On 28 June 2023, the European Commission proposed new measures that will modernise and update how Europeans pay for goods and services. The new rules, put forward under the Financial Data Access proposal and the revision of the Payment Services Directive (PSD3) will improve competition in electronic payments, improve consumer protection and empower consumers to share their data in a secure way.    The Financial Data Access proposal (FIDA) will establish clear rights and obligations to manage customer data sharing in the...

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Following the interinstitutional negotiations on Tuesday 27 June 2023, EU legislators struck a deal on a new EU Data Act that aims to regulate access and sharing capabilities of AI generated data by connected devices.  The proposed EU Data Act aims to unlock non-personal industrial machine and device generated data ranging from industrial roots to dishwashers and various house appliances. This new law will allow for users of said connected devices to get easier access to machine generated data and...

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National Futures Association (NFA) is the self-regulatory organization for the U.S. futures and derivatives industry and derives its authority as a registered futures association by designation from the Commodity Futures Trading Commission (CFTC). On March 29, 2023, NFA adopted Compliance Rule 2-51 (Rule 2-51), which took effect May 31, 2023. Rule 2-51 expands the scope of NFA's authority over NFA members (Members) and associate members (Associates) engaging in spot or cash transactions in “digital asset commodities.” Rule 2-51 imposes...

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A recent Forbes piece, addressing a growing global concern caused by AI, highlighted Neologic's breakthrough solution: “Neologic is applying a new approach to digital circuit design that relies on complexity reduction of digital circuits by modifying their topology to deliver circuits that do not exist within the current technology paradigm." Learn more about the growing ChatGPT concern and Neologic's revolutionary technology: READ THE FULL ARTICLE HERE Author: Carrie Rubinstein, NEOLOGIC Compliments of Neologic - a member of the EACCNY.

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The most sophisticated investors purchase a property in NYC through a Limited Liability Company (LLC). Here are some of the benefits of using an LLC for property ownership: Liability Protection: One of the primary benefits of using an LLC is the limited liability it provides. By holding property within an LLC, the owner's personal assets are generally protected from liabilities arising from the property, such as lawsuits or debt obligations. This means that if legal claims or financial issues...

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Notifying 'data breaches' that involve personal data has been a legal obligation in the Netherlands since 2016. This obligation was introduced for the entire EU when the General Data Protection Regulation (GDPR) came into force. Still, the exact rules are not always entirely clear to everyone. The Dutch Data Protection Authority (Dutch DPA) recently indicated that it receives many questions (in Dutch) about data breaches. In this News Update, we look at some of the legal obligations for organisations. GDPR...

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Elevated working capital requirements and rising interest rates demand a call for action This report discusses the financing requirements arising from elevated working capital requirements, in particular driven by increased inventory levels, the growing tension between payment terms of trade receivables and trade payables, and the strains caused by higher interest rates and a backlog of investment. Key findings and highlights based on a review of the Global Aerospace and Defense industry in brief*: Working capital requirements continue to rise...

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