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New Year, Similar Priorities: SEC Announces 2017 OCIE Areas of Focus

On January 12, 2017 the SEC announced its Office of Compliance Inspections and Examinations (OCIE) priorities for the year, including areas of focus for Retail Investors, Senior Investors and Retirement Investments,...more

NY DFS Proposed Cybersecurity Regulations Revised and Implementation Delayed

We previously reported on the New York Department of Financial Services’ proposed cybersecurity regulations. During the public comment period, the DFS received over 150 comments. In response, the DFS announced on December 28,...more

2017 Resolutions for Community Banks: A Focus on Cybersecurity

In December 2016, Thomas Curry, the Comptroller of the Currency, stated that cybersecurity was the single greatest systemic threat to our financial system. He was not being hyperbolic. Cybersecurity should be on...more

New York Department of Financial Services Revises Proposed Cybersecurity Rule

The New York Department of Financial Services (NYDFS) recently issued a revised proposed regulation seeking to add its own mandate of cybersecurity requirements to those already in existence for banks, insurance companies and...more

Cybersecurity Still Top FINRA Operational Risk

On January 4, the Financial Industry Regulatory Authority (FINRA) published its annual Regulatory and Examination Priorities Letter providing firms with information about areas FINRA plans to review in 2017 as well as...more

New York State Revises “First-In-Nation” Cybersecurity Rules

The New York Department of Financial Services (“DFS”) recently issued a revised version of the cybersecurity rules that it first announced in the fall of last year. The rules apply to a wide range of insurance, banking, and...more

Although Delayed, New York's Aggressive Cybersecurity Law Expected to Affect Financial Services and Insurance Firms

The regulatory environment for cybersecurity is rapidly changing, and state legislatures are not waiting for Congress to act. On December 28, 2016, the New York State Department of Financial Services ("NYDFS") revised a...more

FINRA’s 2017 Regulatory & Exam Priorities

On January 4, new President and CEO Richard Cook issued FINRA’s Annual Regulatory and Examination Priorities Letter. This year’s list in summary is: New for 2017: Targeted electronic off-site reviews “on select...more

New York Department of Financial Services Revises Cybersecurity Proposal: Greater Flexibility and Delayed Compliance Deadlines

As we previously reported, in December 2016 the New York Department of Financial Services (the “DFS”) announced that it was revising its proposed regulation that would require banks, insurance companies and other financial...more

New York State Department of Financial Services Issues Updated Proposed Cybersecurity Regulation

The New York State Department of Financial Services (“DFS”) has updated its proposed regulation requiring banks, insurance companies, and other financial services institutions regulated by DFS to establish and maintain a...more

[Webinar] Business E-mail Compromise Scams - Practical Perspectives - January 12th, 10:30am EST

An increasing number of businesses are targeted by very sophisticated email scams designed to convince company employees responsible for executing financial transactions to wire funds to overseas accounts controlled by...more

New York Department of Financial Services Cybersecurity Rules Revised and Delayed

The New York Department of Financial Services (NYDFS) just issued major revisions to the cybersecurity regulations for financial institutions that were due to come into effect on January 1, 2017. To allow covered institutions...more

New York Department of Financial Services Delays Compliance Deadline for Cybersecurity Regulations

On October 25, the Privacy Law Report featured a blog post on new cybersecurity regulations being implemented by the New York Department of Financial Services (“DFS”). Those regulations impose a number of requirements on...more

NYDFS Revises Cybersecurity Regulation, Extends Effective Date to March 1, 2017

The New York Department of Financial Services (NYDFS) announced today a revised regulation that will require all institutions subject to NYDFS supervision to establish and maintain a cybersecurity program meeting "certain...more

DFS Cyber Regulation: Changing the Rules – An Interview with Bay Dynamics’ Steven Grossman

As part of Patterson Belknap’s continuing focus on the New York Department of Financial Services (DFS) proposed cybersecurity regulation, we sat down with Steven Grossman, VP Strategy & Enablement at Bay Dynamics, a cyber...more

Morgan Lewis Urges NYDFS to Modify Proposed Cybersecurity Rules

The New York Department of Financial Services has issued proposed “first-in-the-nation” cybersecurity rules that could place a heavy compliance burden on affected financial companies; Morgan Lewis submitted a comment letter...more

Law Firms and Vendors Mandated to Up Their Cyber Game: Final Installment in a 3-Part Series

This is our final installment in a three-part series examining the New York State Department of Financial Services (“DFS”) new cybersecurity regulation.  In this installment, we provide an overview of the regulation’s impact...more

Your Daily Dose of Financial News

And we thought Brexit was something. Buckle up. It’s going to be a wild market ride... Whoa....more

New York Department of Financial Services Proposes Cybersecurity Regulation

On September 13, 2016, New York Governor Andrew Cuomo announced that the New York Department of Financial Services (the “DFS”) proposed a regulation that would require banks, insurance companies, and other financial services...more

Financial Institutions’ Data Breach Class Action Bounced

I’ve previously blogged about a new breed of data breach class actions filed by financial institutions against retailers (as opposed to customers suing retailers). In these cases, financial institutions claim that retailers...more

Lessons from the Wells Fargo Scandal

Financial institutions must meet standards for safeguarding customer data given the particularly sensitive information they hold, and regulators have been stepping up their efforts to provide guidance on just how they must do...more

A Selfie’s Worth a Thousand Dollars

A picture might be worth a thousand words, but could it also be worth a thousand dollars? New technology by MasterCard and Amazon may mean that the new hammock you’ve been eying online is only a camera flash away....more

What You Must Know about New York’s Proposed Cybersecurity Regulation for the Banking, Insurance, and Financial Services Sectors

Recently, New York’s Department of Financial Services released its long-awaited proposed cybersecurity regulation, which promises to deliver sweeping protections to consumers and financial institutions alike. The proposed...more

Investment Management Update

Investment Adviser AXA Wins Excessive Fee Trial - A federal judge in New Jersey has ruled in favor of AXA Equitable Life Insurance Company (AXA Equitable) and its wholly owned subsidiary, AXA Equitable Funds Management...more

New York Department of Financial Services Proposes Comprehensive Cybersecurity Regulations for Financial Institutions

In September, the New York Department of Financial Services (“DFS”) proposed new rules (“Rules”) that would require covered financial institutions – banks, insurers, and other institutions regulated by the DFS – to establish...more

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