CMS has launched its International Digital Regulation Hub, the most comprehensive resource for capturing key regulations, commentary and guidance to assist with navigating the regulatory landscape within Europe and beyond.
In the context of the European Union (EU) Commission's "A Europe fit for the digital age" plan, organisations have experienced an onslaught of digital regulations over the past two years with more to come. These rules are pivotal for businesses, imposing legal obligations for fair competition, personal data protection and responsible digital services across various industries.
However, tracking and adhering to these regulations can be a challenging and overwhelming task for businesses. The Digital Regulation Hub provides a destination for guidance, materials and events relevant to EU digital regulations and wider-reaching considerations.
Interactive Tracker
The Digital Regulation Hub also features an interactive tracker tool which is regularly updated to reflect new developments and resources for General Counsel, C-suite leaders and key decision-makers.
Grasping the opportunity in digital regulation
Additionally, CMS has conducted an in-depth study on how businesses are responding to the uptick in digital regulation. The study seeks to highlight the perceived effects on innovation, competition, protection and consistency across borders for companies operating in the following industries: platforms/intermediaries, online intermediation services, content providers, life sciences & healthcare, energy & infrastructure, banking & finance and automotive.
The key findings of this study, which are available via the Hub, are:
How businesses respond to regulation will determine their success in the digital age.
- 76% agree that only those who adapt to digital regulation will succeed in this new economy
- 73% agree that acting quickly on new regulation is essential to keep pace with digital innovation
Businesses are underestimating the impact of the EU’s non-personal data strategy.
- The EU is laying the foundations of a new data economy, but only:
- 9% consider non-personal data (NPD) to be ‘highly’ strategic to their business
- 13% believe NPD regulation offers significant opportunities
AI regulation presents more opportunities than threats.
- 94% believe that AI regulation offers ‘significant’ or ‘moderate’ opportunities, including the ability to compete on a safe playing field with legal certainty and security
- 80% think AI regulation poses ‘significant’ or ‘moderate’ commercial threats, suggesting some concerns of ‘overregulation’
The majority of in-house lawyers see digital platform regulation as a ‘significant’ opportunity.
- 54% expect ‘significant’ commercial opportunities to arise from digital platform regulation
- This includes 71% of content providers, who have much to gain from regulation aimed at curbing the market power of recognised digital gatekeepers
Most businesses have assessed the impact of digital regulation. Now it’s time to act.
- 73% have taken steps to assess the risks of digital regulation
- 63% have consulted external counsel
- Only 36% have revised their digital transformation plans, despite looming deadlines.
- Falling behind schedule is simply not an option.
Expert discussions
In 2024, CMS will be hosting a series of roundtable discussions and webinars focused on exploring the digital regulation topic further. These events will encourage legal teams and decision-makers to assess the risks presented by the changing environment, and the commercial opportunities arising from ongoing regulations. In the meantime, please find more information on the events here.
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