FinTech Global FS Regulatory Round-Up – W/e 3 November 2023

Some key takeaways from the Scottish Tech Industry Survey 2025.

Anthropic's updated Acceptable Use Policy introduces significant changes for organisations building on Claude, extending far beyond the headline-grabbing prohibition on abusive behaviour towards the AI model. The policy now addresses deceptive campaigns, election interference, weapons development, surveillance systems, and requires human oversight for high-impact decisions affecting individuals' rights and wellbeing.

The EU has introduced its first major amendment to the AI Act through the AI Omnibus regulation, which delays certain compliance deadlines while maintaining others. Organizations must understand which obligations remain on schedule, including transparency requirements and general-purpose AI provisions, and which have been deferred, such as high-risk AI system requirements.

Advertisers using AI-generated content face complex transparency requirements that vary significantly between the UK and EU. While UK law focuses on preventing consumer deception without explicit AI labelling mandates, the EU AI Act introduces strict disclosure obligations for 'deep fakes' that could catch even UK-based campaigns if they reach EU audiences.

As of 2 August 2026, the EU AI Act’s transparency obligations under Article 50 are now in effect, with one limited exception for providers of AI systems generating synthetic audio, image, video or text content that...

The UK Government has introduced the Cyber Security and Resilience Bill to address critical gaps in existing cyber security regulations, expanding coverage to data centres, managed service providers, and critical suppliers while granting regulators enhanced enforcement powers. With tightened incident reporting deadlines, turnover-based penalties up to £17 million, and mandatory supply chain resilience measures, organisations across essential services sectors must assess their readiness for compliance

The National Cyber Security Centre emphasizes five critical areas requiring director-level attention: risk management, strategy, people, incident planning and response, and assurance oversight. Organizations must establish robust governance frameworks to address evolving cyber threats and ensure comprehensive resilience across their operations.

A recent ruling from the U.S. Bankruptcy Court has paved the way for Celsius Network to continue its $4 billion lawsuit against stablecoin issuer Tether.

The European Commission has published its Code of Practice on marking and labelling AI-generated content, helping businesses to meet new transparency duties under the EU AI Act.

On 12 May, Anthropic launched Claude for Legal, marking a shift in the AI company’s positioning, from primarily powering legal AI products such as Harvey and Legora, towards potentially becoming a legal platform in its own right.