Now more than ever, technology is influencing the way we do business, communicate, move through and around the world, access and manage our homes, receive and administer healthcare, make purchases, secure information, and protect our most valuable property. Morrison Foerster keeps pace with this rapidly evolving landscape across our internationally recognized corporate, finance, intellectual property, and litigation practices. MoFo Tech brings together our insights relating to fields such as blockchain and distributed ledger, cloud and as-a-service technologies, driverless cars, drones, fintech, computer hardware and software, the Internet of Things, semiconductors, and telecommunications. The MoFo Tech blog offers real-time, in-depth analyses of the trends and complex issues shaping the global technology industry.<h2>ABOUT MORRISON FOERSTER</h2>Morrison Foerster is a leading global law firm that transforms complexity into advantage for its clients. Our clients include some of the largest financial institutions, banks, consulting and accounting firms, and Fortune 100, technology, and life sciences companies. Highlighting the firm’s commitment to client service, leadership in market-changing deals and impact litigation, and values-based culture, Morrison Foerster has been repeatedly recognized as one of the top 10 firms on The American Lawyer’s A-List. Year after year, the firm receives significant recognition from Chambers and The Legal 500 across their various guides, including Global, USA, Asia‑Pacific, Europe, UK, Latin America, and FinTech Legal. Our lawyers passionately care about delivering legal excellence while living our values. Morrison Foerster has a long-standing commitment to creating a culture that respects and celebrates differences, while providing an inclusive environment. The firm has achieved Mansfield Certification Plus since 2018 as a result of successfully reaching at least 30 percent women, communities of color, and LGBTQ+ lawyer representation in a notable number of current leadership roles and committees. The firm also has a long history of commitment to the community and society through providing pro bono legal services, including litigating for civil rights and civil liberties, improving public education and fostering the wellbeing of children, advocating for veterans, promoting international human rights, enforcing the right to asylum, and safeguarding the environment.

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Scott Llewellyn’s practice focuses on complex litigation in federal and state courts around the country, with an emphasis on patent and trade secret disputes. Over the past decade, he has worked on some of the most significant, high–profile IP cases involving technology for televisions, smartphones, and self–driving cars, relying on 40 years of experience with computer hardware and software. Scott also has significant experience with business divorce cases before courts and arbitrators, involving a mix of trade secret, patent, tort, and contract claims relating to technology development and implementation.Scott also has successfully tried general commercial arbitration and agency matters, briefed and argued various appeals in federal appellate court, and tried more than 20 cases for the Denver City Attorney’s office, most of them jury trials.Scott also has an active pro bono practice, having worked on a variety of criminal and immigration appeals, and having represented Colorado criminal defense and mental health organizations in high–profile suits against the state of Colorado for violations of the constitutional rights of defendants.At MoFo, Scott serves on the board of the Morrison & Foerster Foundation. In the broader legal community, he serves on the boards of the Colorado Lawyers Committee and Drop in the Bucket (a charity that builds wells and sanitation systems in sub–Saharan Africa).After law school, Scott clerked for the Honorable Clarence A. Brimmer, District of Wyoming, and the Honorable Diarmuid F. O’Scannlain, Ninth Circuit. He was also previously an adjunct professor at the Georgetown University Law Center.

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Partner

Scott Llewellyn’s practice involves complex litigation before state and federal courts around the country, with an emphasis on patent and trade secret disputes for high-tech companies, to which he brings more than 35 years of experience with computer hardware and software, in particular relating to the processing and transmission of audio, video, voice, and other types of data. Mr. Llewellyn has also tried commercial arbitration and agency matters; briefed and argued various appeals in federal appellate court; and tried more than 20 cases for the Denver city attorney’s office, most of them jury trials.

Scott F. Llewellyn

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MoFo Tech brings together legal insights and in-depth analyses on trends and complex issues shaping the global technology industry, covering fields such as blockchain and distributed ledger, cloud and SaaS technologies, driverless cars, drones, FinTech, computer hardware and software, the IoT, semiconductors, and telecommunications.

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MoFo Tech brings together legal insights and in-depth analyses on trends and complex issues shaping the global technology industry, covering fields such as blockchain and distributed ledger, cloud and SaaS technologies, driverless cars, drones, FinTech, computer hardware and software, the IoT, semiconductors, and telecommunications.

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Current State of the AI VC Financing Market

MoFo Tech Law Summit – Tech and Antitrust: Policy Shifts in the Second Trump Administration

MoFo Tech Law Summit – Responsible Tech: Policy Becomes Practice

AI Dynamics: Regulatory Landscape and Industry Insights

Introducing the MoFo Tech Law Summit – Innovation Under Regulation

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The UK Financial Conduct Authority (FCA) has warned cryptoasset firms marketing to UK consumers (including from overseas) to start preparing now to comply with the UK financial promotions regime, which is soon to be expanded to cover most unregulated cryptoassets. HM Treasury (HMT) has also published a policy statement on its approach to regulating cryptoasset financial promotions, in which it has announced that cryptoasset firms which are registered under the Money Laundering Regulations 2017 will be able to communicate their own financial promotions under a planned new exemption. Here, we summarise what firms need to know about the recent announcements. Read our <a href="https://www.mofo.com/resources/insights/230215-cryptoasset-firms-marketing" target="_blank">client alert.</a>

Cryptoasset Firms Marketing to UK Consumers Warned to Begin Preparing for Financial Promotions Regime Now

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Of Counsel

Chloe advises clients on contentious regulatory and white collar crime matters, including internal and external investigations, enforcement proceedings, and related litigation. She has experience advi

Chloe Kearns

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Cryptoasset Firms Marketing to UK Consumers Warned to Begin Preparing for Financial Promotions Regime Now

Why Should Your Startup Care About Intellectual Property?

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The UK Financial Conduct Authority (FCA) has warned cryptoasset firms marketing to UK consumers (including from overseas) to start preparing now to comply with the UK financial promotions regime

In this episode of MoFo’s Above Board podcast, host, co-chair of MoFo’s Corporate Finance | Capital Markets practice, and former Chief Counsel of the SEC’s Division of Corporation Finance Dave Lynn speaks with Alex Iftimie, co-chair of MoFo’s Global Risk and Crisis Management group, and Brandon Van Grack, who also co-chairs the group and serves as co-chair of the firm’s National Security practice. Both are former senior DOJ officials who bring their vast experience in cybersecurity to analyze the top cyber events that have defined 2021 thus far and provide practical guidance in response to the following key questions:<ul><li>What are the key cybersecurity threats that boards of directors should be focused on?</li><li>What role should boards be playing in a cyber incident like a ransomware attack?</li><li>What action do you expect to see from U.S. government with respect to cybersecurity?</li></ul>Listen to the <a href="https://protect-us.mimecast.com/s/V4ibCER61yi3lNky0Sw8aQN?domain=www2.mofo.com">podcast</a>.

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Brandon L. Van Grack co-chairs Morrison Foerster’s National Security and Crisis Management groups. 

Brandon Van Grack

Brandon Van Grack - National Security Lawyer

Brandon L. Van Grack

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Above Board Podcast: 2021 Cyber Events Shaping the Horizon

Above Board Podcast: 2021 Cyber Events Shaping the Horizon

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In this episode of MoFo’s Above Board podcast, host, co-chair of MoFo’s Corporate Finance | Capital Markets practice, and former Chief Counsel of the SEC’s Divi

A recent federal district court ruling in a criminal anti-money laundering case suggests that the transmission of virtual currency on behalf of another person requires a state money transmission license — even if the state’s money transmission law does not expressly address the regulation of virtual currency. This interpretation has the potential to significantly disrupt current compliance approaches taken by some organizations engaging in virtual currency activity, and could make a challenging regulatory landscape even tougher to navigate.  Read our <a href="https://protect-us.mimecast.com/s/qJLICOY5LGhyGrgOikx6Pd?domain=www2.mofo.com">client alert.</a>

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Bitcoin Is “Money” for Purposes of D.C. Money Transmission Law, Says Federal Court

Do You Want to Launch an ICO? Please, Listen to the SEC

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A recent federal district court ruling in a criminal anti-money laundering case suggests that the transmission of virtual currency on behalf of another person r

Bitcoin Is “Money” for Purposes of D.C. Money Transmission Law, Says Federal Court

With effect from 1 April 2020, the UK will start to levy a digital services tax at a rate of 2% on digital services revenues that are attributable to UK users.The UK digital services tax (“UK DST”) is intended to apply to large businesses that earn significant revenue from in-scope digital services activities — which include social media, online marketplaces, and associated advertising.BackgroundThe UK DST originates from the Organisation for Economic Co-operation and Development’s (OECD) Base Erosion and Profit Shifting (BEPS) project — specifically, Action 1 (Tax Challenges Arising from Digitalization).  The OECD is working to implement a long-term solution to the perceived failure of the international tax rules on profit allocation, and, if an agreement is reached, the UK DST will be repealed and replaced with the international measures.  At present, the UK government plans to review the UK DST again in 2025.The UK DST is an interim measure that will impose tax at a rate of 2% on the revenues received in connection with specified digital services activities, which will predominately impact large multinational enterprises.  The UK DST is an extraterritorial tax, meaning that the enterprise subject to the UK DST does not need to be incorporated or have a permanent establishment in the UK for the tax to apply. The development of the UK DST has been subject to much consultation, review, and draft legislation.  The latest legislation for the UK DST (published in the Finance Bill 2020, along with guidance from the UK tax authority, HMRC) brought some clarification regarding the scope of the UK DST ahead of its 1 April 2020 effective date.Who does the UK DST apply to?The UK DST is aimed at large businesses that (on a group-wide basis) generate:<ul><li>more than £500 million in annual worldwide revenues from in-scope digital services activities; and</li><li>more than £25 million in annual revenues from in-scope digital services activities linked to UK users.</li></ul>Where a business’s revenues from in-scope digital services activities exceed these thresholds, the UK DST will apply to that business.  The in-scope digital services activities are:<ul><li>social media services; </li><li>internet search engines; or</li><li>online marketplaces.</li></ul>The in-scope digital services activities also include associated online advertising services, which derive significant benefit from association with the social media service, search engine, or online marketplace.  A UK user includes individuals and legal persons that it is reasonable to assume are in the UK or are established in the UK.Next Steps and ComplianceBusinesses that are potentially affected by UK DST should undertake a review of their activities to determine whether operations fall within the specified digital services activities of the UK DST.  Determining which services should be tested for compliance with the UK DST is a matter of judgment and depends on the particular facts and circumstances of the business and any wider group.  The UK DST should also be considered in the context of transfer pricing rules, where transactions are made between associated members of a group.  Parties should consider whether the entity that paid and/or is liable to UK DST would have borne the cost of the expense or if the expense would be factored into the transfer price.The UK DST is payable and reportable on an annual basis.  The due date of the tax is the day after nine months following the end of the accounting period.  The total UK DST liability is calculated on a group‑wide basis but charged to the individual members of the group that realise the revenue that contributes to the total.  A member of the group can be nominated to comply with the UK DST, otherwise the ultimate parent of the group will be responsible.There are no specific rules for determining the deductibility of UK DST against any other tax liability.  Following general UK corporation tax principles, where a UK DST liability expense is incurred wholly and exclusively for the purpose of the business’s trade, it is likely to be deductible.For groups that have a low operating margin from providing in-scope activities to UK users, an election to calculate the UK DST under an alternative calculation can be made.  Relief can also be claimed for in‑scope cross-border transactions that lead to revenue being taxed both under the UK DST and under an equivalent regime in another jurisdiction.  The relief reduces the UK DST revenues by 50%.

Autodesk

HM Revenue and Customs

Home Office, Department for Communities and Local Government, Department of Health

Intel

ITworx

lastminute.com

NYSE-listed health tech company

One of UK's largest public EV charging networks

Phoenix Group

Telenor

UK Border Agency

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Alistair Maughan co-leads Morrison & Foerster's European Technology & Commercial Practice.

Alistair Maughan

Alistair advises on the deployment of new technology platforms involving, for example, the internet of things, AI and machine-learning, and blockchain and distributed ledger technology.

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UK Digital Services Tax, Effective from 1 April 2020

With effect from 1 April 2020, the UK will start to levy a digital services tax at a rate of 2% on digital services revenues that are attributable to UK users.


UK Digital Services Tax, Effective from 1 April 2020

On December 19, 2019, the Staff of the U.S. Securities and Exchange Commission’s Division of Corporation Finance issued guidance outlining the Staff’s views about disclosure obligations that companies should consider with respect to technology, data and intellectual property risks that could arise when operations take place outside the United States. Companies should consider this guidance when preparing risk factor and other disclosures included in upcoming periodic reports and registration statements. Read our <a href="https://protect-us.mimecast.com/s/pkYiCXDkqPHNzPjXtDQ4ze?domain=www2.mofo.com">client alert.</a>

SEC Staff Issues Guidance on Technology, Data and Intellectual Property Risks in International Operations

On December 19, 2019, the Staff of the U.S. Securities and Exchange Commission’s Division of Corporation Finance issued guidance outlining the Staff’s views abo

SEC Staff Issues Guidance on Technology, Data and Intellectual Property Risks in International Operations

Morrison & Foerster’s Kristen Mathews and Adam Fleisher have written an article for Law360 that covers compliance obligations for financial institutions under the California Consumer Privacy Act (CCPA). Read our <a href="https://protect-us.mimecast.com/s/bNlqCL950GHOP4pKCqmwF-">client alert.</a>

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Financial Cos. Face A New Normal Under State Privacy Laws

UK Regulations: Urgent Action Required from Loan-Based Crowdfunding Platforms

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Morrison & Foerster’s Kristen Mathews and Adam Fleisher have written an article for Law360 that covers compliance obligations for financial institutions under t

Financial Cos. Face A New Normal Under State Privacy Laws

Financial services companies subject to the Gramm-Leach-Bliley Act (GLBA) are treated somewhat differently under the CCPA. However, the CCPA does apply to some personal information that financial institutions handle. Kristen Mathews and Adam Fleisher, attorneys in Morrison & Foerster’s Privacy + Data Security Group, authored an article for Bloomberg Law that covers the compliance burdens that even financial institutions have under the California Consumer Privacy Act, and evaluates whether, how, and how fast, these burdens can be met. Read the <a href="https://protect-us.mimecast.com/s/MH2NCwpR2xSxPQPLCq8m-i">full article.</a>

Financial Institutions and the CCPA: What Remains After the Law's Exceptions

Financial services companies subject to the Gramm-Leach-Bliley Act (GLBA) are treated somewhat differently under the CCPA. However, the CCPA does apply to some 

Financial Institutions and the CCPA: What Remains After the Law's Exceptions

It’s all very well to issue regulatory guidance – but it’s what you do to enforce it that really counts. The UK financial services regulatory agencies have imposed fines exceeding $2 million on a UK bank that did not implement enough oversight on an outsourced provider of technology services. In this alert, we discuss the firmer approach being adopted by UK regulators when it comes to compliance with technology outsourcing rules.Read our <a href="https://protect-us.mimecast.com/s/qVxACW6jp1UoyBXJiKcttu">client alert</a>.

One of UK’s largest public EV charging networks

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Associate

Sana Ashcroft is an associate based in the London office of Morrison & Foerster and is a member of the Technology Transactions Group.
Sana advises on a wide range of domestic and cross-border commerci

Sana Ashcroft

Financial Services Technology Outsourcing: The UK Regulators Flex Their Muscles

It’s all very well to issue regulatory guidance – but it’s what you do to enforce it that really counts. The UK financial services regulatory agencies have impo

Financial Services Technology Outsourcing: The UK Regulators Flex Their Muscles

Recent Congressional activity reflects increasing concern in the fair lending implications of artificial intelligence (AI) in credit underwriting. Congress and regulatory agencies are likely to press financial services providers to better understand the AI they use and to ensure that its use does not result in unfair treatment of minorities and other protected groups through the employment of seemingly neutral criteria that have a disproportionate impact on protected classes of consumers.Read our <a href="https://protect-us.mimecast.com/s/WE81Cv29Rwtx8qY0tzfA6c">client alert</a>.

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Senior Partner

Rick has nearly 50 years of experience advising banks, retailers, insurers, and other companies throughout the United States on the full range of financial services and payment system issues.

Rick Fischer

Rick has nearly 50 years of experience advising banks, retailers, insurers, and other companies throughout the United States on the full range of financial services and payment system issues.

Policy Makers Examine the Disparate Impact Risk of Artificial Intelligence and Underwriting

Recent Congressional activity reflects increasing concern in the fair lending implications of artificial intelligence (AI) in credit underwriting. Congress and 

Policy Makers Examine the Disparate Impact Risk of Artificial Intelligence and Underwriting

A Nevada resident, Morgan Rockcoons, was sentenced in the U.S. District Court for the Southern District of California to 21 months in prison for wire fraud and unlicensed money transmission. In connection with the sentencing, Rockcoons will also be required to forfeit $80,600 in illicit proceeds. The sentencing of Rockcoons follows recent activity relating to the regulation of virtual currency businesses by FinCEN. Read our <a href="https://protect-us.mimecast.com/s/SWxxCZ6mvgUlo3wyHKJOn8">client alert</a>.

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Marc–Alain’s practice focuses on advising and counseling global banks, financial holding companies, bank holding companies, and other financial institutions on a variety of bank regulatory, Bank Secre

Marc-Alain Galeazzi

Nevada Resident Sentenced for Fraud and Unlicensed Money Transmission in Case Involving Bitcoin

A Nevada resident, Morgan Rockcoons, was sentenced in the U.S. District Court for the Southern District of California to 21 months in prison for wire fraud and 

Nevada Resident Sentenced for Fraud and Unlicensed Money Transmission in Case Involving Bitcoin