This month we bring you another selection of top digital rights news from across the UK and EU.
- CISGIL v. IBM: UK Court of Appeal Decision
- UK Financial Conduct Authority publishes new strategy
- Negotiations on the draft EU digital services law lead to an agreement
- EU data governance law adopted by the European Parliament
- Bank of England proposals on FMI outsourcing and third party risk management
- Joint report of the European Patent Office and the European Investment Bank on 4IR innovation
- New UK government procurement rules to support international trade
- Proposed EU regulation on a pilot regime for market infrastructures based on DLT
- UK agrees memorandum of understanding with India on ICT cooperation
CISGIL v. IBM: UK Court of Appeal Decision
The UK High Court’s judgment in CISGIL v. IBM has been overturned by the Court of Appeal. The judgment of Soteria Insurance Limited (formerly CIS General Insurance Limited) v IBM United Kingdom Limited  EWCA Civ 440 was issued on 4 April 2022 which, in a reversal of the High Court ruling, stated that wasted expenditure was recoverable from CISGIL. Read more from DLA Piper’s engineering and procurement team here.
UK Financial Conduct Authority publishes new strategy
As our team recently reported, the UK Financial Conduct Authority/FCA recently released its three-year strategy for 2022-2025, which aims to improve outcomes for consumers and markets across the UK. In its new strategy, the FCA sets out for the first time the results that the FCA expects from companies in all markets. The strategy focuses on three key themes, each supported by commitments showing how the FCA will help create the conditions needed for the UK financial services sector to deliver the expected results.
Negotiations on the draft EU digital services law lead to an agreement
Recent negotiations between EU lawmakers have resulted in an agreement on the draft EU Digital Services Law, which will introduce provisions focused on the liability of online intermediaries and due diligence requirements in relation to certain types of online intermediation service providers create when it comes into effect. We provide further insights into the Digital Services Act here.
EU data governance law adopted by the European Parliament
As a progress report on the EU data governance law, the European Parliament passed the proposal for the law on April 6, 2022, which aims to support increased data sharing in the EU and give companies better access to data, which they can then use in the development of new products and services. For established companies and start-ups looking to access significant amounts of data to develop products and services powered by AI, the introduction of the law could be a welcome bonus.
Bank of England proposals on FMI outsourcing and third party risk management
On 14 April 2022, the Bank of England published its proposals in relation to outsourcing and third party risk management in financial market infrastructures. The proposals focus on the BoE’s expectations and requirements in relation to risk and its support for greater cloud resilience and adoption, complementing the BoE’s supervisory statements on operational resilience. The proposals have been released in the form of consultation papers, on which the BoE is inviting comments (to be received by 14 July 2022).
Joint report of the European Patent Office and the European Investment Bank on 4IR innovation
A joint report published on 28 April 2022 by the EPA and the EIB compares EU and US activity in deep technical innovation in smart connected technologies and concludes that Europe is lagging behind the US. Barriers to European innovation identified include easy access to finance and skilled labour. The study identifies several key recommendations, such as the need for more support for early-stage European companies in the form of targeted grants and early insertion measures.
New UK government procurement rules to support international trade
The UK Parliament is examining the draft Government Procurement (International Trade Agreements) (Amendment) Regulations 2022 before it this month, which aim to amend the EEA EFTA Agreement between the UK, Norway, Iceland and Liechtenstein implement. The regulations will replace a number of existing secondary legislations and introduce an important provision aimed at obliging low-priced bidders to be more clear about their pricing.
Proposed EU regulation on a pilot regime for market infrastructures based on DLT
A proposal for a pilot regime for market infrastructures based on distributed ledger technology/DLT, introduced in September 2020, has now been adopted by the Council of the EU. When enacted, the regulation will create a three-year innovation test bed for the development of DLT to facilitate trading and settlement of exchange-traded financial instruments.
UK agrees memorandum of understanding with India on ICT cooperation
The UK and India have agreed a memorandum of understanding/MoU which aims to develop mutually beneficial cooperation in telecommunications and information communications technology, the UK Department for Digital, Culture, Media and Sport said in a statement. The MoU aims to pave the way for further cooperation in telecommunications and ICT development and modernization and expansion of networks and services.