Finance & Banking Science, Computers & Technology

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New York DFS Set to Regulate Cybersecurity

Why it matters - Stating that the New York Department of Financial Services believes cybersecurity to be one of the most critical issues facing the financial world today, the agency sent a letter to state and federal...more

Challenges Mount to FCC's July 2015 TCPA Order

Accusing the Federal Communications Commission (FCC) of abdicating its responsibility to clarify areas of uncertainty under the Telephone Consumer Protection Act (TCPA) and muddying the already murky waters of the TCPA, more...more

District Court Grants Final Approval In Target Consumer Data Breach Class Action

On November 17, 2015, the federal district court overseeing the Target data breach litigation granted final approval to the consumer class action arising out of the 2013 Target data breach. The court certified, for final...more

Moody’s Identifies Cyber Risk As Key Factor in Credit Ratings

In a report released November 23, Moody’s Investors Service announced that the implications of cyber threats could start taking a higher priority in its credit analysis. Moody’s said it views cyber threats as similar to other...more

Cloud Computing in the Financial Services Sector – the UK FCA Gets On-Message

It’s been a long wait but the UK’s financial services regulator, the Financial Conduct Authority (FCA), has published proposed guidance for UK-regulated financial services firms when using cloud computing solutions to...more

Does This Year’s Nobel Prize in Economics Suggest Any Lessons Regarding the Regulation of the Consumer Finance Industry?

On Monday October 12, 2015, Professor Angus Deaton won the Nobel Memorial Prize in Economic Science. Professor Deaton’s work focuses in part on consumer behavior, and, more specifically, on techniques used by researchers for...more

BIS reports on digital currencies

BIS’ Committee on Payments and Market Infrastructures (CPMI) has published its report on digital currencies. The report considers the developments and innovations behind the assets themselves and the technology the industry...more

BIS and IOSCO consult on cyber resilience

BIS’ CPMI and IOSCO are consulting on principles for cyber resilience for FMIs. The guidance includes: - stressing the importance of board and senior management attention to a successful cyber resilience strategy...more

SEC Government-Business Forum on Small Business Capital Formation

Last week, the SEC held its annual Government-Business Forum, which included a number of presentations on exempt offering alternatives. Anya Coverman, Deputy Director of Policy of NASAA, presented on intrastate crowdfunding....more

Big Data, Big Government – Big Trouble? A Hard Look at the Final HMDA Rule

If all goes according to plan, financial institutions will report over 250 million data points related to mortgage loan applications and originations in 2018. If the mortgage market returns to the high volumes seen in 2005,...more

Privacy Tip #11

Whenever you open a new bank account, credit card or debit card account or other account such as a health savings account, the bank or credit card company is required to send you a notice of your privacy practices under the...more

DOE Awards $125 Million for Energy Projects

Last week U.S. Energy Secretary Ernest Moniz awarded $125 million in funding for 41 cutting-edge energy technology projects under the Department of Energy’s (DOE) Advanced Research Projects Agency-Energy (ARPA-E) program. ...more

Why are Companies and their Directors and Officers Still Behind on Cyber Security Oversight and Disclosure?

Over the past three years, I’ve been outspoken about the need for better board oversight of cyber security, as well as the need for better cyber security disclosure. The severity of the cyber threat is so significant to...more

Return of the Cyborg Part II: First-Ever SEC Cybersecurity Enforcement Action Filed Against Investment Advisory Firm

As our last newsletter highlighted, the government is ramping up enforcement investigations against both regulated entities and public companies for perceived cybersecurity failures. Proving the point, on September 22, 2015,...more

NAIC Report: 2015 Fall National Meeting

The National Association of Insurance Commissioners (NAIC) held its 2015 Fall National Meeting from November 17 through November 22 at National Harbor, Maryland. Notwithstanding the gigantic size of the Gaylord National...more

Starwood Hotels hit with payment card malware attack

Last Friday (November 20, 2015), Starwood Hotels announced that it was hit with a payment card malware attack affecting 50 of its North American hotels. The president of Starwood Hotels Americas stated in a letter to...more

Healthcare & Life Sciences Private Equity Deal Tracker: Wellspring Capital Management Acquires AdvoServ

Wellspring Capital Management has announced it has acquired AdvoServ. Wellspring, headquartered in New York, is a middle-market PE firm that manages more than $3 billion of private equity capital....more

Fintech: The disruptive force for good

The disruption in the financial services industry caused by technological advances has created fertile ground for financial sponsors who excel at promoting innovation and investing in new, untested...more

Following a Regulatory Trend, CFTC Inches towards Cybersecurity Testing Requirement

Commodity Futures Trading Commission (CFTC) Chairman Timothy Massad has recently stated that the CFTC may soon issue principles based standards that would require certain CFTC-regulated entities to conduct penetration,...more

FSB reports on shadow banking

FSB has published a suite of papers on shadow banking. The papers comprise: - a progress report on actions taken to implement FSB’s two-pronged strategy to address financial stability concerns associated with shadow...more

Financial Regulatory Developments Focus - November 2015 #4

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

FSB publishes global securities financing standards and processes

FSB has published its report on standards and processes for global securities financing data collection and aggregation. FSB highlighted the importance of securities financing transactions in supporting price discovery and...more

Your daily dose of financial news The Brief – 11.25.15

A groundbreaking move by Calpers—California’s state pension fund—to disclose how much money it’s made from and paid to private equity funds ($24.2 billion and $3.4 billion, respectively, since 1990) may help pave the way for...more

Upping the Ante: Cybersecurity, the SEC and the Perils of Being Unprepared

The U.S. Securities and Exchange Commission is finally getting serious about cybersecurity – and for good reason. If the ever-growing business and headline risks aren’t enough to scare investment advisers and broker-dealers...more

South Africa Accepting Proposals For Funding Of Advanced Biofuel Production

On November 16, 2015, The Technology Innovation Agency (TIA) of South Africa called for submissions of Statements of Interest focusing on the demonstration of 2nd and 3rd generation biofuel production technologies. TIA...more

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