D2 Legal Technology

Landmark 4-corner DNI transactions completed under ITFA's Digital Negotiable Instrument Initiative   Lloyds Banking Group and Mercore, utilising Enigio's trace:original technology, have completed the first digital bill of exchange transactions to involve the node-to-node transfer of a Digital Negotiable Instrument (#DNI) between two financial institutions, each dealing with their own client.   This accomplishment is a testament to the shared aspirations, brilliance and commitment of those involved, as well as the genius of the technological solution employed. These transactions demonstrate the ease and advantages of #digitaltrade transactions when compared to a paper-based process, and represent a highly significant step along the road to scalable digitalisation. Just what the #ETDA was made for. Read the full press release: https://lnkd.in/eGgrJK2u

Yesterday, D2LT's Head of Digital Assets & Trade Finance, Professor Sarah Green attended Newcastle University, continuing our support in the training of senior judges from Nigeria on #legaltech and the future of #law. Yesterday's focus was the #digitalisation of the court system and of the substantive rules in #property, contract and company law.

Last night, the D2LT UK team got together for a #teambuilding social. The night was filled with great conversations, healthy competition and amazing food! We kicked things off at an #escaperoom where we put our problem-solving and #teamwork skills to the test. We split into four groups to see who could escape first – and let's just say, the teamwork was on point! Well done to the winning team who made it out in record time and congratulations to our 3 prize winners -  Most Valuable Player - Sylvia Papadopoulou Ultimate Team Player - Emma Wooldridge Most Energetic Player - George Ftikas (Although, everyone is a winner!) After escaping (with minutes to spare), we celebrated with a delicious dinner at Tayyabs accompanied by great conversation, and a lot of laughs. It was the perfect way to connect, recharge, and celebrate the hard-working team we have at D2LT. Here's to more shared memories and victories!

Delighted to have been able to share some of our insights and experience into #GenerativeAI adoption & business cases with Lucy McNulty for Banking Risk and Regulation. As D2LT's CEO Akber Datoo highlights, using #GenAI to tackle legacy issues may be, for many banks, a logical starting point and one where early gains can be made. Read more in Following the Rules' post below 👇

Global Regulatory Update: APRA delays implementation of Basel III market risk framework   Recently, the Australian Prudential Regulation Authority (APRA) released its corporate plan for 2024-2025.   The #BaselIII market risk framework – the Fundamental Review of the Trading Book (#FRTB) – is not included in APRA’s plans for 2024-2025, indicating that no formal draft standards or consultation will be issued during this period. Consequently, the implementation date for the revised FRTB rules will be delayed beyond 2026.   The industry is expected to maintain momentum towards FRTB readiness, with preparations for the default risk charge, the standardised approach and the internal models approach, but excluding the non-modellable risk factor framework.   Read more: https://lnkd.in/efc-UmDf 

A great listen from Professor Sarah Green, D2LT's Head of Digital Assets and Trade Finance, as she spoke on the In Early Podcast on #digitalassets, #cryptoassets and the definition of #data as #property. Tune in 👇

FTC Announces Crackdown on Deceptive AI Claims and Schemes The US Federal Trade Commission's "Operation #AI Comply" has led to five law enforcement actions against operations deemed to use AI hype or sell AI technology that can be used deceptively or unfairly. One of those organisations, DoNotPay, claimed to offer a #legalAI service, and has settled charges against it claiming that it did not conduct testing to determine whether its AI #chatbot's output was equal to the level of a human lawyer, and that the company itself did not hire or retain any attorneys. This action is particularly poignant as law firms and in-house legal teams seek to embrace emerging tech and AI - and reinforces the imperative for the legal industry to embrace rapidly evolving regulatory frameworks and #compliance requirements. Firms cannot afford to ignore these developments and must consider strategic roadmaps regarding use of AI, and have appropriate training, policies and procedures.  There is no other way to successfully navigate the uncertainties and remain ahead - and unlock the huge opportunity the advances in #LegalTech and AI can bring. Read: https://lnkd.in/gb8Zf_tc

Conclusions to HK's joint further consultation on enhancements to the OTC #derivatives reporting regime - will Hong Kong Monetary Authority (HKMA) and Securities and Futures Commission (SFC) be issuing "final rules"?   The organisations have clarified that the Hong Kong CDE exercise does not involve any rule amendments, and therefore no “final rules” per se will be published.   As the regulators have explained in the Conclusions, some content is being tracked and is due to be published in the upcoming final version 4 of the CDE Technical Guidance (currently estimated to be in Feb 2025). Thereafter, they will look to complete the legal process.    However, industry should not wait for the final version of the Guidance before starting the preparation for implementation. 

Australias #derivative transaction rule changes are on final countdown to October 21. ASIC recently published its final items of technical guidance to support the ASIC Derivative Transaction Rules (Reporting) 2024 (https://lnkd.in/eaSGt8Up), updating its  webpage to include:   -> Schedule 1 Technical Guidance -> Reporting Entity Guidance and Minimum TR Validation Guidance -> Worked Examples   While many market players are working hard to meet the October deadline, ASIC has said it will take a measured approach to compliance until March 2025 for reporting entities that make reasonable efforts to comply with the 2024 Rules, but if it identifies deliberate or systemic breaches, or a failure to make all reasonable endeavours to come into compliance, it will take regulatory action.

We are pleased to share the official announcement of D2LT's affiliate partnership with The Law Society Through this partnership, we aim to support law firms and in-house legal teams with the practical tools and expert advice needed to confidently meet the challenges of unlocking business value through #digitaltransformation, #legaltech and #AI while managing the evolving legal and regulatory landscape. See here for more information on our maturity assessment: https://lnkd.in/edVZRmvS