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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

NYDFS Letter: “Potential” Cybersecurity Regulations for Insurers

On November 9, 2015, the New York Department of Financial Services (NYDFS) issued a letter that describes what insurers can expect from the Department’s ongoing assessment of cybersecurity measures. The letter parallels...more

SEC Releases Guidance on Examination of Broker-Dealer and Investment Advisor Information Security Practices; NYSE Releases...

The Security and Exchange Commission’s Office of Compliance Inspections and Examinations (the “OCIE”) recently announced its 2015 Cybersecurity Examination Initiative, which describes the focus of the OCIE’s examination of...more

3 Takeaways from the Empire Startups Fintech Conference

On November 10, attorneys from Davis Wright Tremaine LLP attended the Empire Startups Fintech Conference in San Francisco, CA. Partner Wendy Kearns moderated a panel called “Traditional FinServ – Where to Disrupt and When to...more

PCI Security Standards Council Issues “How-To” Guide For Responding To A Data Breach

On September 29, 2015, the PCI Security Standards Council (“PCI SSC”) issued a press release and accompanying guidance to businesses for incident response management in the event of a data breach. PCI SSC is a global forum...more

Investment Management Update - October 2015

Below is a summary of recent investment management developments that affect registered investment companies, private equity funds, hedge funds, investment advisers, and others in the investment management industry. Schwab...more

New Landmark Consumer Disclosure Rules Trigger Privacy Concerns

The Consumer Financial Protection Bureau’s new “Know Before You Owe” mortgage disclosure rule is designed to prevent surprises at the closing table, but with increased transparency come concerns over borrower and seller...more

Trump Hotel Collection Confirms Year-Long Data Breach

Trump Hotel Collection, the high-end hotel chain owned by the billionaire Republican presidential hopeful and real estate developer Donald Trump, has confirmed a data security breach involving malware that the company says...more

Hilton Hotel Properties investigating possible credit card breach

It has been reported that Hilton Hotel Properties (Hilton), including Embassy Suites, Doubletree, Hampton Inn and Suites and Waldorf Astoria is investigating credit card fraud alerts from banks, which have been alerted by...more

SEC Penalizes Investment Adviser over Inadequate Cyber-Risk Program Prior to Data Breach

On September 22, the SEC ordered a Missouri-based investment adviser to pay a $75,000 penalty, settling allegations that the investment adviser failed to implement required written cybersecurity policies and procedures prior...more

The SEC OCIE Announces Increased Scrutiny of Broker-Dealers’ and Investment Advisers’ Cybersecurity Programs

On September 15, 2015, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) issued a National Exam Program Risk Alert (2015 Risk Alert) to provide broker-dealers and investment...more

Investment Adviser Settles SEC Charges After Data Breach

Last week, the Securities and Exchange Commission (SEC) settled charges against a registered investment adviser for failing to comply with Rule 30(a) of Regulation S-P (17 C.F.R. § 248.30(a)) (“Safeguards Rule”). The...more

[Event] 2015 Business of Personalized Medicine Summit - Oct. 7, San Francisco, CA

Just as with patient treatments, one size does not fit all when it comes to companies involved in personalized medicine. Each is unique in its mission, culture, and capabilities, and so it should come as no surprise that each...more

SEC Shows It’s Serious About Cyber Security

A week after OCIE announced it would conduct a second round of cyber-security exams, the Commission emphasized the issue by bringing an enforcement action against a non-custodial investment-adviser over a remediated data...more

Through the Wire: SEC Turns its Sights on Insider Trading, Hacking and Data Thievery

There once existed a time when a crew of skydiving surfers could throw on surprisingly well crafted ex-president masks, stroll into a cash-heavy bank and rob the institution blind. There was a time when the weapon of choice...more

SEC Releases First Cybersecurity Enforcement Action for Failure to Protect Client Data

The SEC’s focus in the action was not on the manner of the firm’s responses to the breach or whether there was any actual harm, but predominantly on the adequacy of the firm’s written policies for safeguarding customer...more

SEC Charges Investment Adviser with Cybersecurity Violations

The SEC recently commenced a settled enforcement action against an investment adviser, R.T. Jones Capital Equities Management, Inc., for cybersecurity matters. Press reports indicate this is the first such case of its kind. ...more

SEC and DOJ Hacking Prosecutions Highlight SEC’s Increased Interest in Cybersecurity Risks

Companies are reminded of the need for strong internal controls. The US Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) recently filed civil and criminal actions in the largest hacking and...more

SEC Proposes Security-based Swap Data Repositories Make Data Available to Regulators

The SEC is proposing amendments to rules related to regulator access to security-based swap data held by security-based swap data repositories. If adopted, the amendments would require security-based swap data repositories...more

National Futures Association proposes cybersecurity rules for its members

The National Futures Association (NFA) recently approved new mandatory cybersecurity rules for members of the futures industry. Members of the NFA include exchange-traded futures, forex and over-the-counter swaps industries....more

Cybersecurity Update: National Futures Association Proposes Cybersecurity Guidance Setting Forth General Requirements for Member...

The National Futures Association (“NFA”) submitted to the Commodity Futures Trading Commission (“CFTC”) on August 28, 2015 a proposed Interpretive Notice (“Proposed Guidance”) for CFTC’s approval, which provides guidance to...more

Unauthorized Transfers Present Growing Risks for Commercial Accounts

Could your institution be at risk of liability for unauthorized wire transfers and Automated Clearing House (“ACH”) credit transfers? Data security breaches continue to garner headlines, and criminals continue to engage in...more

If Your Business Takes Credit Cards, Are You Ready for October 1, 2015?

October 1, 2015, is the date that many payment networks, including Visa, American Express, Discover, and MasterCard, have set for a counterfeit fraud liability shift. Although that date is just around the corner, many small...more

In Well-Reasoned Decision, Sixth Circuit Joins Eleventh Circuit On TCPA Prior Express Consent

On August 21, 2015, the Sixth Circuit issued its widely anticipated decision in Hill v. Homeward Residential, Inc., No. 14-4168 (6th Cir. August 21, 2015), which affirmed a jury verdict that found Homeward Residential, Inc....more

Defense-friendly TCPA rulings from Sixth Circuit, Eleventh Circuit, and Northern District of California

The TCPA has become a landmine for unsuspecting companies as the Federal Communications Commission (FCC) has broadly expanded the Telephone Consumer Protection Act’s (TCPA) reach. The Sixth Circuit in Hill v. Homeward...more

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