General Business Securities Privacy

Read need-to-know updates, commentary, and analysis on General Business issues written by leading professionals.
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Cyber Resilience for Financial Services Entities

In March this year, the Australian Securities and Investments Commission (ASIC), issued Report 429 Cyber resilience: Health check (REP 429). The report aims to highlight the importance of cyber resilience for entities...more

U.S. SEC Division of Investment Management Issues Cybersecurity Guidance

The Division of Investment Management (Division) of the U.S. Securities and Exchange Commission (SEC) issued a Guidance Update on April 28, 2015 (Guidance) relating to the cybersecurity of registered investment companies and...more

SEC Division of Investment Management Issues Cybersecurity Guidance for Investment Funds and Advisers

The U.S. Securities and Exchange Commission’s (“SEC”) Division of Investment Management (“Division”) recently released a Guidance Update (“Guidance”) highlighting the importance of cybersecurity for registered investment...more

CFTC’s Market Risk Advisory Committee to Meet on June 2

The Commodity Futures Trading Commission’s Market Risk Advisory Committee (MRAC) will hold a public meeting at the CFTC’s headquarters in Washington, DC on June 2. MRAC will consider issues including the appropriate industry...more

Fitbit Files for IPO: Cybersecurity Risk Disclosure

Fitbit, the fitness-tracking company with six wearable devices that track and collect data about things like calories burned, steps logged, “quality” of sleep and sleep patterns, heart rate, etc.) as well as web and mobile...more

Cybersecurity Guidance for Registered Investment Advisers

On April 28, the Securities and Exchange Commission (SEC) released a Guidance Update addressing the importance of cybersecurity and the steps registered investment advisers (and registered investment companies) may wish to...more

SEC Releases Cybersecurity Guidance, Highlights Compliance Role

The SEC’s Division of Investment Management recently released cybersecurity guidance highlighting best practices and warning that cybersecurity breaches and deficiencies in cybersecurity programs could cause funds and...more

New Guidance from the SEC: Cyber Security Best Practices

On April 28, 2015, the U.S. Securities and Exchange Commission’s Division of Investment Management (the “Division”) issued a Guidance Update to investment and fund advisers on the topic of improving cyber security. While it...more

SEC Invalidates Confidentiality Agreement for Stifling Whistleblowers

Protecting employee rights while also protecting the employer can be a balancing act, but a necessary one in order to maintain a successful and compliant business. One such challenge is maintaining data protection and...more

SEC Updates Guidance on Cybersecurity

Emphasizing the critical importance of cybersecurity to registered investment companies (RICs), including insurance separate accounts and business development companies, and to investment advisers, the SEC’s Division of...more

SEC Issues New Cybersecurity Guidance for Investment Funds

On April 28, the Securities and Exchange Commission (SEC) Division of Investment Management (the “Division”) published a Guidance Update setting forth cybersecurity concerns and advice for the registered investment ...more

Executive Labor Summary - April/May 2015

NLRB “quickie election” rule takes effect - On April 6, President Obama vetoed a joint resolution of Congress that sought to block the “quickie election” rule issued by the National Labor Relations Board....more

Two Regulatory Crises

It strikes me that two civil regulators are facing dire attacks on aspects of their enforcement programs – both in different U.S. Courts of Appeals – at the same time. Both of these attacks arise out of generalized statutes...more

Cybersecurity Breach: Are Board Members at Risk?

It seems a month does not pass in which some sort of breach of confidential data of a business is not announced to the public. With the increase in cybersecurity breaches, so increases board members’ exposure to litigation...more

CFTC to Host Roundtable on Cybersecurity and System Safeguards Testing

On March 18, Commodity Futures Trading Commission staff will hold a public roundtable on cybersecurity and system safeguards testing. The roundtable will focus on improving system safeguards testing requirements, including...more

Bridging the Week - March 2015 #2

FCA Sanctions Bank of Beirut, Former Compliance Officer and Former Internal Auditor for Providing Misleading Information Regarding AML Systems and Controls Remediation - The Bank of Beirut was fined GBP 2.1 million...more

A Compilation of Enforcement and Non-Enforcement Actions

Non-Enforcement - 2015 Legislative Agenda Includes Dodd-Frank Revisit and Cybersecurity. Enforcement - SEC Enforcement Action Underscores Importance of Custody Rule Compliance - Joint SEC/State...more

The SEC and FINRA Will Continue to Audit the Financial Services Industry to Ensure Cybersecurity Protocols Are Current and Viable

On February 2, 2015, Wilson Elser released an overview entitled Corporate Hacking and the Financial Services Industry that provided in-house counsel with talking points to better discuss and understand their corporate...more

Target Data Breach Price Tag: $252 Million and Counting

In a recently-released Form 8-K filing announcing fourth quarter and year-end financial results, Target Corporation reported that expenses incurred in 2014 relating to its 2013 data breach totaled over $191 million. Those...more

2015 SEC Speaks Conference: SEC to Balance Broad Enforcement Agenda and Initiatives with Focus on Core Mission

The U.S. Securities and Exchange Commission (SEC) touted an expansive regulatory agenda at this year’s “SEC Speaks” conference, held February 20-21, 2015, in Washington, D.C. At this year’s Speaks, SEC representatives...more

Bridging the Week - February 2015 #3

CFTC Chairman Calls for Increased Funding and Discusses Priorities During Congressional Testimony - Timothy Massad, Chairman of the Commodity Futures Trading Commission, appeared before members of the House of...more

Going for Brokerage: SEC Report Highlights Best (and Worst) Practices in Cybersecurity Preparedness

On February 3, 2015, the U.S. Securities and Exchange Commission released a Risk Alert addressing cybersecurity issues at brokerage and advisory firms, along with suggestions to investors on ways they can protect themselves...more

SEC Releases Results of Cybersecurity Examination Sweep

By Rochelle Emert and Phillip Caraballo-Garrison On February 3, 2015, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) issued a Risk Alert that summarized its findings about cybersecurity preparedness in...more

How Does Your Firm Compare? Results from the SEC’s Cybersecurity Examinations

On Feb. 3, 2015, the Securities and Exchange Commission (SEC) published a Risk Alert summarizing observations gleaned from a cybersecurity examination sweep of 57 registered broker-dealers (BDs) and 49 registered investment...more

SEC Publishes Industry Alert on Cybersecurity

On February 3, the SEC released a set of publications – a Risk Alert and an Investor Bulletin – assessing the level of cybersecurity at broker-dealers and advisory firms and highlighting best practices that allow investors to...more

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