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

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receive personal data transfers to the United States and other
jurisdictions. As our lead supervisory authority, the European Data
Protection Board, and other data protection regulators issue further
guidance on personal data export mechanisms, including

24

circumstances where the standard contractual clauses cannot be used,
and/or take further or start taking enforcement action, we could suffer
additional costs, have to stop using certain tools and vendors and make
operational changes, suffer complaints and/or regulatory investigations
or fines, and/or if we are otherwise unable to transfer personal data
between and among countries and regions in which we operate, it could
affect the manner in which we provide our services and our ability to
provide our services, the geographical location or segregation of our
relevant systems and operations, and could materially adversely affect
our business, results of operations, and financial condition.

In the United States, there are numerous federal and state data privacy
and security laws, rules, and regulations governing the collection, use,
storage, sharing, transmission, and other processing of personal
information, including federal and state data privacy laws, data breach
notification laws, and consumer protection laws. One such federal law is
the Gramm-Leach-Bliley Act of 1999 ("LBA" and its implementing
regulations, which restricts certain collection, processing, storage,
use, and disclosure of personal information, requires notice to
individuals of privacy practices, and provides individuals with certain
rights to prevent the use and disclosure of certain nonpublic or
otherwise legally protected information. These rules also impose
requirements for the safeguarding and proper destruction of personal
information through the issuance of data security standards or
guidelines. The U.S. government, including Congress, the Federal Trade
Commission and the Department of Commerce, has announced that it is
reviewing the need for greater regulation for the collection of
information concerning consumer behavior on the Internet, including
regulation aimed at restricting certain targeted advertising practices.
In addition, numerous states have enacted or are in the process of
enacting state level data privacy laws and regulations governing the
collection, use, and processing of state residents'personal data. For
example, the CCPA took effect on January , 2020. The CCPA established a
new privacy framework for covered businesses such as ours, and may
continue to require us to modify our data processing practices and
policies and incur compliance related costs and expenses. The CCPA
provides new and enhanced data privacy rights to California residents,
such as affording consumers the right to access and delete their
information and to opt out of certain sharing and sales of personal
information. The CCPA also prohibits covered businesses from
discriminating against consumers (for example, charging more for
services) for exercising any of their CCPA rights. The CCPA imposes
severe statutory damages as well as a private right of action for
certain data breaches of specific categories of personal information.
This private right of action has increased the risks associated with
data breach litigation. In November 2020, California voters passed the
California Privacy Rights and Enforcement Act of 2020 ("PRA". The CPRA
went into effect on January 1, 2023. The CPRA modifies and expands the
CCPA with additional data privacy compliance requirements that may
impact our business, and establishes a regulatory agency dedicated to
enforcing those requirements. In addition, Virginia, Colorado, Utah, and
Connecticut recently passed comprehensive privacy laws that take effect
in 2023 and will impose obligations similar to or more stringent than
those we may face under other data privacy and security laws. Together,
these laws will add additional complexity, variation in requirements,
restrictions and potential legal risk, require additional investment in
resources to compliance programs, could impact strategies and
availability of previously useful data, and could result in increased
compliance costs and/or changes in business practices and policies.

Various other governments and consumer agencies around the world have
also called for new regulation and changes in industry practices and
many have enacted different and often contradictory requirements for
protecting personal information collected and maintained electronically.
Compliance with numerous and contradictory requirements of different
jurisdictions is particularly difficult and costly for an online
business such as ours, which collects personal information from Hosts,
guests, and other individuals in multiple jurisdictions. If any
jurisdiction in which we operate adopts news laws or changes its
interpretation of its laws, rules, or regulations relating to data
residency or localization such that we are unable to comply in a timely
manner or at all, we could risk losing our rights to operate in such
jurisdictions. While we have invested and continue to invest significant
resources to comply with privacy regulations around the world, many of
these regulations expose us to the possibility of material penalties,
significant legal liability, changes in how we operate or offer our
products, and interruptions or cessation of our ability to operate in
key geographies, any of which could materially adversely affect our
business, results of operations, and financial condition.

Furthermore, to improve the trust and safety on our platform, we conduct
certain verification procedures aimed at our Hosts, guests, and listings
in certain jurisdictions. Such verification procedures may include
utilizing public information on the Internet, accessing public databases
such as court records, utilizing third-party vendors to analyze Host or
guest data, or physical inspection. These types of activities may expose
us to the risk of regulatory enforcement from privacy regulators,
consumer protection agencies, consumer credit reporting agencies, and
civil litigation.

When we are required to disclose personal data pursuant to demands from,
or give data access to, government agencies, including tax authorities,
state and city regulators, law enforcement agencies, and intelligence

receive personal data transfers to the United States and other

jurisdictions. As our lead supervisory authority, the European Data

Protection Board, and other data protection regulators issue further

guidance on personal data export mechanisms, including

24

circumstances where the standard contractual clauses cannot be used,

and/or take further or start taking enforcement action, we could suffer

additional costs, have to stop using certain tools and vendors and make

operational changes, suffer complaints and/or regulatory investigations

or fines, and/or if we are otherwise unable to transfer personal data

between and among countries and regions in which we operate, it could

affect the manner in which we provide our services and our ability to

provide our services, the geographical location or segregation of our

relevant systems and operations, and could materially adversely affect

our business, results of operations, and financial condition.

In the United States, there are numerous federal and state data privacy

and security laws, rules, and regulations governing the collection, use,

storage, sharing, transmission, and other processing of personal

information, including federal and state data privacy laws, data breach

notification laws, and consumer protection laws. One such federal law is

the Gramm-Leach-Bliley Act of 1999 ("LBA" and its implementing

regulations, which restricts certain collection, processing, storage,

use, and disclosure of personal information, requires notice to

individuals of privacy practices, and provides individuals with certain

rights to prevent the use and disclosure of certain nonpublic or

otherwise legally protected information. These rules also impose

requirements for the safeguarding and proper destruction of personal

information through the issuance of data security standards or

guidelines. The U.S. government, including Congress, the Federal Trade

Commission and the Department of Commerce, has announced that it is

reviewing the need for greater regulation for the collection of

information concerning consumer behavior on the Internet, including

regulation aimed at restricting certain targeted advertising practices.

In addition, numerous states have enacted or are in the process of

enacting state level data privacy laws and regulations governing the

collection, use, and processing of state residents'personal data. For

example, the CCPA took effect on January , 2020. The CCPA established a

new privacy framework for covered businesses such as ours, and may

continue to require us to modify our data processing practices and

policies and incur compliance related costs and expenses. The CCPA

provides new and enhanced data privacy rights to California residents,

such as affording consumers the right to access and delete their

information and to opt out of certain sharing and sales of personal

information. The CCPA also prohibits covered businesses from

discriminating against consumers (for example, charging more for

services) for exercising any of their CCPA rights. The CCPA imposes

severe statutory damages as well as a private right of action for

certain data breaches of specific categories of personal information.

This private right of action has increased the risks associated with

data breach litigation. In November 2020, California voters passed the

California Privacy Rights and Enforcement Act of 2020 ("PRA". The CPRA

went into effect on January 1, 2023. The CPRA modifies and expands the

CCPA with additional data privacy compliance requirements that may

impact our business, and establishes a regulatory agency dedicated to

enforcing those requirements. In addition, Virginia, Colorado, Utah, and

Connecticut recently passed comprehensive privacy laws that take effect

in 2023 and will impose obligations similar to or more stringent than

those we may face under other data privacy and security laws. Together,

these laws will add additional complexity, variation in requirements,

restrictions and potential legal risk, require additional investment in

resources to compliance programs, could impact strategies and

availability of previously useful data, and could result in increased

compliance costs and/or changes in business practices and policies.

Various other governments and consumer agencies around the world have

also called for new regulation and changes in industry practices and

many have enacted different and often contradictory requirements for

protecting personal information collected and maintained electronically.

Compliance with numerous and contradictory requirements of different

jurisdictions is particularly difficult and costly for an online

business such as ours, which collects personal information from Hosts,

guests, and other individuals in multiple jurisdictions. If any

jurisdiction in which we operate adopts news laws or changes its

interpretation of its laws, rules, or regulations relating to data

residency or localization such that we are unable to comply in a timely

manner or at all, we could risk losing our rights to operate in such

jurisdictions. While we have invested and continue to invest significant

resources to comply with privacy regulations around the world, many of

these regulations expose us to the possibility of material penalties,

significant legal liability, changes in how we operate or offer our

products, and interruptions or cessation of our ability to operate in

key geographies, any of which could materially adversely affect our

business, results of operations, and financial condition.

Furthermore, to improve the trust and safety on our platform, we conduct

certain verification procedures aimed at our Hosts, guests, and listings

in certain jurisdictions. Such verification procedures may include

utilizing public information on the Internet, accessing public databases

such as court records, utilizing third-party vendors to analyze Host or

guest data, or physical inspection. These types of activities may expose

us to the risk of regulatory enforcement from privacy regulators,

consumer protection agencies, consumer credit reporting agencies, and

civil litigation.

When we are required to disclose personal data pursuant to demands from,

or give data access to, government agencies, including tax authorities,

state and city regulators, law enforcement agencies, and intelligence