In this edition of the Neural Network, we look at key AI developments from July and August 2024. In regulatory updates, the EU AI Office launched a consultation on trustworthy general-purpose AI models, the European Commission published updates to its AI Act Q&A page, and the European Data Protection Board adopted a statement on data protection authorities' role in the AI Act framework. In AI enforcement and litigation news, the US Federal Trade Commission, US Department of Justice, the UK Competition and...

The sums required to meet global challenges like mitigating climate change and strengthening financial-market stability far exceed available public funding. Attracting voluntary private investment, however, will require the development of a menu of innovative financial instruments. WASHINGTON, DC – No one doubts that many of the world’s biggest challenges – such as mitigating climate change, strengthening financial-market stability, and boosting economic growth in developing and emerging economies – are deeply intertwined. Multilateral cooperation will thus lead to better outcomes than...

By Ian Hunter | Approaching its second anniversary, the Inflation Reduction Act (IRA) has emerged as a surprising boon for red states, driving a surge of green energy investments into traditionally conservative regions. In just two years, the Inflation Reduction Act has channeled over $50 billion into red states, revolutionizing local economies. This transformative legislation has not only reshaped the clean energy landscape but also sparked a wave of foreign direct investment (FDI), revitalizing local economies across the United States. ...

In July 2021, the European Commission introduced a package of legislative proposals aimed at combating money laundering. These proposals signalled a significant expansion of transparency obligations related to Know Your Customer processes (KYC-processes) and national transparency registers (see our article from 26 July 2021). Since, an agreement on an EU anti-money laundering package has been reached. This new EU anti-money laundering package includes a series of measures by the EU legislature to harmonise anti-money laundering and counter-terrorism financing laws across...

The EU Data Act (the "Act"), which entered into force on 11 January 2024, is a comprehensive piece of legislation aimed at fostering a fair and competitive digital environment in the European Union. It focuses on ensuring that data is shared more effectively, while protecting the rights of individuals and businesses. Here's an overview of what the Act entails:   Purpose and scope Application The first part of the Act is designed to regulate access to and use of data generated by connected...

Overview: Calmer markets are prevailing today, but an unease remains, and market moves continue to be sharp even if less dramatic. Still, it is in these somewhat less volatile conditions that the US dollar is doing better. It is firmer against all the G10 currencies today. The yen and sterling are the weakest, nursing 0.4%-0.5% losses, while the Norwegian krone and the Canadian dollar are faring the best, off 0.05%-0.15%. Emerging market currencies are also mostly lower, except a couple...