosmetics Regulation Act of 2022 and the good manufacturing practices regulations FDA plans to establish. In Part III, we will review the new FDA draft guidance on the facility registrations and products listings as mandated by MoCRA.