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TECHNOLOGY, OUTSOURCING, AND COMMERCIAL TRANSACTIONS
NEWS FOR LAWYERS AND SOURCING PROFESSIONALS
For years, there has been a persistent trend toward outsourcing retirement plan recordkeeping and other administrative responsibilities. Although historically more prevalent for defined contribution plans, this outsourcing trend has been accelerating for defined benefit plans thanks, in part, to the prevalence of frozen plans (i.e., no more benefit accruals) and the potential for administrative cost savings.
The Clearing House (the oldest banking association and payments company in the United States) recently released a model agreement as a voluntary starting point to facilitate data sharing between financial institutions and fintech companies.
The EU Commission issued its report on the third annual review of the functioning of the EU-US Privacy Shield (Privacy Shield) on October 23.
A recent ruling by the Court of Justice of the European Union (CJEU) established that companies seeking to store “cookies” that are used to track online browsing behavior must obtain “active consent.” The ruling is likely to cause angst among companies, which often maintain websites that are not set up to obtain active consent, as well as with internet users who are increasingly frustrated by having to continually provide consent while visiting websites.
Morgan Lewis partners Ksenia Andreeva, Anastasia Dergacheva, Vasilisa Strizh, and Brian Zimbler and associate Anastasia Kiseleva contributed the chapter on Russia for the recently released Data Protection & Privacy 2020, the eighth edition of the Lexology Getting the Deal Through publication.
As our loyal Tech & Sourcing readers know, we have been doing our best to keep you informed about the requirements of the California Consumer Privacy Act (CCPA) and what you can do to prepare as its January 1, 2020, effective date draws near. Continuing that vein, we invite you to an upcoming webinar wherein Morgan Lewis partners Reese Hirsch, Mark Krotoski, and Carla Oakley and associate Kristin Hadgis will provide an overview of the latest amendments to the CCPA, the state of the law and related regulations, and practical perspectives on CCPA compliance.
The California legislature passed five bills on September 13 to amend and clarify the scope of the California Consumer Privacy Act (CCPA). If the amendments are signed by the California governor by the October 13 deadline, they will become part of the CCPA, set to take effect on January 1, 2020.
The EU Council Presidency on September 18 put forward to member states an 88-page compromise proposal on the Eprivacy Regulation with considerable changes and amendments. There are several proposed changes to the provisions on email marketing and cookie use that we think readers may find relevant.
A recent LawFlash by Morgan Lewis partners Ksenia Andreeva and Vasilisa Strizh and associate Anna Pirogova discusses a draft law proposed in Russia that would introduce heavy fines for violations of Russia’s data protection law and a variety of internet activity laws.
Cybersecurity continues to be an issue at the forefront of many of our contract negotiations. Though not typically included in the “data security” section of an agreement, the level and scope of cyberinsurance coverage often plays an important factor in the discussions between customer and vendor.