MemGPT/example-sec-filings · Datasets at Hugging Face

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As a result of the COVID-19 pandemic, many jurisdictions have adopted
and may continue to adopt or modify laws, rules, regulations, and/or
decrees intended to address the COVID-19 pandemic, including
implementing travel restrictions, such as vaccination requirements for
travel to and/or from certain regions. In addition, many jurisdictions
have limited social mobility and gatherings. As the COVID-19 pandemic or
related restrictions continue, governments, corporations, and other
authorities may continue to implement restrictions or policies that
could further restrict the ability of our Hosts and guests to
participate on our platform.

There is increased governmental interest in regulating technology
companies in areas including platform content, data privacy, data
security, intellectual property protection, ethical marketing, tax, data
localization and data access, artificial intelligence or algorithm-based
bias or discrimination, competition, and real estate broker related
activities. In addition, increasing governmental interest in, and public
awareness of, the impacts and effects of climate change and greater
emphasis on sustainability by federal, state, and international
governments could lead to further regulatory efforts to address the
carbon impact of housing and travel. In particular, the current
regulatory landscape regarding climate change (including disclosure
requirements and requirements regarding energy and water use and
efficiency), both within the United States and in many other locations
where we operate worldwide, is evolving at a pace, and is likely to
continue to develop in ways, that require our business to adapt. Many
U.S. states, either individually or through multi-state regional
initiatives, have begun to address greenhouse gas emissions, including
disclosure requirements relating thereto, and some U.S. states have also
adopted various environmental, social and governance ("SG"-related
efforts, initiatives and requirements. As a result, governments may
enact new laws and regulations and/or view matters or interpret laws and
regulations differently than they have in the past, including laws and
regulations which are responsive to ESG trends or otherwise seek to
reduce the carbon emissions relating to travel and set minimum energy
efficiency requirements, which could materially adversely affect our
business, results of operations, and financial condition. In particular,
stricter regulation in relation to energy and water use and efficiency
requirements could lead to a reduced number of listings in affected
jurisdictions. The legislative landscape continues to be in a state of
constant change as well as legal challenge with respect to these laws
and regulations, making it difficult to predict with certainty the
ultimate impact they will have on our business in the aggregate. We
incur significant expenses and commit significant resources so that our
platform can comply with applicable laws and regulations; however, there
is no assurance that we will be able to fully implement technical
upgrades and other system implementations in a timely manner since
implementations often involve building new infrastructure and tools,
which contain the inherent risk of unplanned errors and defects, and in
certain instances we may be unable to respond to legislation or
regulation in a way that fully mitigates any negative impacts our
business.

Any new or existing laws and regulations applicable to existing or
future business areas, including amendments to or repeal of existing
laws and regulations, or new interpretations, applications, or
enforcement of existing laws and regulations, could expose us to
substantial liability, including significant expenses necessary to
comply with such laws and regulations, and materially adversely impact
bookings on our platform, thereby materially adversely affecting our
business, results of operations, and financial condition. For example,
the UK laws and regulations that impact our UK and EU operations,
including those relating to payment processing, data privacy and data
security, legal protection for platforms, workers'rights, and
intellectual property changed or may change following the United
Kingdom' departure from the European Union. The Omnibus Directive also
introduces stricter penalties for breaches of consumer protection law.
This includes an introduction of fines as a mandatory element of
penalties in some situations and higher amounts, as well as additional
information requirements. The Collective Redress Directive replaced its
predecessor in November 2020. This relatively new Directive allows for
the recovery of monetary compensation on behalf of large classes of
consumers, and greatly extends the scope to new areas, including for
example misleading and comparative advertising, data privacy and data
security. The European Union is also enhancing the regulation of digital
services, and in November 2022, the DSA came into force. The majority of
the substantive provisions of the DSA will begin to take effect between
2023 and 2024. The DSA will govern, among other things, potential
liability for illegal content on platforms, traceability of traders, and
transparency reporting obligations, including information on "onthly
active recipients"in the European Union. The DSA may increase compliance
costs and require additional resources as well as changes to our
processes and operations. In parallel, the Digital Markets Act (the "MA"
came into force in November 2022 and introduces ex ante regulation of
certain large online platforms. We do not anticipate being designated a
regulated gatekeeper platform for the purposes of the DMA although this
could change at some point in the future. Some European jurisdictions
(such as Germany) have also introduced new competition rules in relation
to digital platforms similar to the DMA at the national level. These
laws may contain certain regulatory requirements and/or obligations that
could negatively impact the business of companies like ours.
Furthermore, some of our Hosts or some of our offerings may now or in
the future be subject to the European Package Travel Directive, which
imposes various obligations upon package providers and upon marketers of
travel packages, such as disclosure obligations to consumers and
liability to consumers. Our efforts to influence legislative and
regulatory proposals have an uncertain chance of success, could be
limited by laws regulating lobbying or advocacy activity in certain
jurisdictions, and even if successful, could be expensive and time
consuming, and could divert the attention of management from operations.

As a result of the COVID-19 pandemic, many jurisdictions have adopted

and may continue to adopt or modify laws, rules, regulations, and/or

decrees intended to address the COVID-19 pandemic, including

implementing travel restrictions, such as vaccination requirements for

travel to and/or from certain regions. In addition, many jurisdictions

have limited social mobility and gatherings. As the COVID-19 pandemic or

related restrictions continue, governments, corporations, and other

authorities may continue to implement restrictions or policies that

could further restrict the ability of our Hosts and guests to

participate on our platform.

There is increased governmental interest in regulating technology

companies in areas including platform content, data privacy, data

security, intellectual property protection, ethical marketing, tax, data

localization and data access, artificial intelligence or algorithm-based

bias or discrimination, competition, and real estate broker related

activities. In addition, increasing governmental interest in, and public

awareness of, the impacts and effects of climate change and greater

emphasis on sustainability by federal, state, and international

governments could lead to further regulatory efforts to address the

carbon impact of housing and travel. In particular, the current

regulatory landscape regarding climate change (including disclosure

requirements and requirements regarding energy and water use and

efficiency), both within the United States and in many other locations

where we operate worldwide, is evolving at a pace, and is likely to

continue to develop in ways, that require our business to adapt. Many

U.S. states, either individually or through multi-state regional

initiatives, have begun to address greenhouse gas emissions, including

disclosure requirements relating thereto, and some U.S. states have also

adopted various environmental, social and governance ("SG"-related

efforts, initiatives and requirements. As a result, governments may

enact new laws and regulations and/or view matters or interpret laws and

regulations differently than they have in the past, including laws and

regulations which are responsive to ESG trends or otherwise seek to

reduce the carbon emissions relating to travel and set minimum energy

efficiency requirements, which could materially adversely affect our

business, results of operations, and financial condition. In particular,

stricter regulation in relation to energy and water use and efficiency

requirements could lead to a reduced number of listings in affected

jurisdictions. The legislative landscape continues to be in a state of

constant change as well as legal challenge with respect to these laws

and regulations, making it difficult to predict with certainty the

ultimate impact they will have on our business in the aggregate. We

incur significant expenses and commit significant resources so that our

platform can comply with applicable laws and regulations; however, there

is no assurance that we will be able to fully implement technical

upgrades and other system implementations in a timely manner since

implementations often involve building new infrastructure and tools,

which contain the inherent risk of unplanned errors and defects, and in

certain instances we may be unable to respond to legislation or

regulation in a way that fully mitigates any negative impacts our

business.

Any new or existing laws and regulations applicable to existing or

future business areas, including amendments to or repeal of existing

laws and regulations, or new interpretations, applications, or

enforcement of existing laws and regulations, could expose us to

substantial liability, including significant expenses necessary to

comply with such laws and regulations, and materially adversely impact

bookings on our platform, thereby materially adversely affecting our

business, results of operations, and financial condition. For example,

the UK laws and regulations that impact our UK and EU operations,

including those relating to payment processing, data privacy and data

security, legal protection for platforms, workers'rights, and

intellectual property changed or may change following the United

Kingdom' departure from the European Union. The Omnibus Directive also

introduces stricter penalties for breaches of consumer protection law.

This includes an introduction of fines as a mandatory element of

penalties in some situations and higher amounts, as well as additional

information requirements. The Collective Redress Directive replaced its

predecessor in November 2020. This relatively new Directive allows for

the recovery of monetary compensation on behalf of large classes of

consumers, and greatly extends the scope to new areas, including for

example misleading and comparative advertising, data privacy and data

security. The European Union is also enhancing the regulation of digital

services, and in November 2022, the DSA came into force. The majority of

the substantive provisions of the DSA will begin to take effect between

2023 and 2024. The DSA will govern, among other things, potential

liability for illegal content on platforms, traceability of traders, and

transparency reporting obligations, including information on "onthly

active recipients"in the European Union. The DSA may increase compliance

costs and require additional resources as well as changes to our

processes and operations. In parallel, the Digital Markets Act (the "MA"

came into force in November 2022 and introduces ex ante regulation of

certain large online platforms. We do not anticipate being designated a

regulated gatekeeper platform for the purposes of the DMA although this

could change at some point in the future. Some European jurisdictions

(such as Germany) have also introduced new competition rules in relation

to digital platforms similar to the DMA at the national level. These

laws may contain certain regulatory requirements and/or obligations that

could negatively impact the business of companies like ours.

Furthermore, some of our Hosts or some of our offerings may now or in

the future be subject to the European Package Travel Directive, which

imposes various obligations upon package providers and upon marketers of

travel packages, such as disclosure obligations to consumers and

liability to consumers. Our efforts to influence legislative and

regulatory proposals have an uncertain chance of success, could be

limited by laws regulating lobbying or advocacy activity in certain

jurisdictions, and even if successful, could be expensive and time

consuming, and could divert the attention of management from operations.