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Eye on Privacy Newsletter - February 2015

In this issue: - Privacy and Data Security in Transactions: What's the Deal? - Consumer and Financial Institution Class Actions Survive Motions to Dismiss in Target Data Breach Litigation - California Amends...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

New York State Division of Tax Appeals Renders Long-Awaited Decision Regarding Corporate Franchise Tax Sourcing of Services and...

For years, both the New York State Department of Taxation and Finance (the “Department”) and the New York City Department of Finance have aggressively sought to classify receipts generated by electronic or online service...more

China issues new CBRC Guidelines Is China putting the squeeze on foreign investment in its banking industry?

A new set of regulations issued by the China Banking Regulatory Commission has fuelled concerns that China intends to squeeze foreign investment in its banking industry....more

OCIE's Cybersecurity Risk Alert Provides Insight For Investment Advisers Into Peer Practices

On February 3, 2015, the SEC's Office of Compliance Inspection and Examinations ("OCIE") released a risk alert titled Cybersecurity Examination Sweep Summary providing an overview of how investment advisers and broker-dealers...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

Orrick Technology IPO Insights - Q4 2014

Welcome to the Q4 2014 issue of Orrick Technology IPO Insights, a quarterly publication highlighting trends in U.S. information technology company IPOs. We isolate technology companies in order to analyze and present...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

Data centres: The linchpins of the new digital economy

Data centres are the unseen yet integral part of the digital infrastructure of today’s global cities. The market in the specialist provision of data centres around the world is growing dramatically—and it shows no signs of...more

New York State releases cybersecurity report on insurance industry, will assess New York-regulated insurers’ cybersecurity

The New York Department of Financial Services has released its Report on Cyber Security in the Insurance Sector and announced it will begin conducting targeted cybersecurity assessments of New York-regulated insurance...more

PCI Council: SSL Will No Longer Be Sufficient for E-Commerce

In the latest edition of the PCI Council’s Assessor Newsletter, the Council previewed a proposed change related to the use of Secure Socket Layer (SSL) protocol for encrypting communications between your website’s e-commerce...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

State Insurance Regulators Target Insurers' Responses to Cyber-Attacks

Cyber-attacks are becoming increasingly common and destructive, with the recent incidents involving Sony and Anthem Blue Cross Blue Shield serving as cautionary tales. As a result, state insurance regulators are focusing on...more

SEC and FINRA Issue Cybersecurity Publications

On February 3, the Securities and Exchange Commission and Financial Industry Regulatory Authority issued separate publications on cybersecurity risk. The SEC’s risk alert provides summary observations from the SEC’s Office of...more

Continuity of supply of essential services to be guaranteed during business recovery (UK update)

Following a consultation on the issues last year, an Order was laid before the UK Parliament on Monday (9 February 2015) to prevent suppliers of water, gas, electricity, communications services and IT from cutting off supply...more

State Virtual Currency Regulatory Developments

On February 4, 2015, the New York Department of Financial Services (“NYDFS”) issued for public comment a revised proposed rule to implement a “BitLicense” regulatory regime (the “2015 Proposal”). As discussed below, the 2015...more

The SEC’s Office of Compliance Inspections and Examinations (OCIE) Publishes Risk Alert On Addressing Cybersecurity Issues for...

On February 3, the SEC’s Office of Compliance Inspections and Examinations (OCIE) published a Risk Alert that contains observations based on examinations of more than 100 broker-dealers and investment advisers....more

SEC Advisory Committee on Small and Emerging Companies to Discuss “Accredited Investor” Definition

The Securities and Exchange Commission announced that its Advisory Committee on Small and Emerging Companies (Committee) will hold a public meeting on February 17 to vote on recommendations to the SEC regarding the definition...more

New York DFS Revises BitLicense Framework for Virtual Currency Regulation

On February 4, New York DFS proposed revisions to its anticipated regulation of virtual currency companies. The DFS originally released a proposal on July 17, 2014, and on December 18, Superintendent Lawsky delivered remarks...more

Locke Lord QuickStudy: SEC Issues Risk Alert on Cybersecurity

On February 3rd, the Office of Compliance Inspections and Examinations (OCIE) of the Securities and Exchange Commission released a summary of its cybersecurity findings during sweep reviews in 2014. ...more

Hackers Gonna Hack—FINRA’s Report on Cybersecurity Practices Assists Firms in Responding to Threats

On February 3, 2015 the Financial Industry Regulatory Authority (FINRA) released its long-awaited Report on Cybersecurity Practices, a broad overview of the state of play in the cybersecurity arena for broker-dealers....more

New York Revises “BitLicense” Regulations for Virtual Currency Businesses

Seven months after releasing its BitLicense proposal, the State of New York has published substantial revisions. Like the original version, the revised regulations apply more broadly than federal regulations and require many...more

Blog: Agenda Overload For Audit Committees?

In its 2015 Global Audit Committee Survey, KPMG found that audit committee members around the world had four key concerns: “economic and political uncertainty and volatility, regulation and the impact of public policy...more

SEC Reports Widely Divergent Levels of Cybersecurity Preparedness

This week the U.S. Securities and Exchange Commission (SEC) Office of Compliance Inspections and Examinations (OCIE) announced the results from a sweep of U.S. broker-dealers and investment advisers on cybersecurity. The...more

SEC Releases Results of 2014 Cybersecurity Exam Sweep

On February 3, the Securities and Exchange Commission (SEC) issued a Risk Alert prepared by its Office of Compliance Inspections and Examinations (OCIE) that summarizes the results of a sweep of more than 100 broker-dealers...more

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