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The Good and the Bad from OCIE’s Cyber Examinations and What Firms Should Do Next

by Dechert LLP on

The Office of Compliance Inspections and Examinations (OCIE) of the U.S. Securities and Exchange Commission (SEC) released a National Examination Program Risk Alert (Risk Alert) on August 7, 2017 regarding observations from...more

Scammers Strike Enigma Initial Coin Offering

In the latest example of security risks attendant to initial coin offerings (ICOs), on August 21st the blockchain startup Enigma reported that online scammers used fake solicitations for an ICO presale to steal approximately...more

Will Blockchain Render the Bill of Lading a Relic?

A bill of lading is an old form of legal document. As merchants in the seventeenth and eighteenth centuries ceased accompanying their goods on ships and entrusted their proper delivery to the carrier, a need arose for a...more

Developments in New York and Colorado Cybersecurity Regulations

by Wilson Elser on

New York - For the first time since New York’s Cybersecurity Regulation (23 NYCRR Part 500) became effective on March 1, 2017, the Department of Financial Services (DFS) has issued Frequently Asked Questions to assist...more

Blockchain Week in Review – August 2017 #6

by Perkins Coie on

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

Deadline to Comply with New York's Cybersecurity Regulation Is Approaching

by Jones Day on

For entities regulated by the New York Department of Financial Services, the deadline for complying with the new Cybersecurity Requirements for Financial Services Companies, 23 NYCRR Part 500, is Monday, August 28, 2017. To...more

OCC Moves Forward With Fintech Charters, Seeks Lawsuit Dismissal

Holding the line on the future of fintech charters, Acting Comptroller Keith Noreika confirmed that the Office of the Comptroller of the Currency (OCC) will move forward with its plans to issue special purpose charters....more

SEC Report Asserts Cryptocurrency Tokens Are Securities Under US Law

by Morgan Lewis on

The SEC’s published report of its first investigation focused on tokens sold in the context of an ICO sets the framework for future token offerings and raises red flags and legal hurdles to the resale or transfer of...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Mylan will pay $465 million to federal authorities to resolve claims that it overcharged the Medicaid program by millions for its EpiPen products. Though large, the figure represents about a third of the estimated...more

The Ninth Circuit Revives Consumer Class Action, Finding Intangible Harm Sufficient to Confer Article III Standing

by Hogan Lovells on

The six-year fight over the type of harm a plaintiff must allege to satisfy the “injury in fact” requirement for lawsuits alleging false reporting of credit information took its latest turn this week. On Tuesday, August 15,...more

Incubate Illinois and Other Chicago Tech Resources

by Freeborn & Peters LLP on

First, for those in attendance at the second annual Incubate Illinois Conference, held on July 12, thank you. You made the event a tremendous success. We set out to develop a forum where the greatest thought leaders in...more

Mistake in Your Credit Report? The Latest Spokeo Decision Suggests You May Have A Case.

In the 9th Circuit’s August 15, 2017 decision in Robins v. Spokeo, the latest in the long-running legal debate about when a consumer cause of action exists for a data breach, the 9th Circuit has declared that inaccuracies in...more

SEC Issues Risk Alert To Improve Cybersecurity Readiness

by King & Spalding on

On August 7, 2017, the U.S. Securities and Exchange Commission (“SEC”) published a risk alert directed to the financial advisory industry, identifying cybersecurity vulnerabilities that could make the industry’s networks...more

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

by McGuireWoods LLP on

August 17, 2017 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...more

Compliance into the Weeds-Episode 50, Where's the Upside?

by Thomas Fox on

In this very topical episode Matt Kelly and I take a deep dive into the administration’s response to the events over the weekend in Charlottesville and what it means for business leaders, compliance practitioners and others...more

Day 12 of One Month to More Effective Continuous Improvement-Keeping Track of Current Events

by Thomas Fox on

In 2015, the Securities and Exchange Commission (SEC) announced resolution of a Foreign Corrupt Practices Act (FCPA) enforcement action involving the Hitachi Ltd (Hitachi). There were several interesting aspects to this...more

Day 13 of One Month to More Effective Continuous Improvement-Big Data and Continuous Monitoring

by Thomas Fox on

I continue my discussion of continuous improvement using big data in a best practices compliance program, with some thoughts on how to use it going forward. In an eBook, entitled “Planning for Big Data – A CIO’s Handbook to...more

Across the Board-Episode 4, Why Wells Fargo Needs Compliance Expertise on its Board

by Thomas Fox on

In this episode, I explore why Wells Fargo needs a true compliance expert on its Board of Directors. The Wells Fargo Board needs someone with compliance expertise to oversee of the role of the Chief Compliance Officer (CCO)...more

Day 11 of One Month to More Effective Continuous Improvement-the Desktop Risk Assessment

by Thomas Fox on

Another mechanism to facilitate continuous improve comes from ideas around risk assessments. Both the Department of Justice (DOJ) and Securities and Exchange Commission (SEC) make clear the need for a risk assessment to...more

Leadership Lessons from Dunkirk

by Thomas Fox on

In this episode Richard Lummis and I consider the movie Dunkirk and the leadership lessons which can be drawn from the movie and historical events. If you have not seen it, I would suggest you go to see what I believe is the...more

ISDA Considers the Suitability of Swaps Documentation to the Blockchain

by Reed Smith on

On August 3, 2017, the International Swaps and Derivatives Association (“ISDA”) released a whitepaper that considers whether derivative contracts could operate on a blockchain (the “Whitepaper”). The Whitepaper, titled “Smart...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

FAQs about the FINRA Communication Rules

Understanding Financial Industry Regulatory Authority, Inc. Rule 2210, Communications with the Public - What is Rule 2210, and what does it require? - Rule 2210 governs three categories of “communications” by FINRA member...more

Announcement Clarifies Regulatory Position on Digital Token Offerings in Singapore

by Jones Day on

In the wake of a recent increase in the number of initial coin (or token) offerings ("ICOs") in Singapore as a means of raising funds, as well as announcements from other concerned regulators, including in the United States,...more

Blockchain Technology Could Extend To Oil and Gas Transportation

by Steptoe & Johnson PLLC on

The oil and gas industry has seen huge advances in the extraction of resources, thanks to cutting edge technologies like fracking. But it hasn’t exactly been a leader when it comes to digital adoption....more

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