Shaping the Future of Regulation
31st May 2023
Ahead of the introduction of EU regulations for emerging technologies and online content by the end of 2023, industry and regulators need to work together to ensure we can all get the best out of AI, say professionals across the Technology, Media and Telecoms, Intellectual Property and Data Protection, and Legal sectors.
100 per cent of respondents polled at the Eversheds Sutherland Global Tech Event in Dublin City agreed that to achieve effective governance of new emerging technologies (e.g., AI and web3) the industry and legislators need to work together. Over 60 professionals from the Technology, Media and Telecoms, Intellectual Property and Data Protection, and Legal sectors attended the event last evening.
The event hosted by Ireland’s largest and most established global law firm consisted of two panel discussions focused on regulation; regulating emerging technologies and online content, and global cyber security through a combat and compliance lens.
•94 per cent of respondents said that business leaders are not prepared for the business transformation that emerging technologies could introduce to their business
•97 per cent said emerging technologies will have a transformative impact on businesses in Ireland
•Almost 60 per cent said the rush to further regulate emerging technologies could stifle innovation
•Almost half (47 per cent) of respondents said they are not adequately prepared for the continued threat of cyber-attacks on their business.
Speaking at the conference, Minister for Enterprise, Trade and Employment, Mr Simon Coveney TD said: “I welcome today’s discussion and in common with Eversheds Sutherland, and my government colleagues, we understand the important role Ireland plays in the global technology sector. We are in a positive position as a gateway to Europe and our shared aim is to support technology companies to grow and invest here.
“The emerging technologies present huge potential that has broad applications across different sectors, increasing economic productivity and helping to improve society overall.
We are playing a significant role in the complex discussions about the effective EU regulatory framework for AI, data and digital services. Ultimately to benefit us all, we want a fair and commercially competitive market that protects privacy and users.”
Also addressing the attendees, Marie McGinley Partner, International Head of Technology, Ireland said, “Ireland has become the beating heart of the wider technology sector ecosystem. Eversheds Sutherland understands that technology is truly a sector that needs to operate seamlessly across borders and our global presence means that we can serve our clients who are active not only in Ireland but across Europe and indeed globally.
“Within the sector, we are currently witnessing a time of significant technological advancements. This has informed the theme for our conference this year – which is Shaping the future of regulation.
“The challenge we as lawyers at Eversheds Sutherland relish is how best to support our innovators as they develop exciting and groundbreaking technologies.”
Moderating the panel discussions, Nasser Ali Khasawneh, Eversheds Sutherland Global Head of TMT Sector (Chairman – Middle East, Global Head of TMT) said:
“The world’s reliance on technology remains strong, with accelerated digitalization and innovation continuing to drive investment in emerging technologies.
“However, there are many challenges too with an unprecedented level of legislative initiatives and policies, owing to the global interconnectedness of trade and investment, as well as continuing political and economic uncertainty. Despite this, technology investment is expected to grow significantly in 2023 and it will be a defining year for the tech sector and our global TMT lawyers who are focused on helping our clients navigate the complex and ever-changing world of technology regulations.”
Owing to the emerging divergences in regulation between different jurisdictions, with implications for AI development and investments, Eversheds Sutherland has an AI-specific working group. This group is looking at regulation from a US, European, and ASIA perspective to understand what challenges these differences will create for clients.
Photographed at the Eversheds Sutherland Global Tech Event in Dublin are (L to R) Marie McGinley Partner, International Head of Technology (Ireland) at Eversheds Sutherland; Minister for Enterprise, Trade and Employment, Mr Simon Coveney TD; and Nasser Ali Khasawneh, Eversheds Sutherland Global Head of TMT Sector.