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NY Cybersecurity Regulations for Financial Services Companies: Enforcement Begins Aug. 28

by McGuireWoods LLP on

The 180-day transitional period under the New York Department of Financial Services (NYDFS) Cybersecurity Requirements for Financial Services Companies is set to expire Aug. 28, 2017. Financial services companies must achieve...more

SEC Observations from Recent Cybersecurity Examinations Identify Best Practices

by Morgan Lewis on

The SEC continues to focus on cybersecurity as an area of concern within the investment management industry....more

Are You Ready for the New York August 28th Compliance Deadline?  

If you are one of the many businesses licensed by the New York Department of Financial Services (DFS), and cannot avail yourself of the (very) limited exemptions, you must be ready for the first compliance transition date for...more

DFS Cyber Regulation Countdown: Who Should Certify Compliance?

Companies subject to New York’s Department of Financial Services (DFS) new cybersecurity regulation should be preparing to comply with the first round of requirements by the upcoming August 28th deadline: enacting a...more

And So It Begins: The First DFS Transition Period Comes to an End August 28

by King & Spalding on

In September 2016, the New York Department of Financial Services (“DFS”) introduced the first draft of its cybersecurity regulation, which is now in a position to lead a new trend in industry-specific cybersecurity...more

A Guide to NYDFS Cybersecurity Regulations’ August 28 Implementation Deadline

by Hogan Lovells on

As a follow-up to our previous reports (December 30, 2016 Alert; February 24, 2017 Alert) regarding the cybersecurity regulations issued by the New York State Department of Financial Services (NYDFS), we would like to remind...more

New Cybersecurity Rules for Colorado Investment Advisers and Broker-Dealers

by Snell & Wilmer on

Colorado has adopted new rules that add cybersecurity requirements for certain entities with Colorado securities licenses. The rules are from the regulatory agency the Division of Securities. It licenses securities...more

DFS Provides Answers to Cybersecurity FAQs

Hoping to provide greater clarity to financial institutions subject to its new cybersecurity requirements, New York’s Department of Financial Services (DFS) published a Frequently Asked Questions (FAQ) document to assist...more

Key Regulatory Topics: Weekly Update - 29 July 2017 – 3 August 2017

by Allen & Overy LLP on

BREXIT - HM Government to introduce an International Sanctions Bill - On 2 August, the government published plans for a bill that would give it the legal power to impose sanctions after it leaves the EU. The Queen's...more

State Updates on Cybersecurity Regulations: New York DFS Issues FAQs on Its Cybersecurity Regulations and Colorado Adopts Rules...

by Sedgwick LLP on

New York and Colorado have continued to take the lead in cybersecurity requirements for regulated financial institutions. The New York Department of Financial Services (DFS), which issued the first state cybersecurity...more

Financial Services Weekly News - August 2017

by Goodwin on

Editor's Note - In This Issue. The Office of the Comptroller of the Currency (OCC) announced that it was seeking public comments on revising the Volcker Rule; the Securities and Exchange Commission (SEC) offered a window...more

Data Breach at Italy’s No. 1 Bank Exposes 400,000 Accounts

Italy’s top bank, UniCredit SpA, is yet another victim in a series of cyberattacks exploiting vulnerabilities in the financial services industry. Criminals made off with biographical and loan data from 400,000 UniCredit loan...more

Colorado adopts new cybersecurity rules applicable to broker-dealers and investment advisors: key features

by DLA Piper on

The Colorado Division of Securities has adopted new cybersecurity rules applicable to broker-dealers purchasing securities in the state and investment advisers who do business in the state. The rules, which are...more

Monkey See… Now, How NOT To Do

Wells Fargo’s inadvertent production of personal identifying information (“PII”) in a case involving a former employee became national news when the New York Times broke the story late last week. Discovery practices are...more

FINRA Issues New Guidance on Social Media and Digital Communications

by Carlton Fields on

In April, FINRA issued Regulatory Notice 17-18, which reiterates previous rules and provides additional guidance regarding the application of several key rules governing communications with the public to digital...more

Follow the Money and Beware the Extra “L”: First Department Sustains Claims against Fund Administrator After Hackers Grab Millions

A legal feud is underway between the world’s biggest hedge fund administrator and a former client over an email scam that resulted in hackers stealing millions in client funds. And not surprisingly, the time-honored...more

Colorado Set to Regulate Cybersecurity Practices of Broker-Dealers and Investment Advisers

by Carlton Fields on

On May 15, Colorado became the latest state to publish major regulations tackling cybersecurity in the financial services industry when the Colorado Division of Securities released amendments to existing division rules...more

Colorado District Court Dismisses Data Breach Class Action Against Noodles & Company

by Ballard Spahr LLP on

The U.S. District Court for the District of Colorado recently dismissed a proposed class action lawsuit filed by financial institutions relating to a 2016 data breach that involved hundreds of Noodles & Company (Noodles)...more

Six Ways to Improve Cybersecurity Policies and Procedures

The SEC has declared cybersecurity to be an examination priority for financial institutions (i.e., broker-dealers, investment advisers, and registered investment companies) in each of the past four years. While the SEC’s...more

At the Intersection of Cybersecurity and White Collar

by Blank Rome LLP on

The global "ransomware" cyberattack in early May 2017 resulted in tens of thousands of computer systems being taken hostage by hackers and, in the instances involving hospitals, put lives at risk. Companies that suffered...more

Lessons From the CoinDash Initial Coin Offering Hack

On July 17, 2017, the CoinDash initial coin offering (ICO) was hacked within minutes of its launch, resulting in numerous potential purchasers sending their money to a fraudulent address. The hack has raised many questions...more

Financial Services Weekly News - July 2017 #2

by Goodwin on

Editor's Note - In This Issue. After making a splash with the finalized version of its Arbitration Rule, the Consumer Financial Protection Bureau (CFPB) proposed temporary adjustments to the reporting requirements for...more

Buyout Firms Must Take Action to Respond to Global Cyber Threats

by Latham & Watkins LLP on

Cybercrime has become a critical issue for buyout firms as hackers are increasingly targeting sensitive business data to profit from insider knowledge. According to a Private Funds Management survey of 91 PE houses, 54% of PE...more

NYDFS Makes Inquiry into Life Insurers’ Use of Algorithmic Underwriting

On June 29, 2017, the New York Department of Financial Services (NYDFS) issued an information request pursuant to Section 308 of the New York Insurance Law addressed to all life insurers and fraternal benefit societies...more

NYDFS Updates FAQs to Clarify Cybersecurity Regulations

by Ballard Spahr LLP on

The New York Department of Financial Services (NYDFS) recently updated frequently asked questions (FAQs) about its cybersecurity regulations, 23 NYCRR 500, to address four new issues. NYDFS published its initial set of FAQs...more

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