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Financial Regulatory Developments Focus - October 2014

In this issue: - Derivatives - Bank Prudential Regulation & Regulatory Capital - Recovery & Resolution - Financial Market Infrastructure - Funds - Enforcement - People...more

Class Actions Enter into Force in France as of 1st October 2014

The French Government decree allows accredited consumer associations to launch class actions. On 24 September 2014, the French Government enacted a decree implementing the class action mechanism created by the “Loi...more

Privacy & Cybersecurity Update - September 2014

In This Issue: - Home Depot Data Breach — Lawsuits, Calls to Action and Lessons Learned - Skadden Participates in FBI Cyber-Intelligence Workshop - FTC Explores Impact of ‘Big Data’ on American...more

GPEN Publishes Privacy Sweep Results

On 10 September 2014, the Global Privacy Enforcement Network (GPEN) published the results of its privacy enforcement survey or “sweep” carried out earlier in 2014 with respect to popular mobile apps. The results of the sweep...more

SEC Announces $30 Million Whistleblower Award to Non-U.S. Resident

On Monday, September 22, 2014, the SEC announced that it expected to award between $30 and $35 million to a non-U.S. whistleblower who provided the SEC with information about “an ongoing fraud that would have been very...more

SCC Weighs-In on Consumer Protection Remedies in Quebec Class Actions

On September 19, 2014, the Supreme Court of Canada released a trilogy of decisions examining the standing of representative plaintiffs and the availability of consumer protection legislation in the class action context....more

Internet of Things reviewed by data protection regulators

The growth of the Internet of Things brought the attention of the European data protection regulators that through the European data protection advisory body, the Article 29 Working Party, issued an opinion on the Internet of...more

Internet of Things: European privacy recommendations

Call it a coincidence or not: exactly one week after the Apple Watch was officially introduced by Apple CEO Tim Cook on 9 September 2014, the European data protection advisory body – Article 29 Data Protection Working Party...more

EU Cookie Sweep Initiative

As part of the continued effort to protect online privacy, European Union Data Protection Authorities have swept websites and mobile apps to ensure compliance with Directive 2009/136/EC, otherwise known as the EU Cookie...more

Italian Data Protection Authority: analysis of the first half 2014 and action plan

The Italian Data Protection Authority (Garante) has recently made available the results of the first half 2014 activities: 196 inspections, fines issued in the range of 2,5M Euro (already collected). ...more

FRANCE: Cookies Sweep Day Is Here

The CNIL announced last week that it was conducting its Cookies Sweep on September 18-19. The CNIL reviewed 100 French websites and checked the following...more

New FAQ on Volcker Rule CEO Attestation Requirement

The five agencies that jointly issued the final Volcker Rule last December recently added to their existing list of “frequently asked questions” (FAQs) a new item addressing the attestation requirement applicable to CEOs of...more

CFPB Finalizes Rule To Oversee Larger Nonbank International Money Transfer Providers

On September 12, the CFPB finalized a rule that allows it to supervise larger participants in the international money transfer market. In particular, this rule, which finalizes the proposed rule the CFPB issued in January...more

Investor Transparency Post AIFMD: What Have We Gained?

The Alternative Investment Fund Managers Directive (2011/61/EU) (the “Directive” or “AIFMD”) states in Recital 94 that its objective is: ...to ensure a high level of investor protection by laying down a common...more

CFPB Subjects Large International Money Transmitters to Supervision

The Consumer Financial Protection Bureau (CFPB) finalized its rulemaking defining larger participants in the international money transfer market. Companies that engage in at least one million international money transfers...more

QATAR: Promulgating the Cybercrime Prevention Law

On 15 September 2014, Qatar’s Emir approved Law No. 14 of 2014, The Cybercrime Prevention Law (“Cybercrime Law”). Although it has not yet been published in Qatar’s Official Gazette, the text of the law was published in the...more

CFPB finalizes rule to supervise larger participant international money transfer providers

The CFPB has issued a final rule that will allow it to supervise nonbank international money transfer providers that qualify as “larger participants” in the international money transfer market. Consistent with the proposed...more

Are You Ready? The EU “Cookie Sweep” Is Upon Us

This week, European authorities will be conducting a "cookie sweep" consisting of random checks of websites to ensure that they are complying with European Union (EU) "cookie" laws....more

The ADR Provisions of EU Privacy Laws

Companies doing business globally have a variety of complex issues to deal with, not the least of which is concern about the security of personal data collected from their customers. In 1995, the European Union issued...more

New Larger Participant Rule Enhances Supervision of Remittance Transfer Rule Requirements

The Consumer Financial Protection Bureau recently finalized a larger participant rule for nonbank international money transfer providers and left it largely unchanged from the rule as originally proposed in January. The new...more

Recent Amendments to the Procedure of Personal Data Processing in Russia

Federal Law No. 242-FZ "On Amendments to Certain Legislative Acts of the Russian Federation for Clarification of the Procedure of Personal Data Processing in Information and Telecommunication Networks" (the "Federal Law No....more

Financial Regulatory Developments Focus - September 2014 #3

In this issue: - Derivatives - Consumer Protection - Enforcement - People - Events - Excerpt from Derivatives: CFTC Issues No-Action Relief for Qualifying Swaps Trading...more

Brazilian Regulators Slap $1.59 Million Fine on Telecom Giant Oi, Alleging Violations of Users’ Privacy Rights

As a reminder of the transnational nature of online data collection-and the ever-expanding web of regulatory bodies stepping in to monitor how information is collected and used-Brazilian regulators announced that they had...more

Adoption of a new European legal framework applicable to cross-border electronic identification and e-signatures

The European Parliament and the Council adopted on 23 July 2014 a regulation on electronic identification and trust services for electronic transactions in the Internal Market (the "Regulation"). Before that, the Directive on...more

European “Cookie Sweep” Initiative – 15 - 19 September 2014 – Is Your Website Ready?

The European data protection authorities will be conducting a “cookie sweep” later this month, carrying out random spot checks on websites to assess for compliance with EU “cookie” laws. Businesses should therefore be...more

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