General Business Securities Privacy

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OSC Whistleblower Program Launched

On July 16, 2016, the Ontario Securities Commission (OSC) announced the launch of its Office of the Whistleblower. This is the first paid whistleblower program by a securities regulator in Canada. Subject to eligibility...more

Facebook v. Vachani – User Authorization Can Be Revoked By Service Providers

The U.S. Court of Appeals for the Ninth Circuit recently issued a decision that could have far reaching implications for the relationships between companies that provide online services, their customers or users, and third...more

Shareholder Derivative Suit Following Data Breach Misses Target

On July 7, 2016, Judge Paul A. Magnuson of the United States District Court for the District of Minnesota granted Defendants’ Motions to Dismiss a shareholder class action that had been initiated following a 2013 holiday...more

SEC Cyber Update: Official Outlines Active Role for SEC on Cybersecurity as Enforcement Questions Persist

SEC Chicago Regional Director David Glockner spoke at a PLI Conference in New York on June 6 regarding the SEC’s data security regulations and enforcement efforts. Mr. Glockner acknowledged frustration with the Division of...more

SEC Fines Morgan Stanley for Data “Breach”

Last week, the SEC fined Morgan Stanley $1 million for two data security failures resulting in the exposure of personal information of 730,000 of its customers. Andrew Ceresney, the director of enforcement at the SEC stated,...more

Cybersecurity News & Notes – June 2016 #2: A brief digest of cybersecurity news you can use...

In Case You Missed It: The SEC fined Morgan Stanley $1 million for a 2014 data breach. While the FTC had declined to pursue an enforcement action, blaming the breach on technical issues rather than any actions or omissions...more

Recent Investment Management Developments - May 2016

Below is a summary of recent investment management developments that affect registered investment companies, private equity funds, hedge funds, investment advisers, and others in the investment management...more

UK Financial Regulatory Developments - May 2016 #6

Industry associations agree cyber principles - ISDA, the European Banking Federation and the Global Financial Markets Association have published a set of common principles they hope will encourage effective global policy...more

Blockchain: What is all the buzz about?

Blockchain technology, introduced as the magic behind Bitcoin, is being touted by many as the next major disruptive innovation – in global trade and way beyond. At its core, Blockchain shifts the accounting function...more

Continuing Data Security Lessons from the SEC

In September, we reported that the Securities and Exchange Commission (SEC) settled charges against a registered investment adviser for a violation of Rule 30(a) of Regulation S-P (17 C.F.R. 248.30(a))(“Safeguards Rule”) for...more

UK Financial Regulatory Developments - April 2016 #15

ESAs finalise proposal for RTS on KIDs for PRIIPs - The Joint Committee of the ESAs has finalised its proposal for regulatory technical standards (RTS) on key information documents (KIDs) for packaged retail and...more

Cybersecurity Compliance Just Got Tougher

Companies need specific, well-executed plans to meet growing demands of federal and state agencies. While cybersecurity risks have increased, government regulation has traditionally lagged behind. Recently, some...more

Investment Management Update - April 2016

Below is a summary of recent investment management developments that affect registered investment companies, private equity funds, hedge funds, investment advisers, and others in the investment management...more

Heard at the 2016 SIFMA Conference

Recently, attorneys from K&L Gates’ Government Enforcement practice group attended the Securities Industry and Financial Markets Association’s (“SIFMA”) Compliance and Legal Society Annual Seminar. We wanted to share with you...more

FBI issues warning to law firms

The FBI has issued a Private Industry Notification to law firms indicating that a cyber crime insider trading ring is targeting “international law firm information used to facilitate business ventures.” According to the FBI...more

Investment Management Update - March 2016

Below is a summary of recent investment management developments that affect registered investment companies, private equity funds, hedge funds, investment advisers, and others in the investment management industry. SEC, FINRA...more

Your daily dose of financial news The Brief – 3.23.16

John Thain’s golden parachute got knocked down a few karats this week, with CIT Group cutting 30% off of his farewell bonus for failing to “successfully integrate OneWest, the California bank CIT bought last year for $3.4...more

FINRA fines Raymond James $500,000

Financial services firm Raymond James Financial Services Inc. (Raymond James) has agreed to settle an investigation by the Financial Industry Regulatory Authority (FINRA) for $500,000. The investigation stems from allegations...more

Highlights from the SEC Speaks — 2016 Enforcement Priorities

Senior members of the Securities and Exchange Commission’s (“SEC” or “Commission”) Division of Enforcement (“Division”) addressed the defense bar on February 19, 2016, during the Practising Law Institute’s annual “SEC Speaks”...more

A CFTC Potpourri

Toward the end of 2015 and in the first few months of 2016, the Commodity Futures Trading Commission (“CFTC”) took action on several issues of interest to investment management firms that had been pending for quite some time....more

Changes to the Annual Privacy Notice Delivery Requirement

As a result of recent changes to federal privacy laws, financial institutions—such as registered investment advisers, exempt reporting advisers, commodity trading advisers, registered broker-dealers and private funds—may no...more

Data Security in the Financial Industry: Five Key Developments to Keep An Eye on in 2016

According to a 2015 report on threats to the financial services sector, 41% of financial services organizations polled had experienced a data breach or failed a compliance audit in the previous year, and 57% listed preventing...more

What's Coming in 2016? Data Security, Social Media and a Busy SEC

Data Security and Data Breaches! No surprises here. We’re getting a little fed up with spectacular stories about compromised personal data, but there is no doubt 2016 will show us more, and companies are adapting and...more

SEC Announces 2016 Examination Priorities

On January 11, the SEC announced its Office of Compliance Inspections and Examinations’ (OCIE) 2016 priorities. New areas of focus include liquidity controls, public pension advisers, product promotion, and two popular...more

The CFTC’s Proposed Standards Identify Cybersecurity Best Practices

The Commodity Futures Trading Commission (CFTC) offered several reasons for proposing five new cybersecurity testing requirements for the commodity trading platforms it regulates in its December 23, 2015, Notice of Proposed...more

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