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Development finance facilities: Prospects for APAC
Sponsors and project developers across the renewables and energy transition space are currently facing a challenging macroeconomic environment.
Global | Publication | December 31, 2015
The financial industry has traditionally been the primary target for cybercriminals and is increasingly receiving focus from the SEC, CFTC/NFA and Congress alike. [1] At the June 2015 SINET Innovation Summit, SEC Commissioner Luis A. Aguilar characterized cybersecurity as “one of the defining issues of our time.” [2] In testimony provided during a June 2015 Congressional hearing, it was revealed that one major U.S. bank was recently subjected to 30,000 cyberattacks in a single week, which amounted to a new attack every 34 seconds. [3]
In light of the SEC’s increased focus on cybersecurity, [4] investment advisers should review their cybersecurity framework and develop a strategy and compliance policies tailored to their particular business. Although there is no “one size fits all” approach, firms may consider adopting and tailoring the following principles and effective practices as they develop their cybersecurity strategy: [5]
[1] Transcript of the U.S. Securities and Exchange Commission Cybersecurity Roundtable, 28 (Mar. 26, 2014).
[2] Transcript of Luis A. Aguilar, A Threefold Cord – Working Together to Meet the Pervasive Challenge of Cyber-Crime.
[4] See IM Guidance Update, SEC, April 2015.
[5] For more information on the SEC’s focus on cybersecurity, please refer to Investment Adviser Cybersecurity: Understanding What is at Stake and How to Prevent Cyber Attacks, Beth R. Kramer and Garrett Lynam, Chadbourne & Parke LLP - Private Funds Practice NewsWire, Fall 2014.
[6] See National Futures Association: Information Systems Security Programs – Proposed Adoption of the Interpretive Notice to NFA Compliance Rules 2-9, 2-36 and 2-49, August 2015.
[7] The National Institute of Standards and Technology (“NIST”) has published a framework that reframes cybersecurity issues in risk management terms. See The National Institute of Standards and Technology (NIST), Framework for Improving Critical Infrastructure Cybersecurity Version 1.0.
[8] The Securities Industry and Financial Markets Association has published a helpful webpage to assist businesses establish a cybersecurity framework. See Guidance for Small Firms.
[9] The Financial Industry Regulatory Authority, Report on Cybersecurity Practices, February 2015, pp. 24.
[10] For example, request that vendor contracts provide for storage, retention and delivery of sensitive data and vendor employee access limitations, and ask vendors to identify any subcontractors that will have access to sensitive information and provide diligence material for each such subcontractor.
[11] The Financial Industry Regulatory Authority, Report on Cybersecurity Practices, February 2015, pp. 31.
[12] Although intelligence sharing by and among firms remains largely ad hoc and informal, an executive order signed by President Obama has directed the Department of Homeland Security to develop new information sharing and analysis organizations and develop common standards for the sharing of cyber threat intelligence. See Promoting Private Sector Cybersecurity Information Sharing, Exec. Order No. 13691 (Feb 20, 2015), 80 Fed. Reg. 9349.
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Sponsors and project developers across the renewables and energy transition space are currently facing a challenging macroeconomic environment.
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The case of Robert Kneschke v. LAION e.V. marks a significant milestone in the legal landscape concerning the use of copyright works for AI training. As the first of its kind in Germany, the outcome of the case has the potential to reshape the intersection of AI development and copyright law, setting a precedent with broad implications for the AI industry and intellectual property protection. With many stakeholders tracking the case closely, the decision in the case could influence similar legal battles across Europe and beyond.
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On 21 May 2024, the European Council (or Council) adopted the so-called ‘Hydrogen and decarbonised gas market package’ (the Gas Package). The package contains a recast of the 715/2009 gas regulation (Gas Regulation) and a recast of the 2009/73 gas directive (Gas Directive) aimed at reforming the existing EU regulatory framework to support the deployment of renewable and low-carbon gases, in particular hydrogen. As such, it represents a major development in the EU gas market.
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